Gold Breaks Out as Dollar Crumbles
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(Kitco News) - The U.S. Dollar is crumbling before our very eyes and if 93 holds that could be the bottom. However, if the Dollar fails here, 89 comes into play. This is the problem with currency wars and manipulation by central banks creating a disaster in the dollar. The Euro is too strong and the system is screwed up.
One of the benefactors of the weak dollars are the metals. Gold has broken above the key resistance of $1,260. Silver has moved nicely from the bottoms as well. The bigger problem is the other dollar-denominated products that are not participating, which should be a concern to everyone. The Euro, Loonie and others are pushing higher in the hope that the U.S. can create growth, which is total B.S.