Gold & Silver Surge To New Cycle Highs After China Strengthens Yuan By Most In 11 Years
By Tyler Durden
With Japan closed, and unable for now to do more damage (or damage control), China stepped in with some modest turmoil of its own by strengthening the Yuan fix by the most since 2005, pressuring the USD weaker for the 5th day in a row. Commodities have tended to push higher on the back of this with Crude above $46.50 but Gold and Silver have surged to fresh 15 month highs (over $1275 and near $18 respectively).
The biggest strengthenig in Yuan fix (implicitly pressuring the USD weaker) since 2005…
Sent PMs higher overnight…
And lifted crude (June) to the highest sionce Thanksgiving…up 4 days in a row
As it appears crude is playing catch up with gold post-BoJ…
Source: Gold & Silver Surge To New Cycle Highs After China Strengthens Yuan By Most In 11 Years
