Gold and Oil Rally in Light Holiday Trading

It’s Remembrance Day/Veterans Day, and while stock markets are open, banks and government offices are closed so it’s a quieter day for trading.

The US continues to inch toward a resolution to the government shutdown, but economic and corporate news has otherwise been relatively quiet.

Overall, equities appear to be consolidating yesterday’s rally which saw the NASDAQ soar 2.2%. Today, NASDAQ futures are down 0.5% in normal backing and filling, while Dow futures are flat. In Europe today, the FTSE is up 0.8% while the DAX is up 0.2%.

The UK market, with its exposure to large cap miners and energy producers, may be benefitting from gains in resource prices today. Gold is up 0.7% and Silver is up 1.5%, with the metals trading back above $4,000/oz and $50.00/oz respectively. Crude Oil is up 1.0%, and trading back up above $60.00/bbl.

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