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Sunday, October 31, 2010

Dollar's Plunge Anticipates Further Fumbling Fed Attack

Jim Turk, an expert on gold markets, notes that The US dollar is plummeting.

October 3, 2010 – Since observing in my September 22nd commentary that the US Dollar Index is “staring over the edge of the precipice and is ready to plummet”, it has been basically all downhill for the dollar.  The Dollar Index over the past seven trading days has dropped 1.74 points, or 2.18%.  That is approximately an 88% annualized rate of decline.  Clearly, it has fallen over the edge of the cliff…

Given that the Dollar Index in within a major downtrend and given that Federal Reserve policies continue to debase the dollar, it would not be surprising to see the record lows in the Dollar Index tested before the end of this year.