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…
The only gold price question Scotiabank is asking is how sharp is the uptrend Gold’s recent disappointing performance is not affecting sentiment at the world’s largest mining conference as one market analyst expects prices to continue to push higher through 2020. Nicky Shiels, commodity strategist at Scotiabank, kicked off her precious metals outlook, at the Prospectors and Developers Association of Canada 2020 conference in Toronto, Canada, by declaring that “Gold was back in vogue,” and embarking on a new uptrend.…
Palladium slumps nearly 13%, gold up to 4.6% as precious metals join virus-led free fall * Palladium facing its worst daily performance since 2008 * Palladium sheds about $390 from Thursday’s record high * Platinum on track for worst week since 2008 * Silver set for its biggest weekly decline since 2011 Feb 28 (Reuters) – Palladium led a free fall in precious metals on Friday, slumping nearly 13% at one point earlier in the session, while gold slid as…
Why are stocks and gold both under so much selling pressure? Over this entire trading week analysts, traders and investors have remained bewildered not so much at the extent of the selloff, but analysts and investors were even more perplexed at the major selloff that occurred in gold in tandem with an asset class that traditionally carries a negative correlation. With so much warranted selling pressure in global equities many have been perplexed as to why gold found no support…
Shark Tank's Robert Herjavec: the scariest threat to safety is not just coronavirus The coronavirus has not only left the world paralyzed with fear of getting sick, but also presents new opportunities for hackers to attack the private sector, this according to Robert Herjavec, founder and CEO of Herjavec Group and star of Shark Tank. “Robert Mueller had a great saying, which was ‘there’s only two types of companies, those that have been hacked and those that are about to…
Catching gold's elusive $1,700 level: Prices eye coronavirus cases, U.S. Super Tuesday — Pepperstone The pullback in gold prices offers a buying opportunity, according to Pepperstone, which remains bullish on the yellow metal as it looks to add longs on a move through $1,660 an ounce. “Investment case hasn’t changed. We are seeing more compelling signs playing through. Gold is trading as a currency in its own right,” Pepperstone’s head of research, Chris Weston, said on Wednesday. Gold has made…
Looking to $2,000 gold price: Coronavirus is the ‘straw that broke the camel’s back’ — Sprott CEO The coronavirus was the shock that gold was waiting for before moving to higher levels with charts now pointing to an eventual breach of $2,000 an ounce, according to Peter Grosskopf, CEO of Sprott Inc. “What the coronavirus added [was] a shock to the economy. I would call it a straw that broke the camel’s back. Economies were already at best shuffling along…
Volatility ramps up in gold as COVID-19 spreads On Friday gold futures closed up in double digits with a net gain of over $20 on the day. This led to the only time we see gold prices gap extremely higher, or lower; the weekend. As gold reopened Monday morning in Australia it did so with a powerful upside move. After closing just above $1643 per ounce on Friday, gold prices opened at $1656 and then began a substantial, but short-lived…