Following the inauguration of a new Christ-focused federal administration, the U.S. dollar has been headed in a fairly consistent direction, including during trading this evening as the dollar continues to plunge against other currencies, such as the Yen, below:
In turn, this is turning just about the only asset I have consistently celebrated – – gold – – into something more valuable with every trading day. We are approaching $3400 territory at this point.
Following the three-day weekend, equity futures gapped lower immediately, and barring some surprising news (perhaps a larger, even brighter white surrender flag above the White House), I suspect it’ll be more bear fun in the morning.
As I’ve said ad nauseum in recent days, my view is that we’ve only just started this new leg lower, even as 99.999999% of the planet is absolutely convinced the bottom is in. I don’t think so.
I’m not particularly aggressively positioned, at only about 100% committed (versus my max, which is about 175%). Mercifully, we don’t have to contend with any more holidays until Memorial Day, which of course, is simply just going to be a warm-up for the biggest celebration of the year, Juneteenth.
See you in the morning!
