Daily Spot Price Update 12/29/2016

Metal Open Close Change
Gold $1150.76 $1159.65 + $8.89
Silver $16.25 $16.23 – $0.02
Platinum $912.50 $906.00 – $6.50
Palladium $676.36 $678.50 + $2.14

Summary

Gold and palladium increased on 12/29, while silver and platinum fell.

Trump’s Pick for Budget Chief

Mick Mulvaney, an active investor in gold and mining stocks, is president-elect Trump’s pick for budget chief. Mulvaney is currently a South Carolina Republican congressman and he’s been an aggressive advocate for cutting government spending. He’s also known for accusing the Fed of debasing the value of the dollar. His financial disclosures show that in 2015, he held between $50,000 and $100,000 in precious metals, along with investments in exchange-traded funds focused primarily on the energy, utilities, and pharmaceuticals industries. As Trump’s nominee for running the Office of Management and Budget, Mulvaney is likely going to have a hand in influencing fiscal policy and government spending.

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