Gold is level in overnight trading after today’s push to lower levels. Gold is presently trading down $12 on the day at $1325.60 in FOREX trading. Silver is down 21¢ at $17.81.
For the most part, today’s market action appears to be a correction from the 2017 highs gold posted end of last week. Traders in futures markets are cashing in profitable positions. We shall find out whether or not the trading over the past two sessions will develop into a real correction. The jury is still out. . . .
In a rather odd development, China apparently signaled speculators permission to short the yuan, according to a Wall Street Journal report this morning. The yuan is down sharply overnight in FOREX trading. File this one under be careful what you wish for. . . . . .
The Treasury Department’s announced late this afternoon that the national debt transcended the $20 trillion level with a whopping $318 billion one time addition. It looks like the federal government did not waste any time taking advantage of the Congressional go ahead to raise the debt limit.
From the Treasury Department:
In the September issue of our newsletter, we briefly shed some light on why the national debt matters – an often overlooked consequence to the now $20 trillion load of red ink. We invite you to sign-up for our free newsletter available with appreciation to our current and prospective clientele. Immediate access.