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Gold and Silver Surge to 15-Month Highs

by Peter A. Grant

April 29, AM
(from --

Gold has surged to new 15-month highs, buoyed by a weaker dollar. The yellow metal has pressured $1300, while silver has flirted with $18.

Gold appears poised to end the month up nearly 5%, putting it up more than 21% year-to-date. These gains go a long way toward confirming the 1046.00 bottom from back in December and the current bull market. Meanwhile, silver is up about 15% in April and 28% YTD.

Dollar losses are being driven largely by strength in the yen, which set 18-month highs today, driven by the BoJ's decision yesterday to not offer additional accommodations at this point. The dollar index has fallen to 8-month lows and has moved within striking distance of key support marked by the low from last August at 92.62. Below this level, there is little in the way of support until the 90 area.

Gains in the yen have got to distress BoJ Governor Kuroda and Prime Minister Abe to no-end, as it puts further weight on their already moribund economy. And yet, Kuroda can't be surprised about these moves in the FX market in light of the decision to hold. Sort of makes me think there is a shoe yet to drop . . .

The Economist ponders whether the BoJ will be the first central bank to deploy helicopter money. Well, they were the first to go into the rabbit-hole of über-accommodative monetary policy more than 20-years ago and have consistently been the first-mover in pushes deeper down that hole.
However, Kuroda-san said yesterday that helicopter money is not permissible under the current legal system. I'm speculating here, but I imagine the BoJ decision to hold has much to do about the declining efficacy of current policy, as well as the buying of time so that Abe-san can build support in the Diet for a change in the current legal system to allow for air-drops of yen.

You may recall that in the months leading up to the ECB's launch of QE there was much debate about the legality of such a program. Where there's a will, there's a way . . .

I would not be surprised in the least if helicopter money is seen in Japan. I then would be surprised if Japan where the only country to deploy such a program.

This would accelerate the debasement of fiat currency like nothing we have seen thus far. Gimme shelter. Gimme gold.

Opinions expressed in commentary on the website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.


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