Yesterday on CNBC’s Fast Money program Brian Kelly, tongue in cheek, introduced a “vomiting camel” chart pattern and explained why he feels that after last week’s rout, gold still has much farther to fall. Not to be outdone, last night Plato’s Bunker tweeted a “vomiting kangaroo” which charts the weakening Australian dollar.
As you can see, both gold and the Aussie are getting crushed, thanks to a surging US dollar. The greenback now sits at a 4-year high – getting a fresh boost last week from the Bank of Japan’s surprise move to ramp up its already massive bond buying program. At this point, Japan’s central bank is throwing everything except the kitchen sink at its economy to spur growth.
♦ Please note that my readings will change without notice, so please don’t buy or sell solely based on anything you read in this blog. ♦