Economic Charts

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Wednesday, September 22, 2010

Gold Surges and Dollar Dives

Over the past week and a half Gold has been surging to new highs each day and the dollar is diving further and further against other major currencies as well as in the dollar index.  Gold hit a high of 1296.80 as of this writing and predictions are for it to cross 1300 by this week (not to far to go on that prediction).  The dollar is feeling weakness due to greater possibilities of QE2 and the FED keeping the Fed funds rate where it is (Along with bailout dollars that the President has introduced recently, there seems to be no end to the deficit spending. oops we're not supposed to call it a bailout).  You can see by the following chart that Gold has breached its prior ceiling and is flying higher.
Gold and silver is surging as central banks begin to realize that Gold and silver is a currency and the currency that everybody trusts worldwide.  The following chart is the Dollar index showing a large retreat in the past few days.
As you can see below the dollar is down against these major currencies (these are daily charts) and per ZeroHedge is down compared to every major currency.
Maps of USD and EUR weakness can be obtained at he following ZeroHedge Link.

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