The dollar rally isn't helping matters this morning. This new year is beginning to smell like early 2010 when the dollar rallied on the back of all the "green shoots". Our spectacular U.S. economy means that all is well, happy days are here again and QE is no longer necessary, so sell your gold! Rrriiight...Anyway, here's an updated $ chart. Obviously we did not get the breakdown I had been hoping for. It looks like we will continue to be rangebound between 79-81.
Lastly, I feel badly that I got all charged up by the weekly charts and felt so confident that the next leg higher was upon us. It sure f-ing looked like it but ole Blythe has a way of making you look like a jackass sometimes.
Keep the faith. NONE of the fundos have changed. The economy is lousy. The banks are insolvent. The federal government is technically bankrupt. Cities and states are seeing their financial positions worsen by the day. Let the hedgies and the algos trade away their gold. We'll buy it from them and take delivery.
More later. Turd out.