July 5, 2022 - (Gold Market Wire) - Gold is coming under pressure this European a.m. as the Euro looks ready to take out major support vs. the US dollar. While we are won't to regularly postulate that Gold and the USD can rise together, and they have, very often; in the the near-term outlook, this doesn't look to be the case. Gold is under pressure. If the Euro slips below 1.03, all hell could break loose. It's been pounding on 1.035-1.0375 for some time now.

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The culprit, no doubt, is the Euro, which is getting ready for a religious experience.

Heady stuff, indeed. In an unusual twist, we are getting short Gold on spec. This could be quite the ride.

For those unaware, Dutch farmers, wo are notably tough, have started blocking highways in Holland over EU demands to reduce nitrogen use, which will, of course, destroy their entire business. This is a move by the Greens, who look ready to cull humanity for their eco-objectives. Mass suicide of the left would be quicker and produce better results, if thy really 'cared' that much. Likewise, the UK is ready for a massive summer of strikes, which will grind sterling ever lower against the US dollar. We still believe in Gold, but this is no time to be long.