Gold is down almost 1% in the last hour after Trump has called to terminate Powell. Gold usually loves uncertainty and tension, and if Trump gets his way, rates will be cut, meaning likely higher inflation, a weaker dollar, and rising gold. ECB also cut rates today, which should theoretically be good too.
But the price is nevertheless tanking after a very sluggish morning.
Have I missed something? Or has some big fund decided to take profits on the recent rally?
I know there was some talk about Trump dumping US gold reserves a week or two ago, but I've not seen anything that he or any other country is doing that