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Gold Spikes On Heavy Volume On Trump, U.S. Political “Mess”

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Published : May 17th, 2017
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Category : Market Analysis

Gold prices rose for a fifth day to a two week high in early European trading on increasing U.S. political risk pertaining to the Trump Presidency and the increasing risk of impeachment and a U.S. political civil war.

Stocks and U.S. Treasury bond yields tumbled as investors moved cash into safe-haven gold amid a global market selloff.

Gold moved higher on very heavy volume yesterday and is now 1.5% higher for the week. Over one billion dollars of gold futures were bought in late afternoon trade yesterday contributing to gold’s fifth day of gains, its best run since April.

Gold’s gains may have been due to “memo gate” and allegations that President Donald Trump sought to shut down a federal investigation linked to his former National Security Adviser Michael Flynn.

Gold prices rose more than $6 an ounce in early London trading today to change hands at $1,247 per ounce, the highest level since May 3.

Concerns about political turmoil in the U.S. and poor U.S. housing data heightened risk aversion which is leading to dollar weakness.

The weaker than expected housing data added to recent negative economic data that is raising doubts over how many times the Federal Reserve will be able to raise interest rates this year.

The dollar traded at the lowest levels since the November elections against a basket of other fiat currencies after it was reported that President Trump asked former FBI Director James Comey to drop his probe into Flynn. Flynn was forced to resign on Feb. 13 amid questions over his contact with the Russian ambassador to the United States and discussions of U.S. sanctions.

The political mess in the U.S. is finally impacting U.S. and global markets and ‘Trumpquake’ should lead to a new bout of risk aversion resulting in a reversal of recent trends and gold prices eking out gains again.

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News and Commentary

Gold Spikes On Heavy Volume As ‘Memo-Gate’ Fears Spread (ZeroHedge.com)

Gold hits 2-wk high on Trump concerns, weaker US housing data (Reuters.com)

U.S. Stocks Fluctuate Near Records as Dollar Drops (Bloomberg.com)

London suffers the fastest fall in house prices of anywhere in the UK (Standard.co.uk)

Men who stole $60,000 worth of gold while having a barbecue hit with $5,000 fines (ABC.net.au)

Caution Reigns as U.S. Politics Takes Center Stage (Bloomberg.com)

You’d Think We’d Be A Little More Worried… (DollarCollapse.com)

Just A Quick Reminder: The Federal Reserve Is Almost Insolvent. (ValueWalk.com)

Zimbabwe contemplates restoring its own currency with gold backing (Herald.co.zw)

Avoid Digital & ETF Gold – Key Gold Storage Must Haves

Gold Prices (LBMA AM)

17 May: USD 1,244.60, GBP 961.70 & EUR 1,122.13 per ounce
16 May: USD 1,234.05, GBP 958.98 & EUR 1,117.93 per ounce
15 May: USD 1,231.50, GBP 952.32 & EUR 1,124.61 per ounce
12 May: USD 1,227.90, GBP 955.06 & EUR 1,129.55 per ounce
11 May: USD 1,221.00, GBP 945.66 & EUR 1,122.95 per ounce
10 May: USD 1,222.95, GBP 944.61 & EUR 1,124.99 per ounce
09 May: USD 1,225.15, GBP 948.51 & EUR 1,124.20 per ounce

Silver Prices (LBMA)

17 May: USD 16.90, GBP 13.03 & EUR 15.22 per ounce
16 May: USD 16.72, GBP 12.97 & EUR 15.13 per ounce
15 May: USD 16.59, GBP 12.83 & EUR 15.12 per ounce
12 May: USD 16.30, GBP 12.68 & EUR 14.99 per ounce
11 May: USD 16.37, GBP 12.70 & EUR 15.06 per ounce
10 May: USD 16.29, GBP 12.59 & EUR 14.99 per ounce
09 May: USD 16.22, GBP 12.55 & EUR 14.88 per ounce

 

Data and Statistics for these countries : Zimbabwe | All
Gold and Silver Prices for these countries : Zimbabwe | All
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Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth.
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