Unbeknownst to most Americans, the price of gold is hitting new highs in foreign currencies.
Author and gold expert John Rubino writes in his latest newsletter that “gold is doing great – in other currencies.” Rubino says that Japan and Australia are giving Americans “a glimpse of the future.”
Gold’s job is to hold its value while the local currency is inflated away. Which is another way of saying gold goes up when local currencies go down.
The most glaring current example is Japan, where a multi-decade experiment in artificially depressed interest rates is finally coming undone. Inflation is rising, the yen is falling versus other currencies — and gold has gone parabolic.
And it’s not just Japan. Check out Australia…
… and India:
As we have pointed out before, the US dollar gold chart shows a very clear triple top in gold dating back to 2020.
This top – in 2020, 2022, and again earlier this year – shows gold making a powerful advance to this level. Now gold is on the move around the world, it is reasonable from a technical or chartist perspective to expect that when gold does take out this triple-top resistance level, it will blow right past it in a dramatic manner to unexpected new highs.
Our friend market analyst Michael Shedlock points to the same triple top, saying, “Neither triple tops nor triple bottoms tend to hold. If that view is correct, gold is headed higher.”
The fundamentals of the dollar and its debts concur.
