by Clive Maund, Gold Seek:
The Pope just observed that the situation in the world today amounts to a Third World War – he’s right and although he didn’t point the finger, we know what it’s all about – the maintenance and imposition of the dollar as the dominant world currency, by diplomacy or by force as deemed necessary. We will come to these geopolitical considerations later as they of course have huge implications for the dollar and thus for Precious Metals.
As you probably know we had expected gold and silver to start picking up in the last update, for various reasons, the most important of which was that they are at important support at the most bullish time of year, seasonally, for the Precious Metals, but the dollar rally accelerated even more, driving gold and silver still lower and deeper into key support which is now being severely tested. If the dollar continues higher then gold and silver could crash key support, but this doesn’t look likely short-term because the dollar is now critically overbought and needs to take a breather.
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