Having been dismissed on the first day of the shutdown, precious metals have surged back in the last few days and this morning, as no deal was achieved (surprising equity market 'investors' who seemed so sure Friday afternoon), are pressing up to post-shutdown highs. With the S&P near post-shutdown lows, and Treasuries only marginally bid, it seems precious metals are benefitting from the anxiety seen in USA CDS and short-term bills (+3bps more at 14bps today) at the resilience of the status quo.
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