October 23, 2017 -- Gold and silver prices finished lower last week and are slipping further this morning. Sentiment on Wall Street continues to favor risk assets, as U.S. stock markets marched even higher into record territory.

The U.S. dollar has also found support with the DXY index closing the week at 93.66, well above its September low of 91.35.

Some of the optimism on Wall Street stemmed from apparent progress on tax reform. Both the House and the Senate have passed a 2018 budget. Both budgets include room for tax rate reduction and provisions that will allow passage of any cuts with a simple majority in the Senate.

However, there are significant differences in the two budget bills and Congress still has a lot of work to do to pass a final version. The House version calls for modest reductions in scheduled spending increases. The Senate bill simply provides for even higher deficit spending.


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