Gold Bullion $40 Off French Election Peak, Silver ‘Hammered’

Jon Economy, Energy, Fiscal Policies, Gold, Government, Market Commentary, Politics, Precious Metals, Silver

Gold bullion fell to new 3-week lows against the Dollar and touched 3-month lows for UK investors on Tuesday as the global bullion market got back to work after the long May Day holiday.
With the US Congress side-stepping a ‘debt ceiling’ crisis by agreeing a $1 trillion package to fund government spending until September, world stock markets extended Monday’s gain in US equities, taking the EuroStoxx 50 index to new 18-month highs, almost one-third above last June’s drop following the UK Brexit referendum’s shock result.
You may also like The Behavior of the Market Actually Has Very Little to do with Trump
Major government bond yields ticked higher as debt prices slipped, and crude oil rallied to $49 per barrel of US benchmark WTI.
Silver bucked Tuesday morning’s drop in gold and also copper – now down 6% from February’s 20-month high – but kept most of May Day Monday’s 40-cent loss at $16.91 per ounce.

This post was published at FinancialSense on 05/02/2017.