As we have been focusing on for the last couple of weeks it has been dollar weakness that contributed a large portion of gains in gold. In essence the dollar index has lost approximately 5% over the last three weeks.

Last week U.S. equities began the first real correction that we have seen since the end of the 2008 financial crisis. Over the last 10 years we have had periodical selloffs in U.S.

Gold futures traded in extremely fast market conditions, reminiscent of fast markets traders witnessed during the historical run from $1000-$1900 in 2011.