Gold demand internationally remains robust — especially in Asia. China’s gold imports from Hong Kong for May jumped over one third from April, confirming again that Asian buyers shrewdly buy on dips in price.
Platinum futures are down big today: $35, or -2.34%. Platinum is approaching the key $1,450 level, and if the precious metals sell-off trend continues, platinum could indeed approach the next key level at $1,400.
Gold priced in yen, euros or Australian dollars may outperform bullion priced in U.S. dollars in the coming months because of the financial and economic challenges facing Japan, the Eurozone and Australia.
I've been pointing out for several months now that the recent rally in the dollar was a mirage, an illusion generated by the yen, euro, pound and Canadian dollar all dropping into yearly or intermediate cycle lows together.
The forex market may actually be seeing the beginning of the crack up boom where traditional currencies like silver and gold will naturally reassert themselves just as world monetary expansion begins to truly accelerate
Soros’ yen “avalanche” would appear to have begun with the yen having fallen by 9.5% against gold in five trading days since last Thursday leading to record nominal highs in the yen at more than 0.1577 million yen per ounce this morning.
Masaaki Shirakawa chaired his last monetary policy meeting this week as governor of the Bank of Japan (BoJ); but even before his departure, tolerance of a strong JPY was already killed off by the new government. What follows now could be the next big leg down in the JPY exchange rate.