In this video, I analyze the S&P500 chart, which is now meeting up with 20-year long term resistance and the upper bound of its year long channel, but is also breaking out above the 261.8% Fibonacci extension from the 2007 peak to the 2009 bottom in equities. My short term view is bearish, as I think overhead resistance is stout and the RSI is overbought. However, longer term, the break above the 261.8% extension is significant and supportive of higher equity prices in the coming months.
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Picking up from last week’s video, I wanted to do a deep dive into gold, particularly because there is a diversity of opinions regarding whether we break down from here or we make another leg higher. In this video, I address a recent chart from JC Parets at All Star Charts and my opinion regarding his analysis in the short term.
The big question is whether gold has completed a fifth wave from the $1170 low (setting up and A-B-C correction), or whether the recent high was only wave 3, setting up a fifth wave higher. I am of the latter opinion.
As always, we would love to hear your feedback whether you agree or disagree.
In this week's video I take a look at the charts of gold, silver, platinum, palladium, and copper and offer some thoughts on where I see prices moving next. In the case of gold, which has enjoyed a fantastic run-up from $1180 to $1570 this year (in the process breaking out of a six year base), price is pulling back and bull flagging at the 61.8% Fibonacci retracement. Does it make a push down to $1400 to backtest the entire move? Will silver find support at $16.60 or are we moving lower? Will palladium continue its historic march hire, or will it meet resistance at future levels?
I discuss all this and more in today's ten minute video. As always, whether you agree or disagree with my analysis, I would love to hear your feedback.
*During long holiday breaks, such as Thanksgiving, Christmas, and New Year's, please note that we do "hold" packages from shipping on certain days for security reasons (packages lingering in sort facilities around holidays pose higher security risks). We believe this grace period is in the customer's best interest, and could potentially impact the 3-day shipping window slightly.
An ex-J.P. Morgan Chase trader has admitted to manipulating the U.S. markets of an array of precious metals for about seven years -- and he has implicated his supervisors at the bank.
John Edmonds, 36, pleaded guilty to one count of commodities fraud and one count each of conspiracy to commit wire fraud, price manipulation and spoofing, according to a Tuesday release from the U.S. Department of Justice. Edmonds spent 13 years at New York-based J.P. Morgan until leaving last year, according to his LinkedIn account.
Much of what is currently happening right in front of our eyes provide evidence of an unfolding sea change in the global monetary order. As the US Fed turns from monetary easing to monetary tightening, with uncertain outcomes for the global economy, investors’ trust in currencies issued by central banks is eroding. Blockchain technology has enabled a much-hyped boom in cryptocurrencies as investors seek alternatives to the US dollar, once perceived as an invulnerable safe haven. These shifting tides in the monetary system are coming to pass in different ways, at different velocities, and at different levels of visibility. On the cusp of fundamental change, it is particularly important not to lose sight of the forest for the trees.
Will a government guarantee for an exchange-traded fund be enough to lure investors back to gold?
On Wednesday, Australia’s Perth Mint Physical Gold ETF, the first with bullion holdings guaranteed by a sovereign entity, will start trading on the New York Stock Exchange. The fund, backed by physical metal of at least 99.5 percent purity, debuts at a time when investors are fleeing the asset class, taking holdings in all ETFs tracked by Bloomberg to a seven-month low.
“We believe investors will have greater confidence with the knowledge that their wealth is physically stored in one of the most secure central bank-grade vaults in the southern hemisphere,” Richard Hayes, the Perth Mint’s chief executive officer, said in a statement. “AAAU is a truly unique offering for investors as it adds a new layer to hard asset investing in the United States,” he said, referring to the ETF by its ticker.
The ETF allows holders to exchange their shares for gold. Investors can get the physical metal delivered to their doorstep by Perth Mint, which refines and manufactures precious metals product.
U.S. retail investors are losing their appetite for physical gold as buoyant stock markets offer tempting alternatives, sending sales of newly minted coins to their lowest in a decade.
More and more coins are also being sold back onto the market, further eroding demand for newly minted products.