(Bloomberg) -- Credit where credit is due.
Just after it was revealed that Larry Kudlow would take a position in the Trump administration, he couldn't resist offering some commentary more suited to his role as CNBC pundit -- buy the dollar and sell gold, Kudlow advised on March 14.
“Well, that trade was not working well in the year leading up to that point,” Neil Dutta, head of U.S. economics at Renaissance Macro Research, commented in a note Tuesday. Indeed, the Bloomberg Dollar Spot Index was off by 8.6 percent and gold had rallied 8.8 percent.
A month later, the prediction looks prescient. The dollar jumped 2.3 percent and gold sank 2.9 percent after Kudlow formally assumed Gary Cohn's old role on April 2.
“Good call, Larry,” concluded Dutta.
To contact the reporter on this story: Luke Kawa in New York at lkawa@bloomberg.net.
To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka
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