This raises a question: why were the U.S. and the international community so eager to impose strict controls on gold? Gold is money, and governments hate it precisely because it's hard to control.
If a gold coin bought more silver in one country than in another, there was a living to be made moving the two around, and people duly did so.
As foreign central banks reduce their allocations of U.S. debt, Washington loses its unchallengeable monopoly on global savings. With fewer automatic foreign buyers for government debt, Treasury yields must climb to entice private and domestic investors.
So, by measuring from here at 4172 solely within the vacuum of that average, Gold would go as low as 4068, a reasonably acceptable area to apply the brakes.
Technical stock chart updates on $NEM, $GDXJ, $HL, $SIVR, $NUGT, $UCO and more.
We have now had three FOMC members basically saying this week that there is no urgency in raising rates, the implication being no rate hike in October. This unemployment data coupled with improving PCE inflation numbers gives Warsh the space not to raise..
