Tuesday, October 13, 2009
EURO MOVES BACK UP NEAR ITS HIGHS, GOLD FOLLOWS
THIS IS RIGHT ABOUT THE TIME OF NIGHT THAT GOLD STARTS TO MAKE SOME
GOOD MOVES.
IT MAY PULL BACK A LITTLE HERE, THEN MAKE A NEW HIGH AND KEEP GOING OVER NIGHT
DAN NORCINI ON THE CRASHING DOLLAR TONIGHT
US Dollar Crashes Through Major Support Level
Posted: Oct 14 2009 By: Dan Norcini Post Edited: October 14, 2009 at 12:51 am
Filed under: Trader Dan Norcini
Dear Friends,
This evening in Asian trade, the Japanese Minister of Finance once again restated the new view out of Japan that the level of the Yen is no longer an obsession with the monetary authorities of that nation. His comments were interpreted by the Forex markets that intervention to stem the advance of the Yen is most unlikely. With that, market participants wasted little time bidding the Yen into a strong advance.
Those statements of his, combined with that of Federal Reserve Vice Chairman, Donald Kohn, that the US economy would not experience a quick or sharp recovery out of its recession, were both read by traders that US interest rates were not going anywhere anytime soon. Carry traders then beat the Dollar down below critical support near the 76 level on the USDX as they rushed into higher yielding currencies such as the Aussie and Loonie. The Euro also shot up to another new yearly high.
It is looking more and more like the current Administration has set on a course of deliberate destruction of the US Dollar and with it, the economic might that the US has enjoyed since post World War II. As said many times on the pages of this web site, the profligacy of the US has inescapable consequences and we are now seeing a rapid acceleration of the same. The fall in the Dollar is picking up momentum and that is why we are witnessing gold moving into new highs.
But gold is more than a Dollar phenomenon – Gold priced in terms of British Pounds and in Euros is relentlessly moving higher as both Great Britain and Europe, the fading West, are debasing their currencies as well.
Protect yourself from the theft of your wealth by these conscienceless politicians and monetary officials for they have sold their citizenry down the river and plundered them in the process far more thoroughly than Attila and his army of Huns ever did to Rome of old. At least the Roman inhabitants were aware of the rape and pillaging of their substance – when the general public finally awakens to the despicable looting of their treasures by these reeking buzzards, they will rush into gold with a fury that will shock even many of the readers of this site.
Posted: Oct 14 2009 By: Dan Norcini Post Edited: October 14, 2009 at 12:51 am
Filed under: Trader Dan Norcini
Dear Friends,
This evening in Asian trade, the Japanese Minister of Finance once again restated the new view out of Japan that the level of the Yen is no longer an obsession with the monetary authorities of that nation. His comments were interpreted by the Forex markets that intervention to stem the advance of the Yen is most unlikely. With that, market participants wasted little time bidding the Yen into a strong advance.
Those statements of his, combined with that of Federal Reserve Vice Chairman, Donald Kohn, that the US economy would not experience a quick or sharp recovery out of its recession, were both read by traders that US interest rates were not going anywhere anytime soon. Carry traders then beat the Dollar down below critical support near the 76 level on the USDX as they rushed into higher yielding currencies such as the Aussie and Loonie. The Euro also shot up to another new yearly high.
It is looking more and more like the current Administration has set on a course of deliberate destruction of the US Dollar and with it, the economic might that the US has enjoyed since post World War II. As said many times on the pages of this web site, the profligacy of the US has inescapable consequences and we are now seeing a rapid acceleration of the same. The fall in the Dollar is picking up momentum and that is why we are witnessing gold moving into new highs.
But gold is more than a Dollar phenomenon – Gold priced in terms of British Pounds and in Euros is relentlessly moving higher as both Great Britain and Europe, the fading West, are debasing their currencies as well.
Protect yourself from the theft of your wealth by these conscienceless politicians and monetary officials for they have sold their citizenry down the river and plundered them in the process far more thoroughly than Attila and his army of Huns ever did to Rome of old. At least the Roman inhabitants were aware of the rape and pillaging of their substance – when the general public finally awakens to the despicable looting of their treasures by these reeking buzzards, they will rush into gold with a fury that will shock even many of the readers of this site.
GOLD RALLIES A BIT BUT FALLS IMMEDIATELY
EURO STILL NEAR ITS HIGHS
INDICATOR MARKETS ARE HOLDING FAIRLY STRONG SUPPORTING HIGHER GOLD
BUT GOLD IS HESITANT TO MOVE TO A NEW HIGH AT THIS HOUR
ABOUT AN HOUR FROM NOW IS WHEN THE FOREIGN MARKETS START TO GET ACTIVE
THEN AGAIN IN THE OVERNIGHT WEE HOURS
STOCKS AND OIL CREEPING HIGHER
EURO TURNING DOWN GRADUALLY
DOLLAR SINKS TO A NEW LOW, GOLD PULLS BACK FROM THE NEW HIGH, NOW MOVING BACK UP, MAYBE TO A NEW HIGH
GOLD HAS A MOMENTUM UPWARDS THAT WILL BE DIFFICULT TO STOP FROM HERE ON OUT.
PITY THE SHORTS. THEY ARE FUCKED!
GOLD MAKES A NEW HIGH
JUST AS I WAS READY TO BUY IN, MY INTERNET CONNECTION WENT DOWN.
A FEW MINUTES LATER, AFTER REBOOTING MY MODEM, I LOG BACK IN TO THIS CHART
DAMN!
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