Gold Tops $1300—Best Year Since 2010 as USD Tumbles Most in 14 Years
The comments above & below is an edited and abridged synopsis of an article by Tyler Durden
After tumbling in early December, gold has exploded higher since the Fed hiked rates on December 13, 2017, hitting $1,310 on Friday December 29, 2017—the highest since October 16. As gold has soared, the dollar index has collapsed.
Interestingly, in the last month, gold and Bitcoin have seen a wild ride. The dollar’s drop to three-month lows versus a basket of currencies on December 29 lifted gold to its highest since mid-October.
This is the dollar’s worst year since 2003, despite three Fed rate hikes, repatriation expectations, and exuberant economic hopes.
This is gold’s best year since 2010, despite no volatility, no inflation, and a total lack of comprehension of any geopolitical risk in equity markets.