In the last edition of the Market Overview, we analyzed the candidates for the next Fed’s Chair. In line with our prediction, Trump nominated Jerome Powell for this position. Hence, in this issue next, we examine in detail what the Yellen’s replacement by Powell implies for the gold market. We will also discuss the Taylor Rule and its impact on the yellow metal in a more detailed way. There is still a long way to implement a more rule-based policy by the Fed, but investors should be prepared, especially if John Taylor joins the FOMC. And as the U.S. central bank started unwinding its balance sheet in October, we will analyze its hitherto and potential impact on the financial markets and the price of gold. Last but not least, we will, as usual, provide investors with an update on recent fundamental drivers of the gold market, answering the question of how the medium-term outlook for the gold market has changed over the last quarter and what investors should expect in the last month of the year. In particular, we will address the recent flattening of the yield curve and whether it will support bullion prices.