1.10.17 Gold has been on a steady decline since Trump’s election victory (and a gradual decline since Brexit), but 2017 has been positive for the yellow metal so far. A retreating USD, consolidating US equity market, strong demand out of China ahead of the Chinese New Year, and market angst over Trump’s presidency, have all contributed to gold’s recent gains. With the 50 day moving average immediately overhead at $1,193 and gold trading higher in nine of the last eleven trading sessions though, gold may be due for a period of consolidation. ETF redemptions are helping to offset Chinese physical demand with 175,000 ounces redeemed yesterday. Holdings for the SPDR gold ETF now stand at 25.9 million ounces, 10 month lows. Silver’s stint below $16 was met with steady buying from industrial users. It has rallied along with gold over the last few weeks and will be looking for a definitive close above its 50 day moving average at $16.80 in order to attract fresh investor interest.