After Chair Dickhead’s rah-rah speech yesterday, pledging that inflation would be allowed to run wild here in our once great republic, the US dollar rose smartly. Well, that didn’t last. This is what’s been happening to the US dollar versus the Japanese Yen overnight…………
This isn’t a game-changer, but it does once again introduce the possibility of the USD/JPY breaking beneath the range I’ve highlighted below.
Should it do so, I think this will add some badly-needed fuel to the precious metals fire. Gold has been trying its damnedest to make progress, clawing its way back up to the Powell spike from twenty-four hours ago.
As you know, gold is just about the only asset whose ascent I cheer, so I’m waving my precious metals pennant from the socially-distant bleachers. The real challenge is going to be way up at 2020, should it manage to get that far. Precious metals still have to prove themselves. The long-term charts still suggest that, in the end, they absolutely will.
