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Dollar Drops On Yellen’s Jackson Hole Remarks: Highlights
Developing...
It doesn't look like there's much in Yellen's remarks regarding whether or to what ex
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And then gold shot right back up again. My guess as to what transpired over the past 30 minutes was that Yellen said something ‘encouraging’, which caused the Dollar to spike and gold to plunge, and then shortly thereafter it was realized that Yellen’s comments had been mis-interpreted (out of optimism). This new reality sank in, causing the Dollar to then plunge and gold to spike. A wild half-hour — indicative of the full-blown chaos now starting to occur in the economy.
It’s not that Yellen’s comments are dovish (they’re not anything), it’s that the US is in a major bear market as US assets are among the most despised on earth this year and the worst-performing assets on a currency-adjusted basis as US stocks, bonds, real estate, everything American is in meltdown.
If Draghi said the same words, the Euro would soar, because it’s in a secular bull trend. The financial world hates USA now, and it’s going to get a LOT worse when the institutional investors return in September and simply, “SELL **ALL** OUR AMERICAN ASSETS *NOW*!!”