Coming off lows early today at the $1320 level, gold is now trading $14 higher in the $1334 range. Silver followed suit ranging from a $17.70 low to trade at $17.84 as this is posted. The sharp, quick reversal in gold and silver will raise an eyebrow or two. The overnight market, though, is subdued. Nothing much to report except for the Japanese yen taking a major hit today contributing to gold’s reversal. For a short time, it broke the psychologically important 110 per $ mark.
From an Investopedia report today:
“When times get tough, even some of the most prominent investors turn to safe alternatives. Now, Bridgewater Associates founder Ray Dalio has urged investors to consider picking up gold in light of heightening tensions between the U.S. and North Korea. The billionaire feels that the financials markets are at risk considering increasing geopolitical tensions both domestically and abroad, particularly in Asia.”