Gold

A penny for a spool of thread, a penny for the needle.
That’s the way the money goes, Pop goes the weasel.

English Nursery Rhyme

Today the Federal Reserve released minutes from the December 2016 Federal Open Market Committee meeting. The December FOMC meeting resulted in a quarter point interest rate hike, the first interest rate hike in 10 years. The December meeting also presented the Fed’s current strategy for rate hikes in 2017.

Here we are, at the first day of trading in 2017 and it is beginning with a bang. As of 3 o’clock EST, we have US equities, the US dollar and the precious metals markets all trading higher.

Dow restarts climb to 20,000 & US Dollar Surges to Higher Ground

It’s hard to believe, but the final trading day of 2016 is upon us. 2016 has been chock-full of twists and turns, with a finale that even the best fiction writers could have never imagined.  

Brexit and Trump

Gold finished solidly higher today, gaining  $18 on the day, with Comex Futures closing at $1159 (as of 4:30 PM EST). According to Kitco News, this year-end rally is a combination of short covering and bargain hunting. The weak US dollar is also contributing to the gains.

Trading and volume have thinned as investors and traders are squaring and closing positions for this year, getting ready to celebrate a new year. As this current calendar year winds down, trading volume and liquidity continue to contract. Each trading session takes us closer to the conclusion of 2016.

US Dollar Surges in Value

As this holiday week begins, we find that both safe haven and risk-on assets are in play. As of 3 o’clock EST, we have both the precious metals complex and US equities posting substantial gains on the day.

US Equities Post Solid Gains, NASDAQ on Pace for New Record High.

Today marks the final day before traders and investors call it a wrap and begin their holiday season celebration. The overwhelming characteristics that defined today’s trading activity were quiet and subdued.

In extremely light preholiday trading, both gold and equities traded modestly lower. All the while, the US dollar continued to show strength and gain value. As of 3 o’clock EST, the Dow Jones is lower by 22 points (.11 %) at 19,920. Spot gold is currently trading at $1,129.25, a net loss of about $2.00 (-.19%) per ounce.

Three Equals Two X Two

Gold prices ended today’s trading session fractionally lower in an extremely quiet and slow manner. Bearish sentiment continues to dominate price action.

Gold prices have declined for the last seven weeks, with consecutive lower lows for six of those seven weeks. Since the presidential election was held on November 8, gold has lost approximately $200 value.