Gold Stocks Are Under Pressure Except For One

Aibek Burabayev - INO.com Contributor - Metals


Gold is under pressure after it couldn’t break above the previous major top and the gold stocks couldn’t escape the same fate. Last time I filtered the gold stocks by ROE and in this piece, I would like to make an update on their price performance for you.

To remind you, the top stock tickers are ABX (Barrick Gold), SBGL (Sibanye Gold), IAG (IAMGOLD), GSS (Golden Star) and HMY (Harmony Gold Mining).

Chart 1. Top Gold Stocks Vs. Gold: The Brightest Star Is The Golden Star

Gold vs. Gold Stocks
Chart courtesy of tradingview.com

Gold topped on the 8th of September at the $1357 level, and that’s where I have started the chart. Gold (black) lost more than 4% from that peak. Three of the five stocks lost more in price than gold did: HMY (green) fell for more than 13%, your favorite (see chart #3) ABX (red) dropped almost 21%, and the worst performer is IAG (purple) with -21% drop, which was the top gainer in the previous update. Continue reading "Gold Stocks Are Under Pressure Except For One"

Going Rogue

George Yacik - INO.com Contributor - Fed & Interest Rates


A couple of months ago I wrote about the incredible arrogance and chutzpah of the now-former director of the Consumer Financial Protection Bureau, Richard Cordray.

“In a country loaded with way too many arrogant politicians and government officials who think they are above the law and normal standards of decency, Cordray has set the bar pretty low,” I wrote back then. “Few public officials have shown the level of contempt for legitimate questioning from Congress, the White House and the industries his agency oversees than Cordray has shown since he took over the CFPB, and it’s only gotten worse in the past few months as his tenure winds down.”

It turns out that I grossly underestimated just how devious and cynical he can be. Continue reading "Going Rogue"

FANG Selloff Erases Early Market Gains

Hello traders everywhere. FANG shares are tumbling today as investors started selling the top-performing stocks of the year dramatically only to move into financials. This move is due to robust economic data and comments from Fed officials on future rate hikes.

Stocks had started the day higher on speculation the Senate would pass cuts to corporate taxes, with banks pacing gains on bets that industry will benefit most. Yellen's comments added to optimism that growth is poised to accelerate. The dollar erased an early gain, while 10-year Treasury yields rose.

MarketClub's Mid-day Market Report

Meanwhile, crude oil is falling for the fourth straight day on news that OPEC and Russia look set to prolong oil supply cuts until the end of 2018 this week while signaling that they may review the deal when they meet again in June if the market overheats.

Key levels to watch next week: Continue reading "FANG Selloff Erases Early Market Gains"

Square Just Made It A Lot Easier To Own Bitcoin

Matt Thalman - INO.com Contributor - ETFs


A few weeks ago, Square’s Cash Application began allowing users to buy, sell, and hold the crypto-currency Bitcoin. Square’s Cash App, which is generally used to transfer money, has now unofficially endorsed the crypto-currency with what is essentially a trial offering to a limited number of Cash App customers. It should be noted that Square has allowed customers to use Bitcoin as a form of payment for nearly two years now, but customers needed to purchase their Bitcoin’s through other methods in the past.

In a statement, a Square spokesperson said, “We’re always listening to our customers, and we’ve found that they are interested in using the Cash App to buy Bitcoin. We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash App customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here.”

Square’s Chief Executive Officer Jack Dorsey is a believer in crypto-currencies and the blockchain technology they are built on. He recently told an interviewer that blockchain is “the next big unlock.” The interview went further, and Dorsey disclosed that friends and family had asked him how they could buy Bitcoin, which may be an insight into why he has moved Square in its current direction. Continue reading "Square Just Made It A Lot Easier To Own Bitcoin"

Bitcoin Rises As Oil Drops

Hello traders everywhere. Bitcoin's meteoric rise has continued through the long holiday weekend. When the markets closed on Wednesday Bitcoin had just surpassed 8K to hit an all-time high of $8,281.62. Much to my surprise this morning it had breached 9k to hit an all-time high of $9,725.26 in early hours trading.

Trading volumes rose to 5.4 billion yesterday, the highest level since Nov. 13 – adding credence to the rally's sustainability. Furthermore, Google search volumes for the term "bitcoin" have spiked again.

So, the technical chart looks more bullish than ever, with prices likely to soon test $10,000 levels – and perhaps beyond.

MarketClub's Mid-day Market Report

Crude Oil had dropped over 2% in early hours trading before backing of the low of the day and trading down a little over 1% on the day. The drop comes on the heels of a rise to the highest level in 2 years.

The recent weakness is due to U.S. drillers expanding operations while OPEC and Russia prepare to discuss longer supply curbs in a meeting later this week.

Key levels to watch next week: Continue reading "Bitcoin Rises As Oil Drops"