Wednesday, March 23, 2011

It's All About Gold

“The precious metals are giving a clear message,” says GoldMoney’s James Turk, “namely, that the dollar is in trouble. Gold and silver are near their recent highs, and this shows both markets -- the dollar and the metals -- confirming the trend."

The U.S. dollar index, despite a minor bounce today, remains beneath a low set last November.

“The fundamentals behind the dollar are atrocious,” James Turk continues. “With Europe on the verge of raising interest rates and the Federal Reserve set in its ways keeping interest rates low as far as the eye can see, people around the world are going to increasingly dump the dollar.

“At some point, there is going to be a panic as the flight from the dollar moves from the relatively orderly retreat we are currently witnessing to a stampede. The charts are telling me that panic is about to begin.”

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