(Newswire.net — August 23, 2014) Portland, OR —
Often the valuation of precious metals has emotional ties to the geopolitical feelings. Things like airstrikes on Iraq and an escalating sanction war between Russia and the United States.
Putin’s government recently announced it would ban imports on U.S. farm products.
While these recent events should have had a negative impact, the results are being dampened by superficial economic data showing a relative strength in the dollar.
However, this supposed dollar strength against other currencies may be short lived as the dollar’s expected depreciation is all but guaranteed.
Russian and Chinese central banks sealed a currency swap agreement last week that allows the two super powers to conduct more trade in their own respective currencies.
As more countries strategically move away from U.S. dollar-denominated trade, the dollars luster fades.
U.S. trade deficit shank another 7% last week and the seasonally adjusted trade gap dropped from the previous month.
During the first 6 months of 2014 trade deficit was almost $371 billion which represents an almost 5% increase over the same period in 2013.
Despite this negative news the dollar seems to be holding its own.
Why?
The perception is that the U.S. trade deficit will narrow mainly due to the surge in domestic oil production and the increased potential for U.S. oil exports helping to keep the greenback artificially propped up.
Gold prices have been hovering around its 50 week moving average and appears poised for a strong potential breakout by the end of summer.
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