Gold Sees Muted Reaction To Comey Testimony
(Kitco News)- Former FBI director James Comey had some harsh criticism ofthe Trump administration and the president himself, but his testimony didn'tadd much to the ongoing turmoil in Washington D.C., which has driven risksentiment on Wall Street.
While gold prices are off their session lows, the yellowmetal has seen little safe-haven demand following Comey's more than two-hourtestimony before the Senate Intelligence Committee Thursday.
August Comex gold futures last traded at $1,280.20 an ounce, down 1% on the day following the end of Comey's testimony. At the same time, equity markets are showing modest gains with the S&P 500 up 0.10% on the day. Ahead of the testimony, gold fell to a session low of $1,273.50 an ounce.
However, Comey's comments weren't without its revelations. He confirmed that President Donald Trump wasnot specifically under investigation during his tenure. However, he also saidthat he felt that the President directed him to end the investigation of national security adviser Michael Flynn and his allegedconnection to Russian meddling in the 2016 U.S. Presidential Election.
He said that he was shocked the President askedtop officials to leave the room so he could have a private conversation withComey regarding the Flynn investigation. A conversation that Comey laterdocumented in a memo, which he later asked a "friend" to leak contents off tothe media.
"I don't think it's for me to say whetherthe conversation I had with the president was an effort to obstruct. I took itas a very disturbing thing, very concerning," Comey said.
Comey also said that the administration liedand defamed him, saying that he was dismissed because of disarray within theFBI and that the bureau lost confidence in his leadership.
"Those were lies, plain and simple," hesaid.
Comey said that he believed he was firedbecause of his role in the Russian investigation.
Lookingat Russia's meddling into the U.S. 2016 Presidential Election, Comey said thatthere is no question that Russia interfered and he suspects that they will beback.
By Neils ChristensenFor Kitco News
Follow neils_C
nchristensen@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities,securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.  |