Trump Tweets, Gold Holds, Dollar Bottoms

President Trump made headlines as usual this weekend, this time leaving the G7 trade talks midstream. Then he blasted Justin Trudeau, calling the Prime Minister of Canada “weak.” As we’re about to see, political spats like these can be important gold news in their own right. 

This may turn out to be of major concern to gold traders, as the US Dollar looked to have bottomed on Thursday and followed that up with a somewhat disappointing day on Friday.  Trump’s hardball tactics have been called strongarm before, but clashes like this can lead to a weakening currency. Of course we know it ain’t over ’til it’s over, and the G7 summit continues today sans Trump. What progress they’ll make remains to be seen.  

With currency trading basically going sideways before the open this morning, it seems the market is waiting too. It’s days like this I’m glad I’m not a betting man. What do you think – Will Trump’s hardball tactics pay off, or will the other six members of the G7 start to retaliate against the US? Let us know your take on these issues in the Comments below.

 Related: Gold Demand is On the Rise in China. Here’s What You Need to Know. 

 

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as a continuing theme. Mike graduated with a business degree, then worked with Macy's. After Macy's he spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined a well-known financial planning firm as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where he worked first for a small manufacturing consulting company, then a major university. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

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2 Comments

  • Donald Trump likes to be the centre of attention and he likes the dramatics.

    Walking out at the G7 is much to do with that and it makes a very strong point he is trying to make and of course people take stronger attention and note it better and it gives Trump press.

    • Agreed. He certainly likes the limelight though IMO his methods leave something to be desired. The press seems to be reporting more of “the other side” these days, so he’s having major effects. Thanks for your comment! – The Gold Enthusiast