Gold ended higher today up $6.50 at $1322.50 pushed by rising commodity prices across the spectrum and some dollar weakness. Silver also finished higher up 20¢ at $16.53. President Trump today announced an escalation of the trade wars with various (mostly Asian) countries by promising of a “reciprocal tax” on their exports to the United States.
The markets in the days and weeks ahead will need to sort out how the burgeoning trade wars are going to affect the value of the dollar and the market for U.S. sovereign debt. So, whereas the stock and bond market rose today for reasons no one could readily quantify, there are these looming trade, currency and debt problems that are quietly intensifying in the background and don’t seem to want to go away. Volatility was pushed to the background today, but possibly not for long. . . . . . .
Quote of the Day
“My job is not picking the top. My job has always been risk mitigation. Picking crashes is impossible… timing crashes is impossible. If you require a forecast in order for your investment thesis to do well, then I think you’re doing it wrong.” – Marc Spitznagel, Universa Investments
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