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We Are Going To Witness A Spectacular Collapse In The U.S. Dollar

August 7th, 2013

dollar etfToby Connor: Today the dollar (NYSEARCA:UUP) broke through 80.40. This is a major development as it signals that the current daily cycle topped in only 2 days, thus confirming that the intermediate cycle has also topped.

I’ve been warning for months and months that this was coming. Anyone with a modicum of common sense knew that printing trillions of dollars was going to eventually have consequences. There is no escaping the inevitable, if you debase your currency like that eventually you are going to have a currency crisis. The first one has now begun.

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Over the next 3-4 months the dollar is going to test the lower trend line of the megaphone topping pattern and ultimately break through. When it does we are going to witness a spectacular collapse in the dollar (NYSEARCA:UDN), probably testing the 2011 bottom by the next intermediate cycle low due in November.

This is going to cause all kinds of problems. We are already seeing the bond market breaking free of Fed manipulation. This will only get worse as bonds recognize the severity of the crisis ahead. Ironically the Fed is going to print harder and faster to try and tame the bond market. It will have the reverse effect.

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NYSE:GLD, NYSE:SLV, NYSE:UDN, NYSE:UUP


 

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  1. richdumdum
    August 8th, 2013 at 09:18 | #1

    More prophesies from the Church of Gold speaking of manipulation by evildoers, all backed by a one-sided argument of shaky, subjective technical charts. Phrases like “anyone with a modicum of common sense…” and “smart money has known for months this was coming” seem to be attempts to manipulate readers into gold-buggery.
    The opposing point of view, of course is that the U.S. economy, dollar and stocks all strengthen, which will cause gold to fall back to the pre-Armageddon-fear levels that created the gold rise bubble in the first place. Gold to $500 by end of 2014.

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