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Will President Trump Send Gold Prices Soaring?

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After President Trump’s comments yesterday about the country struggling to compete with the dollar as strong as it is, and separate positive statements he made about regularly dovish Fed Chairwoman Yellen, gold and silver prices jumped. Will a “weak dollar” Trump administration be a boon to gold investors? Carla Mozee writes at MarketWatch:

Gold, silver and prices for other metals leapt Thursday, bolstered as the U.S. dollar was shoved lower after U.S. President Donald Trump said the currency has been trading at “too strong” of a level.

June gold GCM7, +0.83%  advanced $12.10, or 0.9%, to $1,287.40 an ounce, and silver for May delivery SIK7, +1.42%  climbed 30 cents, or 1.6%, to $18.60 an ounce.

Those prices were pushed up while the U.S. dollar was pushed down against most rivals Wednesday after Trump told The Wall Street Journal the U.S. currency “is getting too strong” and he would prefer the Federal Reserve to keep interest rates low.

A weaker greenback tends to lift prices for dollar-denominated commodities as it makes them cheaper for holders of other currencies to buy.

Read more here.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.
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