1st May 2018

 Gold prices fell to their lowest level in nearly six weeks on Monday, getting $1311 at one point before lifting off this low by the close to finish down by only $6/ ounce. We suspect that some of the geopolitical variables hovering overhead caused the recovery, with a news conference hosted by the Israeli prime minister accusing Iran of cheating on its recent nuclear accord. Prime Minister Netanyahu supported his allegation by standing behind a mountain of alleged evidence, including intercepted documents and DVDs apparently containing ‘incriminating information’ that Iran has moved nuclear weapons to secret locations. This was a not-so-subtle jab at President Trump to pull out of the Iranian nuclear accords, a message distinctly at odds with what the Europeans are telling the President to do.