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Registered User
Joined: 8/10/2009
Posts: 7
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Take a look at the dollar chart, and then at the gold.
The European central bank just confirmed another renewal of the 5 yr agreement to replace the existing pact to sell their gold. They have reduce their max sale quota to 400 tons (about 25% less than previous level). Since the original agreement gold has quadruple, and the renewal of this pact adds a bullish note to it.
Also notice last rise of the dollar was about 50% of its decline over the last 10 days -YET gold moved lower just short of 25% during the same time.
Knowing the interelation between gold and the dollar it shouldn't be too hard to figure out where the dollar is headed.
I especulate that the bag of euros I bought months ago still have room to climb.
What is your take on this?
Thanks in advance.
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Registered User
Joined: 5/6/2009
Posts: 10
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The dollar, I don't know. What symbols do you use for the dollar and euro?
Gold - that's another story, I watch it regularly. The dollar, silver, copper, oil, etc all look to head lower soon IMHO.
One would think the dollar would rally now, but my chart read says otherwise.
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Registered User
Joined: 9/25/2007
Posts: 1,506
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QUOTE (Isidur)
Knowing the interelation between gold and the dollar it shouldn't be too hard to figure out where the dollar is headed.
And what of oil ... which has traditionally traded in the range of 8-10 bbls/tr oz Au ?
Wouldn't that put the bottom of it's traditional range in the mid 90s ... and the top in the mid 110s ?
I suspect that the spectre of a possible recovery ... along side of a plummeting USD will be enough to kick crude back up toward the $100/bbl mark ...
And Lord help us if Au breaks out ... and heads toward $1200 ...
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Registered User
Joined: 2/5/2006
Posts: 1,148
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the news seems to imply the bank agreement is due to a lack of demand. the market yawned on the announcement, even though it surprised most.
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Registered User
Joined: 12/18/2008
Posts: 150
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for currency the symbol is eurusd... if you want an etf that follows the eur/usd then use fxe
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