Gold pretty much ended the day where it started trading at the $1336 level and down about $9 on the day – a lackluster finish for the day and the week. Silver also weakened today finishing at $17.14 and down 10¢ on the day. Not receiving much attention today was the sudden spike in yields on U.S. Treasury paper. Yield on the 10-year note hit 2.943% indicating heavy selling. In the absence of any economic news of consequence, today’s performance is likely to renew speculation that China could be unloading U.S. debt as part of its response to U.S. tariffs.
Today’s unexpected spike in rates probably contributed to gold’s downside and the 200 point drop in the DJIA. In gold’s case the negative effect is likely to remain short term. As posted in Tuesday’s EARLY REPORT, gold has tracked steadily higher since the Fed began raising interest rates in late 2015. It is up about 15% over the last 24 months.
Quote of the Day
“Sir Isaac Newton was asked by the British Treasury officials and financiers of his day why the monetary pound had to be a fixed quantity of precious metal. Why, indeed, must it consist of precious metal, or have any objective reality? Since paper currency was already accepted, why could not notes be issued without ever being redeemed? The reason they put the question supplies the answer; the government was heavily in debt, and they hoped to find a safe way of being dishonest. But Newton was asked as a mathematician, not a moralist. He replied: ‘Gentlemen, in applied mathematics, you must describe your unit.’ Paper currency cannot be described mathematically as money.” – The God of the Machine, Isabel Paterson (1943)
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