Gold and macro environment, page-1226

I did a little shopping today. I didn't pick up any SPR or Ramelius, I'm comfortably overweight with them. But I hold cash in reserve to top up on that marriage if we go much lower. CMM was too good to overlook, what a smack down they copped. I bought a little more of the Black Cat, they've copped a hiding in the last few days also. And I bought just a little more physical gold yesterday, for the first time in many months (although I have managed to dig up a little wild gold).
I'm still bullish gold, short term volatility is to be expected. In spite of the enthusiasm for the US-China trade deal, the bottom line is that the tariffs are still higher than they were a few short months ago. And economies are still adjusting to the shock of widespread tariffs. And the US-China deal is only a 90 day delay on the previously destructive tariffs, although certainly it allows time for improvement. Let's see how the U.S. ports deal with the tariff chaos, and whether goods flow quickly to shelves. And even if it all reverted back to the way it was before, overnight, there is damage that will take time to heal. All of the other well known factors that have contributed to gold's rise are still out there. And while not wanting to go down any political ratholes, which would be a violation of HC etiquette, it seems to me that during the last 2 days are the only times since he's been elected that the U.S. president has done anything positive for the global economy. And that was only to scale back some of his negatives. But to give him credit, he may manage to make some more deals, and reduce some more of his tariffs. But "may" is a qualifier that should be applied to any prediction of what trump will do. The one certainty with him is that there will be more uncertainty. The real certainty for me is that gold is the safest haven.
I'm also of the opinion that the rhetoric and actions of the current occupant of the Whitehouse have weakened alliances, and forced friend and foe alike to reassess, and take steps to insulate their countries and economies against negative consequences imposed on them by the US. Consequently, I don't expect a reduction in the world's appetite for gold.