Gold and Silver prices have fallen this week. Spot prices stand lower at $4,482 CAD per ounce for gold and $45.12 CAD per ounce for silver. Calmed Trade War Concerns have tarnished the otherwise noble gold, giving it the worst performance in 6 months. Saturdays’ “Total Reset” trade news with China gapped the Nasdaq QQQ equities nearly 4% higher and continued to push another nearly 3% upward through the week. Weekly Jobless Claims held at 229,000 in line with expectations and Retail Sales came in up 0.1% partially on pull ahead auto sales from tariff expectation. The Gold/Silver ratio has spent most of the week under 100 at a current 99.40.
“If we can make trade deals, we like that much more than nuclear weapons…” Trump joked during his interview with Fox News on his existing Air Force One 747. He defended the plan to keep and use a $400,000,000 upgraded 747 - a tribute from Qatar, saying “They are giving us a gift,” and that he would be a “Stupid Person” to reject it. Fed Chair Powell has warned of potentially higher longer term real rates:
“We may be entering a period of more frequent, and potentially more persistent, supply shocks - a difficult challenge for the economy and for central banks.”