DAILY REPORT : Wed 17 Jan 2018

MARKETS/MACRO: The Dow Jones closed modestly lower on Tuesday, paring earlier gains that saw it trade through 26,000, as investors weighed political developments against quarterly earnings reports and economic data. The Index closed down -10.33 points (-0.04%) at 25,792.86, the S&P500 retreated -9.82 points (-0.35%) to 2,776.42 and the NASDAQ composite dived -37.375 points (-0.51%) to 7,223.688. The best performing sector was REITs (+1.03%), while the gong for worst performing sector went to Materials (-1.25%). European markets were mixed, the FTSE100 softer on the back of poor performing mining stocks (Rio -3%, BHP -2.4%) and BP (-2.7%). The Euro First 300 Index remained flat at 1,565.83 and the Euro Stoxx 600 Index rose a modest +0.52 of a point (+0.13%) to 398.35. Regionally the FTSE100 dipped -0.17%, DAX inclined +0.35% and CAC40 +0.07%. Crude oil prices were also weaker by -$0.40 (-0.62%) to $63.90, as traders took a breather from the recent buying spree that has seen WTI rise by +6% since the start of the year. With little fundamental news to go on, investors took cues from the currency markets where the USD paused from its recent sell-off. The market is now looking ahead to this week’s EIA report, with expectations of a large draw down still high. In FX, the EUR’s recent strength eased a bit overnight as it appears that the market was not expecting this run up to go so quickly (+3% since the lows last week) and reacted to dovish ECB headlines by Weidmann. USD pain continues, though we are starting to see some opinions circulate that tactically the USD may be at a good level to buy—the looming potential government shutdown and Mueller headlines notwithstanding.

It was a fairly subdued evening in terms of data releases, the only news out of the U.S the NY Fed's Empire Manufacturing Index which kicked off 2018 on the back foot. The NY Fed in a report said that its general business conditions index fell to 17.70 (19.0 expected) this month from a reading of 19.60 in December, which was revised up from an initial reading of 18.00. Unfilled orders and delivery times increased slightly, and inventory levels were higher, the report indicated. In Europe, U.K inflation came in at +3.0% YoY as expected, down slightly from a prior reading of 3.1%, while German and Italian CPI came in as expected at +1.7% YoY and +1.0% YoY respectively.

The Crypto-currency sell-off got fresh impetus on Tuesday when Bitcoin slumped as much as ~20% ($10,963), as the prospect of regulatory crackdowns appeared to spread. Speculators across the globe are struggling to determine when or how market watchdogs may rein in an industry that's decentralised and derives much of its value from anonymous ownership. In South Korea, shutting down crypto-currency exchanges is still an option, Finance Minister Kim Dong-yeon said in an interview. But measures first need "serious" discussion among ministries, Kim added, holding out hope for traders that a crackdown won't go that far. Kim said there's irrational speculation and that rational regulation was required. Ethereum was down -23.95% to $992.56 and Bitcoin cash plummeted -27% to $1,797.40.

PRECIOUS: Gold traded lower overnight, though managed to recover late in the session, faring much better than its industrial peers on the day. The metal opened in Asia yesterday just above $1340 and chopped between $1339 and $1342 leading into the major Asian futures markets open. The SGE premium started at around $7-8 over the loco London price and was maintained throughout the morning session, with persistent buying observed throughout, warding off Comex sellers. As London traders began to walk in for the day, the selling began to mount and after some heavy 2-way trade, gold pushed through $1339. The decline was largely led by a collapse in silver, which after trading above $17.30 for most of Asia, was ravaged some -$0.50 down to a low of $16.805. There was no clear catalyst for the move, although stops were plentiful through $17.00 and again at $16.90. The snap sell-off for the white metal was short lived however, sharply trading back above $17.00 and angling higher throughout NY, ultimately recovering back to $17.20 by the close. Gold was far more measured, slowly declining towards $1332 and holding a few times. During NY it then recovered back to $1338, only down a few dollars on the day. Palladium was the hardest hit of the precious complex, relinquishing -3.0% on the day and closing just off the lows at $1098, after trading to an all time high of $1139 in the previous session. While further strength probably cannot be ruled out for palladium, we think it becomes increasingly harder to maintain the pace without further significant shifts in fundamentals. Given the increase in positioning for Pd too, we see some sharp and swift corrections on the horizon.

The buying seen from Asian investors continued on today, despite a slightly lower premium on the SGE. The gold kicked off proceedings trading at $1338.50 and slowly made its way higher leading into the Tocom and SGE open. Chinese banks were showing some signs of demand early in the day which pushed gold higher towards $1343, although price action remained lethargic despite decent volume through Comex and the SGE. Silver continued to recover following last nights wash-out, progressing back towards $17.30, but running into some selling there. PGM's were also strong on the day, platinum gaining momentum up through $1000 and palladium, after doing some work around the $1100 mark, climbing higher during the middle of the day up toward $1110. Just leading up to the Shanghai lunch break, all the metals stalled however and gave back most of the mornings gains and are still limping along as I write. In other markets, the USD was softer against most of the majors, AUDUSD the stand-out currently trading at 0.7985 (+25 pips on the day) and testing 0.8000 after better than expected consumer confidence data. Equities were generally lower with the exception of the Shanghai Composite which is up +0.7% at present. The Nikkei (-0.45%), Hang Seng (-0.30%) and ASX200 (-0.45%) are all weaker. WTI has so far traded in a narrow range and is slightly lower -$0.15 (-0.2%) at $63.75 a barrel. Have a good day ahead.

 

Although the information in this report has been obtained from and is based upon sources 1StopGold believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute 1StopGold' judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of an investment. This report does not consider or take into account the investment objectives or financial situation of a particular party.

DAILY REPORT : Thursday 11 Jan 2018

MARKETS/MACRO: The main theme overnight was for caution amidst a number of simmering risk factors including rising concerns of President Trump ousting the U.S from the NAFTA and reports that China may slow or halt purchases of U.S treasuries. U.S equity markets opened lower yesterday and then consolidated due to the more cautious tone, after what has been a stellar so far this year. The Dow Jones Industrial Average eased -16.67 points, or -0.07% to 25,369.13, the S&P500 inched back -3.06 points, or -0.11% to 2,748.23 and the NASDAQ composite declined -10.01 points, or -0.14% to 7,153.572. European equities were also weaker on the day, the Euro First 300 Index losing -5.01 points, or -0.32% to 1,568.16 and the Euro Stoxx 600 down -1.51 points, or -0.38% to 398.60. Regionally the DAX lost -0.78%, FTSE100 -0.05% and CAC40 -0.35%. Crude oil pushed higher yesterday with the WTI closing up +0.78% to $63.45 a barrel after the EIA announced a dip in inventories. The EIA oil stockpiles declined by -4.94 million barrels, when traders were expecting a drop of only -3.75 million barrels. U.S Treasury yields initially moved higher and $ moved lower after Bloomberg reported that China officials recommended slowing or halting U.S government debt purchases. However, yields ultimately reversed and $ recovered on suspicion any positioning has already been done, the US 10y yield up slightly on the day from 2.55% to 2.56%. In FX, the yen continued to outperform with a continued unwind of short yen positions with concerns over the BOJ’s policy intentions. USDJPY has broken the daily cloud (112.39) as well as the 200d MA (111.72) and focus now turns to support at 110.84, the low from late November. EURUSD eased back from the day’s high of just below 1.2020 to a touch higher around 1.1950 and AUDUSD closed up +0.2% following losses over the past two sessions.

Chicago Fed President Charles Evans said Wednesday he would prefer the central bank to hold off on its next rate rise until the summer while taking stock of what happens with inflation. “I don’t really see inflation taking off, and so I don’t think the cost of waiting on rate rises is very big right now", Evans told reporters after a speech in Lake Forest. “Midyear is about the right time” to think again about boosting the cost of short-term borrowing. “If in fact things are worked out and inflation is clearly rising, we could resume a nice gradual pace at that point and still get the funds rate up to its more neutral level before too long”. St. Louis Fed President James Bullard also hit the wires, saying the Fed's inability to get inflation to its target over the past five years has allowed a 4.6% gap to emerge in where the economy - measured in nominal terms before adjusting for price increases - would have been otherwise. That amounts to more than $820 billion in an $18 trillion economy according to BBG. The inflation shortfall since 2012 "has opened up a substantial gap between the actual and desired price level", he said.

Canadian government officials are worried that Trump is planning to finally follow through on his repeated threats to leave NAFTA and will make a move later this month ahead of the start of the sixth round of negotiations in Montreal. Earlier this week Mr Trump said in a speech to the American Farm Bureau that he was “working very hard to get a better deal for our country and for our farmers and for our manufacturers. It’s under negotiation as we speak”. A White House official said on Wednesday: “There has been no change in the president’s position on NAFTA”. Mexico’s peso and Canada’s dollar dropped after the news has been released.

PRECIOUS: What began as a vulnerable looking day for gold, quickly reversed in Europe following the headlines that senior government officials in Beijing had recommended the slowing or halting of purchases of U.S treasuries. Gold opened in Asia yesterday around $1312 and gradually made its way lower into the Chinese open dipping below $1310, just before the SGE kicked off. It was fairly widely expected that the USDCNY may trade higher after the overnight headline of regarding stopping of the non-cyclical factors for the CNY FIX. However, once the USDCNY market opened, it turned out the pair was heavy above 6.53. SGE’s premium opened around $7.5 and remained there. Interestingly the physical gold premium was higher (~+$9), proving that there are some signs physical demand is beginning to ramp up ahead of Chinese New Year. This helped to absorb the Comex offers that were present throughout the morning and early afternoon and assisted spot gold back towards $1313. There was another dip below $1310 prior to the Europeans manning their desks, however, decent Chinese physical demand again propped up the market. The dollar turned lower early in the London day (USDJPY nose-diving to 112) and gold popped toward $1315. This then accelerated even further when the China U.S treasury headlines did the rounds. The U.S 10y yield shot up to 2.60% and gold skyrocketed to a new yearly high of $1327.50. NY came in shortly after the rally and EUR and AUD began to pullback which weighed on the yellow metal. It came all the way back off to $1315 and then traded in a choppy fashion into the close between $1315-1320, closing right in the middle. Our view from here is that gold needs to undergo some constructive consolidation. We have risen some $80 since mid December and given the increase in Comex positioning since then we feel that there will be sellers on rallies. That being said, as Chinese seasonal buying picks up, the down-side should remain supported into February. We feel that a $1300-1335 range should hold or the short term.

It was a reasonably slow session in terms of price action in Asia today, although volumes through both Globex and the SGE continue to step up as we move toward Chinese NY. The metal opened the day at the lows and traded sideways into the Tocom open. Some light buying was seen from Japanese participants which helped propel spot gold a few dollars higher to $1319. China then came in and again were net buyers although the demand was less than what we saw yesterday given the higher prices. The premium remained the same ($7-8) as what we saw yesterday, although the physical contract was lower from the previous day. Spot gold pushed and pulled between $1317.50-$1319.00 and eventually shot through $1320 but was met with some decent selling above that level. Silver managed to pop through $17.00 early on and hovered fairly closely to that level, while both platinum and palladium slowly and steadily gained ground over the morning and into the afternoon.

On the data front, Australian retail sales for November came in very strong at 1.2% (+0.4% expected). Sales were boosted by the release of the iPhone X and the increased popularity of Black Friday sales in Australia. It is a very welcome result following on from a robust print in October and is in line with the strong read from the NAB online sales index for November. AUDUSD jumped 40 pips to a high of 0.7882, and posting a fresh YTD high. On the data calendar later today look out for EuroZone retail sales, ECB minutes and U.S PPI and jobless claims.

 

Although the information in this report has been obtained from and is based upon sources 1StopGold believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute 1StopGold' judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of an investment. This report does not consider or take into account the investment objectives or financial situation of a particular party.

DAILY REPORT : Friday 5 Jan 2018

MARKETS/MACRO: Despite a ferocious blizzard in NY, equity markets are on fire with the Dow trading through 25,000 and the S&P500 notching up a third consecutive record close as strong U.S data supported. The Dow Jones Industrial Average advanced +152.45 points, or +0.61% to 25,075.13, the S&P500 climbed +10.93 points (+0.40%) and the NASDAQ composite lifted +12.384 points (+0.18%) to 7,077.915. Financials led the moves, catching a bid on follow through from 2 days of underperformance after a more hawkish fed minutes. In Europe the enthusiasm was shared, with investors pushing indices strongly higher. The Euro First 300 surged +14.34 points (+0.94%) and the Euro Stoxx 600 packed on +3.46 points (+0.89%) closing at 393.68. The rocky start to the year for the USD continued overnight, down again vs. the G10 (with the exception of the JPY) and a host EM currencies. USDJPY was up to 112.72 while EURUSD was trading back up toward 1.21. U.S Treasuries sold off overnight and the curve bear flattened. Yields were higher across the board while European duration started rallying following a heavy auction schedule. This allowed for the U.S back-end to retrace some of its earlier losses despite a strong ADP report and a further sell-off at the front end of the curve. The 10y US treasury yield was up by +0.5 bps to 2.45%, while 10- year German bund was lower by -0.8bps to 0.43%. For crude, lower than expected inventory levels helped extend gains further with the WTI up +0.5% to $61.91.

On the data front, it was all positive out of the U.S. ADP data suggested that the US job market is in a good shape. The +250k private jobs added in December significantly exceeded consensus expectations for a more modest +190k. The prior month’s reading was revised a touch lower to 185k from 190k.. The report likely received a sizeable boost from the post-hurricane rebound in non-farm payrolls over the last two months. Initial jobless claims rose slightly to +250k, while continuing claims fell in the prior week. Still in the U.S, Markit's services and composite PMI were strong, the former up to 53.7 (52.5 expected, 52.4 prior) and latter up to 54.1 (53.0 prior). Chinese Caixin composite PMI, a gauge to track private firms performance, jumped to 53.0 in December, from 51.6 previously. Notably, the services PMI hit a three years high at 53.9. In general, most of the sentiment indicators indicate that the economy is in a decent shape for now, although the long-term outlook remains uncertain.

PRECIOUS: Gold rebounded yesterday in line with a softening dollar, and continues to shrug off strength in global equity markets. We opened at $1313.50 in Asia yesterday and with Japan returning from the New Year holiday they were seen on the offer early. China followed suit when they came in and with the suppressed premium ($6-8) Chinese banks remained sellers. Spot gold sharply plunged through $1310 not long after and continued through the post-minutes low of $1307.50 and hit $1306.50. It was around this time though that the USD began to turn for the weaker which provided some much needed support for the metal. We reversed and gold tracked back through $1310 around the time the books were passed over to Europe. It continued to trudge higher into the NY open, briefly dipping on the release of the strong ADP report (~$5), though investors swooped in to pay the offers and we jumped higher again. Gold continued to advance throughout the afternoon hitting a high above $1325 before easing back into the close to $1323. The support for the gold continues to emerge on dips despite us seeing the majority of flows here on the left hand side. January has historically been a strong month for gold, with prices rising on average a little over 4% for the past ten years. This has traditionally been tied into strong physical demand leading into Chinese new year - which has yet to materialise this year. Palladium was strong yesterday crossing $1100 for the first time since 2001, with prices now close to the all-time high of $1125. Given the persistence of the uptrend, it feels like the market may test these highs sometime soon. We tend to remain a little cautious here however, with a test of the all-time highs having the potential to trigger a consolidation. Net long positions are elevated at over 80% of the all-time high, so some consolidation may be warranted to take some of the froth out.

It was a very quiet day today as is usually the case leading into tonight's NFP's. The gold opened at $1322.50 today and flows were very light and mixed to kick things off. This continued into the Tocom and Shanghai open's with volume light and price action narrow ($1321-$1323.50). It was much of the same for silver and the PGM's which were respectively contained to a $0.05 and $5 ranges. In other markets, Asian equities are currently trading firmer (Nikkei +0.4%, ASX200 +0.75%, Shanghai Composite +0.2% and Hang Seng +0.2%), WTI crude is a touch softer -0.15% at $61.92 and the USD is narrowly mixed. As mentioned previously it’s the first NFP of 2018 later today, so the market will probably be in wait and see mode until then. We’ll also see U.S Dec ISM Non-Manufacturing Composite, Factory Orders; there’ll also be remarks from Fed President Harker in the AM.

 

Although the information in this report has been obtained from and is based upon sources 1StopGold believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute 1StopGold' judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of an investment. This report does not consider or take into account the investment objectives or financial situation of a particular party.

DAILY REPORT : Tuesday 16 Jan 2018

MACRO: The greenback booked further declines on Monday as equity and bond markets remained closed for the Martin Luther King Jr. Day Holiday. Continued euro strength weighed upon the dollar to see the DXY index off close to -0.5%, with the euro nearly +2% higher over the past two sessions. Traders noted spot volumes were elevated even amid the U.S. holiday, seeing almost double the recent daily average. Large moves against the dollar we also seen relative to the yuan following the People’s Bank of China strengthening the daily fix by the most in three months. Dow futures added around +0.6% to set up a strong Tuesday for equities, while both the S&P futures (+0.13%) and the Nasdaq futures (+0.03%) were higher. Oil futures turned higher late in trade to book modest gains on Monday, seeing WTI add around +0.3% to USD $64.60 per barrel, while Brent crude jumped +0.7% to end above USD $70 per barrel. Gains to the euro weighed upon European equities on Monday, seeing the Stoxx Europe 600 -0.17% lower to 397.83 points, while the German Dax declined -0.34% to 13,200.51 points. In the U.K. the FTSE 100 eased -0.12% to 7,769.14 points, under pressure from a bid pound and contagion following news that construction firm Carillion PLC would enter liquidation.

PRECIOUS: Following strong Asian interest on Monday, bullion held a relatively narrow range throughout European hours and a shortened U.S. Session. Further dollar declines kept price action buoyant around USD $1,340, however a lack of follow through interest limited top-side moves and the metal was unable to break above the USD $1,344.80 Asian high. Asia opened with a mild bid bias on Tuesday, edging a few dollars higher in early pricing, before paring gains heading into the Chinese open. Early Shanghai dollar weakness, particularly USD/China underpinned a modest recovery to bullion and the metal spent the afternoon above USD $1,340 leading into European trade. Vols are inching modestly higher with 1m sitting just underneath 10, however should we break through USD $1,350 expected to see further gains. We are likely to see further short squeezes over the near-term as the metal edges toward USD $1,350 and above this the September 2017 high around USD $1,357 will be the ultimate target for bulls. Supportive interest around USD $1,330 should restrict any further declines, however should we see a period of weakness, support broadly around USD $1,305 - $1,310 will act as a pivot point for the metal and will need to hold to continue the recent upward momentum. With regards to the white metals, palladium continues to hold around USD $1,130 following Monday's record high of USD $1,138, while platinum can't quite find the legs to reclaim USD $1,000. Data releases today include German CPI, U.K. CPI and U.S. empire manufacturing.

 

Although the information in this report has been obtained from and is based upon sources 1StopGold believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute 1StopGold' judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of an investment. This report does not consider or take into account the investment objectives or financial situation of a particular party.

DAILY REPORT : Wed 10 Jan 2018

MACRO: South Korean and North Korean officials agreed to hold talks regarding easing military tensions at a meeting on Tuesday. In the first face-to-face meeting in more than two years in the border town of Panmunjom, the parties announced via a joint statement, “South and North Korea have decided to make joint efforts for the unity of the people and reconciliation by establishing an environment for peace and easing military tensions on the Korean Peninsula,” The latest JOLTS report showed job openings in the U.S. declined to a six-month low during November, however still remained at an elevated 5.88 million (exp: 6.03 million) to follow 5.93 million in October. Equity markets in the U.S. finished at fresh record closing levels on Tuesday, seeing both the S&P 500 and the Nasdaq to their sixth consecutive session gain. The DJIA tacked on +0.41% to 25,385.80 points, while strength across healthcare and financials helped support the S&P 500 +0.13% higher to 2,751.29 points. Oil futures extended gains for a second successive session on Tuesday, buoyed by expectations of an eighth-straight weekly drop to U.S. crude inventories. WTI ended trade around +2% higher at USD $62.96 per barrel, while Brent crude gained +1.5% to USD $68.82 per barrel. The greenback advanced on Tuesday to build upon Monday’s strength, however saw gains tempered somewhat against the Yen after the Bank of Japan announced it would trim purchases of government bonds with maturities of 10 years to 25 years. The DXY index increased just over +0.2% on the session, booking notable gains against the pound and the euro, while USD/JPY ended the session -0.45% lower. Equities in the U.K. pushed to a fresh record closing high on Tuesday, buoyed by retailers following strong Christmas sales results. The FTSE 100 ended trade +0.45% higher at 7,731.02 points, seeing further support from a softening pound. Strong German industrial production figures helped to underpin gains across the Eurozone as the German Dax ended +0.13% higher, while the Stoxx Europe 600 climbed +0.43%

PRECIOUS: Gold continued to slide during Asian trade today following Monday's weakness, albeit held within a tight range as modest declines to the Greenback helped to restrict further losses. Bullion opened with an offered bias to test underneath USD $1,310 in early session flows, however was able to hold the previous session low toward USD $1,308 leading into the USD/CNY fix. Strength across both onshore and offshore yuan weighed upon the dollar throughout afternoon pricing to underpin a mild bid tone to bullion, however offers above USD $1,310 saw the metal modestly lower heading into European hours. Gold vols have softened in recent session, with 1m now sitting under 9. Expectations are bullion will continue to trade under pressure in the near-term as the dollar recovery continues and equities reach fresh records. Initially we look to USD $1,308 as support, however the key pivot point is undoubtedly USD $1,300, with extension toward the 100 DMA at USD $1,290 should weakness persist. Any moves higher toward USD $1,320 - $1,325 will likely see participants sell rallies to restrict any moves through the recent range. Data releases today include French and U.S. industrial / manufacturing production, U.K. trade balance and U.S. MBA mortgage applications.

 

Although the information in this report has been obtained from and is based upon sources 1StopGold believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute 1StopGold' judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of an investment. This report does not consider or take into account the investment objectives or financial situation of a particular party.

DAILY REPORT : Thursday 4 Jan 2018

MARKETS/MACRO: It was another strong performance by U.S equities overnight, with all 3 major indices continuing their early 2018 rally and all closing at fresh record high's. The Dow Jones Industrial Average advanced +98.67 points (+0.40%) to 24,92.68, the S&P500 rallied +17.25 points (+0.64%) to 2,713.06 and the NASDAQ composite led the pack, up an impressive 58.632 points (+0.84% on the day and +2.3% for the year so far) to 7,065.531. European equities followed suit with the FTSE Euro First 300 Index improved +7.40 points (+0.48%) to 1,533.52 and the Euro Stoxx 600 up +1.87 points (+0.48%) at 390.22. Regionally the DAX and CAC40 were strong performers up +0.83% and +0.81% respectively and the FTSE100 ticked higher +0.30%. For USD the overnight session was a bit of a mixed bag, with the recent weakness retracing somewhat against most of the G10 - particularly the GBP and EUR. This is more or less in line with seasonality patterns that the USD tends to rally in the first week of January, and then fall off by the second trading week. A pop was seen late in the day for USD, supported on the back of the Fed minutes which indicated a meaningful improvement in the Committee’s expectations for US economic activity. GBP was the biggest G10 loser while NOK out-performance overnight was noteworthy. It was a choppy session for treasuries as the yield curve, while range-bound, continued to flatten with 2y note yields up 1 bp and 30y bonds down -2 bps. The flattening was driven predominantly by Fed speak, specifically: "Participants discussed several risks that, if realised, could necessitate a steeper path of increases in the target range”. In commodities, crude rallied today with WTI up +$1.40 and Brent up +$1.30 at highest levels in over 2 years on concerns about the ongoing protests in Iran.

The minutes from the December FOMC meeting were consistent with a meaningful improvement in the growth outlook but provided little new information about monetary policy. The improvement in the Committee’s growth expectations primarily reflected a greater number of participants factoring in anticipated fiscal policy changes. The Committee’s views on core inflation appeared little changed also. The minutes again mentioned the possibility of potential alternative monetary policy frameworks, this time including nominal GDP targeting. Most economists continue to believe that there are 3-4 interest rate hikes imminent over the course of 2018 - with consensus suggesting the first rise in March.

PRECIOUS: Gold finally saw a little consolidation overnight with a some two-way volatility returning to the market. Gold opened in Asia yesterday around $1317 and initially popped through the previous days highs and traded through $1320, remaining there for the first few hours of the day. As the Chinese market opened we saw the USDCNY rise from 6.495 to above 6.500 and the premium on the exchange continue to angle lower - sitting around $6-8 over loco London compared to $10-12 a week earlier. Chinese banks as a result were on the offer and quickly sold into the morning's strength, forcing the metal to swiftly retreat back below $1315 to a low of $1312.50. A base was found around that level for the interim and the metal then proceeded to grind slowly higher again throughout Europe and most of the U.S session. Once the FOMC minutes were released, the positive tone surrounding the committee's expectation of economic activity drove the dollar higher. Gold consequently sold off sharply to the days low of $1307.80 only to reverse just as quickly and return to where we traded before the release ($1315-16). As we moved into the close there was some further liquidation so we closed around $1312. We still feel that gold has come a long way and may correct a little further from here. That being said we view a pullback towards $1290-95 as a decent buying opportunity. Initial topside resistance will be yesterdays high ($1321.50) followed by the 76.4% retracement of the Sep-Dec fall ($1329.00). XPD is outshining the rest of the PM’s and is close to testing all-time highs at $1095. A break would shift the focus toward the next price projection at $1200.

Further liquidation was seen today for gold as speculators and Chinese traders continued to sell. After opening at $1312.50, there was a brief tick higher to $1313.50 at the open, although that was the only real push over the rest of the session. Japan re-entered the market for the first day of the new year and they were noticeable sellers at the Tocom open. Spot gold marched lower into the SGE session pushing through $1310 with 5 minutes to go. Once the exchange opened they were again on the offer with the premium remaining around $6.50-7.50, so up a touch, but still at the low end of the recent range. Chinese banks were again looking for bids and the metal continued to decline as low as $1306.50 about half an hour after the SGE opened. From there it was only very light two-way trade seen as gold consolidated quietly between $1306.50-1308. Silver followed gold lower but ran into some solid support at $17.00, before edging back up toward $17.05. Platinum, which was the best performer overnight, was under a lot of pressure from Japanese specs, who were eager sellers given the significant rise over the past week while they have been out. The white metal fell some $10 (1.1%) over the day and continues to look soft as I write.

On the data front today look out for a host of European Services and Composite PMI's, U.S ADP employment and jobless claims.

 

Although the information in this report has been obtained from and is based upon sources 1StopGold believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute 1StopGold' judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of an investment. This report does not consider or take into account the investment objectives or financial situation of a particular party.

DAILY REPORT : Monday 15 Jan 2018

MACRO: Inflation figures out of the U.S. on Friday showed strengthening domestic demand, with consumer prices recording the largest increase in 11 months. The headline CPI figure increased +0.1% MoM (exp: +0.1%) during December, while the so-called core CPI print (ex food and energy) gained +0.3% MoM (exp: +0.2%) to mark the largest monthly increase since January 2017. On an annualised basis prices eased to +2.1% YoY (exp: +2.1%), while the annualised core figure ticked higher to +1.8% YoY (exp: +1.7%). Underpinning the inflation figures were stronger rents (+0.4%), higher medical care costs (+0.3%) and a +0.2% increase in food prices, however a -2.7% fall to gasoline prices tempered gains somewhat. Retail sales in the U.S. increased +0.4% MoM (exp: +0.5%) during December to follow November’s +0.9% pace, while core sales (ex auto, gas, building materials and food) gained +0.3% (exp: +0.4%) from an upwardly revised +1.4% the month prior (prev: +0.8%). Equities in the U.S. once again booked fresh record closes on Friday as solid data releases and positive earnings results buoyed investor sentiment. The DJIA ended the session +0.89% higher at 25,803.19 points, while broad based gains led by consumer discretionary stocks (+1.3%) saw the S&P 500 to a +0.67% return and the Nasdaq composite jumped +0.68% to 7,261.062 points. On a weekly basis the DJIA added +2%, while the S&P 500 gained +1.6% and the Nasdaq composite rose +1.7%. The greenback extended recent weakness on Friday, seeing the DXY -0.86% lower, most notably against the euro (EUR/USD +1.35%) following news that Angela Merkel may be moving toward reaching an agreement for a coalition government.

PRECIOUS: Further dollar declines underpinned a leg higher to bullion on Friday, however it wasn't all one-way traffic as the metal endured whippy trade around the U.S. CPI print. After advancing through USD $1,330 during London hours, the metal collapsed to a USD $1,321.15 low, before underlying interest correct the price weakness. Afternoon pricing saw further dollar weakness as the yellow metal edged through the Trump election high of USD $1,337.80, before pulling back marginally to end around the figure for a +1.3% session gain and the fifth consecutive weekly advance. Physical demand out of Asia remained relatively restrained on Monday, rather price action followed dollar flows, notably USD/China as both on-shore and off-sore Yuan strengthen considerably against the greenback. The metal made light work of Friday's high print in afternoon trade following an earlier attempt through USD $1,340 and printed a USD $1,344.80 high before the dollar regained composure in early European hours. We are likely to see further short squeezes over the near-term as the metal edges toward USD $1,350 and above this the September 2017 high around USD $1,357 will be the ultimate target for bulls. It is Dr. Martin Luther King Jr. Day in the U.S. today, which should see quiet trade into an early Comex close.

 

Although the information in this report has been obtained from and is based upon sources 1StopGold believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute 1StopGold' judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of an investment. This report does not consider or take into account the investment objectives or financial situation of a particular party.

 

 

DAILY REPORT : Tuesday 9 Jan 2018

MACRO: US equities were mixed as investors take a breather following the strong start to 2018, however a modest rally in tech shares ensured the Nasdaq posted a fresh record. The Dow slipped 12.87 points, or 0.05%, to 25,283.00; the S&P 500 rose 4.56 points, or 0.17% to 2,747.71, while the Nasdaq added 20.829 points, or 0.29%, to 7,157.386. There were wins for utilities (+0.94%) and REITs (+0.58%) while healthcare (-0.38%) led the laggards, European shares were mixed, the EuroSTOXX gained 1.06 points, or 0.27%, to 398.41, the German DAX put on 48.14 points, or 0.36%, to 13,367.78, and the London FTSE 100 shed 27.71 points, or 0.36%, to 7,620.68. In the currencies, the US dollar index rallied 0.44% to 92.358, the EUR traded down through 1.20 to 1.1959, while USD/JPY was as high as 113.37. US treasury yields were mixed, the 2 year yield fell 0.40 bps to 1.9559% and the 10 year yield firmed 0.19 bps to 2.4782%. In commodities news, the oil markets bull run continues as investors anticipate a tighter market in 2018 following a year of OPEC production cuts, Brent rose 0.33% to $67.84 while WTI added 0.62% to $61.82. Base metals were mostly higher, with zinc (+0.95) the biggest mover. In US economic data, the Federal Reserve reported consumer credit surged $28bln in November, an 8.8% annualised rate, following a $20.5bln increase in October. In Asia today, as I write the Nikkei is at +0.57, the Shanghai composite is at +0.08%, the Hang Seng at +0.37%, and the ASX S&P 200 is at +0.17%. Tonight we have the NFIB small business index, and job openings out of the US; unemployment data out of the Eurozone; and industrial production and balance of trade out of Germany.

PRECIOUS: In an ultimately range-bound session for the precious, gold managed a close above $1320 in the face of a US dollar rally. Gold opened at $1320 in Asia and slipped to the days low of $1315 as USD/JPY started to push higher. The SGE premium was at $5-6 which prompted only light action out of China.London came in around the session lows and promptly bought the metal back above $1320, NY hours saw the yellow metal take another dip down to $1316 before a late rally to close at $1320. Silver succumbed to profit taking with the grey metal shedding 15c to close at $17.09. Palladium was the star performer once again, a rally during NY hours saw the metal back above the $1100 level. The Philadelphia gold and silver index lost 1.26% The SPDR gold trust holdings were unchanged at 834.86 metric tonnes. In todays trading, gold opened right on $1320 was immediately testing the previous days lows at $1315-16 before finding some support. The SGE premium was flat at $5-6 over loco London. The yellow metal is at $1319.20 as I write. Silver traded down to $17.03 before ticking up to $17.11 as I write. Palladium is the big mover again today, spiking to a fresh record high of $1110. Gold should see resistance at the recent low of $1315 and the psychological $1300 level below that. On the upside, a break above lasts weeks high of $1324 could see the yellow metal make a move on the September top of $1355.

 

Although the information in this report has been obtained from and is based upon sources 1StopGold believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute 1StopGold' judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of an investment. This report does not consider or take into account the investment objectives or financial situation of a particular party.

DAILY REPORT : Wed 3 Jan 2018

MARKETS/MACRO: The S&P kicked off the year in impressive fashion notching up a new all time high, with the Dow and NASDAQ hot on its heels. The S&P jumped +22.20 points, or +0.83% to 2,695.81, while the Dow Jones Industrial average rose +104.79 points (+0.42%) to 24,824.01 and the NASDAQ surged +103.51 points (+1.50%) to close at 7,006.898. The enthusiasm was not shared by their European Investor counterparts however with the EuroFirst 300 Index down -3.45 points (-0.23%) to 1,526.12 and Euro Stoxx 600 declining -0.83 of a point (-0.21%) to 388.35. In FX, the Greenback continued to sell off against all the G10 and most of the emerging market currencies. Key resistance levels were broken in GBPUSD and EURUSD which led us to test the cycle highs at 1.3600 and 1.2081 respectively, though as the New York session wore on those chasing USD lower seemed to run out of steam. More broadly, the USD has depreciated more than 2% since mid December and there doesn’t seem to be a near term catalyst to reverse the trend. Goldman Sachs traders believe the market is still significantly long dollars, which could mean more pain for USD longs, very similar to what we saw at the start of 2017. Treasuries sold-off overnight as the curve bear steepened. They began their move lower in the London session, in-line with EGBs which were down due to hawkish ECB rhetoric and the return of sovereign supply. In commodities, crude was little changed (-$0.05 in WTI, -$0.32 in Brent) with price action very muted. Attention was focused on protests in Iran, which have not yet impacted crude production, but could be used by the U.S Congress as a reason to act on the Trump Administration’s recent decertification of Iran’s compliance with the 'Joint Comprehensive Plan of Action'.

In data, the Euro area Final Manufacturing PMI was in line with the December Flash estimate and remains in strong growth territory at 60.6 (60.6 expected). The German and French Manufacturing PMIs both rose on the month (despite a downward revision relative to the December flash estimate in France), to 63.3 and 58.8 respectively. Both Italian and Spanish Manufacturing PMI data – for which no flash estimate is published – disappointed consensus expectations, falling on the month to 57.4 (58.5 expected) and 55.8 (56.5 expected), respectively. Things were also positive in the U.S, with Markit's manufacturing PMI coming in slightly above expectations at 55.1 (55.0 expected).

PRECIOUS: Gold continued its good fortune yesterday, driven higher by the persistent sell-off in the USD and in spite of U.S equities hitting fresh records and treasuries softening. During Asia the market was initially range-bound with spot gold oscillating between $1302-1308. The SGE premium remained stable around $7-9 over the loco London price, with a move lower in USDCNY supporting the premium despite the higher metal price. Once the yellow metal took out $1310 during the early European hours it was a steady grind higher which persisted throughout much of the day. Signs of seasonal Asian buying are yet to be seen in any meaningful way, which does make it difficult to chase this move higher, although we do expect this to begin filtering in over the next week or so. Speculators have played a role in the move over the past week and half, increasing their bullish positions by around ~26% on the CME. Volatility and skews are also starting out the year firmer, with the last ATM vols around the following 1m 9.25, 3m 9.6, 6m 10.7 and 12m 12.1. Looking at the charts, RSI for gold is definitely sitting in overbought territory (75+), however, general flows suggest that a slow grind higher to stable pricing is likely. The next upside target sits at $1329 (Retracement of Sep-Dec sell-off) while support will kick in around $1315 followed by $1288-92. On the physical front the GFMS reported that India's 2017 gold imports rose to 855 tons, from 510 tons in 2016.

Gold continued on in an unwavering fashion this morning opening around $1317.50 and pushing up through $1320 during the first hour of trade. There was noticeable selling interest up there which curbed any further advance, however, it did manage to stay above that level into the Shanghai open. SGE traders were on the offer as a result of the higher prices and the premium did come a little lower than what we have seen the previous days to trade around $6-8 over the spot price. Spot gold was sold back through $1320 immediately following this although quickly recovered. The weight of the selling had grown though, with some speculative traders happy to cash-in on the higher prices given the lack of Chinese follow through. The yellow metal consequently ripped lower towards $1312 before finding any support and never recovered back through $1315 into the afternoon. It will be interesting to see whether early London traders sell it. Silver had pushed up against $17.20 for the final few hours of the NYK session and did the same for the first few hours in Asia, with some chunky sell orders sitting around there at the spot equivalent on Comex. When gold retreated the silver followed suit and moved back through $17.10. Ahead on the data calendar look out for U.K construction PMI and employment data out of Germany, as well as U.S ISM manufacturing, consumer spending, and the FOMC minutes from Dec 12-13.

 

Although the information in this report has been obtained from and is based upon sources 1StopGold believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute 1StopGold' judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of an investment. This report does not consider or take into account the investment objectives or financial situation of a particular party.

DAILY REPORT : Friday 12 Jan 2018

MACRO: U.S. producer prices declined for the first time in over a year during December, slipping -0.1% MoM (exp: +0.2%) from +0.4% previously. On an annualised basis PPI increased +2.6% YoY (exp: +3.0%), tempering from the +3.1% pace recorded in the 12-months to November. The important core PPI (excluding food, energy and trade) ticked up +0.1% MoM (exp: +0.2%), while on an annualised basis increased +2.3% YoY from +2.4% in November. Initial jobless claims in the U.S. spiked higher during the week ended January 6, adding 11,000 to a seasonally adjusted 261,000 (exp: 245,000). The print was the highest level since late September, while the four-week moving average increased 9,000 to 250,750. Continuing claims for the week ended December 30 eased by 35,000 to 1.87 million (exp: 1.92 million). Equity markets in the U.S. ripped higher to fresh record closing levels on Thursday , with energy stocks benefitting from further declines to U.S. crude supplies to send oil prices to three-year highs. The DJIA posted a +0.81% gain to end at 25,574.73 points, while the S&P 500 bounced back from Wednesday’s first negative close of 2018 to add +0.70% as energy stocks helped to underpin gains. Oil prices benefitted from further declines to U.S. crude stockpiles on Thursday, with the EIA reporting a drop of 4.9 million barrels over the week ended Jan 5, the eighth straight weekly decline. WTI added around +0.4% to settle at USD $63.80 per barrel after touching an intra-session high of USD $64.77, while Brent inched +0.1% higher to USD $69.26 per barrel, breaking above USD $70 per barrel briefly. News out of Europe on Thursday centred around the ECB December meeting minutes release, with the bank indicating it would need to gradually change its guidance to investors regarding future policy decisions. The bank is expected to water-down the importance of its quantitative easing policy, potentially even phasing out the program prior to reaching the 2% inflation target.

PRECIOUS: Onwards and upwards for bullion during Asian trade on Friday, as the metal continued to find favour among regional investors. Early session gains came amid a softer greenback, however the majority of the price action was reserved for afternoon flows, as the metal ran through the recent cycle high print to touch USD $1,330.20 on a stoploss run above the previously tested USD $1,325 - $1,328 region. Physical interest out of Asia continues to remain muted, rather the metal continues to remain bid on the back of a weaker greenback, with particular focus on recent euro gains as the common currency sits around 3% higher over the last month. No doubt stretched shorts instigated over the past fortnight are playing a role in the price gains and you would have to think should gold break toward USD $1,350 and test the recent high of USD $1,357 (September 2017) we will see further aggressive short covering. Support for bullion now initially sits toward USD $1,315, while USD $1,308 should see further interest. With regards to resistance levels, further gains will require a consolidated move through USD $1,330, with today’s Asian run higher failing to capture the figure, while the ultimate near-term target for bulls will be the September high of USD $1,357. Silver and palladium traded bid throughout today’s session, however platinum has moved into focus as the metal breaks above a downtrend that extends back to 2011, opening up the potential for a sustained push higher that is likely to put pressure on stretched short positioning (key top-side level of USD $1,022). All eyes today are undoubtedly on the U.S. CPI print, while we also see U.S. retail sales.

 

Although the information in this report has been obtained from and is based upon sources 1StopGold believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute 1StopGold' judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of an investment. This report does not consider or take into account the investment objectives or financial situation of a particular party.

DAILY REPORT : Monday 8 Jan 2018

MACRO: Nonfarm payrolls in the U.S. increased a seasonally adjusted 148,000 during December (exp: 190,000) to follow an upwardly revised 252,000 in November (prev: 228,000). December’s print took employment gains to 2.1 million for 2017, marking the seventh consecutive year of increases exceeding 2 million. The unemployment rate held at 4.1% for the third consecutive month and the broader 'U-6' measure of unemployment and underemployment, which includes those who have stopped looking and those in part-time jobs who want full-time positions, edged marginally higher to 8.1% from 8.0% previously. Average hourly earnings ticked USD $0.09 higher or +0.3% to follow a modestly downwardly revised +0.1% increase (prev: +0.2%) the month prior, lifting the annual pace to +2.5% YoY (prev: +2.4%). U.S. factory orders outpaced expectations to climb for a fourth consecutive month during November. Orders increased +1.3% MoM during November (exp: +1.1%), while October saw a positive revision to +0.4% from a previous decline of -0.1%. Equity markets in the U.S. continued the strong start to 2018 on Friday, with each of the three major benchmarks booking all-time record closes. The DJIA ended the session +0.88% higher at 25,295.87 points, while strength across the technology sector saw the S&P 500 +0.70% higher to 2,743.15 points and the Nasdaq Composite gained +0.83% to 7,136.558 points. On a weekly basis the DJIA rose +2.3%, the S&P 500 jumped +2.6% and the Nasdaq Composite outperformed to surge +3.4%. Oil prices pulled back from recent highs on Friday, however still managed to log the third consecutive weekly gain following a report from the EIA showing a decline in U.S. crude stockpiles. WTI ended trade on Friday -0.9% lower at USD $61.40 per barrel for a +1.7% weekly gain, while Brent crude shed -0.7% to USD $67.60 per barrel for a +1.1% weekly return.

PRECIOUS: Following Friday's 11th consecutive session gain and the longest consecutive stretch of gains on record (futures basis), bullion traded in mixed fashion during Asian trade today. The metal opened with a mild offered bias to test through USD $1,320 in thin early session trade, however found supportive price action underneath the figure to reverse earlier declines. Shanghai saw early interest to take the metal toward the Friday high print as USD/China (CNH + CNY) opened notably softer, however the currency action soon reversed and bullion drifted lower into the Chinese lunch break. Afternoon flows saw weakness into European hours, with the yellow metal under pressure from further dollar strength. Recent attempts to make a consolidated move through USD $1,325 have run into resistance and expect this level to remain topish, especially as the dollar begins to recover from three consecutive weekly declines. Silver was unable to test above Friday's high during Asian hours today, however should continue to see support around USD $16.95 (200 DMA), while palladium recovered from weakness in New York on Friday to push back toward USD $1,100. Data releases today include German factory orders, U.K. house prices and Eurozone retail sales.

 

Although the information in this report has been obtained from and is based upon sources 1StopGold believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute 1StopGold' judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of an investment. This report does not consider or take into account the investment objectives or financial situation of a particular party.

DAILY REPORT : Tuesday 2 Jan 2018

MARKETS/MACRO: In what was an extremely strong year for U.S equities they did close on a low point for the final day of trade in very thin holiday conditions. The Dow Jones Industrial Average dipped -118.29 points, or -0.48% to 24,719.22 (+20% over 2017), the S&P500 retreated -13.93 points, or -0.52% to 2,673.61 (+19% over 2017) and the NASDAQ composite relinquished -46.77 points, or -0.67% to 6,903.389 (+27.5% over 2017). Euro area stock indices faired better with the Euro First 100 Index off -1.31 points (-0.09%) to 1,529.57 and the Euro Stoxx 600 declining -0.36 of a point (-0.09%) to 389.18 to round out 2017. U.S 10y treasury yield was unchanged at 2.41% while the 10y German bund rose to 0.44%. In the currency space, USD retreated against most of its counterparts as the dollar index dipped -0.5% to 92.12, and down just under -10% over the course of the year. USDJPY was down slightly to 112.69 and EURUSD was up +0.5% to 1.20. Meanwhile, oil prices continued to rise as WTI crude oil climbed 1% to $60.42 (+12% over 2017).

North Korean leader Kim Jong Un began the new year with the offer of an olive branch to South Korea, raising the possibility of dialogue to ease tensions on the Korean peninsula. In a change of tone, Mr Kim on Monday acknowledged the need to reduce military tension with the South and said the path to dialogue was open, raising expectations for an improvement in North-South Korean relations. The dictator also said Pyongyang would consider sending a delegation to the Winter Olympics which will be held in South Korea next month. In terms of the U.S however, Mr Kim again reiterated that the entire country was in range of the North Korean nuclear arsenal.

PRECIOUS: Gold finished the year on a positive note last Friday, continuing its steady climb seen over the final week of the year and ultimately closing above $1300 ($1303), up +13% for the calendar year. During Asian trade Friday, the yellow metal initially hovered around $1295. Very light interest from onshore Chinese traders was seen as the SGE remained level around USD $8-$9 premium. With soft USD throughout early NY, gold took-out the resistance and quickly traded to highs of $1307.50 easily absorbing any year-end selling. On the forward side, the market has been normalising with the year-end turn out of the way, short dates are back trading ~1.8%, and the GC Feb EFP is down to around $1.80-1.90. Interest has been fairly muted in Asia over the past few weeks as the premium stayed fairly range bound around $8-$10, although seasonal buying in January ahead of Chinese New Year should provide support in our time zone. So there is very real potential for physical interest to drive the XAU price even higher throughout January. From here, dips below $1290 should be well supported, while next major resistance stands around $1325-$1330. Silver was firmer Friday breaking through $17.00 but ultimately closing around $16.93 (+6% over 2017), platinum was fairly flat on the day and up +2.75% for the year, while palladium was slightly lower Friday yet took the gong for most impressive performance amongst it precious peers, up a whopping +56% for the calendar year.

The first trade day of the year carried on Friday's momentum with gold opening a touch higher and running strongly in thin, pre-SGE trade. The yellow metal after opening around $1303 swiftly made its way higher in the first 30 minutes to the Friday highs of $1307.50 before running into resistance. Decent sell orders in Feb gold were seen up around that spot equivalent and capped proceedings over the day. Despite not being able to break through the Friday peak, any dips throughout the AM were well supported by SE Asian and Chinese buyers. The SGE was still largely inactive with light selling seen initially which gave way to small buy clips later during the morning session - premium was unchanged around $8-9. This kept spot gold for the most part range-bound between $1305-1308. Silver followed the gold higher initially although continued to run into offers around the $17 handle, while the PGM's both traded in narrow ranges and at this point in time are both higher. Wishing you all a very happy and prosperous 2018 from everyone here at MKS.

 

Although the information in this report has been obtained from and is based upon sources 1StopGold believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute 1StopGold' judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of an investment. This report does not consider or take into account the investment objectives or financial situation of a particular party.