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USAGOLD/Peter Grant/04-25-17
Gold remains defensive as markets reverse out the French election risks, and look ahead to the May 7 run-off, where centrist candidate Emmanuel Macron is expected to handily beat Marine Le Pen. Investors will be watching the polls closely in the weeks ahead to see if Le Pen can narrow the differential.
Weakness in the dollar that is associated with the rebound in the euro will help to limit the downside in gold. Elevated geopolitical tensions provide an underpinning to the yellow metal as well.
North Korea staged a massive artillery drill today to celebrate the anniversary of their army’s founding. So far, no ballistic missiles or nukes have been tested. Meanwhile the nuclear submarine USS Michigan arrived in the area.
U.S. consumer confidence, new home sales, Case-Shiller home prices and the Richmond Fed index are out later this morning. Tomorrow the ECB will announce policy. They are expected to hold steady.
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