DXY finally bounced a little: The Australian dollar still red hot: Gold turned volatile as it rockets higher: Oil is still a yawn: Dirt was mixed: Miners fell: EM stocks too: Junk eased: Yields keep falling: Nasdaq looks toppy as S&P fights for support. Europe is stuffed by its rising currency: Westpac has the wrap:
The yoking of Bitcoin and gold is one of the strangest phenomena in contemporary markets. On the one hand, gold is the ultimate safe-haven asset. On the other, BTC is the least so. One is eminently importable. The other absurdly the opposite. One is pure physical reassurance backed by thousands of years of human history.
The AUD is bid this morning as DXY sinks: Bonds remain pancaked: Stocks are up a little: Big Iron is struggling: Big Gas is down: Big Gold is marching as the metal hit an all-time high this morning. Macquarie’s stupid Friday downgrade now forgotten: Big Banks are sinking again: MB Fund has been buying gold
Via JPM: According to JPMorgan’s Nikolas Panigirtzoglou, retail investors appear to have been mostly behind the recent rally (although the Robinhood army has yet to fully engage), and indeed the buying of physical gold ETFs, a major vehicle used by retail investors, rose steeply in recent weeks, making this year already the strongest on record with still
And up she goes! Via ZH: For SLV, the number of RH users holding the ETF has surged from around 15,000 to 20,000 in the last few days… … making it the 16th most popular pick on Robinhood as of the past 24 hours. In GLD, we have seen less of a sudden surge so
And running. The Lunatic RBA’s AUD thermal is still in play: Yields dead: XJO is flat: Big Iron is soft: Big Oil as well, barring the evil Santos: Big Gold is running after solid results from NCM and EVN, not to mention the incipient gold bull market: Big Banks have faded the DoleHider bounce as
The AUD is still bubbling away this morning despite Victoria’s virus calamity (thanks RBA): Bonds are dead as the Dodo: Stocks have backed away from resistance but the chart is bullish: Gold is the story de jour. Up she rockets: Big Iron has been sucked down by an ordinary BHP print: Big Gas is OK:
by Chris Becker With yet another industrialised nation announcing a record government deficit (Canada this time with $300bn, close to our own $240bn), and central banks furiously papering up over massive cracks in the global economy in the wake of the coronavirus pandemic, it’s no wonder that the Minsky Metal is on a tear, almost
The Australian dollar is still trying to push higher this morning. The chart is still bearish: Bonds are stable: Stocks are struggling despite another drunken night on Wall St: Big Iron is OK: Big Gas is struggling: Most of Big Gold is coiled in an ascending triangle pattern looking for break out: Big Banks are
DXY resumed falls last night: The Australian dollar was pretty soft all things considered: Gold finally broke out to new closing high: Oil struggled: And dirt: Miners were strong: EM stocks too: And junk: Bonds were soft: The great bubble inflated some more: Westpac has the wrap: Event Wrap US Administration spokesmen continued to discuss the
Via Goldman: Historically, gold’s relationship with inflation is non-linear. Gold does not display a strong correlation with inflation while the latter is moderate but becomes strongly correlated when inflation gets above a certain threshold. Gold also tends to go up moderately in deflationary environments. In fact, we find that what matters most is the deviation of inflation
BofAML calls it: Gold prices have performed well in the recent period As the ultimate store of value, gold prices have performed well during the past 15 months, posting a rally of over 10% since the Federal Reserve did a monetary policy U-turn in January 2019. Gold has also delivered a strong performance against other asset
The answer is a qualified yes for USD priced gold: Gold will run as the underpinnings of the USD weaken. There is plenty of that going on with the mass demolition of both fiscal and monetary discipline. Further upside will come if we see any kind of global recovery and capital floods out of the
Here it is: In Aussie dollars it is very shiny: Yet most prominent local miners are lagging badly (with a few notable exceptions) What gives? It’s not entirely clear why gold is rallying given DXY is also on a charge. There are two possible explanations. First, as COVID-19 threatens a pandemic, gold is bid as
Clyde Russell asks an uncharacteristically stupid question: Is Australia the ultimate commodity hedge? When looking at the country’s natural resources the focus tends to be as its status as the world’s biggest exporter of iron ore and liquefied natural gas (LNG), and its competition with Indonesia as the top shipper of coal. But this ignores
Literally like a mushroom cloud. AUD gold is at a massive new record highs this morning ans still climbing: Why? Get a load of this lot. First, after further US/China trade tariffs, CNY is crashing: Markets now fear that Trump will order his Treasury to intervene in the USD, a big bullish gold play. Second,
So says Jim Rickards at the AFR: He said there is only a 35 per cent chance of a recession in the US over the next year, thanks to the Federal Reserve’s change in monetary policy direction in July when the central bank cut rates by 25 basis points to 2-2.25 per cent. …He said
Here’s the chart: The BTC news flow has been a bit rough with Barclays pulling the pin: The most prestigious banking relationship in crypto has ended. Barclays, the London-based global bank, is no longer working with cryptocurrency exchange Coinbase, industry sources told CoinDesk. And while Coinbase found a replacement in U.K. upstart ClearBank, according to
AUD gold is blasting along at new record highs today at $2240 give or take: Miners whoa: Making BTC look boring, though it is hanging onto its gold link: There’s no end in immediate sight but I remain quite concerned that the rally will reverse quickly if we enter true risk off complete with a
Australian dollar gold is at new record highs today: Amusingly, “digital gold”, otherwise know as Bitcoin, is also on the charge: And its relationship with gold is holding: This is kind of impressive, in its own way, given the Trump Administration has declared war on it, suggesting it is the precise opposite of a safe
Van Eck is bullish, at the AFR: Joe Foster, who picks gold stocks for VanEck’s 63-year old International Investors Gold Fund, said Australian gold miners are generally well managed but are unusually prone to locking gold prices into multi-year hedge arrangements. “Australians have more of a propensity to hedge than their North American counterparts. I
A picture is worth a thousand words: The MB Fund rotated from iron ore miners to gold miners a month or two ago. I still worry that if this global shock really gets going then gold will also suffer as the USD attracts a massive safe haven bid. There is also the concern that with
Via Ray Dalio: One of my investment principles is: Identify the paradigm you’re in, examine if and how it is unsustainable, and visualize how the paradigm shift will transpire when that which is unsustainable stops. Over my roughly 50 years of being a global macro investor, I have observed there to be relatively long of
by Chris Becker We’ve seen Bitcoin crater in recent days, but the true fallout from the G20 trade war truce maybe the real Minsky Metal – gold. Yesterday saw the biggest one day fall in over a year, nearly 2% to $1384USD an ounce after recently hitting a six year high before the summit, with
Beware the magazine cover indicator! The AFR went BTC wild yesterday: …bitcoin is back in a big way. The virtual currency has jumped by 50 per cent over the past three weeks. As for what’s next, the boom and bust of 2017-18 is both a warning of what can go wrong and a promise of
