Weekly Market Report

Subsequent to Donald Trump’s election victory as the next U.S. President, the Dollar rallied sharply, interest rates moved higher, and financial, pharmaceutical, and energy stocks moved up. Why? Many market analysts felt that a Trump presidency, coupled with a Republican controlled Congress, would stimulate the economy  . . . .

Last week, the Trump sell-off continued with Gold reaching a low of $1,170.30 per ounce on Friday. Gold broke down below the key $1,200 per ounce support level last Wednesday, causing margin calls and hitting sell stops  . . . .

Unexpectedly, Gold has dropped $65 per ounce since the election of Donald Trump as president of the United States. During the same period of time, many Banking, Energy, and Pharmaceutical stocks have increased 10% or more . . . .

Last week, after it appeared that Donald Trump would become our next president, precious metal trading was definitely extraordinary. In early Asian trading Wednesday morning, Gold reached a high of $1,355 per ounce, an $80.50 increase over the New York close  . . . .

Last Friday Gold closed at $1,304.50 per ounce, up $27.70 on very active trading volume. Much of the increase in the Gold price is credited to the rise of Donald Trump in the presidential polls. However, many precious metal analysts believe regardless of who becomes our next President, the big winner will be Gold  . . . .

Gold closed last Friday at $1,276.80 per ounce, up $9.10 per ounce, but that certainly wasn’t the entire story for the week. It’s important to recap the Gold price action, and the reasons for this action  . . . .

It appears that after the October $65 selloff, Gold bottomed out at $1,246.90 on Friday Oct 14th. During last week, Gold traded above the important $1,270 resistance level twice  . . . .

October 2016 CoinStats is now available . . . .

Last week’s decline provides great opportunity to buy Gold/Silver . . . .

Chinese Renminbi joining IMF SDR currency is bullish for Gold price . . . .