All the suckers back in the pool
Gold (GC=F) was up 1.3% to $1,928.90 (£1,504.72) per ounce in early trade in London. Overnight, the precious metal had touched $1,931.90 per ounce. “Today it is all about gold prices and bulls are celebrating the fact that the gold price has hit an all time high,” said Naeem Aslam, chief market analyst at Avatrade. Gold and silver prices have been rallying in recent weeks as the US dollar has weakened. The dollar has fallen over 4% against both the pound (USDGBP=X) and the euro (USDEUR=X) over the last month. The decline of the dollar has coincided with huge spikes in COVID-19 cases in many US states, such as Florida and Texas. The cheap dollar appears to have spurred investors to move their money into precious metals in a bit to preserve the value of their capital. Silver (SI=F) was also rallying strongly on Monday, up 6.3% to $22.37 per ounce. “The next big target [for gold] is the 2,000 level and this can happen this week as we have the Federal Reserve’s meeting,” Aslam said. The Federal Reserve delivers its latest policy statement on Wednesday (29 July), which could send the dollar lower if the central bank signals weak expected growth for the US economy. Spain has seen new COVID-19 cases once again rise to over 1,000 a day over the last week. “I don’t think this is of immediate major economic consequence (relative to what we already have) but if this is happening at the height of summer it begs the question of where we’ll be in say November,” Deutsche Bank senior strategist Jim Reid and team wrote in a note to clients on Monday morning. Nick Note: For the record we have a great Great GREAT short coming up. The lemmings are flying into the ocean again… They always do, They are assuming massive stimulus programs are inflationary. Its not their not and never are in a depression. Here is a news flash we are in a depression. And it will be big and bad and badder and it will be the baddest plunge since the invention of stock and capital markets. DEFLATION as in double digit interest rates. As you know i have been sitting on the sidelines dueling with a great big hardon. I cannot WAIT to begin shorting operations. People are scared. They are starting to scratch thier asses and figure out their is a global plague and it is not going away. They are desperate for money. The only problem is they have not begun to comprehend how bad this plague will become and how much MORE money they are about to lose as EVERYTHING crashes in value. CASH IS KING. and we will see double digit interest rates… Oh yes i almost forgot their will be NO VIABLE vaccine as drug companies promise everything and deliver a 30 day wonder vaccine and cash in big time. Its impossible to vaccinate against any corona virus……… Its the constant mutations stupid!