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Gold Drops Below $1300 As Taylor Reportedly Trumps Warsh For Fed Chair

Courtesy of ZeroHedge. View original post here.

Gold and USDJPY have had a busy last 60 minutes as they swung wildly on North Korea headlines but Gold tumbled back below $1300 when Bloomberg reports that Stanford's John Taylor is said to impress President Trump, as Warsh's star fades.

  • *WARSH AND TAYLOR BOTH REMAIN ON SHORTLIST, PEOPLE FAMILIAR SAY
  • *TRUMP INTERVIEWED TAYLOR LAST WEEK WITH CHIEF OF STAFF KELLY
  • *KEVIN WARSH IS SAID TO SEE STAR FADE IN WHITE HOUSE FED SEARCH
  • *STANFORD'S TAYLOR IS SAID TO IMPRESS TRUMP FOR FED CHAIR

Which jumped Taylor up to 3rd place with the bookies…

And the reaction was a clear dollar positive, gold negative…

The dollar strength is likely related to the fact that according to John Taylor's "Rule", the current Fed Funds rate – based on inflation and unemployment – should be around 5.74%!!

Additionally, Politico reports that Trump is said to plan an interview with Janet Yellen later this week.


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