The Phaserl


The Golden Force

by Bill Bonner, Daily

If you want to try and work out what’s going on in the markets right now, focus on the currencies. That’s where all the action is.

In US trade on Friday, the non-farm payroll numbers for the month of October came in weaker than expected (although still decent at 214,000 jobs created). This set off considerable volatility in the foreign exchange markets.

The US dollar weakened against a range of other currencies, including the Aussie dollar, and gold surged more than 3%. There’s reason to think that, for the time being at least, the US dollar may have topped out.

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