November 06, 2017 -- Precious metals finished the week almost flat. Markets rallied midweek following the announcement that Jerome Powell would replace Janet Yellen at the helm of the Federal Reserve. Powell is also considered to be a "dove" in terms of monetary policy.

Investors expect he will be more of the same, eager to lower rates or provide stimulus when needed.

The rally faltered later in the week as surging stock prices again sucked the oxygen out of markets for safe havens. Economic data was mixed with the October jobs report and purchasing managers index both missing expectations while the ISM data on demand for services beat estimates.

The Congressional efforts to pass Trump's proposed tax cuts are likely to be the major focus in the weeks ahead. It is difficult to assess the probability of success. Some people expect tax cuts to pass because Republicans and the president can ill afford another defeat on a major initiative. Others doubt if there is actually a limit to the ineptitude and dysfunction in Washington DC.



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