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