10th February 2017

 We had a surprising about-face in gold on Thursday, with the precious metal selling off some $10/ounce. The reversal was almost entirely due to the surge in the dollar that took place after President Trump revealed he had a “phenomenal” tax plan ready for unveiling in a few weeks’ time. Earlier in the day, the dollar steadied in less dramatic fashion after it was revealed that weekly initial claims fell to a multi-decade low, sparking renewed talk of the Fed hiking rates three times this year instead of two.