You know those people who decide that, when they come to a railroad crossing, decide they can beat or somehow get around the lowered gates? They can't.
Gold bulls are pretty much in the same position right now. Equities are a speeding train and it's best to just let it pass. Earnings season is going to end soon and then everyone on the street will be back wondering where stocks are going - indeed, where the economy is going.
One more word about tech equities: bubble. Why not just bid up the price of tulip bulbs in Holland?
Because of the continuing stock rally, money that was... Read more
Gold fought an uphill battle against the equities today.
This was in spite of the fact that the earnings season now upon us has been lackluster with the occasional shining star popping up. Overall earning are improving but the average is being dragged higher by those sparklers. Many speculators are believing that the rest of the listings will come along in time and so are bidding up the prices.
Our sense is that there is going to be a long-lasting correction that will be significant, though not a shocker. But some people will lose big. Keep an eye on short stock contracts for an... Read more
The good news is that finally Russia seems to have been brought to bay regarding Ukraine and appears willing to "go international" on solving the problems, which really, when all is said and done, don't seem all that insurmountable. It would be better for Ukraine, Russians living in Ukraine, and Russians in Russia if a genuine effort to deal with the West were made.
That good news is bad news for gold bulls, but not really terrible news, given that much of the premium brought on by the crisis has been wrung out of the price of gold already.
Chatter about lower demand from China is... Read more
With a small selloff in gold earlier this week, Kitco News speaks with Gary Wagner to discuss what happened and where he sees the yellow metal headed. "We've had an interesting scenario," Wagner says. "I would expect a little bit more downside pressure [for gold] next week." Wagner also comments on the Fed Beige Book and Janet Yellen's remarks on Wednesday and shares his insights on the corrective wave that he says gold is now in. "The pressure that we saw ...I believe was the beginning of that final down wave," he says. "We're now in our final...C-wave. Once that concludes, we could have a fairly... Read more