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.

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.

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.