Monday, stocks gained slightly in Europe but 0.3% in Asia and the U.S. on 19B shares traded. Precious metals rose 3%. Apple ended above 250. NYSE logged a record closing high.
Tuesday, stocks rose 1.6% in Asia, 0.6% in Europe but just slightly in the U.S. on 18B shares traded. Precious metals fell 1% while their miners advanced 2%. Gold exploded to a record $5500 per ounce while silver breached the $120 per ounce level. The S&P 500 and the NYSE each posted a record closing high. Here’s a good market prediction summary except it ignores gold. Despite the erosion of the dollar, this article makes the case for it remaining the world reserve currency.
Wednesday, stocks gained 1.4% in Asia but lost 0.9% in Europe and 0.3% in the U.S. on 19B shares traded. Precious metals advanced 1% while their miners gained three times that amount. The FOMC chose to leave interest rates unchanged.
Thursday, stocks closed little changed in Asia, down slightly in Europe, and up 0.3% in the U.S. on 24B shares traded. Precious metals miners fell 4%. IBM ended above 300. NYSE logged a record closing high.
Friday, stocks rose 0.8% in Europe but fell 2.2% in Asia and 0.7% in the U.S. on 24B shares traded. Precious metals collapsed 16% and their miners cratered 13%. Havoc in the metals markets dragged the Dow to close below 49,000 as President Trump named somewhat conservative Kevin Warsh to succeed Jerome Powell as Federal Reserve Bank Chair. Finally, the Panama Supreme Court ruled to invalidate the Chinese canal contract.