Currencies

May 4, 2009. Since March 23, 2001, we have been holding goldgrams as our Core Currency Position.

The dollar remains within the same trading range that has confined it since last year, but importantly, its bear market rally is rapidly losing momentum. I have been expecting that the dollar will eventually break out of its present trading range to the downside and head lower, and that moment may be right around the corner.

I recommend selling short the US Dollar Index at the market (today's close for record keeping). Stop out this trade if the Index closes above 86.80.

If there are any major developments with regard to the dollar before the next letter, I will either prepare an interim letter or a commentary posted on the GoldMoney site.

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