Today was a bit calmer than yesterday around the world, as stock markets were generally mixed. In the US, more good economic news helped the Dow Industrials move higher, though the S&P 500 and especially the NASDAQ have been reluctant to follow it.
Orders for manufactured capital goods bounced upward last month, as did consumer sentiment. With unemployment claims at a 43-year low and the economy running at full-employment, it is indeed ironic that Trump, who ran largely on how horrible the American economy was, will take office next year with arguably the strongest US economy in 20+ years.
But interest rates rose again today, which sure enough sent the US dollar higher, which in turn slammed the precious metals. The 10-year Treasury note briefly traded with a 2.40% yield, but finished at a 2.359% yield -- still up a healthy 13/32. That aided the dollar index, which rose 0.71 to 101.66.
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