On Friday stocks went up, commodities went up… gold went up, with the weak ‘jobs’ report. All of this presumably because the Fed could decide to back off tapering QE because of the bad report.
Folks, today’s bad employment number is but one sample and it will probably take a trend to confirm anything about a softening economy. But with T bonds rising hard today and their yield spreads lurching in a gold positive direction, we continue the recent mini trend of improving fundamentals for the gold sector. Remember, gold is counter cyclical. On that note…
Another quick review for gold stock traders and investors... HUI has continued to decline in normal fashion. The gap was filled yesterday as expected and now 195 should hold on…
For those involved in gold stocks... The HUI correction continues to look normal. The gap has not filled yet and if it does and 195 is maintained, the index will…
The US economy is relatively strong and short rates are rising harder than long rates. This implies a continued ‘risk on’ environment. This is theoretically bad for gold but generally precious metals miners still remain constructive, technically, for a rally at least and a major bottom at best.
This morning, the ADP employment data was unsurprisingly strong at 238,000. Later today we have Fed minutes and on Friday the Employment report. (more…)
HUI is either dropping to fill a gap (not a bad thing) today or testing short term moving averages for support.
For anyone interested (and I continue to harp on the idea that most probably should not be, since NFTRH is a macro market manager, not a day trader service), here is a look at a couple of markets on which I have taken bearish positions.
Earlier in the week we noted the hard down and reversal in the precious metals as an indication to keep an interested eye on. We also noted that we’d want to see Thursday and Friday follow-on, preferably on volume. Yesterday added to the bull case as follows:
First, please understand how much the many notes I received from NFTRH subscribers upon my father's passing meant to me. Thank you so much for your thoughts. This is about…
Given a potential bottoming in the Uranium sector, the Uranium ETF URA is added to the Key ETF updates.
Uranium prospect UR-Energy is up 17+% today. I had noted that the position was increased on a down day recently. I am using today’s pop to take a partial profit of about 18% in the form of those extra shares as URG bounces to short term resistance. I may also take the remainder of the profit before day’s end or tomorrow. I have not decided on that yet.
Since Broadcom was first presented in an interim update and I am still holding it, I wanted to update its status for anyone interested. The target is at or just above 30, but I am going to take my humble 4.4% on it and move on.
With things in the media like a market strategist declaring he wouldn’t buy gold with his worst enemy’s money (CNBC) and SoGen declaring gold is finished as a safe haven investment (MarketWatch) I am given doubt about our nice neat downside technical targets. The targets are there mind you, but technical analysis can go right out the window with one shift in the markets as we all know.