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USAGOLD/Peter A. Grant/02-21-17
Gold has retreated into the range, weighed by higher yields and a stronger dollar. The greenback has been buoyed by revived rate hike expectations and a weaker euro that is sharply lower this morning on rising concerns over a possible Frexit (French exit of the EU).
Philly Fed President Harker said in an MNI interview this morning that he “would not take March off the table at this point.” Meanwhile, European Commissioner for Economic and Financial Affairs, Pierre Moscovici said that the election of Marine Le Pen “would be the end of the European project.”
Frexit would clearly be a much bigger deal than Brexit ever was and markets would be massively roiled. Moscovici went on to add that he “cannot imagine 50% of the French are crazy enough to vote for her.” It seems we’ve heard a number of such prophesies within the last year . . .
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