The day's price movements

rblong2us

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So what happened ?

I went out to play today and came back to a big drop in pog ..........
Cant triust anyone to look after things these days )-:
 

pmbug

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So last Friday, I read this article in the morning:

Some of the world’s wealthiest people have sold more than $3 billion of stakes in their major holdings since August, diversifying their fortunes as stock markets rebounded. ...

... In the week ended Sept. 11, insiders disclosed selling $473 million of shares, while buying only about $9.5 million.
...

and I think, hmmm... sounds like smart money is concerned about the future.

Then the news of RBG passing happens after markets closed for the weekend. I think this article sums it up:

Markets kicked off a new trading week in a risk-off mode, with the U.S. dollar rising, stocks selling off and gold prices plunging. It’s hard to point to just one single reason why this is happening, notes BBH Global Currency Strategy. “[There are] rising viral numbers in Europe, rising hard Brexit risks, softening recoveries in the major economies, rising political risk in the U.S., and a negative report on the global banking sector. Some of these drivers have been present for weeks, if not months, but the confluence of so many negative factors has been too much for equity markets to ignore,” says BBH. The big new political headline the markets are digesting is the death of Supreme Court Justice Ruth Bader Ginsburg on Friday, which is creating a lot of volatility. “The most direct impact is likely to be further delays in the stimulus package. Indeed, we think it has become less likely that a deal comes before the election, as the Republican-led Senate appears to be marshaling all its forces now into pushing through a replacement for Justice Ginsburg,” BBH writes. The U.S. dollar, in the meantime, is making gains with the DXY last trading at $93.60, up 0.73% on the day. “With so much uncertainty, no wonder the markets are taking some profits now and moving to the sidelines with 43 days left until the election.”
 

rblong2us

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all those negative factors listed and significant share selling by insiders should be supportive of metals ...........
Starting to look like control has been regained )-:
 

pmbug

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Looks like Citibank agrees with you.

After dropping to a two-month low this week, gold could climb back above $2,000 an ounce and hit new record highs before the year-end as the U.S. election risk remains underpriced in the precious metals space, according to a report published by Citigroup Inc.

Uncertainty surrounding the November 3rd U.S. election, including potentially contested results, could “be under-appreciated by precious metals markets,” Citi analysts wrote in a quarterly commodities outlook.
...
Considering all the uncertainty around the election, Citi noted it could be “an extraordinary catalyst” for gold during the fourth quarter.

“That is one reason why we expect gold prices to hit fresh records before year-end,” Citi said.
...
 

pmbug

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Negotiations on a second stimulus bill for the USA are all but dead. News hit this afternoon and markets are tanking. Curiously, the dollar index is spiking. Not sure why. The economy is going to redline without support.
 
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