- Gold pushes past $1,200/oz. to its highest price in seven weeks, as the dollar weakened in reaction to Pres.-elect Trump’s first post-election news conference.
- Traders were disappointed by the press conference, as it brought little discussion of economic policy plans - “Instead, the press conference was dominated by verbal sabre-rattling, which highlighted the risks of a Trump presidency,” according to metals analysts at Commerzbank.
- “Unless the dollar can rally strongly, which I doubt, then gold should continue to grind slowly higher,” says David Govett, head of precious metals at brokerage firm Marex Spectron.
- Other analysts warn that gold's 7% bounce since Dec. 15 may be running out of steam because the dollar likely would rebound once Trump moves forward with his economic plans.
- Also see: Post-election trades unwind
- Precious metals miners are higher in the premarket, including KGC +6.5%, GFI +4.6%, SBGL +4.4%, AG +4.3%, HMY +3.7%, CDE +3.6%, ABX +3.4%, MUX +3.2%, AUY +3.1%, SLW +3.1%, AGI +3%, NEM +3%,
- ETFs: GDX, NUGT, AGQ, GGN, DUST, SIL, USLV, ZSL, GLDX, UGL, DGP, UGLD, GLL, DZZ, SGDM, ASA, DSLV, SLVP, DGL, RING, DBS, DGZ, DGLD, PSAU, TGLDX, USV, UBG