Home InfoVault Market Reports Precious Metals In Review: Week Of 8/21/2017

Precious Metals In Review: Week of 8/21/2017

Precious Metals In Review: Week of 8/21/2017
Category: Market Reports
Author Name: Dillon Gage
Posted: 08-25-2017 04:53:00 PM

Curious what has happened to metals this week? Find out more from the experts at Dillon Gage!

Precious Metals Overview – Week of August 21th

We started the week with the price of gold a little firmer due to a slightly weaker dollar and softer treasury yields. Overall our market was looking for a direction, whether from a declining equity market or a declining dollar. Gold investors had been hoping for the spot price of gold to settle above the $1,300 dollar level from last week’s rally, but strong selling emerged and stalled that rally.

Gold Price Unmoving

The price of gold stayed stuck in the mud through the week, with a weak dollar and softer Treasury yields helping a little, but the yellow metal is closing out the week still locked in a trading range between $1,270 and $1,300. I will be watching three things: the U.S. Dollar, U.S. Treasury Yields and the Equity markets.  If Gold is going to break out of the trap it is in, I expect it would take a significant move in any of these three areas.

Political Drama Affects the Market

Also affecting the markets this week was the drama in Washington. Still on many minds of investors is the status of White House aide Gary Cohn. Earlier this week, the NYT had reported Cohn had drafted a resignation letter. That gave the Equities market the jitters, as Cohn is thought to be a major driver in the individual and corporate tax reform push for 2017.

Those fears were allayed somewhat in a new Financial Times interview that was conducted yesterday with Cohn. While not mentioning Trump’s response to the tragedy in Charlottesville, Cohn did criticize the administration's response as a whole, saying, "Citizens standing up for equality and freedom can never be equated with white supremacists, neo-Nazis, and the KKK. I believe this administration can and must do better in consistently and unequivocally condemning these groups and do everything we can to heal the deep divisions that exist in our communities. As a Jewish American, I will not allow neo-Nazis ranting 'Jews will not replace us' to cause this Jew to leave his job.”

Later today, a Fed chairwoman will be giving a speech at the Central Banks annual meeting at Jackson Hole, Wyoming. Her topic of her speech will be on Financial stability and most market watchers don’t expect her to say anything of significance on the economy.

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About The Author

Author Name: Dillon Gage
This editorial has been prepared by Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing.

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