Santa Claus appearsto be giving an early present to the gold market bulls, while deliveringa lump of coal to the U.S. stock market. Gold prices are solidly higher, nearthe daily highs and hit a five-week high in early-afternoon U.S. tradingThursday. The yellow metal is supported on safe-haven demand amid another bigdrop in the U.S. stock market today, as well as worries about a U.S. governmentshutdown. Silver prices poked to a six-week high today, helped out by the rallyin gold. A sell off in the U.S. dollar index today also worked in favor of themetals market bulls. February goldfutures were last up $10.90 an ounce at $1,267.20. March Comexsilver was up $0.037 at $14.855 an ounce.

European stock markets were mostly lower overnight, following the solidlosses in the U.S. stock market Wednesday. Today’s price action in the U.S.stock indexes saw prices drop to new lows for the year. There are no earlychart clues the slumping U.S. stock indexes are near market bottoms.

The world marketplace is still reacting to the U.S. FOMC interest ratehike on Wednesday afternoon and the comments from Fed Chairman Jerome Powellthat disappointed most traders and investors. They deemed the Fed’s newmonetary policy stance as more dovish than before, but not dovish enough tostave off what many now believe is an impending global economic slowdown.

It’s now a toss-up that the U.S. government will shut down Friday, asreports now say the Trump administration and the Congress may not come to anagreement on a continuing resolution to keep the government open. This is not amajor issue for the markets but does add a bit of uncertainty.

The key outside markets today see the U.S. dollarindex solidly lower and hitting a four-week low. The greenback isbeing hit by the more dovish Federal Reserve and easing tensions in theEuropean Union regarding Italy’s finances, which have supported the Eurocurrency.

Meantime, Nymex crude oilprices are solidly lower and hit another 15-month low of $45.67 a barrel today.There are still no early chart clues the crude oil market is near a bottom, butthere is some strong longer-term chart support at the $42 area that may haltthe slide.