A reversion to the recent bullish gold trade is taking place tonight, with the dollar off by 0.8% v the dollar and shattered by 1.4% v the yen.
The yen is a little more than 10% lower v the dollar since Trump won the election. Maybe now, since Clinton and Stein have designed a scheme to try to steal it, people might feel less than enthused about the effervescent Trump trade.
Either way, Nasdaq futures are off by 11% and gold is spiking hard with the dollar weakness by 1.5% — with silver doing even better, up 2%.
Between the crazy run to the upside in stocks, coupled with the endless barrage of hawkish statements out of the Fed, gold has been beguiled by sellers for the better part of the past 3 months. Over the past month, however, losses have accelerated to the downside. Bear in mind, this outlier sector was the single best performing sector of the market, up until the recent and very dramatic in the steel and iron stocks (+86%ytd) — in anticipation of a glorious large southern border wall.
Here are the larger capped stocks in the gold sector and their wretched performance over the past month.
Nasdaqiris on sale for 11% off?
All I want is for my ark with Noah to be my “safe space” again. BTW I loaded up with $jnug on Friday.