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| Money Metals News Alert | July 15, 2024 – Gold and silver turned in a mixed performance last week.
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Gold prices closed at another weekly high, just above $2,400/oz. Silver ended the week back below $31/oz, after a steep sell-off on Friday.
U.S. share prices moved higher in last week's trading. The 10-Year Treasury also ended the week higher with the yield falling to 4.19%.
The U.S. Dollar Index fell from the 105 level to just above 104.
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Markets reopening Monday morning are responding to the attempt on former President Trump's life over the weekend and weighing its potential impact on the election.
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 | Gold : Silver Ratio (as of Friday's closing prices) – 78.2 to 1 | | |
| Failed Assassination Marks Latest Escalation in Uncertainty | | | |
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Following the shocking assassination attempt on former President Donald Trump, the nation is left wondering exactly why it happened as well as what may be coming next.
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There are already questions about whether the Secret Service, which answers to President Joe Biden, was incompetent or worse.
A man managed to scale a rooftop within 130 yards of Trump and take multiple shots. Eyewitnesses report seeing the shooter and repeatedly warning police and Secret Service for minutes prior to the assassination attempt.
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There is video of the rooftop snipers who ultimately shot and killed the would-be assassin, which appears to show them watching and waiting until after the he pulled the trigger several times before taking him out.
The FBI will investigate the incident. But many Americans have no confidence Merrick Garland's Department of Justice or the FBI will get to the bottom of what really happened. Their involvement could multiply, not reduce, the number of questions people have about the incident.
The Republican National Convention starts today.
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The plan is for Trump to receive the party's official nomination and deliver an acceptance speech on Thursday. Security will be increased, but some wonder if more attempts to assassinate the former President are coming.
In the months ahead, presidential politics and other geopolitical news will dominate the headlines, including those in the financial press. The markets are inextricably linked to these events.
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At the moment, Donald Trump is garnering a lot of sympathy from voters and riding high in the polls. Markets are also riding high. But everything can change suddenly, at any time, without warning.
Investors should prepare accordingly. | | |
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| Potential Market-Moving News This Week | |
- Monday, July 15th – Empire State Manufacturing Index. The index is expected to show weakness once again. The consensus is for -6.0, the same reading as for June.
- Tuesday, July 16th – Retail Sales. Retail sales are also expected to suffer in this week's report for June. Economists predict another month of negative sales growth – down 0.2% versus a 0.1% decline in May.
- Thursday, July 18th – U.S. Leading Economic Indicators. The LEIs have been consistently mired in negative territory for months -- signaling contraction. This week experts anticipate -0.3%, a bit of an improvement versus -0.5% in May.
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| This week's Market Update was authored by Money Metals Director Clint Siegner. | | |
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