Wednesday, April 27, 2011

FOMC continues the USD Index drop

Investors in the US Dollar did not like what they heard from the chairman of the Federal Reserve board today. The dollar is continuing to sell off and has breached the December 2009 low of 74.24.

Here is a live screen shot of a 1 minute chart of the USD, Wednesday at 5:15 PST:  It has dropped to 73.28.........and looks like it may continue to head down...

It's great that you know what the Federal Reserve and Central banks are doing and that you have converted your savings accounts into both Gold and Silver.  Most people that I have spoken too have no clue what is going on and do not know what TARP or QE2 is.....or for that matter, why Gas and food prices are increasing....

James Turk mentioned that Silver is still in backwardation, even at these levels. Silver is still undervalued at $50 as Gold broke the 1980 high of 800 in 2008, but Silver is still under the 1980 high of $50 in 2011.

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