Gold was the hot news item today with both GDX and GLD surging dramatically. The SLV chart looks exactly like GDX looking essentially like an arbitrage play with gold.
Both the British pound and Swiss franc are making impressive bullish moves accompanied by unusual volume, especially true in the case of the Swiss franc. A currency trader friend mentioned yesterday that he’s converting his account to Swiss francs as a strategic move to preserve his assets if things get really hinkey around here. This is an account option offered by most currency brokers and may be something to consider as a hedge against a weakening dollar, which is, of course, the weak sister of the currency Rotator components. Also showing some recent weakness is the Canadian dollar as concerns rise that continued US economic doldrums will have a serious trickle down effect on that economy’s stability. Meanwhile, the Yen continues to inch higher on solid volume and 120 is pretty much a done deal at this point.
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