Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

The ‘Trump Bump’ Rallies Gold to 7-Week High

  by    0   0

Donald Trump’s press conference gave gold a rollercoaster ride on Wednesday as prices hit a 6-week low ahead of the president-elect’s speech, only to rally back to its highest point in 7 weeks. Spot gold moved from $1,176.94 to $1,198.40, the highest since late November.

donald trump looking into the camera

Investors made a move into the yellow metal after the dollar took a tumble, according to Reuters. Stocks saw a negative move as well. Pharmaceutical stocks lead an overall decline in the market after Trump made comments about drug companies “getting away with murder” by price gouging their customers.

Wednesday’s gold session got a “Trump bump” at its lowest point after the future US president addressed Russia’s involvement in the election, claims he had been caught in a Russian sex sting, and his decision to transfer operations of his businesses to his two sons.

graph of gold price after Trump's speech.Nico Pantelis, head of research at Secular Investor believes the gains in the stock market and the dollar we’ve seen since the election are being replaced by a general anxiety that will be good for gold. “The fear of potential turmoil in the months and years ahead is creeping back into the market,” he told MarketWatch. “This had a positive impact on risk-off assets like gold,” he said.
 
There are likely many more Trump Bumps coming soon. Now may be the time to think about diversifying your portfolio and protecting your wealth by buying gold and silver.

Get Peter Schiff’s latest gold market analysis ñ click here for a free subscription to his exclusive monthly Gold Videocast.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Day 28: Brazen Trump Inspires Murky Global Markets

The Trump 100: His first 100 days as presidentYellen spoke to congress this week, and her remarks about the new Commander in Chief could be foreshadowing an upcoming battle between the Fed’s goals and Trump’s plan to weaken the dollar. The President also made amends with China’s President Xi Jinping, but has new problems to deal with as other foreign governments shed their […]

READ MORE →

Yellen’s Speech Balances Stable Growth with Unstable Trump

Federal Chairwoman Janet YellenFed Chairwoman Janet Yellen testified before Congress today with a hawkish tone that sent gold prices downward and bond yields upwards prior and during her testimony. Gold spot prices were down around $11/oz. toward the end of Yellen’s testimony. The 10-year note rose to 2.5% from 2.43% while the 2-year note yield jumped to as […]

READ MORE →

Day 21: Trump Begins Looking Into Financial Regulation Reform

The Trump 100: His first 100 days as presidentTrump’s third week in office brings us a look into rolling back financial regulation reforms, the power of the @POTUS’s tweets, and the new Department of Education director. New Executive Order Likely to Target Dodd-Frank This week, Trump signed an executive order calling for a review of financial regulations. Many Democrats are concerned the audit […]

READ MORE →

US Silver Eagle Sale, as Low as $2.59 Above Spot

SchiffGold is having a special promotion on 2017 US 1 oz. Silver Eagles. Silver prices have already gone up 11% since the beginning of the year. Get in on the ground floor of one of the safest havens for protecting your wealth. Secure these exclusive coins while there’s still time. Offer details: • All Silver […]

READ MORE →

Why Silver Prices Will Rise with Trump’s Stimulus Plan

pile of silver coinsSilver prices have been climbing steadily recently, rising almost 12% since the beginning of the year. The cost of silver is normally closely tied to the rise and fall of the price of gold, which has also seen a recent jump. Causes for the push in precious metals include a sluggish dollar, political and economic […]

READ MORE →

Comments are closed.