Gold Pops as President Trump Issues Strong Warning To North Korea
“Fire, Fury and Power” was President Trumps rebuttal to recent threats by North Korea in which they threatened to launch a nuclear attack on the United States. It seems we have now entered a very dangerous war of words.
If you remove gold from the formula, the precious metals complex was able to overcome a strong U.S. dollar closing moderately higher on the day. Silver, platinum, and palladium all closed higher on the day, with palladium taking the lead as it gained roughly 1¼% on the day. The oddball in today’s precious metals mix is gold. Gold prices were unable to overcome the quarter percent increase in U.S. dollar strength. However, that all ended once Pres. Trump issued a response to North Korea’s words and threats
gold futures are currently trading up four dollars on the day. The four-dollar gain is a combination of a strong U.S. dollar accounting for some negative value, and normal trading moving the precious yellow metal higher. Palladium, closed significantly higher, even considering a strong U.S. dollar which accounted for $-2.20 of value. Add to that the $13.20 gained from normal trading, and palladium managed a respectable $11 gain on the day, closing at $887 per ounce.
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