Gold

With the U.S. dollar rising, it seems, by the hour, gold and silver have nowhere to go except down. Today the U.S. super currency was up 0.35% against the euro, gained almost twice as much on safe haven yen and banged out a 0.30% rise against the Swiss franc.

The dollar kept at its inexorable rise, driving down gold, silver, haven currencies and face price on bonds, all haven plays that no one wants to play with.

The preponderance of gold’s decline was attributable to dollar strength. Silver was hit by downbeat regular trading as well as the greenback.

Although we are expecting a pullback any day, the U.S. dollar rode higher against the euro on the day, up around 0.40%. The rise affected all sorts of markets, although curiously, the bond market saw face values rise finally and yields slip a bit.

Spot gold was down about 0.30% afternoon while the gold futures contract price rose infinitesimally.

We are still in the midst of watching the dust from last week’s presidential election settle. We’d like to remain neutral on the general character and abilities of President-elect Trump, but we can see a conflict between Trump and much of his party.

The U.S. dollar is up more than1.00% against the euro today, squashing gold down, despite the fact that in regular trading gold gained 0.35%. Overall, though, the yellow metal was down $8.50.

Silver also suffered, off almost 3.00%. It was hit by dollar strength and found no relief from regular trading.

It’s understandable that gold would continue to slide as we celebrate not so much Donald Trump’s victory as we do the end of the election itself.

As the United States strides back to equilibrium after fretting over the presidential elections, gold plunged another 1.65% today.

When you awake, you will remember everything…

          – J.R. “Robbie” Robertson (The Band)

There is a positive way to interpret the recovery in today’s markets following very, very wild overnight sessions.

Gold appears to be as tormented as the rest of us from the crazy ups and downs of the election. It is bouncing around like a baby on its mother’s lap. It’s been as high as 1291 per ounce and as low as 1272.

As the session heads toward close, gold is trading off about $5.00. However, silver is up 16¢ or 0.90%.

There’s only one story today and it concerns a massive collective sigh of relief from investors and traders in equities and the U.S. dollar. The reaction was caused by the director of the FBI, James Comey, clearing Hillary Clinton in the most recent email kerfuffle in which some previously known emails were found on Mrs. Clinton’s top aide’s personal computer.