Euro Sinks, Dollar Rally; Is Gold The Ultimate Currency? – Wyckoff

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The European Central Bank meeting and Mario Draghi’s press conference are at the forefront of the marketplace today and Kitco News speaks with Jim Wyckoff to see how he interpreted it all. “There was no rate change at the ECB meeting but what the market place did focus on, as usual, was the Draghi press conference,” he says. “His remarks were deemed more dovish than expected and that’s what sunk the euro.” Following this drop in the EU currency, the U.S. dollar index hit a new 4-year high during Draghi’s remarks. Wyckoff says that it was a ‘mixed bag’ for gold prices because although the dollar strength is a bearish underlying factor for the metal, the EU economy weakness and uncertainty is a minor bullish factor. Tune in now to find out why he is giving gold and silver their worst market rating yet! Kitco News, November 6, 2014.

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