Gold regains its footing
Gold ended up lower on the day, but overall regained its footing after the stumble of the past few days. Trading in a narrow range, it finished at $1325 down $1.50 after all was said and done. Silver, on the other hand, managed to eke out a minor gain finishing up 3¢ on the day at $16.36. Coincident with the firming up in the metals both the Japanese yen and Chinese yuan showed a little life, while the overall dollar index pretty much tracked sideways.
After all was said and done this first tumultuous quarter of 2018, gold finished up 1.6% for the 90 day period – a modest gain but a gain nevertheless. Silver did not fare so well – down 3.6% in the first quarter.
Quote of the Day:
“We are at crossroads. Inflation embers are aglow, the US has turned more protectionist, Brexit threatens Europe, Italy the world’s largest eighth economy is beset by populism, and an Italian exit from the EU looms. In the Middle East, the Iran nuclear deal may be scrapped. America’s debt chickens are coming home to roost and a buyer’s strike of US debt is in the offing. We are now at the beginning of the end of the long bull run and the beginning of an inflationary storm that will not end well. . . Ironically, this president is good for gold. Gold will be a good thing to have while so much fear stalks the world. We continue to expect gold to reach $2,200 an ounce within 18 months.” – John Ing, Gold Eagle
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