Dollar Index Keels Over As Euro Celebrates 20th Birthday.
In this report, I cover the early market action from London on Thursday, January 10th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of oil.
Today I look at the dollar and in particular the dollar index and how the technical picture for the index is starting to look quite negative while the euro seems to have perked up out of nowhere and is starting to look quite healthy. I note, of course, that the euro like the dollar is just another fiat currency so at the end of the day I still favor gold and silver over them.
I also look at the recent comments by the Bank of England governor Mark Carney in which he said that the Chinese RMB or Yuan would eventually become one of the major reserve currencies in the world. With that, I look back at one of the videos I made just under a year ago about the battle for monetary supremacy between the U.S. and China.
My conclusion is that the major beneficiary of the eventual demise of the Petrodollar will ultimately be gold and not the Chinese currency and that is why the Chinese authorities have been accumulating gold reserves for over a decade.
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"The Fall Of The US Dollar: Is The Return To A Gold Standard Inevitable?":
What March 26th, 2018 Will Mean to the Petrodollar.
DXY monthly is also showing H&S pattern. I wonder if that will coincide with the dollar collapse. But patterns only have a 50% chance of success, so I would not draw anything conclusive out of that.
Hi, @biebel36
I agree with you that TA is not an exact science but it helps. Just like the break through the neckline in the eurusd chart was pointing to euro weakness last year but now the eurusd has gone back above the neckline and is looking very positive.
You sound like a commie
Hi @driverx, What does a commie sound like? You definitely have not been watching my videos for long to say what you did. I must be the first commie trying to expose Central Banking and Fiat Money!
Maybe ou trying to talk about what they the elite club are doing to squire global communism ,