Gold continues to tick off new highs.
There are two trades going on and they both benefit gold.
- Dollar debasement on printing.
- Rising worries about long-term inflation
The bond market is getting skewed as traders scramble to unload l/t Treasuries and front-run the Fed on MBS purchases. Bond trading may be spilling over to USD/JPY as well. Inflation worries also hurting bonds.
The double-top will be stiff resistance but not until $1791/1802.
