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USAGOLD/Peter Grant/08-09-17
Gold jumped to new 8-week as geopolitical tensions between the U.S. and DPRK ratchet higher. Flight to safety positioning not only lifted gold, but U.S. Treasuries as well.
After “intelligence sources” told the Washington Post on Tuesday that North Korea had likely miniaturized a nuclear devise that could be fitted to a missile, President Trump responded by saying, “They will be met with fire and fury like the world has never seen.”
This morning, North Korea’s state-run news agency KCNA stated that the military is “examining the operational plan” to strike Andersen Air Force Base on the U.S. territory of Guam “to send a serious warning signal to the U.S.” That prompted a twitter response from the President:
My first order as President was to renovate and modernize our nuclear arsenal. It is now far stronger and more powerful than ever before….
— Donald J. Trump (@realDonaldTrump) August 9, 2017
…Hopefully we will never have to use this power, but there will never be a time that we are not the most powerful nation in the world!
— Donald J. Trump (@realDonaldTrump) August 9, 2017
With the sabers rattling ever-louder, gold has resumed its uptrend with focus back on the high for the year at 1296.06. A convincing move above this level would have rather bullish technical implications.
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