Political Capital Is Being Misspent in D.C.

The more I listen to the intelligence hearings and the divisiveness over the health care bill, the more I think the tax and regulatory reform that "The Donald" promised us will be a 2018 agenda item. The Trump rhetoric both domestically and abroad combined with the saber rattling from North Korea should start to take a toll on the exuberant confidence demonstrated by investors thus far in 2017. I have confidence that House Speaker Paul Ryan and U.S. Rep. Kevin Brady have a solid plan for health care and tax reform, but the executive branch seems more focused on wiretaps and golf at Mar-a-Lago. 

This delay and waste of political capital should bode well for gold and other "portfolio protection" assets. Given that gold spec length through last Tuesday (prior to FOMC pop) was down 3.5 million ounces last week and silver lower by 37 million ounces, the market is far from being overbought. Gold in euro terms has not performed well the past week, so I would expect that to pick up some strength again. ...379 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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