Gold is higher to start the week above revived geopolitical risks and continued unevenness in U.S. data. Silver is up nearly 2% at 16.74.
North Korea has reportedly tested a mid- to long-range missile with the capability to carry a “large-size heavy nuclear warhead,” in defiance of both the U.S. and UN. “The test-firing of ICBMs will occur at any time and place, at the will of North Korea’s highest leadership,” vowed North Korea’s ambassador to China. Now we all wait to see if President Trump decides to respond.
New York’s Empire State Index tumbled to -1 in May, well below market expectations of 6.3, versus 5.2 in April. Later this morning we’ll see the NAHB Housing Market Index for May as well as March TIC data.