by Chris Becker Yesterday’s flash crash on currency markets had another silver lining – the price of gold in AUD reached a new record high at over $1879AUD per ounce: It’s been a near rocket ride since the equity slump, proving gold’s usefulness as a Minsky Metal in times of stress: Although the daily chart
Goldman says so, via Bloomie: Goldman Sachs Group Inc. says that “fear” has made a comeback and gold is benefiting as stocks slide and investors fret more about the possibility that the U.S. economy may tumble back into recession. Bullion’s recent advance “happened on the back of the market sell-off and spike in volatility,” analysts
Via Bloomie: Don’t write off gold in the battle of the havens. Bullion has lost out in a paradigm shift where the metal’s no longer viewed as the traditional refuge when investors are in a risk-off mood, but that won’t last, according to Rick Rule, chief executive officer of Sprott U.S. Holdings Inc. Investors are
I’ve been having this conversation regularly lately. Gold is falling and breaking support just as global markets tilt towards a possible risk accident: Once again gold is proving that it is the absolute opposite of a cyclical safe haven. When markets crash so does it. Notice that exactly the same thing during the GFC, even
by Chris Becker It’s been a tough road for those long gold, particularly in USD terms, with the “precious” metal losing over $100 per ounce in the last two months: This is part of a secular decline, with gold being in a bear market for over seven years, having peaked at $1920USD per ounce in September
It’s supposed to be looking up for gold, with increased consumer demand and a series of central banks, including Russia, dumping US Treasuries to buy the shiny undollar. So why are prices – in USD terms at least – in the doldrums? According to the World Gold Council, overall demand in Q1 2018 was down
Via Bloomberg: Gold will surge to the highest level in five years if a global trade war breaks out, according to Rick Rule, chief executive officer of Sprott U.S. Holdings Inc., who’s been involved in the market for four decades. Bullion could top $1,400 an ounce in 2018 as escalating trade tensions drive investors to
From Birch Gold Group: It is generally well known in economic circles and in the general public that precious metals, including gold, tend to be the go-to investment during times of fiscal uncertainty. There is a good reason for this. Precious metals have foundation qualities that provide trade stability; these include inherent rarity (rather than
DXY cratered to new lows last night: But the AUD fell as well against everything: Including EMs: All it took was one thinning jobs report. Gold stalled but if both DXY and AUD are going to fall then local miners are in clover: Brent wants to correct but is being held up by the falling
Gold priced in USD has had a great start to 2018, up nearly $100USD per ounce since the early December 2017 trough and capping a great 2017: Alongside other commodities, the driving force behind the appreciation is the weakening USD, but there’s also other factors involved in gold’s revival, as it approaches its 2017 high
Sigh, at the ABC: The gold industry is pulling out all stops in its fight to defeat what it claims will be a job-crippling royalty increase. From taking out large newspaper advertisements to inviting key media figures to dinner at fancy restaurants, the mining lobby is leaving no stone unturned in its battle against the
Dalian is selling today: Big Iron is up anyway: BHP and RIO are both pushing towards break out lines. RIO is right on it and if it can break through then $72 and $86 beckon: The Big Gas re-rating continues as the disastrous Do-nothing Malcolm attacks AGL instead of the pensioner killers. No end in
Dalian is trying repair overnight damage today: Big Iron is down sharply. BHP and RIO failed at largish double tops, at least for now… Big Gas is soft but the pensioner abuse specialists continue their predictable but appalling re-rating: Big Gold is off sharply. I remain a seller short term: Big Sleazy has caught a
Dalian is firm today but going nowhere really: AUD is rampaging towards 81 cents: Which is capping Big Iron: And Big Gas: Big Gold is mixed: Big Sleazy is at new lows: Big Spruik is mixed: The ASX is at the brink again of its descending triangle: The rampaging AUD may push it off…
Dalian is trying to rebound: BHP is still nudging breakout: Big Gas continues its re-rating with exporters down and the domestic gougers flying: All I can say to that is, what a pack of bloody idiots we are. Big Gold is powering, working beautifully as portfolio insurance. I’m still a seller here for the short
Dalian still down: Big Iron flat a with BHP pushing hard at break out: Big Gas is weak, except Santos which is re-rating as the government sticks its head in its energy arse: Big Gold is on fire. I’m still a seller into strength on the basis that the DPRK will fade and USD is
Dalian has opened OK: So too Big Iron with BHP and RIO nudging break outs: Big Gas is stable, more than can be said for pensioner energy bills: Big Gold is powering. I’m still a trading seller into this strength. DPRK tensions should fade: Sleaze Bank has opened a trap door: And is rapidly approaching
Dalian is still running: Big Iron is down as it goes ex-div: Big Gas is running too. The two pensioner rorts, STO and ORG, are re-rating I reckon. The market does love a rent-seeker: Big Gold loving it. I’m still a seller here on the basis that the USD fall is (largely) done: Sleaze Bank
The ASX is flat flat today, sitting right at the bottom of a scary descending triagle: Dalian is down again: Big Iron is mixed. BHP approaching break out: Big Gas and the pensioner gouge roar on: Big Gold too: The Big Sleaze can’t stop falling. Perhaps Narev has to go?
Break! XJO has just seen its symmetrical triangle break down the wrong way. It’s taken out the 200DMA to boot: This clearly opens the way for lower. Thanks DPRK! This should still lead absolutely nowhere in terms of North Asian conflict. Japan and US have requested a UN Security Council meeting. But we’ve yet to
by Chris Becker Risk markets are on edge with the latest missile launch from North Korea, this time coasting over the northern islands of Japan. The usual safe haven bids of Yen and gold responded swiftly: But is this latest move higher in gold, which I talked about last week, about something else? It’s got
Jonathon Tepper has a new name for the CBA: And investors are voting with their wallets, hitting new lows: The chart still suggests no support right down to $70 and with the politics getting worse who knows? The under-performance is worsening but the whole sector appears increasingly tarnished: Meanwhile today, Dalian has managed to ease
Via Macquarie today: Gold’s rally – too much, too soon We are gold bulls. But short-term both the physical and financial sides of gold are flashing red, and we believe the price is set for a weak September. At present things look rather different. The dollar gold price has enjoyed a decent rally
Dalian is warming up again today: XJO is up too as its symmetrical triangle narrows: With Big Iron powering, it would seem that the odds favour an upside break from that pattern: Big Gas also appears constructive as it ravages east coast pensioners: And Big Gold looks positive too as it climbs: But holding it
by Chris Becker With chaos comes opportunity and with the wheels falling off the Trump administration and central banks hell-bent on getting back to “normalcy”, not just the gold bugs are calling for a return to the shiny metal. Beyond the macro risks are the technical factors that will indicate a breakout in gold. A
No Wall St rally for you! XJO is kidding: As Dalian crashes: Big Iron is off: Big Gas looks strong. If you don’t mind stealing from pensioners then the charts look constructive: Big Gold is firm too but I’m definitely a seller on the notion that Trump has bottomed: Big Bubble is getting hosed as
Dalian is up again today but looking a little tired as parcel limits kick in: Big Iron ore still roaring: Big Gas is outdoing oil: Big Gold looks strong: Terror Bank continues to under-perform: And Big Liar to ignore reality, though MEA has faded (or that might be an uber-bullish “cup and handle” formation: Finally,
Banana Man is once gain in control in China: Big Iron is loving it with FMG up 7%: Big Gas is also up with oil: Big Gold is stable. I remain a seller on the bold hope that the Trump Administration is at the lows (for now): Big Bubble is getting caned, especially Terror Bank
Dalian has tried but largely failed to blow off again today: Big Iron is down: Big Gas too. ORG is showing promise, and why wouldn’t it, so long as you don’t mind stealing from pensioners: Big Gold is mixed and I’m still a seller here. North Korea is a non issue and the ECB is
The commodity pain trade is roaring upwards today with iron ore off the hook up 6%: Big Iron is pretty circumspect about it: Big Gas is weak, notably so when one reads all of the positive guff coming from brokers: Big Gold is hot as it signals more USD weakness. I am a seller here
