July 16, 2018 — Gold and silver drifted lower once again last week as the U.S. dollar strengthened. Metals were also dragged downward by selling in the commodities sector at large.
Markets continue to respond as if a trade war will somehow be good for the U.S. dollar.
The U.S. is a major exporter of dollars as payment for imported goods. It’s hardly good news for the greenback if overseas demand for it evaporates. Not to mention that tariffs on imports are definitely going to drive price inflation as less expensive imported goods vanish from the marketplace.
But for now, traders aren’t finding much reason to buy gold and silver. The action is elsewhere. Some of it can be found in U.S. equities, where the S&P 500 regained the 2,800 level by Friday’s close. Stocks are now extremely overbought on the charts versus gold and silver.
Check out live precious metals prices here:
Originally Posted Here: $GLD and $SLV Prices as of July 16 2018 @moneymetals