Market News
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November 20, 2019
Bitcoin Remains Above Long Term Trend line
In this video, I analyze the Bitcoin chart. Opinions on bitcoin tend to be very polarized; some believe bitcoin will rise to over $100,000 per coin, or even a million dollars. Others believe bitcoin is head for zero and into the dustbin of history. In this video I try to take a balanced view and simply look at the long term chart and where price is trending. I overlay this chart with Fibonacci and Elliott Wave analysis to arrive at the conclusion that bitcoin is still very much in a long term uptrend.
What do you think? We'd love to hear your feedback.
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November 19, 2019
S&P500 Meeting Up with Long Term Resistance
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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November 15, 2019
Gold Price – Breakdown, or Another Leg Higher?
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.
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November 11, 2019
Gold, Silver, Platinum, Palladium, and Copper
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.
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January 25, 2018
Australia's biggest gold refiner, the Perth Mint, is developing its own cryptocurrency backed by physical precious metals.
The ambitious plan, which is subject to a confidentiality agreement, will make it easier for consumers to buy gold.
The mint also plans to make use of blockchain technology, first used as the core component of the digital currency Bitcoin, where it works as a public ledger for transactions.
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August 22, 2016
Gold demand reached 1,050 tonnes Q2 2016, a 15% increase year-on-year. This is credited to the strong consumer demand in the United States, which increased 33% year-to-year. Investment was up 140% year-to-year and was the largest component of gold demand for two consecutive quarters for the first time ever. Central Bank demand fell 40% to 77t compared to Q2 2015. Total supply increased 10% to 1,145t. Indian consumer demand fell 18% year-to-year because of monsoons which have sucked rural incomes, which curbed demand. There was a resurgence of gold recycling, which led to the 23% increase year-to-year.
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May 17, 2016
Gold demand reached 1,290 tonnes Q1 2016, a 21% increase year-on-year, making it the second largest quarter on record. This increase was driven by huge inflows into exchange traded funds (ETFs) – 364t – fuelled by concerns around the shifting global economic and financial landscape. Higher prices and industrial action in India pushed global demand for jewellery down (-19%), while total bar and coin demand was marginally higher (+1%). Central banks remained strong buyers, purchasing 109t in the quarter. Total supply increased 5% to 1,135t. Hedging by producers (40t) supported an increase of 56t in mine supply, although countered by a marginal decline in recycling.
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December 10, 2015
The World Gold Council’s Gold Demand Trends report for Q3 2015 shows total demand rose 8% to 1,120.9 tonnes (t), the highest in the last two years. During this quarter, ETF outflows contributed to lower prices in July, resulting in an increase for customer demand internationally. Following this, a positive shift in institutional investor attitudes led to to modest ETF inflows in following months of August and September, leading gold prices back up. Central banks bought another 175 tonnes in recognition of gold's diversification benefits. After a long period of growth, supply of gold from mine production contracted by 1% in 3Q.
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September 01, 2015
The World Gold Council’s Gold Demand Trends report for Q2 2015 shows total demand was 915 tonnes (t), a fall of 12% compared to the same period last year, due mainly to a decline in demand from consumers in India and China. However, demand in Europe and the US grew, driven by a mixture of increasingly confident jewellery buyers and strong demand for bars and coins. Looking ahead, there are encouraging signs moving into what are traditionally the busiest quarters for gold buying in India and China.
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August 26, 2015
Dear TexMetals customers:
I am writing to provide you with an update on precious metals inventories. We are presently out of stock on many products. I want to begin by quoting an article I posted on July 8th, 2015: