by Alasdair Macleod, GoldMoney:
This week has seen a dramatic extension of a rally in gold which started in earnest on 30 May. In the seven trading sessions since the 29 May, the gold price has risen over $50 to trade at $1333 in European trade today (Friday). Silver has lagged gold, rising 45 cents over the same time-scale to $14.87.
Behind the move is an official acceptance that the American and European economies are stalling, and that central banks stand ready to ease monetary policy. I have been warning that a combination of Trump’s trade tariffs and the end of the credit cycle is potentially the most serious economic crisis since the 1929-1932 Wall Street Crash. That possibility is revealing itself.