Goldman: Can the Gold Comeback Continue? | Market Rundown
Commodities, One Year Later.
Housekeeping: Active Traders podcast/Report will be out shortly.. if it isn't already
Today:
Market Rundown
Goldman report and extended comment, BBG, TD
1- Market Rundown:
Good morning. The dollar is up 38. Bonds are slightly weaker. Stocks are mixed with only the Dow up barely. Gold is down $3.00 and Silver Fu. are down 20 cents. Copper is down 2.4%. Crude is up 48 cents. Nat Gas is slightly offered. Grains are all up between 30 and 80 bps. Crypto is down.
2- Goldman Report
Yesterday, one of Goldman’s metals traders put a note out to their institutional clients on Gold. This is the same desk that correctly put out Gold as a subtle buy recommendation to clients in November. This report is tepid at best, though you’d have to read between the lines to see it. Our bottom line comment is: They are telling clients if you are bearish the dollar, there are better ways to express it right now than in going long Gold.
We include that at bottom along with our read-through commentary on the report. Also included are: TD’s CTA report (noone is really long or short Gold or Silver in significant volumes right here…. platinum and palladium are different stories however) and a nice little recap of commodities during war time by BBG
Zen Moment
CONTINUES AT BOTTOM…