Ongoing geopolitical uncertain on Capitol Hill continues to weigh on investor sentiment, with the Dow Jones Industrial Average falling to session lows after a statement from U.S. special counsel Robert Mueller.
The Dow Jones Industrial Average last traded at 24,990 points, down 356 points or 1.41% on the day. Although equities are struggling in a risk-off environment, the negative investor sentiment is also not helping gold prices.
June gold futures last traded at $1,281.70 an ounce, up 0.36% on the day.
Mueller’s press conference was his first comments in two years after wrapping up an investigation that looked into Russian interference in the 2016 presidential election and potential obstruction of justice from President Donald Trump.
Mueller reiterated his report stance that his department was unable to make a determination as to whether or not the president committed a crime. However, he also didn’t exonerate Trump in his comments.
“If we had confidence the president did not commit a crime, we would have said so,” he said.
Mueller added that charging Trump was never an option, citing guidelines from the Justice Department that prohibits the prosecution of a sitting president.
“Charging the president with a crime was … not an option we could consider,” Mueller told reporters as he announced his resignation. “We concluded that we would not reach a determination one way or the other about whether the president committed a crime.”
However, the special council was also clear that Russia interfered with the 2016 election.
“There were multiple, systematic efforts to interfere in our election. And that allegation deserves the attention of every American,” he said.
Mueller used Wednesday’s press conference to officially close his investigation. He also announced that he was retiring from the Justice Department and returning to private life.
Mueller also shot down the idea of testifying in front of Congress, saying that any testimony would not go beyond the report.
“Any testimony from this office would not go beyond our report. It contains our findings and analysis and the reasons for the decisions we made. We chose those words carefully and the work speaks for itself. And the report is my testimony,” he said.
Gold Prices And Global Economic Troubles Are Up
Gold prices are moderately up in early-morning U.S. trading Wednesday. Silver prices are slightly up after hitting a six-month low Tuesday. World equity markets are under selling pressure at mid-week, amid some geopolitical concerns that are prompting some safe-haven demand for gold. June gold futures were last up $6.60 an ounce at $1,289.10. July Comex silver prices were last up $0.04 at $14.36 an ounce.
World stock markets are pressured today as risk aversion is back on the front burner of the marketplace. The main concern is the prolonged trade war between the U.S. and China (the world’s two largest economies) that sees no end in sight and appears to be escalating. U.S. stock indexes are pointed toward lower openings when the New York day session begins.
Also unnerving European traders is news today Germany’s unemployment rate unexpectedly surged in May, at up 60,000 versus expectations for a decline of 8,000 workers. Germany is the economic workhorse of the European Union.
It’s summertime again and some European Union instability is due. This time, concerns are rising among Europeans as Italy and Greece are balking about conforming to EU rules on fiscal discipline. And the U.K. can’t seem to figure out how to leave the EU in a smooth fashion.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com