3:06 pm (Hawaii) It's true that gold has been in summer doldrums the past two years, but Trader Dan Norcini notes that currency issues will likely keep gold price in an ascendant pattern.
Ever since Fed governor Bullard let the cat out of the bag and basically told the market that the Fed would not be withdrawing accommodative monetary policy until at least July 2012, the Dollar has been moving steadily lower. That keeps REAL INTEREST rate yields negative and has strengthened the conviction in many traders’ minds that such an environment is going to be the norm for at least another year. Gold LOVES those kinds of conditions and thus has moved steadily higher ever since Bullard’s comments.
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