Today’s main news event has been the announcement from the US that it will impose a 10% tariff on about $200 billion in Chinese goods from next week. In addition, President Trump said that any retaliation from China would lead to additional tariffs on about $267 billion in goods. This escalation of the trade war surprisingly attracted a limited reaction from global markets with Chinese shares trading higher on the day and CNY nearly unchanged. Gold took the tariff news on the chin while maintaining its relative tight trading range around $1,200/oz. It has been doing this for the past month, during which time it has ... (full story)