Monday, October 23, 2017

Gold prices at the mercy of President Trump and whomever will next take the reins of the Fed

Over the past two weeks gold prices have risen and fallen dependent upon news on who will likely next take the reins of the Federal Reserve.  And this is in large part as to which candidate holds either a dovish or hawkish stance on interest rates.

A great example of how the battle for the central bank Chair is affecting gold prices can be found this morning on Oct. 23 when President Trump made the comment that he is 'very very close' to choosing the next Fed Chairman.

The Dollar index dropped and gold jumped as President Trump told reporters during a meeting with the prime minister of Singapore that he was "very very close" to a decision on who would be the next chair(person) of The Fed... 
In a span of five minutes, 18,792 gold contracts, each representing 100 ounces of the metal, traded on the Comex at around 11:55 a.m. in New York - this represents around $2.4 billion notional of sudden buying-panic... - Zerohedge

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