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Morning Snapshot: Gold builds on yesterday’s gains

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Published : March 16th, 2017
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USAGOLD/Peter A. Grant/03-16-17

Gold is extending to the upside, adding to the solid gains notched in the wake of yesterday’s Fed decision. The dollar is under pressure after the Fed raised rates, but the tenor of the statement and presser were less hawkish than some were expecting.

The previous two rate hikes also triggered strong rallies in gold. If those rallies are any indication, there is further upside potential this time around as well.

The dot plots point to ongoing modest growth, below target inflation and hence only two more rate hikes this year. In light of sub-2% growth last year and a deteriorating outlook for Q1, one might reasonably wonder why the Fed is tightening at all . . .

Housing starts were stronger than expected in February. The Philly Fed retraced much of the big January gain, but still came in higher than expected. Initial jobless claims for last week were near expectations.

Dutch PM Rutte beat the populist candidate yesterday, somewhat easing worries about the EU falling apart. Next up: The French elections in April and May.

Read the rest of the article at USA Gold
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