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Equity Surge Hits The Metals

(Kitco News) - Metals were hit hard yesterday, as the dollar surged along with equity prices on President Trump’s announcement that a major tax reform package would be presented within weeks. The President also mended some fences with China, confirming the U.S. “One China” policy. The anticipation of the tax-reform package should put a bid under the equity markets and the dollar, until specifics are announced and analyzed. There was some technical damage to gold, but the market remains constructive, as long as it holds the $1,220 level. Would need a break of the $1,237 level to resume the uptrend.

By Peter Hug, Kitco Metals Global Trading Director; phug@kitco.com

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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