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.

In spite of pressure from uncertainty in the U.S. elections coming up on Tuesday and plummeting crude oil prices, all three major stock indexes saw only small losses today.

Gold was up $2.40 per ounce, all of it coming on a sagging dollar.

Gold saw a nice little rise today, about half of which came on the back of dollar weakness. The question is: where is the dollar weakness coming from? Certainly, a bit is coming from the tightening of the U.S. election.

But Brexit’s stumble in the British court system has surely helped the pound and the euro against the U.S. dollar.

When is a non-rate hike a rate hike? Today, the Federal Reserve decided not to raise rates in the “obscure” November meeting but left December on the table. We have to say, however, that the key part of the news release following the close of today’s meeting scarcely felt robust.

Gold took advantage of a strong current of uncertainty flowing through markets today that was based on three things. Wrapped around the uncertainty was a weaker dollar.

Right now, foremost is Election Day, one week from tomorrow. Second is a looming, almost-guaranteed interest-rate rise. Third, is the inability of OPEC and other oil producers to reach an agreement limiting output.

A slightly stronger dollar, recovering from the shock of a new probe of Hillary Clinton’s email faux pas, only nicked gold slightly, which late in the day was buoyed in regular trading. Gold is up about $3.50 per ounce. Silver fared better, shrugging off dollar the small bit of strength and rising 14 cents per ounce or 0.75%.

The dollar slipped lower today and helped to send gold and silver higher during the trading session. Gold rose about 0.60% and silver about 0.95%.

The weaker dollar did not rescue oil. West Texas Intermediate fell 2.00%, losing a full dollar per barrel. That pushed WTI firmly under $49 pb.

We again faced a non-committal day in a non-committal period of investing and trading. Yes, gold rose in spite of a stronger dollar, but it was not plowing full-steam ahead but rather moving gingerly. Factoring in the stronger dollar today, gold was up a little more than $2.00 per ounce (Silver was essentially unchanged.)