Breaking news: New dollar collapse this weekend?
While most of America is preparing for the long holiday weekend, most of the world is dumping U.S. dollars — in torrents.
Today, the U.S. dollar is sinking fast against the Japanese yen, the Singapore dollar, the Korean won, the Indian rupee and virtually every minor and major currency on Earth.
It has just breached the $1.50 level against the euro. It has just plunged to parity with the Swiss franc and could soon do the same with the Canadian dollar.
Gold, meanwhile, has now eclipsed $1,180 per ounce for the first time in history ... and is making a beeline for the $1,200 level.
What’s most alarming is that the trading pattern we’re observing in the dollar today is uncannily similar to the pattern we saw exactly three years ago:
As you can see from the above chart, during the Thanksgiving weekend of 2006, the dollar collapsed on the day before the holiday ... fell a bit further in global holiday trading ... and then collapsed again on the Friday after the holiday. More importantly, that also marked a new stage in a far longer term dollar bear market.
If this pattern repeats itself, its implications are far-reaching:
Most important, it means that all heck could break loose after the Thanksgiving break when traders return to their desks and see the dollar carnage that has taken place in their absence.
While most of America is preparing for the long holiday weekend, most of the world is dumping U.S. dollars — in torrents.
Today, the U.S. dollar is sinking fast against the Japanese yen, the Singapore dollar, the Korean won, the Indian rupee and virtually every minor and major currency on Earth.
It has just breached the $1.50 level against the euro. It has just plunged to parity with the Swiss franc and could soon do the same with the Canadian dollar.
Gold, meanwhile, has now eclipsed $1,180 per ounce for the first time in history ... and is making a beeline for the $1,200 level.
What’s most alarming is that the trading pattern we’re observing in the dollar today is uncannily similar to the pattern we saw exactly three years ago:
As you can see from the above chart, during the Thanksgiving weekend of 2006, the dollar collapsed on the day before the holiday ... fell a bit further in global holiday trading ... and then collapsed again on the Friday after the holiday. More importantly, that also marked a new stage in a far longer term dollar bear market.
If this pattern repeats itself, its implications are far-reaching:
Most important, it means that all heck could break loose after the Thanksgiving break when traders return to their desks and see the dollar carnage that has taken place in their absence.
