phil > So, I for one, wish to resurrect his status
If it pleases you, then why not?
He certainly called the shots but, as you say, his timing was a little wrong. So we'll give him nine out of ten.
In all humility, I have to confess I didn't believe it would happen. I felt the "strength" of the US economy, together with a bit of interest rate "tuning" and AG's magic, would have been sufficient to support the currency, as it did for nine months, but now it's clear that we are going to see a lot worse. Maybe Eyerak has been the deciding factor or else the realization that W is here till death do us part.
We have to remember that the bull market in gold is still only in USD (and also Yen, to some extent). In Euros, Canadian dollars, Australian dollars and rand, for example, the gold price is moving sideways.
stockcharts.com[h,a]dalaynay[dh][pd150,2][ilb14!la12,26,9]
Meanwhile, there is still demand for US Treasuries at these levels which means interest rates haven't risen.
stockcharts.com[l,a]dalaynay[de][pd150,2][ilb14!la12,26,9]
I imagine if interest rates do rise we will see some strengthening of the dollar and a fall in POG -- but who knows?
Oh! I nearly forgot -- James does. |
