Going forward, if we see widespread dumping of Treasuries coupled with a buyer’s strike and the Fed aggressively monetising new issue, as looks likely, it means that the dollar and the dollar index will drop and drop hard.
In the gold market, the bias is still up on a weekly basis with an all-time high in the market: $2454.20. The pattern is still one of higher and lows higher highs – bullish.
India’s physical demand for gold and silver will start in a big way only from the middle of June. Cash is still used in a big way to buy gold/silver in any form.
Gold’s record-setting rally may have captured the headlines, but silver is running harder and faster as the less glamorous metal benefits from financial and industrial demand.
Gold continues in fresh territory...over $2,420 new highs are probable. Targets for gold range from $2,500 to as high as $2,800. Support is now seen at $2,300, $2,200, and $2,100.
