It may finally be over. I think we can say the 5 year gold bear market is done. You know it's a crazy morning when Zerohedge servers are so overwhelmed that I can't get to the site.
Gold jumps nearly 50 bucks this morning- silver and platinum are up but not like gold is.
Sweden is the latest counntry to announce negative interest rates. If negative interest rates are going to cause deposits to erode away- people are simply going to withdraw their money and find the means to preserve capital.
Gold is a perfect vehicle for capital preservation.
I am now expecting Mr. Yellen to try and talk back the gold jump today during Humphrey Hawkins testimony. She might say some dovish thing about rates- but at .25 it's either zero or negative- so I can't imagine gold will do anything but continue to go up.
We'll know the fix is in if she suddenly goes dovish- but I don't think it will matter much. People and gold are starting to sniff out the future as bankers try to end cash and confiscate deposits.