The US dollar sure looks like it made another and lower top since it has broken down through its short term uptrend line. This is a plus for the gold price and the silver price.
It probably made a double top. It could still make another head and shoulders top. Either way does not make much of a difference.
A joke going around:
Sometime this year, taxpayers will receive an Economic Stimulus Payment. This is a very exciting new program that I will explain using the Q and A format:
Q. What is an Economic Stimulus Payment?
A. It is money that the federal government will send to taxpayers..
Q. Where will the government get this money?
A. From taxpayers.
Q. So the government is giving me back my own money?
A. No, they are borrowing it from China. Your children are expected to repay the Chinese.
Q. What is the purpose of this payment?
A. The plan is that you will use the money to purchase a high-definition TV set, thus stimulating the economy.
Q. But isn’t that stimulating the economy of China?
A. Shut up.
The latest US Treasury debt auction had to have an unknown entity, probably the Fed, step in near the end to buy up the balance that nobody wanted. The price of US Treasury debt has been going down lately. If it is non-US entities selling, they would get US dollars in return for the debt. Then they would sell the US dollars for their home "money", "currency", government fiat tokens.
Now, it looks like the US dollar market and the US Treasury debt market are both winds at the back of the gold price and the silver price.