Gold up $17 today
In a world of uncertainty, gold shines ever-brighter.
That’s certainly the case today with Trump announcing new tariffs and risk assets getting beaten up. Gold is up $17 to $1306.
The rally breaks the May high of $1303 and means the precious metal will close the month at the highs.
Gold also rallied nicely in the Nov-Dec period on a similar round of fears about trade. The upside here is considerable but it will need to coincide with a deteriorating in economic data.
The Fed funds market is pricing in a 73% chance of two Fed rate cuts this year.