Gold marginally higher on Fed chair speculation

LATE REPORT

Gold finished marginally higher today at $1282.04 up $1.71. Silver also traded sideways.  In Asian trading last night gold sunk toward $1270 level on Shinzo’s Abe’s victory in Japan’s parliamentary elections, a win interpreted as yen negative (dollar positive).  It rebouned during U.S. trading following a Bloomberg article raising the the possibility Jerome Powell, who is widely seen as an interest rate dove, might become the next Fed chairman.  Silver traded sideways today.

Quote of the Day
“Gold has worked down from Alexander’s time. . .When something holds good for two thousand years, I do not believe it can be so because of prejudice or mistaken theory.” – Bernard Baruch


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