Precious metals have now entered their parabolic phase. The latest catalyst for gold having traded north of $1,420 is not only the ongoing collapse of Europe via surging spreads and accelerating ECB bond monetization, which in tried and true bizarro fashion have lead to a more than 100 pip move higher in the EURUSD, but the latest speech by PBOC academic advisor Li Daokui, who said that it is "absurd" that the dollar is still the reserve currency of the world.
Today's FINVIZ 5 Minute Charts - (for other charts go to the bottom of this page)
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Gold Trades North Of $1,420 After China's PBOC Advisor Li Says "Absurd" Dollar Is Reserve Currency
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