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The Weekly Gold Digger Alert!
The stock market may have hit its tipping point which may be the boost that Gold needs. There seems to be veins of opposition undermining the current US leadership which may make the tax cuts and reforms difficult. The potential conflict from North Korea may also play havoc with the stock market thus allowing the Gold to begin its uptrend.
The Fed speaks and the market typically will react. The next Fed meeting is October 31st - November 1st. The December Fed meeting is scheduled December 12th - 13th. In this case the Fed has sentiment projecting a rate hike possibly on the table for December. This may be quite negative for the metals, but there are other factors looming. US President Donald Trump has exchanged jabs with North Korean leader Kim Jong Un uprooting any sense of security or stability, globally. The testing of North Koreans hydrogen bomb has provoked harsh words from the US leader and threats remain on the table. It is unusual for the US to be so direct with a foreign leader. US President Donald Trump spoke of sanctions to any country involved in business with North Korea. Doing business with North Korea may prohibit any individual or entity from doing business with the US. Russian President Putin has announced that he would work with North Korea on the nuclear issues.
Seasonally, we look for the Christmas Gold run to begin. If the market can get above $1300.00, we are on our way. According to the World Gold Council the Q2 Gold demand was decreased 10 % from 2016 at 953.4 tons. Central Bank net purchases were also lower than the previous year at 176.7 tons. The bar and coin investment sector was increased. By the end of Q2 (June) the Gold backed ETF’s were 2.313 tons, that is $92.4 billion. The Gold backed ETF’s in August were increased by 31.4 tons to 2,295 tons.
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