Friday, August 8, 2014

I'm flying to Prudhoe Bay -- Links & Gold Chart

I'm flying to Prudhoe Bay today and tomorrow.  I want to stay healthy on this trip, so I better eat plenty of salad.

You're welcome.

Here are some links to keep you entertained and informed.

About those Chinese iron ore miners cutting output
China's hundreds of small miners are not necessarily following the playbook. We'll have to watch this and see how it plays out.

Gold price rallies on Iraq, Ukraine
And yet after dropping on news that we are bombing ISIS (ISIL) militants in Iraq, US market futures have turned positive. Go figure. Also, yesterday's sell-off in the S&P 500 saw the lowest volume of the week. This sell-off lacks conviction. Until we see real volume, the S&P bears have to be nervous.

Here's a chart of interest.

(Updated chart)

One more thing: Over the last month, gold saw a negative 19% correlation to U.S. stocks, and silver had a negative 13% correlation. When the broad stock market is going down -- as it has for the last month -- that's a good thing.

Ebola Drug Firm Shares Go Bonkers After FDA Announcement
Yeah, I'll bet.

Have a great Friday.

No comments:

Post a Comment