Trump says Iran war "close to over" amid hopes for more negotiations
We now recommend 19 gold stocks, which I talked about in my Navellier Market Buzz podcast. The gold stocks I recommend are Agnico Eagle Mines (AEM), Alamos Gold (AGI), Barrick Mining (B), Compania de Minas Buenaventura (BVN), Coeur Mining (CDE), Centerra Gold (CGAU), Caledonia Mining (CMCL), Eldorado Gold (EGO), Equinox Gold (EQX), Hecla Mining (HL), IAMGold Corporation (IAG), OR Royalties (OR), New Gold (NGD), Idaho Strategic Resources (IDR), Integra Resources (ITRG), Kinross Gold (KGC), SSR Mining (SSRM), Triple Flag Precious Metals (TFPM), and Wheaton Precious Metals (WPM).
The primary reason that gold continues to rally is that many governments and central banks around the world have lost credibility. We are teetering on the verge of a deflationary environment where interest rates around the world may collapse, so gold remains an oasis and a great deflation hedge.
Before we all get too excited about GDP growth, the trade deficit resurged in November as exports declined 3.6% to $292.1 billion and imports surged 5% to $348.9 billion, so the trade deficit rose a whopping 94.6% to $56.8 billion compared to October’s record low trade deficit. This represents the most dramatic monthly change in the trade deficit since 1992. In November, pharmaceutical imports rose by $6.7 billion, while gold exports declined by $6.8 billion. So far, for the first 11 months of 2025, exports rose 6.3%, while imports rose 5.8%.
There is no doubt that the Trump Administration’s shifting tariff polices may have impacted the trade deficit, but now that the tariffs are largely finalized, except for South Korea, we should be getting more reliable trade data. In the meantime, the Atlanta Fed revised their fourth-quarter GDP estimate significantly lower to a 4.2% annual pace (down from 5.4% previously estimated) due to the November trade deficit.
As expected, the Federal Open Market Committee (FOMC) on Wednesday did not cut key interest rates, but both Christopher Waller and Stephen Miran dissented and wanted to cut key interest rates. The FOMC statement did say “job gains have remained low, and the unemployment rate has shown some signs of stabilization.” Additionally, the FOMC statement talked about economic uncertainty.
