Gold finished the day today down modestly at $1317 after rebounding sharply off the day's lows. Silver logged a similar performance closing at $16.48. The Trump administration precipitated the turnaround with an announcement that it would go through with heavy tariffs on steel and aluminum imports. The Dow Jones Industrial Average therein dropped over 580 points at one point and finished down 420 points on the day. Volatility rose as did the yield on the 10-year Treasury. Gold jumped $10 off its lows.
Note .... The gold bull market in the 1970s and 1980s happened even as the Fed tested record-high interest rates. The yield on the 30-year Treasury bond rallied sharply during the late 1970s, eventually topping 15% in 1981. Gold rallied from about $100 per ounce in 1976 to over $850 per ounce in 1980.
Note .... The gold bull market in the 1970s and 1980s happened even as the Fed tested record-high interest rates. The yield on the 30-year Treasury bond rallied sharply during the late 1970s, eventually topping 15% in 1981. Gold rallied from about $100 per ounce in 1976 to over $850 per ounce in 1980.
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