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Breakout! - A Closer Look at Gold

Monday, September 14, 2009, 7:02 AM
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Monday, September 14, 2009

Executive Summary

  • Gold had the highest weekly close ever
  • UN calls dollar trading a "confidence game"
  • US fiscal deficit breaks all records, keeps accelerating
  • Brazil, Russia, India, & China (BRICs) have dollar concerns
  • China promotes owning gold to its citizens
  • Examining US dollar reserve currency status (again)

Normally I like to switch up my analyses each week, but last week's look at gold already needs some updating, due to a few important occurrences.  There was a blistering array of developments and cross currents this past week that make me suspect we may be entering a new inning of this game.

The first of these is that gold just had its highest weekly close ever:

 

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