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Gold and silver rally on Hormuz reopening
Gold and silver experienced a surge to the upside after President Trump proclaimed that the Strait of Hormuz will remain open for the remainder of the ceasefire period a 10-day window that already has extension proposals on the table. The announcement had a dramatic effect across asset classes: crude oil plummeted by more than 10%, and U.S. equities surged to new all-time highs as inflation risk premiums compressed sharply. Gold futures jumped on the news, touching intraday highs just above the 50-day simple moving average at $4,917 per ounce before selling off systematically from that point. Despite giving back a ... (full story)