Bloodbath = golden opportunity I have a simple but critical point to make today. The best time to buy gold stocks in my entire career so far was after the crash of 2008. This historic opportunity is repeating itself. Consider today’s mid-day decline in gold prices. We've seen this before… Gold gapped down on October 13, 2008, from $900.50 to $831.50. In that case, this happened just a few weeks before the bottom. For reasons I’ve written about before, I…
NBA suspends season after Jazz player tests positive for coronavirus The National Basketball Association (NBA) said on Wednesday it was suspending the season until further notice after a Utah Jazz player tested positive for the coronavirus. The test result was reported shortly before the Jazz were due to play the Oklahoma City Thunder at Chesapeake Energy Arena. The game was then scrapped. The league said the affected player, reportedly Jazz center Rudy Gobert, was not in the arena. “The NBA…
Gold logs first loss in 4 sessions as the U.S. stock market rebounds from worst day since 2008 Gold futures settled lower on Tuesday for the first time in four sessions as U.S. stocks looked to rebound from their steepest one-day loss since 2008 and as government bond yields jumped off historic lows seen after a coronavirus and crude-oil sparked plunge on Monda “Gold has not been the clear-cut winning trade as many investors are also looking to scale back…
M&A is inevitable: Orefinder's Steve Stewart While the uptick in gold has benefited most of the producers, juniors still haven't seen their share of the gains, but Stephen Stewart, CEO and director of Orefinders, believes deal-making is inevitable. "The producers started seeing the cash flow to their bottom lines in Q3, and they've been performing well ever since. I think there will be incredible pressure to deploy that capital carefully," said Stewart. "The current narrative coming from the funds is…
Beginning All-Out Price War Saudi Arabia plans to boost oil output next month to well above 10 million barrels a day, as the kingdom responds aggressively to the collapse of its OPEC+ alliance with Russia. The world’s largest oil exporter engaged in an all-out price war on Saturday by slashing pricing for its crude by the most in more than 30 years. State energy giant Saudi Aramco is offering unprecedented discounts in Asia, Europe and the U.S. to entice…
Volatile gold slides from 7-year peak as traders cover margins * Gold still on track for best week since Feb. 2016 * Global stocks, oil tumble; U.S. Treasury yields at record low * Platinum climbs over 3%; set for best week in seven – Gold prices swung more than 1% on Friday, sliding from a seven-year high as investors sold the precious metal to cover margin calls as the rapid spread of the coronavirus hammered equity markets. Spot gold was…
Gold Reclaims its safe-haven allure The last couple of weeks have contained extreme volatility in both the equities markets as well as the safe haven asset group. When U.S. equities began to selloff dynamically, we saw gold follow in tandem trading to lower pricing. It was not that gold lost its safe haven luster, rather it was mass liquidation of all assets as traders went either into cash or bonds. However many gold enthusiasts believed that at some point if…
Equities continue to exhibit wild swing There has been one constant in financial market movement over the last couple of years, and that is that market sentiment not only turns on a dime, but it is not rare to see a market trading strongly higher followed by a day in which it trades strongly lower with very little change in the underlying fundamental events which are supporting a market move. The most recent example of this activity can be found…
Emergency Fed action takes traders by surprise As a preventative measure, the Federal Reserve today announced that they implemented an emergency move by having the central bank cut interest rates prior to the next FOMC meeting which will be held on March 18. Without any question this move is extremely rare to implement any monetary change prior to a FOMC meeting. The Fed stated their decision was unanimous, and this decision occurred shortly after the G-7 finance ministers and central…
Two reasons that gold moved Higher Gold had an exceptional day, breaking the strong price declines gold had last week. Although it closed twenty dollars off of last night’s high of 1612.10, it still had managed to gain $23.50, with April gold closing at $1590. It was not one but two primary reasons that we saw such a strong move in gold. The first was statements made by many global central-banks. Also the belief that the Federal Reserve’s monetary policy…