It appears that gold has taken the place of the US dollar as the world’s safe haven.
Going For The Gold
June 16 (King World News) – Peter Boockvar: Last week the ECB in a paper said that gold is now the #2 global reserve asset on the books of central banks, helped by both purchases and price appreciation, surpassing the euro and behind the US dollar. The Weekend FT had good charts on this.
While the Fed meets on Wednesday, the Bank of Japan gathers too and we await what they will say on their asset purchases. Chatter is that they will slow the pace of balance sheet shrinkage but also leave open the possibility of more rate hikes this year, with the latter influencing the long end of the curve and the former doing it with the short end. What happens there impacts what happens here in terms of fund flows and longer term rate moves.
Gold Is Safe Haven, Not US Dollar
With US Treasuries, while they rallied last week, Friday’s sell off in the face of the oil price spike, or maybe because of it, was noteworthy. And, today’s US dollar weakness is giving back Friday’s modest rise. No safe haven status here, gold is instead.
Israel-Iran War May Lead To Nuclear Annihilation
To listen to Gerald Celente discuss the possibility of a nuclear war and what to expect as the world edges closer to World War III CLICK HERE OR ON THE IMAGE BELOW.
JUST RELEASED
To listen to Alasdair Macleod discuss the wild trading this week and why gold is poised to explode higher CLICK HERE OR ON THE IMAGE BELOW.
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