“In this world, nothing can be said to be certain, except death and taxes.”

Benjamin Franklin

Although famously attributed to a Benjamin Franklin letter written in 1789, Christopher Bullock’s saying might need updating given the apparent certainty of an interest rate hike by the Federal Reserve in March.

For the last six consecutive days gold prices have moved lower. This is in anticipation of a potential interest rate hike later this month when the Federal Reserve meets on March 14-15.

According to the CME’s FedWatch tool, there is an 86.4% probability that this month’s FOMC meeting will result in an interest rate hike of 75 to 100 basis points. The final major report, available to members of the Federal Reserve prior to the meeting on March 14, will be the jobs report of nonfarm payrolls due out on Friday.

Chairwoman Janet Yellen today eluded to the fact that an interest rate hike this month is almost a certainty. With absolute clarity, she spoke about the outcome of this month’s FOMC meeting indicating that a, “March hike is likely appropriate if the economy evolves as expected.”

Today traders aggressively moved gold prices lower, resulting in the largest drawdown in a single day this year. As of 3 o’clock Eastern Standard Time, gold futures (April 2017 contract) are off by over $16 trading at $1233 80. Recent US dollar strength and a high probability of an interest rate hike in March are cited as primary catalysts for today’s sharp price decline.

Trading up over 325 points and gaining 1 ½ percent on the day, the Dow Jones Industrial Average advanced above 21,000 today for the first time in history. As we go into the close, the Dow has settled at 21,115, after trading to an intraday high of 21,169.

In just a few hours, newly elected President Donald Trump will speak to Congress for the first time. With just over a month into his newly elected office, the president will deliver his first major speech detailing his agenda and game plan to convert his campaign promises into policy.

One of CNBC’s Halftime Reports today was titled, “Bulls Rush Into Gold.” In this report, traders John and Pete Najarian spoke about the unusual activity in gold trust options.

Successfully breaking above resistance at 1242 yesterday, traders harnessed that momentum for a second day, moving gold prices to a level not seen since November 11 of last year. The last time gold traded at 1240 was immediately following the presidential election. The strong correction began on November 8, and would result in a $200 decline in gold prices.

taking a brief hiatus and consolidating, the major rally in gold has reignited. Today gold prices surged, trading up approximately $17, as of 3:30 Eastern Standard Time. This takes pricing to the highest level seen since November. Apparently this rally was initiated due to a weakening US dollar and a nebulous timeframe for the Fed’s next interest rate hike.