Gold blew through 16-month highs this morning when it traded at $704 for immediate delivery. Gold futures in New York launched even higher, officially putting Resource Trader Alert’s gold trade in the black.
“This is not a flight from the U.S. dollar, but from currencies generally,'' says our friend Dennis Gartman in today’s Gartman Letter. “Gold has broken out.''
“Whatever the rationale,” adds Doug Casey in his daily letter, “traders could see the moves for what they were, the propping up of fiat currencies, and they fled to gold. Of course, we’ve been to the brink of a real breakout before, and it seems certain that we’ll see more central bank selling if gold keeps rising.”
“This is not a flight from the U.S. dollar, but from currencies generally,'' says our friend Dennis Gartman in today’s Gartman Letter. “Gold has broken out.''
“Whatever the rationale,” adds Doug Casey in his daily letter, “traders could see the moves for what they were, the propping up of fiat currencies, and they fled to gold. Of course, we’ve been to the brink of a real breakout before, and it seems certain that we’ll see more central bank selling if gold keeps rising.”
1 comment:
Oh yeah?
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