VERY ENCOURAGING STRENGTH IN POG.
Well, there’s one for the books! And a new and stronger chapter begins in the continued resilience of the gold price. The events of the last 2 hours have been nothing short of incredible:
Non-Farm Payrolls came in at $287k (vs. 180k ave. expected), resulting in a 4 Sigma beat (they did find those 200k waiters, who apparently are all sharing a flat in Brooklyn)
Gold dropped $33 in 5 minutes ($1,358 to $1,335)
Within 30 minutes gold had rallied back $35 to $1,360
Rand Gold plummeted 3% on the London Exchange, then retraced to be in the green – currently up 0.16%
Then the North American markets opened:
The GDX is actually up 0.64%
OGC (Toronto) actually opened in the green and is now down 0.94%
As you’d expect, stock markets cross Europe, England and America are rallying: CAC up 1.85%, DAX up 2.15, FTSE (London) up 0.97%, Dow up 0.90% and S&P500 up 0.97%
BUT, and it’s a big BUT…it hasn’t impressed the bond markets as much as equities (yields continue downwards on the 30YR and Treasuries 2s10s)
Bloomberg View Columnist, Mohmed El-Erian, has just started using the phrase ‘Goldilocks number’ (@12.08am)
Only months ago, this kind of NFP print and the resultant market rally would have had an extremely adverse effect on the price of gold.
I don’t want to get ahead of myself, as it will most likely be an arm-wrestle all night RE the POG (currently back down to $1,354.70). While things may deteriorate somewhat from here, I felt compelled to report such a relative show of strength in the first few hours. If gold can hold on to this position, I would hope for a relatively shallow and short-lived pullback. In any regard, this all seems to bode very well for the longer term.
- Forums
- ASX - By Stock
- EVN $3
VERY ENCOURAGING STRENGTH IN POG. Well, there’s one for the...
-
- There are more pages in this discussion • 7 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add EVN (ASX) to my watchlist
(20min delay)
|
|||||
Last
$4.32 |
Change
0.280(6.93%) |
Mkt cap ! $8.593B |
Open | High | Low | Value | Volume |
$4.30 | $4.38 | $4.25 | $58.48M | 13.52M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 4125 | $4.32 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$4.33 | 7000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 4125 | 4.320 |
3 | 14689 | 4.310 |
1 | 8689 | 4.300 |
1 | 8689 | 4.290 |
1 | 8689 | 4.280 |
Price($) | Vol. | No. |
---|---|---|
4.330 | 7000 | 1 |
4.340 | 8689 | 1 |
4.350 | 12489 | 3 |
4.360 | 14691 | 2 |
4.370 | 8689 | 1 |
Last trade - 16.10pm 13/09/2024 (20 minute delay) ? |
Featured News
EVN (ASX) Chart |
The Watchlist
LPM
LITHIUM PLUS MINERALS LTD.
Simon Kidston, Non--Executive Director
Simon Kidston
Non--Executive Director
SPONSORED BY The Market Online