|Day Low/High||38.13 / 40.33|
|52 Wk Low/High||31.72 / 46.98|
Our series on metals continues with Industrias Penoles from Mexico, and it's only for experienced traders.
Keep your powder dry for now and let's see how things develop.
Continue to hold longs from previous recommendations.
You can't print gold. You can't devalue it. It is always a good idea to have some gold in your portfolio.
You do not want to wait until it is clear the market has turned before buying.
The planned acquisition of The Medicines Company by Novartis spurs prospects of other deals in the drug business.
Precious metals will likely see a quick response to the Jackson Hole symposium later this week.
The market remains muted on the news, with bad headlines leading to dip-buying and good news failing to produce protracted momentum.
These mining names look attractive at this juncture. But do your homework.
There has been some correlation lately between gold and bitcoin.
Top picks among mining and precious metals stocks and funds.
If this latest market move celebrating the Fed's dovishness is a sustained uptrend, then there will be underlying support fairly fast.
The central bank has made it clear that it is taking the action necessary to extend the current economic expansion.
A dovish Fed will weaken the dollar, which will weaken gold, and vice versa.
Worries of slowing economic growth, trade wars and political problems not seen in today's trading.
This is a market where forcing trades is not going to produce very good returns.
Right now my focus is reducing risk as the market figures out if it is going to shake off the trade war worries or correct further.
There is nothing the market likes better than a strong economy and a dovish Fed.
Overall, I don't like the action I'm seeing on my screens. I've been a heavy net seller as I cut positions that are showing some relative weakness.
It is easy to argue that this market should be rolling over but it is not and that means we stick with what is working which are long plays.
The fact that the strong stocks are mainly index heavy weights is what is preventing an absolute rout of the indices at this point.
While today's action isn't attractive, we were ripe for a little profit-taking.
Regardless of what is moving the markets, it is a good example of how you have to focus on price action above all else.
The gold miner is a little stretched to the upside at the moment, but should present a buying opportunity on a modest pullback.
Risking below $22, traders could approach the long side of Kirkland Lake Gold look for gains to the upper $30s.