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FishingAndBeer

6,092 Posts.

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27/03/24

19:06

Post #: 73090099
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Originally posted by calmbeforestorm: ↑

I have observed the same. At end of 2023 DXY was 101.3 and is now 104.34 which would normally have resulted in a significant fall in POG instead POG has increased from about $2,060 to about $US2,180. In addition DXY was very slightly lower at end of Feb 24 than it is now ie by about 0.2 but POG has increase from $US 2,030 to around $US2,180 and asked on closing day figures the lowest it has been in the last 2 weeks is about $US2,160.

Since

It is unclear what the driver of the POG reaction is but what we currently know is:

A we will not know for a few weeks until data is available central banks have increased their buying in March. This main by the cause but we do not know yet.

B. COMEX gold futures have turned from net sellers to net buyers in March. My own view is that this is not the cause for POG going higher in early March but instead it’s a reaction the higher POG that occurred in the first week of March as since then POG has been relatively stable. But I may be wrong

C. It does not seem to be due to gold ETFs going from net sellers to net buyers since in the first week they were net sellers by a similar amount as in previous months when the POG made its big move. In the second week they were neutral and in the 3rd week they were net sellers again but by a smaller amount.

Lots of speculation by the experts but no one really knows the cause of the higher POG in March.

Expand

DXY/Gold ratio.. its also brokenout of its descending resistance line though not at all time highs yet

BGL Price at posting: $1.84 Sentiment: Buy Disclosure: Held
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