Will Russia Attack the Dollar By BUYING GOLD? – Alasdair Macleod

Sunday, February 26, 2017
By Paul Martin

SilverDoctors.com
February 26, 2017

After all the difficulties from the collapse in the oil price a few years back, the Russian State’s finances are in a remarkable, no-debt position.
It leaves her free to attack the dollar by buying gold…

From Alasdair Macleod:

In early trade this morning, gold was trading at $1260, up $25 since last Friday’s close. Silver was at $18.40, up 40 cents on the same timescale.

Gold and silver broke out on the upside from a two-week consolidation yesterday, with gold breaching the $1250 level, and silver clearing $18.00. Comex volume has picked up on these break-outs, characteristic of a bullish move. In early European trade this morning, gold was trading at $1254, up $19 since last Friday’s close. Silver was at $18.26, up 27 cents on the same timescale.

Gold this year has been all about the dollar trade. The dollar peaked in the week before Christmas, and gold bottomed. The dollar trade-weighted index fell 3.5% during January, and gold rallied. Gold’s February consolidation has been at a time of a small countertrend rally for the dollar. Nonetheless, gold’s performance has been more positive than the dollar’s moves would suggest.

The next chart shows gold with the moving averages important to chartists. They will look for some consolidation at the 200 day moving average.

The Rest…HERE

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