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Precious Metal Pandemonium – Silver Spikes Limit-Up, Gold Surges As China FX Basket Hits Record Low

from ZeroHedge:

Update: Silver has exploded above $21 – up almost 8% – its biggest single day surge since September 2013. Silver is limit up on SHFE as Gold is also surging back towards Brexit highs near $1360… China’s CFETS Renminbi basket just hit a record low..

All of this is happening as China’s currency collapses to a record low since it began being published against a broad basket of majors…

As a reminder, on April 21st PIMCO’s Harley Bassman suggested “The Fed should monetize gold”…

In “Rumpelstiltskin at the Fed“, Bassman goes down the well-trodden path of proposing Fed asset purchases as the last ditch panacea for the US economy, however instead of buying bonds, or stocks, or crude oil, Bassman has a truly original idea: “the Fed should unleash a massive Fed gold purchase program that could echo a Depression-era effort that effectively boosted the U.S. economy.

 

All of this is happening as China’s currency collapses to a record low since it began being published against a broad basket of majors…

 

Notably silver’s strength has unwound all of gold’s post-QE3 gains…

*  *  *

As we detailed earlier, following silver’s best week since August 2013, dramatically catching up to gold’s recent performance, it appears, despite the volumeless meltup in stocks, that Brexit has sparked huge demand for the safety of precious metals.

Read More @ ZeroHedge.com

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