traderdannorcini.blogspot.com / Dan Norcini / October 3, 2014
It is quite entertaining reading the barrage of emails that regularly hit my inbox detailing over and over and over, the certain demise of the US Dollar. More often than not, it is the usual gold bug chatter about China buying up all the world’s gold to make the yuan the new global reserve currency. If not that, it is the regional trading agreements bypassing the Dollar which are going to certainly knock the greenback from its throne.
Such things may or may not happen but the point is we have a huge throng of perma gold bulls who continue hanging on to their gold as they have been told that “any day now it is going to launch higher and one does not want to miss the bull move by not having a position”. “Once the Dollar goes”, so the chatter states, “gold is going to skyrocket”.
Based on today’s surprisingly strong jobs report, that day is going to be postponed for a while longer.
Here is a look at the chart of the US Dollar.
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