Gold reversed its downtrend late today after President Trump threatened North Korea with total destruction in a pivotal speech before the United Nations. The threats pushed aside concerns about this week’s Fed policy meeting, at least momentarily.
Gold finished the day up $3.53 at the $1311 mark after tracking as low $1306 during daytime trading. Silver followed gold’s lead finishing up 11¢ on day at $17.29. The reversal extended into Asian trading with gold tacking another $2 on the price as this is posted. Silver is trading sideways.
Quote of the Day
“It would therefore take a huge leap of faith to say that crises won’t continue to be a regular feature of the current financial system that has been in place since the early 1970s. The near exponential growth of finance and its liberalisation since this point has encouraged this trend.” – James Read, Deutsche Bank strategist
Wondering what Deutsche Bank’s James Read is talking about? Try this USAGOLD link. . . .Black Swans – A chronology of panics, mania, crashes and collapses from 400 BC to present. The prudent are prepared.
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