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What Does Gold Do When Trump Tweets?
Thursday, 9 November 2017 22:04 WIB | GOLD CORNER |Gold OutlookGold Corner

When President Donald Trump tweets, markets listen.

We saw this when he went on Twitter to slam Nordstrom for cutting his daughter's fashion line. The department store's stock dropped as much as 1% within a minute of his tweet.

But when it comes to gold, the metal is a little more resilient to Trump's Twitter rants.

Looking at a daily chart since Trump was elected president, gold saw its biggest spike the day the election results came out. The unprecedented win took markets by storm and investors flocked into the safe-haven metal, pushing it up nearly 5% even if the gains were short-lived.

It wasn't until May that the metal saw another notable spike, pushing up nearly 2% as geopolitical uncertainty rose following news that Trump had shared sensitive information with Russia. The metal traded around $1,258.70 an ounce at the time.

And who can forget heightened tensions with North Korea, which saw gold rally some 1.6% in early April.

On the flip side, gold has also seen significant dips during Trump™s presidency, most notably in November, shortly after his win.

The 5% election gains were brief, with prices dropping about $40 an ounce on November 11. Investors were quick to jump back into equities as Trump promoted his plans to œmake America Great Again.

However, when you look closely, it seems President Trump™s approval “ or disapproval “ ratings might have a stronger correlation with gold prices than his tweets do. 

Gold™s biggest spikes “ from opening prices to intraday high “ typically correlated with stronger disapproval ratings for President Trump. For instance, on May 17, gold rallied nearly $25 from its open to its high. According to fivethirtyeight.com, Trump™s disapproval rating stood at nearly 55% that day.

Meanwhile, on gold™s biggest down days, which were shortly after Election Day, the President™s approval rating stood at 42%, according to Gallup.

Source: Kitco News

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POPULAR NEWS
Stocks end mixed; Nasdaq suffers 0.6% weekly fall

Stocks saw a mixed finish to a choppy session Friday, with the Dow Jones Industrial Average taking back a modest portion of the previous session's more-than-300-point decline. The tech-heavy Nasdaq Composite lagged behind, falling 0.5% to finish around 7,449, according to preliminary figures, and leaving it with a 0.6% weekly loss. The S&P 500 ended less than 0.1% lower near 2,768, leaving it virtually unchanged on the week. The Dow rose around 65 points, or 0.3%, to close near...

Shanghai Stocks Rally after Supporting Remarks (Review)

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Euro finds footing as EU softens Italy criticism

Foreign exchange markets reflected an improvement in risk sentiment after sluggish data on Chinese economic growth was offset by words of support Chinese authorities on Friday. Also, a European Union official attempted to ease tensions with Italy over the government™s fiscal plans, helping soothe fears of a budget showdown between Rome and Brussels and boosting the euro. European Economic Affairs Commissioner Pierre Moscovici said Italy was strongly committed to the EU and the euro, and...

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