I am still trying to get some information as to the driving force behind the unexpectedly sharp rally that is taking place in the Euro from off its worst early session levels.
The common currency rallied almost a full 100 pips off its low in the span of a couple of hours but especially within the last hour. As it moved up, gold shot up as well as silver and even copper.
As soon as I can find out something I will throw it up here at the site, assuming I have some time to do so. It is a busy morning with extreme volatility being seen across a large number of individual commodity futures markets.
Take a look at the combo chart showing gold on the bottom and the Euro on the top. Note that the relationship is almost perfect! As mentioned before here, gold is going to take its cues from the currency markets.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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