Gold, sitting at $975/oz is getting dangerously close to my "1 month or so" $1000/oz call.
We can see this with the price of gold, which is up $21.60/oz today. 10 year gold since June '07 has gone vertical. 60 day gold shows 3 distinct peaks, with a 4th peak forming. Point and Figure chart doesn't indicate any bottom. Are we on our way to $1000 gold in the next month or so?
There's 20 days until the Taiwan UN referendum. Airstrikes in Gaza have buried the peace process. Iran meets Iraq for the first time. My thoughts are that market volatility and world politics will keep the price of gold at all-time highs.
Not to mention the abuse the USD has been receiving lately.
Here's JPYUSD=X. Looks like the YEN is getting stronger as the carry trade unwinds and oil sales are done in Japanese currency and Euros.
Here's EURUSD=X. Seems to be a pattern here.
Of course, the EUR isn't getting off too easy. Even though it's strengthened against the USD, the YEN is still beating it up recently.
In other news, it looks like The Donald isn't getting his golf course any time soon.
The Scottish Government announced yesterday that the issue will be decided by a public local inquiry.
Finance Secretary John Swinney claimed the move will give all parties for and against the proposals for the Menie Estate near Balmedie in Aberdeenshire the opportunity to state their case.
But the US tycoon last night expressed surprise over the inquiry, and warned: "Nobody is going to invest in Scotland." Mr Trump also revealed he knew of companies that had already been put off by the controversy.
Announcing his decision, Mr Swinney said: "This application raises issues of importance that require consideration at a national level.
They are even taking the Trump coat of arms into question.
The Court of the Lord Lyon invoked a law dating from 1672 which means Mr Trump must register a coat of arms.
A spokeswoman for Mr Trump said they were working with the court to register the coat of arms.
The businessman has been using the banner on promotional material and official clothing while mounting his bid to create the resort at the Menie Estate in Aberdeenshire.
Lyon clerk Elizabeth Roads said the use of the Trump International Golf Link Scotland design, which bears the Trump family name below a spear-wielding fist and a shield, was being investigated.
The person responsible for the current political fiasco is supposed to be Councillor Martin Ford, who voted against the deal due to environmental issues. He is apparently now a "non-person" and has lost any positions on committees he served.
That vote was annulled by the Scottish Government, a move which was unthinkable until last month.