Gold prices have skyrocketed to the second highest level this year. As of 4 PM EDT gold futures basis the most active August contract is currently fixed at $1332.30, after factoring in today’s gains of $21.20. Gold is now within striking distance of surpassing the current high of 2019 at approximately $1350 per ounce. This rally which in essence began on Thursday of last week has taken gold pricing from a low of $1273 and climbed $50 in the last three trading days.
At the same time palladium has been under pressure and trading to lower pricing. Currently palladium futures are down by $11.40... Read more
Taking markets by surprise today, Donald Trump announced that he will be imposing new tariffs on goods imported from Mexico. This in addition to his earlier actions in which he raised tariffs; on certain items that the United States imports out of China from 10% to 25%.
This action today, coupled with higher tariffs announced earlier this month has certainly rattled the markets. The repercussions of this announcement have sent shockwaves across a wide spectrum of financial markets.
With the oversea equities markets already closed for the weekend we could see a tremendous cascading... Read more
“Ambition drives you on, Ability certainly helps, but the fickle finger of fate and luck are great things” *
For those of us old enough to remember the comedy show ‘laugh in’ by Rowan & Martin, you most certainly would remember the trophy that was awarded called the “Finger Fickle of Fate.”
In its most basic interpretation, its meaning can be paraphrased as the acknowledgement that “something ominous may happen in the future without any determination or within specific time frame.” Which is... Read more
For the first time since May, 2018 the dollar index has traded and closed above 98. However, during the last occurrence, the U.S. dollar had been in a free fall which began in December 2016, when the index peaked at 103.72, and 98.00 was just another brick in the wall of U.S. treasury supremacy. This major correction would result in the dollar losing over 15.5% of its value. By the time this correction concluded the index lost over 1500 points and bottomed at 88.10.
What is significant about this correction is what occurred after, a strong rally that in fact continues to this day. Beginning... Read more