Gold trades sideways most of the day


Gold pretty much ended the U.S. market session today where it started trading at $1346. Not much happened during the course of the day beyond the presidential tweet quoted in this morning’s EARLY REPORT. Silver too had a sideways day ending up 3¢ on the day at $16.69. Gold was pulled in a northerly direction by the Trump tweet and concerns about the administration’s dollar policy and in a southerly direction by a cooling down of tensions in the Middle East.

Quote of the Day
“Gold and silver, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the mines which produce them.” — David Ricardo, British political economist (1772-1823)

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