Amid a modest rebound in the dollar, precious metals are getting pounded this morning with gold and silver breaking below critical support levels to multi-year lows…
Gold broke below July 2017 and March 2017 lows to test back to its lowest level since Jan 2017…
And silver pushed below the July 2017 lows to its lowest since March 2016…
Is this unwinding World War III protection after Trump’s detente with Putin? Or BIS making sure everyone knows that gold is for fools and the world’s economy is doing great… and there’s no fears from trade wars (or hot wars)?
The co-movement between USDJPY and Gold has reverted back to its almost perfect negative correlation…
Notably, Speculators’ net positioning in gold has been falling dramatically recently…
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