- Investing in an Era of Lies
As investors, we need good information to make sound decisions. And yet there are very few trustworthy data sources these days. Just consider recent news that the Securities and Exchange Commission sued my own home state’s capital — Harrisburg, Pa. — for fraud. According to the SEC, state officials misled investors about the city’s financial [...]
- Gold Demand Drops By 13% In First Quarter Due to ETF Outflows
Large scale liquidation of gold backed exchange-traded products (ETP) sent gold prices into a tailspin during April. Billionaire investor George Soros, who had sold 55% of his holdings in the SPDR Gold Shares (GLD) during the last quarter of 2012, further reduced his gold positions during the first quarter. Soros is a legendary trader and [...]
- Technical Analysis for Precious Metals
Gold extended the downside move, to break the 50 percent Fibonacci level, at 1405.00, and that extended the move towards the 61.8 percent level around 1385.00. The price is currently attempting to correct some of the losses, as RSI dips within oversold territory. A bounce and retest towards 1405.00 could provide another short opportunity.
- Technical Analysis for Energy Markets
WTI crude oil was rejected at the 50-days SMA yesterday, to head and retest the broken ascending support, and 94.55 horizontal resistance. The bearish bias could resume after this correction, as settling below 94.50 favors the bearish scenario, where we may see another push towards the 50-days SMA.
- Bullion and Energy Market Commentary
GOLD closed lower on Wednesday and the lowrange close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI have turned bearish signalling that additional weakness is possible nearterm. If it extends the decline off last October’s high, the 62% retracement level of the 20082011 rally crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.
- Commodity Report: Gold
GOLD has plunged more than 2.3% overnight as investors continue to switch out of the metal in favour of equities in search of higher returns. Gold is almost certain to end its 12 year bull run after having fallen more than 15% since the beginning of the year. A surging U.S. dollar, which is trading at a 9 month high against a basket of its most commonly traded counterparts hasn’t helped the metals prospects and investor uncertainty over the likelihood of continued stimulus in the United States hasn’t helped either. Physical demand, which saw the metal bounce after it went into free fall in mid April, is unlikely to support prices if another test of $1,320 eventuates. We have not traded gold since the rout in precious metals that saw gold cascade below $1,320. It appears that a retest of support of $1,330 is likely. However, we remain neutral gold in both the short and medium term for now. The increasing volatility of the metals sees us recommend that traders who are using any level of leverage stay away from the metal for now.
- U.S. Energy: The Untold Story
May 15, 2013 How everything you thought about the U.S. and energy is changing: Byron King’s reflections from a conference in London What’s even better than the government granting you a monopoly? Government subsidizing the buyers of your products. Patrick Cox with a true story only hours away from a dramatic turn Lousy economic indicators, [...]
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