Gold Chart and Comments

by Dan Norcini
Trader Dan Norcini

ECB President Draghi apparently has developed a severe case of loose lips as he cannot seemingly keep his mouth from issuing words into the atmosphere fast enough of late. The man has decided to initiate a round of verbal intervention directed at his stinking currency and as a collateral note, the global equity markets.

Yesterday it was: “we will save the Euro at all costs”. Today it is “let’s propose another round of bond buying and lower interest rates”.

Just like that, it was music to the ears of the hedge fund community which wasted no time dutifully responding like the obedient lemmings that they are, jamming the S&P 500 higher, jamming nearly every single commodity market higher, and dumping the Dollar whilst simultaneously falling in love with the rotten Euro. Voila”! Problem solved – all is right with the world once again as the candy store will now be open.

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