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
$4.75 |
Change
0.105(2.26%) |
Mkt cap ! $9.399B |
Open | High | Low | Value | Volume |
$4.66 | $4.77 | $4.66 | $19.08M | 4.042M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
33 | 72979 | $4.74 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$4.75 | 59943 | 39 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
67 | 95598 | 4.750 |
26 | 100979 | 4.740 |
23 | 134142 | 4.730 |
13 | 107919 | 4.720 |
20 | 196895 | 4.710 |
Price($) | Vol. | No. |
---|---|---|
4.760 | 84298 | 45 |
4.770 | 190129 | 34 |
4.780 | 187572 | 24 |
4.790 | 116513 | 23 |
4.800 | 120851 | 23 |
Last trade - 12.53pm 27/09/2024 (20 minute delay) ? |
Featured News
EVN (ASX) Chart |