Housekeeping: Good Morning.
“The reset is a process, not an event.”
Today
Item 1: Fund Survey Says Gold Most Crowded Long
Item 2: Barrick Reopening Expected
Analysis:
Hartnett Fund Clients Say Gold Most Crowded Long
Hartnett’s GFMS has been the most reliable contrarian indicator of stock direction since Trump took office per Hartnett himself. Now they are saying Gold is too high.
Investors… said gold most overvalued in 20 years (“long gold” = #1 crowded trade),
Hartnett's Clients say "Gold most overvalued in 20 years"
Hartnett’s GFMS has been the most reliable contrarian indicator of stock direction since Trump took office.
Comment:
Having looked at these relatively closely for the past two years we can say the following: this is the first time that his survey (ever) has called gold overvalued during that time. Commodities are not their thing typically. But if they are paying attention we have to as well.
Continues in Hartnett Funds say "Gold most overvalued in 20 years"
Barrick Reopening Expected
A commercial court in Bamako, Mali is set to review a request from the country’s military-led government to reopen Barrick Gold’s Loulo-Gounkoto mine under provisional administration, a court official confirmed.
Mali Judge Expected to Order Barrick Reopening
A commercial court in Bamako, Mali is set to review a request from the country’s military-led government to reopen Barrick Gold’s Loulo-Gounkoto mine under provisional administration, a court official confirmed.
The request follows the suspension of operations at the Loulo-Gounkoto complex in January after a tax and ownership dispute. The Malian government holds a 20% stake in the facility.
Full story in Mali Judge Expected to Order Barrick Reopening
Market Recaps:
Major stock indexes ended mostly higher and Treasury yields were steady as investors eyed Thursday’s producer prices data for further clues on the economic outlook. The dollar rebounded while gold weakened. Oil prices eased, pressured by rising crude stockpiles. Canada's main stock index edged higher in choppy trading while investors await signals from ongoing trade developments
Data on Deck:
THURSDAY 8:30 am Retail sales, 8:30 am PPI1
Related Posts:
Summary and Final Market Check…
Unless China completely collapses.. they won't— The game is now China's (CCP Backed) SFE Bank-Funds vs US Macro (Bank-Backed). 3140 targets versus 3240 stop losses.
- VBL, 6:pm Wednesday
