I don't think that it was a paper dump, at least not this time.
The spike occurred when the US non-farm payroll data was released and it was much worse than expected, so there was an initial belief that the US Fed would delay their bond taper.
However, it soon became clear that the market believed that the taper would be announced regardless, so the US dollar will be supported for a while longer (at least until Congress makes an agreement on the debt ceiling).
So yes, the USD will eventually head lower and gold will eventually win, but the timeframe for that has been pushed back again.
The debt ceiling deadline is now December 3rd.
Chart, page-271
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$1.37 |
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Mkt cap ! $353.1M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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