Gold weekly
There is a thinking in much of the metals market that prices will take off when the US dollar turns.
Today, with the slightest bit of US economic and US dollar weakness, we’ve seen a big move in gold and silver. Gold is up $36 to $2079, which would be the highest daily close ever if it holds.
The intraday high of $2135 came in a briefly flurry of gains in early December but lasted only minutes before a sharp reversal. Aside from that day, gold has never traded above $2090.
The latest run for gold has been impressive because it’s run counter to USD strength and rising Treasury yields.