The USD, Gold and Silver

The June contract of the USD has broken its last major low and closed below 85.97 set in September of 2005. (see chart) This is the lowest weekly close since May 6, 2005. That is a loss of 7 1/4% in the USD versus a basket of currencies since November 18, 2005.

Gold traded as high as $655.30 and settled at $651.60.

Silver hit a high of $14.52 on May 19, corrected down to $11.70 and today closed at $13.51. Silver appears poised to take out the last high.

Remember the highly paid consultant, Jeffrey Christian at CPM Group. His plan was to sell gold in April and buy it back in November. Since March 31st gold is up from $581.8 to $651.60. His latest advice about silver? Glad you asked. Four months ago he said the range for silver would be a range of $7.50 to $10.50, with an average of $8.66. Wrong! Now he says that the silver market is going to be in surplus next year (I assume therefore, he is predicting falling silver prices.) He will be wrong again. Some people are just overpaid.

USD Gold Silver Jeffrey Christian

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