#Zimbabwe’s up to its old #MoneyPrinting tricks again

Sakunda, a fuel company owned by Kudakwashe Tagwirei, a businessman and ally of President Emmerson Mnangagwa , received $366m in government bonds in January as payments When the new currency was created a month later, Zimbabwean contracts in US dollars were generally converted one-to-one into the new currency.

However, when Sakunda redeemed some of the bonds in July, the payouts were made in Zimbabwe dollars on the basis of EIGHT to NINE RTGS dollars per dollar of original face value —

The redemptions led to a 80 % surge in the monetary base — vs. IMF's program's target of 8-10% for this year.

See the whole article online here: 

https://www.ft.com/content/800e9ace-dec5-11e9-9743-db5a370481bc

#Gold - Consolidating Before Another Positive Trend Starts BUY ALL THE DIPS! $GDX $GLD

Gold was overbought. It is now in a consolidation period, however, it will be coming to an end before you know it.

The trend is still positive for gold prices. 

BUY ALL THE DIPS!

Gold - Consolidating before another positive trend starts

Attachment 1 above is the weekly chart of the gold continuous contract (futures market). It has broken on the upside at US$ 1'380 per ounce and advanced to around US$ 1'550 per ounce where it ran into resistance.

The daily chart (attachment 2) shows the correction over the last 4 days, nothing severe considering gold gained since the breakout on June 22, 2019, US$ 170 per ounce.

GDX, the largest gold shares ETF (attachment 3), indicates the correction over the last few days of around 11%. However, this ETF has gained since June 22, from bottom to top, 29% in under three months.