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MTECHTIPS:-Gold price settles higher on Tuesday

Wednesday, January 4, 2017 4:06

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MTECHTIPS:-Gold price settles higher on Tuesday

MTECHTIPS- The price of gold settled higher on Tuesday despite the strong dollar. The precious metal settled at $1159.40, an increase of $7.70, or nearly 1%. The price of silver also increased to $16.35, an increase of 2.26%. Platinum and palladium increased in price too on Tuesday, as copper slid. The dollar/yen pairing closed at 117.71 today, an increase of 0.01%. The pound/dollar pairing finished the day at 1.2231, an uptick of 0.02%. Financial media, meanwhile, is reporting that there may be a new vice chairman of the Fed soon. The name of John Allison is being touted in Washington as a possible Fed nominee by President-elect Trump. Allison may be named for a Federal Reserve Board of Governors vacancy that would make him “vice chairman and head of banking regulation,” a position left technically unfilled since it was mandated by the Dodd-Frank banking reforms, analysts said. Allison was CEO of BB&T (NYSE:BBT) from 1989 to 2008 who kept the institution out of trouble when the financial crisis hit in 2008, and after that he worked with the libertarian Cato Institute think tank, where he currently serves on the board after being president and CEO from October 2012 to April 2015. The think tank is located in Washington D.C. and is considered the “laissez-faire brain trust” of the Republican Party.

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