Comments made by US Treasury Secretary Steven Mnuchin that a weak US Dollar is good for the US economy led to a freefall in the US Dollar. The Euro, as well as the British Pound and the Swiss Franc are breaking and taking out important chart-technical levels to the upside and the end is not in sight. As often seen in the past in this context this is leading to higher prices in Gold. The resistance of US$ 1360.— could break during the next few trading days which would open the way for a pricelevel of US$ 1400.--, a price level we have not seen since 2013. Are we in the midst of the second leg of the Gold bull market we have been waiting for?

We wish all of you a happy, healthy and prosperous 2018! A new year is always a great opportunity to reflect and look ahead. If you are interested in our opinion regarding the stock markets, precious metals, bonds and foregin currencies, please feel free to check out "The Swiss View".

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#WHVPsWeeklyWisdom: We live in very interesting times. The way it looks at the moment, Madame Yellen is coming to the end of her term and Mr. Powell will be appointed as the new chairman. The US Dollar is, and has been, stuck in a very narrow trading pattern during the past few trading days. Should the Fed hint that we could be in for another interest rate hike, we might be seeing the Dollar coming in a bit stronger. We are expecting "buy the rumour, sell the fact" to set in and that we will see the Dollar weakening rather than strengthening after this event. The fact that Mr. Draghi will cut the quantative easing by half as of the beginning of January led to a weakening of the Euro, as it was expected by market participants. Gold is still trading well below the important level of US$ 1280.—. A move above this level should be expected during the next few trading days.

#WHVPsWeeklyWisdom: Due to the discussions taking place on the tax reform we have seen the US Dollar coming in slightly stronger. This will, in our eyes, not last and we expect the Dollar to weaken in the months ahead. Should the tax reform be realized, we expect debt in the USA to increase, followed by higher inflation. Due to the higher dollar, Gold has fallen below 1280.—. We need to establish above this level during the next few trading days. Should this not be the case, we could fall back to 1250.—. This is not our favorite scenario.

#WHVPsWeeklyWisdom: As the Thai saying goes, same same but different. We are and have been staying at very high levels in world stock markets. It really does seem that no matter what happens the stock markets only have one way to go, up,up,up. Be aware that we have and are seeing the longest bull market in history and we will eventually correct. Therefore keep your trailng stop losses in place and watch your gains accumulate. With the US dollar and precious metals we slowly see volatility on the rise. A weakening US dollar and higher gold prices are expected before year end.

#WHVPsWeeklyWisdom: Volatility seems to be at an all time low, be that in stock markets, precious metals or currencies. The quarterly earning season will start today and these numbers will be watched with great interest. The US Dollar has given up some of the gains that came in after the announcement of the largest tax cut ever in US history, according to President Trump. Gold is stuck between the US$ 1280.— and 1300.— level. As mentioned before, the 1280.— level should hold, if not 1250.— will be the next resistance on the downside. To the upside US$ 1300.— needs to be broken before we will see higher prices. We still believe that higher prices are in the cards. The nationalbanks are still trying and hoping that inflation will eventually be on the way up, they could be in for a disappointment. Interest rates in Switzerland will stay at historical low levels for at least another year.

#WHVPsWeeklyWisdom: Stocks just keep on touching new highs, day after day, after day. On top of that, the volatility index is hovering at close to all time lows. The US Dollar is currently holding the gains seen after President Trump started talking about his tax reduction policy. We believe that he is aiming at rather big cuts for corporations, 20% rather than 25% seems more realistic. Gold and Silver need to start trading back up to and above important charttechnical levels, Gold above US$ 1280.-- would be a first small step.

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#WHVPsWeeklyWisdom: According to President Trump, the biggest tax cut in US history will be taking place in the not too distant future. As a consequence we have seen US stock markets holding on to their already high levels and some even went higher. We have seen gains in the US dollar during the past few days against all major currencies. It could even get a bit stronger before we start heading south again. Gold is, and has been, trying to defend the US$ 1280.-- level. Should this level not hold, US$ 1250.-- could be seen. If we get back to US$ 1300.-- that would be a positive sign.