With the US Dollar Index tumbling back below 90, look at who just warned the US Dollar Index may collapse “well below 70!” Needless to say, this would be wildly bullish for gold and silver prices.
Top Citi analyst Tom Fitzpatrick: “While the magnitude of this up move (in the US dollar) has been less than the prior cycle (which was less than the cycle before) the shape and timing has been very similar. In fact, as we stand, the low to high move in the last cycle from the September 1993 post housing/credit/banking crisis and economic downturn to the peak in July 2001 lasted 8 years 10 months (see chart below).
The low to high move this time was also exactly 8 years and 10 months. This after an even worse housing/credit/banking crisis and economic downturn…
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US Dollar Index May Collapse Well Below 70!
Fitzpatrick continues: “After prior peaks in 1985 and 2001 we began a 7 year decline that saw the US Dollar Index set a lower low than the prior cycle. A repeat here would suggest a fall that might eventually (~2024) take the US Dollar Index well below 70. In the near term, supports are met at 88.5-88.70 and 84.75, below which 80 would look likely.”
King World News note: If Fitzpatrick is correct and the US Dollar Index collapses well below 70, this will be wildly bullish for gold, silver, oil and other commodity prices as well as the high-quality companies that extract these critical resources.
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