Preview Goldman's Latest on Gold | Market Rundown
I-80 Gold presentation
Note: Active Trader post will be out between 9 and 9:30
Today:
Market Rundown
I-80 Gold Presentation
UBS downgrades MSFT
Market Rundown:
Good Morning. The dollar is up 7 points. Bonds are weaker, most pronounced in the short dated. Stocks are flat to up 35bps. Gold is down $8 right at a key tech area (for us). Silver is down 38 cents. Copper is very strong up 2%. Oil is up $1.43. Crypto is flat to soft. Grains are up 10-30 bps.
Comment: Based on the fact that Chinese equities are strong we’d have to attribute this to more reopening discounting. Gold and Silver are overbought at least in the short term. Copper behavior is interesting.
THURSDAY, JAN. 5
8:15 am ADP employment report Dec. 153,000 127,000
8:30 am Initial jobless claims Dec. 31 223,000 225,000
8:30 am Continuing jobless claims Dec. 24 -- 1.71
8:30 am Trade deficit Nov. -$63.1 billion -$78.2 billion
9:45 am S&P U.S. services PMI (final) Dec. 44.4 44.4
1:10 pm St. Louis Fed President James Bullard speaks
PREVIEW OF GOLDMAN ON GOLD
We just got a look at a new Goldman report on Gold and will be broken down today for tomorrow’s a.m. post. It is bullish. This is the same trading desk bullish back at the beginning of “buy season” we talked about extensively in a Nov 14th Sunday session. That podcast session is available here and we recommend giving part of it a listen it to at least get a feel for seasonality and how we interpret these type of reports.
The good news:
It’s their good stuff.
The bad news:
it’s coming at the end of Buy Season, not the beginning. So while he may be right like he was then, this report is a little more patient in its tone at first glance. But it is on their radar for a reload. Do not go buying Gold on its or our account.
Their November report explained…
Yesterday
US equities advanced on Wednesday despite minutes from the Fed's last meeting that showed policymakers intend to remain aggressive until inflation abates. Large caps lagged small caps: S&P 500 (+0.75%) vs. Russell 2000 (+1.25%).
Real estate (+2.28%) and materials (+1.74%) bested the broader market indices, while energy (+0.06%) and health care (+0.25%) underperformed. Boeing (+4.22%) and Salesforce (+3.57%) led the Dow (+0.40%) higher; Microsoft (-4.37%) and UnitedHealth (-2.73%) were the index's worst performers.
The Nasdaq gained 0.69%, while tech added 0.26%. The "FAAMG" stocks mostly fell: Meta (+2.11%), Amazon (-0.79%), Apple (+1.03%), Microsoft (-4.37%), Alphabet (-1.10%).
Via DataTrek
