Today, for the first time since July, President-elect Donald Trump held a news conference. This was his first news conference since being elected President of the United States. Although some concerns and questions were not answered to the extent that many had hoped for, today’s press conference certainly set the tone that one can expect once Trump takes office on January 20.

Gold prices traded modestly higher today, trading to a six-week high. This occurred after gold prices plunged from the highs of 2016 when gold traded to 1380 per ounce. The high reached last year was the pinnacle of a multi-month move, which began near the end of 2015 and the beginning of 2016.

In active trading, gold futures closed higher today at 1183.80 as of 3:15 EST, up approximately $10.50, a net change of almost 9/10 of a percent. Although there was no new fresh fundamental news, a multitude of factors were cited as primary reasons that gold moved higher in trading today.

US Dollar Weakens and Increased Investor Demand, Including Chinese New Year

The release of December jobs data today revealed that the US labor market is robust and continues to display strength. The December jobs report indicated very respectable gains, with US payrolls adding 156,000 jobs to their balance sheets. This number came in just under a Bloomberg survey of economists which called for the creation of 175,000 new jobs.

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