“Gold has gotten smoked,” as futures prices plunged $33.90/oz., or 2.9%, yesterday to $1,129.80 for the lowest settlement since Feb. 2 and the largest single-day dollar and percentage loss since Nov. 11. The yellow metal has inched higher overnight but is on track for a sixth weekly loss that has been driven by a more aggressive Fed, investor enthusiasm about Pres.-elect Trump’s policies and ETF sales. As of Thursday’s close, gold had retreated 17% from July’s high, nearing the 20% loss that commonly defines a bear market.
