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Both the equities markets and gold are seeing a sell-off on Monday, with a combination of a strong buck and political elements behind the press downwards, claimed Phil Streible, primary market strategist at Blue Line Futures.
" The dollar index is coming up, it actually separated to the advantage. That's mosting likely to evaluate on commodities as a whole, so if you check out all the assets: farming markets, powers, metals, they're all under a great deal of stress so that's one part of the equation, is the dollar coming up," Streible claimed. "There's a 2nd part right here which is kind of political … with the Republicans showing that they're mosting likely to move forward in choosing the High court justice, what that did was it actually obtained the Democrats quite dismayed and they're mosting likely to do whatever they can to strike back."
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Why gold, stocks are plunging and what’s next says expert
Both the equities markets and gold are seeing a sell-off on Monday, with a combination of a strong dollar and political factors behind the push downwards, said Phil Streible, chief market strategist at Blue Line Futures.
“The dollar index is coming up, it actually broke up to the upside. That’s going to weigh on commodities in general, so if you look at all the commodities: agricultural markets, energies, metals, they’re all under a lot of pressure so that’s one part of the equation, is the dollar coming up,” Streible said. “There’s a second part here which is kind of political…with the Republicans indicating that they’re going to go forward in nominating the Supreme Court justice, what that did was it really got the Democrats quite upset and they’re going to do whatever they can to retaliate.”
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