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Gold Breaks Out To New 8-Year High

Courtesy of ZeroHedge View original post here.

We detailed yesterday what Goldman believes will drive the price of gold to $2000 and beyond within 12 months and this morning's dollar weakness has provided the impetus to break above May's highs to a fresh 8 year high.

Yesterday got close but this morning, spot gold prices have broken out…

As Bloomberg's Eric Balchunas notes, there has been massive inflows into GLD this year, month, and week…

As gold breaks to new 2012 highs…

The dollar has been losing ground against gold for two years…

Is it just a coincidence that China has ramped up its anti-dollar rhetoric in recent days?

Fang Xinghai, a vice-chairman at the China Securities Regulatory Commission, said that as China mainly relies on the US dollar payment system in international deals, it makes it vulnerable to possible US sanctions.

"Such things have already happened to many Russian businesses and financial institutions. We have to make preparations early – real preparations, not just psychological preparations," Fang said at a forum organised by Chinese media outlet Caixin.

Fang’s comment came at a time when Washington is pondering how far it should go to use the US dollar’s key role in international payment to punish Chinese individuals, companies and financial institutions for alleged involvement in issues such as Xinjiang and Hong Kong.

At the same time, Fang said the value of the US dollar is facing an uncertain future due to additional money being printed by the US Federal Reserve, which poses risks to China’s holdings of US dollar-denominated assets.


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