The Iran issue after Israel accused Iran of hiding nuclear weapons prevented gold and silver from a big crash. Any increase in Iranian risk will result in crude oil prices galloping to $90 by next month. Gold will also follow the crude oil trajectory as an inflation hedge. The pace of rise of gold will lag crude oil. But I am sure gold will rise. Gold could trade in a $1237-$1430 wider range in...Read More
(Kitco News) - Keeping most of your wealth in the stock market might not be a good idea, according to one Egyptian billionaire, who invested half of his $5.7 billion net worth into gold believing that prices could rise to $1,800 on “overvalued” stock market.“The stock market is overvalued and I feel that another crash will happen. That is why 50 percent of my net worth is in gold...Read More
A combination of selling and dollar strength continues to weigh heavily on gold pricing. Recent price declines beginning on April 16 have resulted in gold losing almost $50 in value. After trading to an intraday high of $1,358 per ounce, in just nine trading days gold hit its lowest trading point since March 1 of this year.While selling pressure has undoubtedly been a significant component of this...Read More
Gold still under pressure from dollar strength, Treasury yield spike.All-important test of the 200-day MA will determine its immediate fate.Relative strength factor still lacking for gold, however.With the dust not yet having settled from the recent rally failure of the gold price, the yellow metal has returned to a position all too familiar with gold bulls. The bulls are now searching for a catal...Read More
However, the tech sector helped prop up the Nasdaq and S&P The Dow failed to recover from this morning's disappointing earnings releases from Pfizer (PFE) and Merck (MRK), closing the first session of May in the red. A strong rebound in tech stocks helped the Nasdaq and S&P finish in the black, however. Meanwhile, another uptick in the U.S. dollar drug down oil prices, pressuring the broader energ...Read More
A yield curve rising from extremely low levels is a worst-case scenario for stocksTreasury yields made the news recently when the 10-year Treasury yield hit 3% for the first time since early 2014. Shorter-term rates have been increasing even faster. The spread between the 2-year and 10-year Treasury yields has narrowed to its lowest level since late 2007, just before the 2008 stock market crash. T...Read More
WASHINGTON (Reuters) - U.S. Trade Representative Robert Lighthizer said on Tuesday it was not his objective to change China’s economic system, but he would try to find ways to limit the damage it causes to the United States and open it further for U.S. companies.Speaking at the U.S. Chamber of Commerce ahead of his participation in a Trump administration trade delegation to China later this...Read More
MEXICO CITY (Reuters) - The United States, Mexico and Canada should be able to conclude the renegotiation of the North American Free Trade Agreement (NAFTA) if enough creativity and flexibility are shown, Mexican Economy Minister Ildefonso Guajardo said on Tuesday.Speaking at a news conference, Guajardo also told reporters that his government would not accept any potential U.S. tariffs on Mexican...Read More
Lindsay DunsmuirWASHINGTON (Reuters) - The U.S. Federal Reserve is set to hold interest rates steady this week but will likely further encourage expectations that it will lift borrowing costs in June on the back of rising inflation and low unemployment.Investors have all but priced out the chance of a rate hike at the end of the Fed’s two-day policy meeting on Wednesday, particularly given i...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday said he may go to Jerusalem, where the United States is moving its embassy from Tel Aviv later this month.Trump made the comment to reporters at the White House. Earlier on Tuesday, Israeli Prime Minister Benjamin Netanyahu told Fox News in an interview that he would love to have the U.S. president visit the city. Trump also suggested l...Read More
THC is trading near the top of the NYSE today The Dow is moving lower today, down triple digits after a rough round of pharma earnings. Toymaker Mattel, Inc. (NASDAQ:MAT) and e-commerce specialist Shopify Inc (NYSE:SHOP) are struggling as well, while healthcare name Tenet Healthcare Corp (NYSE:THC) is bucking the broad market trend. Here's a closer look at how shares of MAT, SHOP, and THC are t...Read More
BEVERLY HILLS, Calif (Reuters) - The following are highlights from this week’s Milken Institute Global Conference in Beverly Hills:CHRISTOPHER GIANCARLO, CHAIRMAN OF UNITED STATES COMMODITY FUTURES TRADING COMMISSION, ON BITCOIN:“We need to take a moment and respect this generation’s interest in this new instrument (bitcoin). Not with derision, but with a little bit of attention...Read More
The ETF is trading more than 2% lower todaySteel stocks are taking a hit today, after President Donald Trump extended tariff exemptions for the European Union, Canada, and Mexico to June 1, allowing an additional 30 days for trade negotiations. Against this backdrop, the SPDR S&P Metals & Mining ETF (XME) is down 2.3% at $34.16, and options bears are cashing out.Taking a quick step back, nearly 9,...Read More
CARACAS (Reuters) - Presidential candidate Henri Falcon pledged on Tuesday to raise Venezuela’s minimum wage to $75 per month in a newly-dollarized economy should he beat the ruling socialists in a May 20 vote.Falcon slammed President Nicolas Maduro’s announcement on the eve of May Day that he was raising the minimum monthly salary to 1 million bolivars - the third increase this year,...Read More
OTTAWA (Reuters) - Canada will push for a permanent exemption from U.S. steel and aluminum tariffs but the U.S. administration’s decision to postpone them is a “step forward”, Canadian Foreign Minister Chrystia Freeland said on Tuesday.Canada has argued that the tariffs, which had been set to go into effect on Tuesday, would hurt jobs in both countries.The Trump administration sa...Read More
A massive put spread just crossed on CTXSSoftware stock Citrix Systems, Inc. (NASDAQ:CTXS) has continued to push higher following last week's earnings-induced bull gap, earlier tapping an all-time high of $104.88. At last check, the shares were trading up 1.4% at $104.30, putting their year-to-date gain at 18.5%. The move comes thanks in part to Goldman Sachs, which added Citrix to its "Conviction...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday criticized U.S. media reports that U.S. Special Counsel Robert Mueller has compiled a list of more than 40 questions to ask the president as part of his probe into Russia’s election meddling.Mueller’s list of at least four dozen questions include ones on Trump’s ties to Russia and others to determine whether the presid...Read More
(LPC) - The size of fund financing loans is increasing along with banks’ exposure to the US$400bn market as managers raise ever-larger funds, but the wall of cash pouring into the sector is also encouraging smaller debt funds to leverage portfolios to maintain returns.Up to 50 banks are now competing to offer subscription lines of up to ?,?2bn to support multi-billion dollar private equity f...Read More
(Reuters) - Under Armour Inc (UAA.N) (UA.N) on Tuesday forecast a bigger-than-expected loss for the second quarter, taking the shine off first-quarter sales that topped Wall Street estimates, as the sportswear maker spends heavily on an overseas expansion.As growth at Under Armour’s North America business cools after years of double-digit increases in sales, the maker of Curry 5 basketball s...Read More
(Kitco News)- The gold market, which istrading at a four-month low is entirely at the mercy of the U.S. dollar, whichis seeing a surge in momentum, pushing to a four-month high, according to onecommodity analyst.Ole Hansen, head ofcommodity strategy at Saxo bank said in a report Monday that the two supportlevels he is watching very closely are $1,300 an ounce and then $1,280 anounce.“Multipl...Read More