Gold rockets higher

See the latest Australian dollar analysis here:

Australian dollar drops as RBA talks it down

The AUD is still bubbling away this morning despite Victoria’s virus calamity (thanks RBA):

Bonds are dead as the Dodo:

Stocks have backed away from resistance but the chart is bullish:

Gold is the story de jour. Up she rockets:

Big Iron has been sucked down by an ordinary BHP print:

Big Gas is OK:

Big Gold looks to be ramping nicely:

Big Banks are enjoying a JobKeeper 2.0 moment. I expect it will pass quickly:

Big Chunt still has no business but nobody cares:

Crazy times and mad central banks suit gold.

David Llewellyn-Smith
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Comments

  1. Yeah, noticed gold, and came back to make a comment – thanks, Dave, for posting about it here.

    What caused it? Anything technical? News? Or the bots just decided that sentiment was right?

    • I think the Euro baiout/”rescue” announcement may have. It’s interesting how gold is usually only reported in USD (even this article, which is focused on Australian markets). It will go up in nearly every currency. It’s just that the USD price is one of the few majors that hasn’t broken its 2011 high (which is insane considering the printing/programs they’ve committed to since). In 2011 it took one rating agency to downgrade them for the first time ever to reach that high (there have been more significant events since then that should’ve pushed it well above $2000 already but we are talking about a proven rigged futures market).

        • ashentegraMEMBER

          Currencies are depreciating to restore competitiveness. They cant all simultaneously depreciate against each other, so they depreciate against gold.

          Who has pricing power? I think precious and base metals, food commodities and insurance. Please disagree or add to my list.

  2. best trading day for me.. For once I ended being at the right place and at the right time. Was trading SAR chasing it on the way down and still buying at 6.01-6.02. I was down and holding when I noticed gold pushing up. Bought some more at 6.02 and rest is history.
    Lucky I bought few more PMGOLD yesterday but missed on my order this morning.