Mon, 1 July 2019
Free college keeps sounding better and better. Maybe Bernie is on to something. How many kids are now taking out big loans in the expectation of the Bernie Put, or forgiveness of student loans. Gold and Bitcoin pulled back a bit but are probably just consolidating for the next advance. It's a mixed up crazy world. |
Mon, 1 July 2019
Gold and Bitcoin have seen some selling pressure over the past couple of days. Gold peaked on Monday and Bitcoin late on Wednesday. The key reversal patterns were unmistakable in both. The metal and the crypto both made recent highs and had dramatic sell offs from the highs. On Monday as it looked like Gold was going to the moon and traded as high as 1442, though it fell apart falling about 3% since. Our target remains 1380-1390, which should be the lows of the current down move. In identical fashion, Bitcoin was exploding on Wednesday making 3-year highs before reversing 2% from the highs. These patterns are common in all markets, traders and investors chase markets higher on the fear of missing out or short covering. Once markets regain equilibrium, they usually consolidate looking for support or resistance. In this case, both gold and bitcoin are searching for support. Both markets should resume there upward momentum after finding support, Gold 1380-1390 and Bitcoin around 10,000. |
Mon, 1 July 2019
US Stock markets regained last month's lost ground. Canadian markets and emerging markets followed suit. Dollar flat, Euro up 1.7%, Bitcoin the month's big winner up 48.8% to 12323, 10 year treasury yield down to just 2.0%. Silver rose 5% and gold closed out at 1410. Platinum was up 5% to 834 and Palladium soared to 1516 an amazing close. Copper down nearly 3.3% to 2.71 per lb. WTI recovered 8.80% to 58.20 and Brent followed suit up 3.3% for the month. Natgas continued its slide down another 5.5%. Uranium was up 23.85. Gold/silver ratio hit 92.3. Plat to AU at .59, Plat to Pal down to .55. That's it for June, check back next month for July's performance.
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