Strongest US GDP in 2 Years Erases Week’s Gold Price Gains, Platinum ‘Oversold’ Says HSBC

Gold prices dropped on Wednesday as new data said the US economy expanded 3.3% per year between July and September, its fastest pace since 2014.
Falling from its 6th attempt above $1296 so far this week, the gold price lost $10 per ounce against a rising US Dollar while silver and platinum fell sharper still.
Broader commodity prices slipped for the second day running as major government bond prices fell, edging the yield offered by 10-year US Treasury debt up to 1-week highs above 2.35%.
North Korea’s overnight missile test – reported by the dictatorship of Kim Jong-un as proving Pyongyang could hit anywhere in the United States with a nuclear weapon – saw US President Donald Trump vow to “take care of it.”
But the test “appeared calculated to avoid crossing red lines that could provoke military action by Washington,” according to the Wall Street Journal.
With gold prices erasing this week’s previous 0.9% gain to the Dollar, silver fell twice as hard, hitting new November lows at $16.71 per ounce.

This post was published at FinancialSense on 11/29/2017.