TD Bank Buys Gold | Market Rundown
Zen Moment: Rabbit and Duck
Today:
Market Rundown
TD Steps Up.
Zen Moment: Rabbit and Duck
1- Market Rundown
Good Morning. The dollar is up 31. Bonds are slightly stronger. Stocks are all up 20 to 40 bps. Gold is down $2. Silver is down 4 cents. Copper is up 1.66%. Oil is up 21c. Nat Gas is up 5c. Crypto is down 1.25% and Grains are weaker with Corn down over 2%.
Housing stats today.
TD Bank Gets Tactically Long Gold
Gold is overbought. There’s no gentle way to say it. This was discussed on Sunday with the Founders group (recording available to premium subscribers here). The spike higher when Shanghai reopened also warned of it as did the CoT analysis.
BANK BUYING vs. US INVESTOR DEMAND
Note, multiple banks had been pitching the idea that investors were underinvested in Gold and that if they only stepped in soon, Gold could rocket higher. There was nothing wrong with that idea1.
In fact, TD Bank is putting their money where their mouth is. They think the selloff is going to be short lived, and they think the longs in the market are a lot more patient than usual. They longed Gold at $1994 with a $2150 target and a $1900 stop-loss, essentially risking 1 to make 1.5.