Gold Prices ‘Shed Crisis Premium’ as N.Korea’s Kim ‘Backs Down’ to ‘Foolish Yankees’

Gold prices fell 1.4% in Asian and London trade Tuesday, erasing all of August’s prior gains as world stock markets rose for a second day amid reports of easing tensions between the US and North Korea after last week’s threats of nuclear missile strikes.
As Washington’s Secretary of Defense James Mattis said it would be “game on” if Pyongyang attacked, the pariah state’s regime said it would wait and watch the next move from “the foolish Yankees” before sending “enveloping fire” at the US island and military base of Guam.
“We are very…I’d say almost ecstatic that Kim Jong Un has backed off,” said Guam Homeland Security Advisor George Charfauros.
Listen to Jeff Christian on Metals, Lithium, and Electric Vehicles
“The yellow metal continued to see some of its recent risk premium wiped away during Asian hours today,” said Tuesday morning’s note from Swiss refiners and finance group MKS Pamp.

This post was published at FinancialSense on 08/15/2017.