Friday, 16 January 2015

Gary Wagner: Did The Swiss Turn The Tide For Gold?

Very interesting chart to ponder from GoldTrends. Gold breaks $1,275 now and if it can close above $1,250 we can have the real fireworks in the Gold market next week.

"What a week it’s been for the gold market and who better to makes sense of it all than Gary Wagner on this latest edition of “Chart This!” Just like most market participants, Wagner was just as shocked by the Swiss National Bank’s announcement on Thursday, which pushed gold prices to a 4-month high. “The news that came out was absolutely and utterly a surprise to everyone,” he says. “The captain turned the ship, in other words, the Swiss decided to decouple the Franc from the euro and that sent markets into a tizzy.”Wagner also comments on the correlation between the U.S. dollar and gold, and compares the yellow metal to a salmon swimming upstream. “Whenever you look at the dollar as it compares to gold…a tandem move simply means that gold has enough velocity to be able to overcome any of the negative effects of a positive dollar.” Tune in now to get his special in-depth look at the relationship between gold and the Swiss franc. Kitco News, January 15, 2014."

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