Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review the recent weakness in the US dollar, the bump higher in gold, the hotter inflation readings and how all of that could be short-lived heading into the next few months leading up to the Fed rate hiking cycle.
We start of discussing whether the US Dollar rolling over recently may be due to anticipation of the Fed tightening, or if it is more a reflection of a rebound in the Euro. With the Consumer Price Index inflation reading coming in even higher at 7% today on Wednesday, we ask Jordan if this is behind the recent move higher in precious metals. Jordan is less inclined to see the recent action in response to inflation since most commodities are not breaking out to new highs, but he does also outline the action he seen in gold versus foreign currencies, paired with the small pullback in general equities.
We wrap up discussing shorter-term support and resistance levels that Jordan is watching in gold, the GDX, and the GDXJ