Bloomberg says that right now for the first time commodity prices are rising
along with the US dollar. They are calling it the Trump effect.

They predict a weakness in the US dollar for 2017 and rising commodities.
  • Most commodity inventories are low
  • inflation is in the picture.
  • There is a weather risk, (Agriculture is 35% of the commodity market)
  • precious metals will go up

They go on to say that
a weakness exists for all currencies. The Yuan is down fixing at 6.8808. Although the US dollar is up it is also seen as weak.

Any tax cuts will lead to higher fiscal deficits. 

For right now they are long on nickel and short on copper
Italy's constitutional referendum will be held on December 4.  Mateo Renzi, Italy's PM says he will  resign if the referendum does not pass. Latest polls show a slight lead for the "No" vote, but 22% haven't made up their mind yet.

A "No" vote  could eventually lead to Italy's exit from the euro currency but probably not from the EU.

"No" Vote:
Euro Down
Gold Up
Stocks probably down

"Yes" Vote:
Status Quo