TGIF – Gold Flies Higher as Kushner Goes “Under Scrutiny” in Russia Probe

This is gettting interesting, isn’t it?  

Jared Kushner, Trump’s son-in-law, is now a “person of interest” in the FBI investigation into the Trump Administration’s Russia ties.  That doesn’t mean he’s guilty but it does mean the investigation has moved closer to the President – to the guy married to his daughter, in fact.   The records of records of both Manafort and Flynn have been demanded by grand jury subpoenas, NBC News has reported.  

Kushner has already admited to meeting with Sergey Gorkov, who is the Chairman of VneshEconomBank, a Russian government-owned institution that has been under U.S. sanctions since July 2014.  Gorkov studied at the training school for the FSB, one of Russia’s intelligence services.  To be fair to Kushner, you can’t be part of Trump’s Team and NOT have met with Russians – they are EVERYWHERE!  

Meanwhile, why are you here?  It’s the Friday before a 3-day weekend, we didn’t become investors so we could work every day, did we?  Go have some fun – I’m already on vacation, writing from my hotel room like a sensible fellow.  

Yesterday’s big story was the collapse of oil after the OPEC meeting.  Despite extending the existing production cuts for 9 more month, the cartel failed to increase them and, since the current cuts have barely been effective and since the US production is already filling the gap and putting us back in a glut – a lot of oil longs finally gave up hope and bailed out, leading to a whopping 5% Rule™ correction on the day.

We’re long here ($48.50) on the Oil Futures (/CL) as well as the Oil ETF (USO) at $10 as we are only just starting summer driving season and the July 4th holiday gives us another opportunity to see some gains in the coming month.  We may fall another $1 first, to $47.50 because Brent Crude (/BZ) is still at $51 and $50 is better support for them and $47.50 is better support for us but I would hate to miss the rally, so I’d rather get started now.  Gasoline (/RB) is also a good buy at $1.60.

In

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Provided courtesy of Phil’s Stock World.