DXY Up
The DXY rose up as high as 109 today with the dollar rising against all other currencies and commodities.
This is okay for gold miners who earn their money in USD. Even with the price of gold declining against dollars those dollars will buy more of other currencies to pay for local labour, royalites, taxes, and those dollars will buy steel, oil, copper and other commodities that fallen in value relative to gold.
Copper has been falling relative to gold since last October.
Gold has been holding its value in the real economy.
In the real economy where commodities are needed we are in a commodity bull market as resources are getting scarcer and with global population reaching 8 billion demand continues to rise.
Money is running from the bubble economy with the crash exit from stock markets and that money is going to find its way into the undervalued commoditiy sector that has been under funded for a long time due to ESG, the flood of money into over inflated equity markets, and into crypto ponzi scams.
That money out of necessity will flow into the commodity sector and gold.
People in India who have been accumulated their wealth in gold jewelry are well protected against devaluation of their currency. Central banks, governements outside of the Western World, and individuals have been buying up gold. Russia and China for many years have been stocking gold and reducing their reliance on the USD.