Gold Seasonality: 29 Years of Data by Month
Morning Rundown
Morning Rundown
Good morning. The new year is shaping up well for stocks so far. Tesla is called 6% higher on record 4th quarter deliveries reported.
The dollar is up 12 and firming. Stocks look good across the board. Gold is down $5. Silver down 11 cents. Oil remains strong and grains are also uniformly stronger.
One of our favorite technicians updated his Gold opinion last night and are sharing that with you beneath the fold today. This is significant in that he gave a heads up Gold was on the cusp of an opinion change only a week prior as discussed in our last Founders class.
It is also significant in the analyst gives empirical evidence that buy season, which we wrote about a million times, is in fact not in our own imagination. Let’s hope his noticing doesn’t jinx it.
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Guidance
With equity markets closed in the U.K., Japan and China for a holiday, volumes are relatively light so far for the session. Overnight the MSCI Asia Pacific ex-Japan Index was broadly unchanged. In Europe, the Stoxx 600 Index had gained 0.6% by 5:50 a.m. as investors in the region got the new year off to a positive start on optimism the current pandemic wave will peak soon. S&P 500 futures pointed to gains at the open. With London closed there was no trading in Treasuries, which ended last week with the 10-year yield at 1.514%. Oil rose and gold slipped.
The final reading of December U.S. manufacturing PMI is at 9:45 a.m. with construction spending for November at 10 a.m. The U.S. sells a combined $111 billion in short-term bills at 11:30 a.m. President Joe Biden is expected to announce measures to combat the market power of giant conglomerates that dominate meat and poultry processing. There are no earnings of note scheduled for today. - Bloomberg
