Market Wrap focused on the continue rise in yields
Ed Moya, Senior Market analyst at OANDA joins me for a market wrap today mostly focused on the Treasury market. The long end is continuing to rise which is a sign of investors risk tolerance. We also discuss how the rise in yields plays into the markets and Fed policy. I wrap up the call by asking Ed about the pullback in gold and if the $1,770 region will hold.
Click here to visit the OANDA website to keep up to date on Ed’s daily note.
Hey Lance, Chris is taking a little break from the show. I am still in touch with him but he expressed concern for some time over the political content taking away from the investing focus of our listeners and his subscribers. We have seen some good growth in new listeners (on both sides) since moving the politics discussion to it’s dedicated page.
Hopefully I can get him back on soon. If you are in touch with Chris tell him you would love to see him back on 😉
Please keep in touch. I can always be reached at Fleck@kereport.com.
+1
It makes sense to keep the political conversation over on it’s dedicated page, and keep the economic pages focused on investing.
Looking forward to seeing Mr T back again for daily editorials at one point.
Gold Drops a Fifth Day as Bond Yield Rally Delivers ‘Fatal Blow’
Bloomberg Commodities – 8 hours ago (Feb 16, 2021)
“Gold declined for a fifth straight day, putting the haven on course for the longest losing run in almost a year, as Treasury yields surged on expectations that the economy is recovering from the pandemic’s impact.”
“A runaway rally in global bond yields has delivered a fatal blow to gold,” said Edward Moya, senior market analyst at Oanda Corp. “Yields are rising on reflation bets, and that is triggering an unwind of many safe-haven trades.”
GLEN,………was spot on with his call of …….$1774……..thank you GLEN… 🙂
Has now been as low as 1768.
Yep, Gold sunk down to $1768.55, about $1 above the November low of $1767.20.
That would make a confirmed Double Bottom if this level holds, as the last line in the sand for a bounce here, before a new lower low is put in the charts.
Ah,…..the DOUBLE BOTTOM………I keep forgetting about the bottom… dang thing is so manipulated, …I keep falling for the tricks….. lol….. 🙂
Yes, the November bottom at $1767.20 is the line in the sand, and the move down to $1768.55 is a little more than a buck above that low, but well within range to consider it a double bottom, if it were to hold, and move up from here.
We’ll have to watch the bulls to see if they have the stones to come in an buy here to support this level, because if it breaks, it would be much more bearish than if we get the W shaped double bottom pattern. We’ll see how it goes…
Just paper………try getting the metals , without the high premiums. ……
Somebody……posted by BDC..said.GOLD could,…I think they said $1610, was in the cards, or could be…
that would be a round trip ……
I don’t read Ed Steer a lot. However, on a day like today, I took the time to listen to him on Palisade. FWIW, I’ve heard nowhere his thoughts on silver and what could happen to the price IN THE SHORT TERM! A listen might make you reconsider selling anything Silver in the next 6 weeks or so. https://palisadesradio.ca/
Thanks SilverDollar..a great listen..
GLD did manage to print a new low, just 18 cents lower:
https://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=11&dy=0&id=p88502345109&a=897433489
$GRDM $MSMGF Grid Metals up bigly (68%) on their news today:
Grid Metals Files NI 43-101 Report on Bannockburn Nickel Property:
Historical Drilling Identifies Potential for Bulk Tonnage #Nickel Deposit and High Grade Nickel Mineralization
https://gridmetalscorp.com/site/assets/files/5217/2021-02-17-nr-grdm-crfi110jko3.pdf
While I am bullish on both Platinum & Nickel and like Grid Metals a great deal for it’s prospectivity, I trimmed it back a bit today into this massive move higher to build up a bit more funds to the side. I had done the same thing with another PGM/Nickel company New Age Metals last week, when it shot up like a rocket.
I’m still amazed how many people mentioned being bullish on Platinum and Nickel, yet few are commenting on the moves higher in these PGM/Nickel stocks the last few months. Look at the moves higher in Jubilee Platinum, Platinum Group Metals, Group Ten Metals, Canada Nickel, Sylvania Platinum, etc…
This has been quite the stealth rally in these PGM/Nickel stocks and has gotten little fanfare from resource investors.
I am betting that the double bottom is in and bought more NFGFF and ESKYF today. Buy!!!
hello Cory…..i am writing this note to ask you if Chris Temple has left the show………..Al told me that Chris Temple would not be on his political show but did not know if he was also leaving your show……..i do miss his financial commentaries
Lance