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The Bullion News & Commentary Continues...
The trifling economy of paper, as a cheaper medium, or its convenience for transmission, weighs nothing in opposition to the advantages of the precious metals... it is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted."
- Thomas Jefferson letter to John W. Eppes, 1813.
Posted on 5/22/2016 @10:59pm
Last week the Federal Reserve Board released the minutes from their last meeting on April 27th.
From what the minutes stated, Wall Street and the financial media are now back on the bandwagon that a June rate hike is going to happen.
However, in actuality, it was the Federal Reserve ‘Crying Wolf' to try to show the market they still have a back bone.
The minutes showed that Fed officials believed the U.S. economy could be ready for another interest rate increase in June.
But, if there is such a unanimous school of thought among Fed Officials to raise rates then why did most of them vote against it?
Those who voted to NOT raise rates: Janet L. Yellen, William C.
Dudley, Lael Brainard, James Bullard, Stanley Fischer, Loretta J.
Mester, Jerome H. Powell, Eric Rosengren, and Daniel K. Tarullo.
Those who Voting FOR raising rates : Esther L. George.
By just looking at the vote, you can see that the room is full of doves who are 'crying wolf.'
Sooner or later, probably much later, the financial media and Wall Street ('the herd') will know a Cry for Wolf when they hear it, and Gold and Silver's price will show the truth in Wall Street's mistakes.
Last week, I stated that I expected the US Dollar to stay below $95, well it didn't, but it is showing signs that although it broke above that level, it won't be staying up there for long.
In the first chart below, you can see that the US Dollar is still below a Falling Trend-line that was indicated in last week’s post.
You can also see that the ‘extended shadows’ of the candlesticks in the U.S. Dollar's chart are showing the same topping signs that they have previously shown.
(Previous extended candlestick shadows are highlighted in the chart)
U.S. Dollar Price Chart - May 22nd
The chart below was posted last week, it shows the falling trend-line indicated above and a bullish inverse head and shoulders pattern that indicated that the US Dollar could go higher, which it did.
U.S. Dollar Price Chart - May 15th
The question now is; where is the US Dollar going?
Below, is a chart of support and resistance levels for the US Dollar, these are the levels to watch in the 4th week of May.
U.S. Dollar Price Chart - May 22nd
In last week’s post, I indicated the rising trend-line in gold’s chart; it is still intact, but barely.
Some would say that it is ironic that the US Dollar has a falling trend-line at the same time that gold has a rising trend-line, it’s not ironic; why? Because they’re both currencies.
This week we should see which one of the currencies will break their trend-line, but with all the lies and market distortions swirling around this market, I honestly have no idea which one will do it.
And when I say you can't read the market because of its 'lies and market distortions' I would like to show you the video below from Bloomberg about the suspicious Government Retail sales report.
Below is a chart showing gold’s rising trend-line and its support and resistance levels.
Gold Price Chart - May 22nd
Silver also broke lower last week, below are its Support and Resistance Levels to watch in the 4th week of May.
Silver Price Chart - May 22nd
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