What’s driving the aggressive move out of PMs and bonds
It’s a touch day for gold and silver investors as both metals are selling off along with other risk off assets. The potential of a Phase 1 Trade deal is being blamed however there is a bigger picture theme of money flowing into equity markets around the world. Ed Moya, Senior Market Analyst at OANDA joins me to share his thoughts on what is driving these big moves down today in safe assets.
Click here to follow along with what Ed is writing over at OANDA.
Is the trade deal already built into market? If not then we should be a seller after trade desl is signed. Your thoughts?
WASHINGTON (AP) — Growth in the vast U.S. service sector rebounded in October.
The Institute for Supply Management, an association of purchasing managers, reported Tuesday that its service index grew to 54.7% last month, up from 52.6% in September. Any reading above 50 signals growth.
The service sector, which accounts for more than two-thirds of U.S. economic activity, has been expanding for 117 straight months, according to the survey-based ISM index.
Measures of sales, new orders and employment all rebounded from the previous month.
Although some companies surveyed for the index say they are still having difficulty finding workers due to a historically low 3.6 percent unemployment rate, measures of employment grew a solid 3.3% in October.
Other respondents were upbeat about the upcoming holiday season as business activity and new orders both rose nearly 2%. Thirteen of 18 industries surveyed reported growth in business activity, while 10 out of 18 reported growth in new orders.
“We exceeded expectations for the month for the most part,” said Anthony Nieves, chair of the ISM’s non-manufacturing business survey committee.
Gold is down $26 today but Irving Resources is up 21% Yippee!
Irving Resources Encounters High-Grade Veins at Omu, Japan
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20191105:nGNX1Pg8pG
IRVING’S CEO Quinton Henning IS ON JAY TAYLOR TODAY.
That is possibly cause of boost, together with press release news published.
With Chinese public buying and Indian buying over for a while, precious metals are going on a pre-Christmas bargain sale for the West.
According to Ira Epstein money chat, most US. retail and wholesale indicators released today are up .