DAILY REPORT : Tuesday 26 June 2018

MACRO: New home sales in the U.S. spiked higher during May, increasing +6.7% MoM (exp: +0.8%) to a seasonally adjusted annual rate of 689,000. The monthly gain saw new home sales to the highest level since November 2017, with the headline figure underpinned by a +17.9% gain in the South to a rate of 409,000 units, the highest level since July 2007. Sales in the Northeast sunk -10%, sales in the West were down -8.7%, while the Midwest was unchanged. The median new house price declined -3.3% to USD $313,000 in May to mark the lowest level in 12-months. The Chicago Fed's national activity index turned negative in May for the first time since January, sliding to -0.15 (exp: 0.30) from an upwardly revised +0.42 in April (prev: +0.34). The monthly print saw the less volatile 3-month moving average to 0.19 from 0.48 in April, also the lowest reading since January. Production related indicators weighed upon the headline print, while employment related indicators edged higher. Equity markets in the U.S. turned sharply lower on Monday, weighed down by 'trade war' headlines to see the DJIA close beneath the 200 DMA for the first time since June 27, 2016. The DJIA dropped -1.33% to 24,452.80 points as 26 of the bourse's components ended lower, taking the blue-chip average to its largest single-session fall since May 29. The S&P 500 (-1.37%) saw technology stocks (-2.28%) lead 9 of eleven components of the bourse lower to end at 2,717.07 points, marking the largest single-session decline since April 6 and the lowest close since May 31. The tech-laden Nasdaq Composite collapsed -2.09% to 7,352.006 to book the largest single-session decline since April 6 on concerns over the blocking of Chinese investment in U.S. technology firms. The greenback ended mixed trade lower on Monday, as gains to USD/China were tempered by strength across safe-haven currencies such as the yen. The DXY index booked a -0.22% decline, easing around -0.2% against the yen, while the euro consolidated above 1.1700 to add around +0.33%. Treasury yields in the U.S. eased on the back of weakness across equities, seeing the 10-year 2.7bps lower to 2.875% and the two-year around 1bp lower to 2.532%.

PRECIOUS: A disappointing session for gold on Monday, failing to capitalise on a softer greenback and falling equities, ending toward the session low print. The metal reversed an initial bid tone in Asia once Shanghai opened, under pressure from a firmer USD/China following the weekend RRR cut by the POBC. A premium of around USD $4 in China saw downwards pressure on the metal, triggering a stop loss run through USD $1,270 and opening up a further extension underneath USD $1,265 in late Asian trade. A reversal to the buck provided support once London opened, as the metal piggybacked a stronger euro through 1.1700 to test briefly through USD $1,270. The bid tone was however short lived and bullion took pricing cues in New York from a broader sell-off in commodities to end trade around USD $1,265. Vols firmed marginally overnight, however remain cheap with 1m underneath 9.0. The white metals came under heavy selling pressure on Monday as global equity markets and base slumped, notably palladium collapsed -1.7%.

Gold once again tested support underneath USD $1,265 during Asian trade on Tuesday, with a robust USD/China continuing to weigh upon interest out of Shanghai. The precious complex is struggling against ETF outflows (holdings down 1.5m ounces in June), while failing to find support from ongoing 'trade war' headlines as President Trump turns focus from China to Europe. It is difficult to see at catalyst for a move outside of the recent range, with expectations that the metal will remain soft into the end of the financial year. Support hold broadly around USD $1,260 - $1,262, with the metal likely drawn to this level into today's option expiry of around 1 million ounces at USD $1,260. Resistance for the metal comes in around USD $1,272 - $1,275. Data releases today include U.S. house prices, the Richmond Fed manufacturing index and the Conference Board U.S. consumer confidence print.

 

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 : Wednesday 20 June 2018

MARKETS/MACRO: Following the intensification of US-China tit-for-tat trade rhetoric, the risk-off tone continued through the European session. Lower equities, safe-haven demand for fixed income and USD strength dominated proceedings. The Dow Jones Industrial Average relinquished -287.26 points, or -1.15%, to 24,700.21. The steep decline marked a sixth straight drop for the blue-chip index, representing the longest string of down days in over a year and erasing all of 2018’s gains thus far (-0.10% YTD). The S&P500 sold off -11.18 points, or -0.40%, to 2,762.57 and The NASDAQ Composite slumped -21.44 points, or -0.28%, to 7,725.585. The best performing sector on the day were Telco's (+1.4%), while the worst performing sector was Industrials (-2.1%). Trade-war talk affected European bourses also, investors continuing to liquidate across the board. The EuroFirst 300 Index sank -10.80 points, or -0.72% to 1,498.06 and the EuroStoxx 600 retraced -2.70 points, or -0.7% to 383.21. Regionally the DAX cratered -1.22% FTSE100 dipped -0.36% and CAC40 slid -1.10%. Elsewhere, the escalating trade war came as OPEC headed toward a fractious meeting in Vienna, sending crude oil prices lower (WTI -$0.75, or -1.14% to $65.10, Brent -$0.33, or -0.44% to $75.01). Saudi Arabia and Russia continued to push for a relaxation in production constraints, going against many other members wishes. Iran rejected a potential compromise, saying it won’t support even a small increase in oil production. In fact, the Iranian oil minister said that he doesn’t believe this meeting can reach an agreement. This puts Saudi Arabia in a tough position, as unanimity is needed for any accord to be reached. In FX, the dollar strengthened against a host of currencies following Trump's retaliatory barbs at China. Sterling in particular was pressured ahead of tomorrow’s House of Commons vote on the Brexit bill, with the pro-European and harder Brexit factions still deeply divided. In fixed income U.S 10y yield's decreased -2.02bps to 2.897% and the 2y yield fell -0.4bps to 2.545%.

President Donald Trump late Monday proposed identifying $200 billion in Chinese imports for additional tariffs of 10% - with a further $200 billion after that if Beijing decided to retaliate. While the $50 billion in tariffs already announced on Friday focused on industrial goods, this broader-reaching move would push up prices for imports such as toys, tools, t-shirts and a lot more for U.S. shoppers. China were again quick to respond with retaliation measures. “If the U.S loses its senses and publishes such a list, China will have to take comprehensive quantitative and qualitative measures”, according to a statement from China's Ministry of Commerce. It labelled the move “extreme pressure and blackmail", in the statement. Trump's trade adviser Peter Navarro said yesterday that tariffs against China will be "ultimately bullish" for American businesses, as the administration tries to bring "structural change" to the U.S-China trading relationship. Navarro mentioned the U.S and China are having "a trade dispute, nothing more, nothing less". He said Trump is willing to talk to China and other nations about trade.

On the data front, U.S May housing starts rose +5.0% MoM to 1.35m starts (+1.9% and 1.311m expected), marking a new recovery high and brings housing starts closer to their ultra-long run average of 1.43m. Construction is growing at the fastest pace in more than a decade, however, building permits fell -4.6% MoM (-1.0 expected), suggesting the longer-term outlook for builds may not be as firm.

PRECIOUS: Gold was not immune from the risk-off sentiment overnight despite it's safe-haven qualities, the metal instead trading in-line a firmer dollar and dipping to fresh yearly lows just short of $1270. Gold opened in Asia and interestingly remained firm throughout much of the morning, with China/HK and Singapore back from holiday and looking to take advantage of the lower prices. USD/CNY fixed lower on the day, which pushed up the SGE premium in early trade to around $6.50-7.50 over the loco London price and drew out some demand. USDJPY was also higher following some of the Trump trade war comments which pushed spot gold up to the highs of the day - toward $1284 - where there was some good supply at $1285 (cash). When China reopened for the PM session, the SHCOMP was hit hard in the wake of the trade war headlines (-4.8%), which dragged the USDCNY higher and deflated the SGE premium back towards $4-5, prompting some liquidation. Base metals and the PGM's were hit hardest, but gold and silver were lower into the London open. Industrial metals continued to sell off into the European morning and the precious continued to sink. When NY opened the selling continued and gold quickly dropped down to the lows of the day ($1271.05) before finally recovering and holding between $1273-1276 into the session close. The market attention certainly seems to be on the U.S and China at present and what comes out of these tariff for tariff blows. One would think gold should perhaps be higher given the uncertainty, instead it is trading like any other commodity at the moment and at the mercy of swings in the USD. The stronger USDCNY will continue to quell Chinese demand at these lower levels and we feel that specs could be a little reluctant to go long here given the technical set up. It will be interesting to look at ETF activity over the next few weeks given holdings still remain fairly robust, despite trading near year lows.

Not a great deal of action in Asia today with the yellow metal happily consolidating within a $3 range. We opened at $1275 and traded sideways up until TOCOM opened, where some light selling in thin conditions was seen nudging spot gold down to $1273.50. As China opened for business there was some small buying seen which pushed the yellow metal up to intra-day highs, although with the SGE premium still range-bound ($5-6) turnover was limited. In other markets, Asian equities are higher Nikkei currently up +1.25%, Hang Seng +1.1%, Shanghai Composite +0.50% and ASX200 +1.15%, while WTI crude has rebounded +$0.35 (+0.5%) to $65.40. The USD has generally pushed higher against the majors, with exception of the AUD which is up +20 pips at 0.7400. On the data calendar today look out for German PPI and U.S mortgage applications, current account balance and existing home 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 : Thursday 14 Jun 2018

MACRO: As widely expected the FOMC voted to raise interest rates by 25bps during the June meeting to a range between 1.75 - 2%. Members surprised to the hawkish side and have forecasted a further two rate increases this year (total of four), to follow only three forecasted at the March meeting. Most expect three increases in 2019 and one in 2020 to see the benchmark rate at between 3.25 - 3.50% by the end of 2020. Economic forecasts were also interpreted as more hawkish with unemployment rate projections lowered, while growth and inflation were revised upwards for 2018. The U.S. PPI spiked +0.5% MoM during May (exp: +0.3%), underpinned by a surge in gasoline prices. On an annualised basis PPI increased +3.1% YoY (exp: +2.8%) to mark the biggest annual gain in over six years. Core PPI (ex food, energy and trade) meanwhile added +0.1% MoM to see the annualised figure to +2.6% YoY. Equity markets in the U.S. eased modestly on Wednesday following the FOMC announcement, while participants also considered President Trump's comments regarding aggressive trade action toward China. The DJIA declined -0.47% to 25,201.20 points, heavy trade to telecoms (-4.49%) as a result of falls to AT&T and Verizon saw the S&P 500 -0.4% lower to 2,775.63 points, while the Nasdaq Composite eased -0.11% to 7,695.699 points after hitting an intra-day record of 7,748.958 points. Currency majors ended higher against the greenback on Wednesday, however had to endure whippy price action around the FOMC announcement. The DXY index ended the session -0.3% lower as the euro headed back toward 1.18 and the buck eased toward 110.00 against the yen. Treasury yields pushed higher on the back of the FOMC meeting, seeing the 10-year spike briefly above 3% before settling around 0.5bps higher at 2.966%, while the two-year added around 3bps to 2.578% after spiking to a 3-week high. The pricing saw the yield curve flatten to the narrowest level since 2007.

PRECIOUS: A generally positive session for gold in Asia on Thursday, however still held within the recent range. The post-FOMC weakness to the greenback extended further in early Asian trade, however bullion struggled to find its footing after the New York close above USD $1,300 and drifted back underneath the figure into the Chinese open. A Shanghai premium of around USD $6 did little spark interest in the metal as participants on Comex looked to take profits around USD $1,300 in respect of the recent range. Finally the greenback weakness began to awaken some interest in the metal during afternoon pricing, pushing gold back above USD $1,300, however the move looked to be driven by a squeeze higher to silver as shorts came under pressure back above USD $17 (likely Chinese driven). Concerns over an escalation in the trade war between the U.S. and China look to have overshadowed the FOMC decision, with participants on the bid into the European open to see bullion through Wednesday's high print. Gold continues to see heavy supply through USD $1,305 - $1,310 and will require a major shock either from ECB or the escalation of trade tensions to move through the resistance band. Likewise for silver we see a broad band of resistance through USD $17.20 -$17.40, while platinum has managed to regain the USD $900 pivot point although hasn't been able to extend far from the figure. All eyes tonight on the ECB. while we also see German CPI, U.K. retail sales, U.S. retail sales, U.S. import price index, U.S. initial jobless claims and U.S. Bloomberg consumer confidence.

 

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 25 June 2018

MACRO: The People's Bank of China announced on Sunday that the required reserve ratio will be cut by 50bps for some banks from the current 16% for large banks and 14% for small banks from July 5. The cut is estimated to release around CNY 700 billion of liquidity to increase lending, predominately aimed at supporting smaller companies. OPEC ministers announced a deal on Friday that will increase oil supplies by what is expected to be around 600,000 to 800,000 barrels per day. The official statement from the organisation said members agreed to return to 100 percent compliance with the 2016 deal, while the group said compliance reached 152 per cent in May 2018. Turkish election results released on Monday show President Erdogan is likely to win a new five-year term, with state media putting him on 53% and his closest rival Muharrem Ince on 31%. The opposition is yet to officially concede and said it would continue its democratic fight whatever the result.

Equities in the U.S. ended generally higher on Friday to see the DJIA snap an eight-session losing streak, buoyed by an OPEC driven run higher to energy shares. The DJIA ended the session +0.49% higher at 24,580.89 points, however on a weekly basis handed back -2%. The S&P 500 added +0.19% to 2,754.88 points as gains were underpinned by energy stocks (+2.20%) leading 8 of eleven components higher, however easing -0.9% on the week. The Nasdaq Composite underperformed to book a -0.26% fall to 7,692.817 points, shedding -0.3% on the week to snap a four-week run of gains. The U.S. Markit (flash) services PMI held relatively firm during June, easing marginally to 56.5 (exp: 56.5) from 56.8 in May as higher levels of service sector activity were supported by increases to new work and solid job creation. The manufacturing sector disappointed however to see the Markit PMI sink to 54.6 (exp: 56.1) from 56.4 in May, signalling the slowest improvement in overall business conditions since November 2017.

PRECIOUS: The greenback was the main driver of price action during Asian trade on Monday, ripping higher against the Chinese currencies following the weekend RRR cut by the PBOC, while the safe-haven yen acted to put the brakes on further dollar gains. The DXY index added around +0.22% on the session, however spiked +0.5% and +0.64% against the CNY and CNH respectively. The Chinese weakness saw the Shanghai premium fall to around USD $4, stifling any interest in the yellow metal that could have acted to underpin London pricing. Comex option expiry this week sees large open interest toward USD $1,260, which is likely to keep price action heavy over the near-term, however should also act to restrict declines underneath the figure. With regards to the latest positioning data we see net longs have fallen to the lowest levels in 11-months, while gross shorts have spiked to the highest level since August 2017. Silver was unable to capture the USD $16.50 handle and traded well offered through Asian trade on Monday, while platinum looks to have room to move higher with the latest COTR report showing net futures and options length at the lowest level since October 2006. The metal tested a break of USD $880 during early session pricing on Monday, however was dragged lower with the remainder of the precious throughout the day. Data today include German IFO survey results and U.S. new home 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 19 Jun 2018

MACRO: Equities in the U.S. ended generally lower on Monday, with a lack of economic data for direction participants took their lead from trade tensions between the U.S. and China. The DJIA pulled back -0.41% or 103.01 points to 24,987.47 points, booking a fifth consecutive decline, however able to bounce off early session lows that saw the bourse down 264 points at one stage. Weakness to telecommunication stocks (-1.97%) outweighed gains to energy (+1.12%) to see the S&P 500 -0.21% down to 2,773.75 points, while the Nasdaq Composite reversed early session declines to inch +0.01% higher to 7,747.025 points. On the data front, the U.S. National Association of Home Builders housing market index eased to 68 during June (exp: 70) to follow 70 during May. Sales expectations for the next six months declined from 77 to 76. Currency majors clawed back ground against the greenback (DXY -0.13%) on Monday, with safe-haven currencies the Japanese yen and Swiss franc gaining ground on the back of 'trade war' fears, while the euro was able to recover from weakness in Asia to break back above 1.16. Oil futures turned higher on Monday to see WTI gain around +2% to USD $65.80 per barrel and Brent crude jumped +2.8% to USD $75.39 per barrel. Stock markets in Europe traded under pressure on Monday, with participants spooked by further 'trade war' concerns and a political stalemate in Germany over migrant issues. German Chancellor Angela Merkel's coalition government is coming under increasing strain over migrant issues and it was reported that she has been handed a two-week ultimatum by her coalition partners to secure a deal on migrants with the country's European neighbours. The news saw the German Dax heavily sold, collapsing -1.36% to 12,834.11 points, while the Stoxx Europe 600 ended trade -0.83% lower at 385.91 points. In the U.K. the FTSE 100 tracked European markets lower, giving back -0.03% to 7,631.33 points, however finding some respite from a softer pound.

PRECIOUS: Gold held around the USD $1,280 pivot point on Monday, seeing little interest from the on-going trade saga between the U.S. and China. Price action out of Asia was a generally muted affair with China and Hong Kong on leave, seeing offers toward USD $1,282 restrict any further top-side moves. European hours saw a mild bid on the back of a softer dollar (euro back above 1.16), however once again topping out around USD $1,282 and easing in New York. Silver remained drawn toward the USD $16.50 pivot point, testing below the figure in New York, however able to recover into the close, while the white metals pared an early New York bid to close generally unchanged and still well below their respective recent support levels.

Fresh tariff related news from President Trump today, announcing that he has directed the United States Trade Representative to identify USD $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent. The headlines gave gold a boost in Asia today, breaking back above USD $1,280 and moving through the New York high and recent resistance level around USD $1,282. We saw modest interest out of China at a USD $5 premium, however the metal failed to extend further as offers through USD $1,283 - $1,284 restricted top-side gains. We will be keeping an eye on trade war headlines that may give bullion a modest geopolitical boost, especially considering the most recent announcement, however we expect the dollar to remain bid even amid today's pricing (DXY -0.25% in Asia) to weigh upon price action over the near term. Resistance comes in around USD $1,283 - $1,285 as we have seen throughout Asia today, while support sits at USD $1,275 - $1,277.

 

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 13 Jun 2018

MARKETS/MACRO: Markets failed to react in any meaningful way to the landmark meeting between U.S president Donald Trump and North Korean leader Kim Jong Un, instead shifting focus to 3 critical central bank meetings (FOMC/ECB and BoJ) kicking off today. U.S equity indices closed the day flat to higher, with the DJIA inching lower -1.58 points (-0.01%) to 25,320.73, the S&P500 up +4.85 points (0.17%) to 2,786.85 and the NASDAQ Composite advancing +43.869 points (+0.57%) to 7,703.794. European stocks finished slightly lower as the closely watched summit between Trump and Kim Jong Un provided little detail. The EuroFirst 300 crept -0.25 of a point lower (-0.02%) to 1,516.10 and the EuroStoxx 600 decreased -0.41 of a point (-0.11%) to 387.53. Regionally, the FTSE100 sank -0.43%, the DAX was flat and the CAC40 retreated -0.38%. Crude oil prices came under pressure after data showed OPEC production was on the rise (WTI -$0.08 to $66.02 and Brent -$0.97 to $75.49). OPEC’s monthly report said that an average of 33.34m b/d is required from the 14 member group in the second half of the year. However, output from Venezuela slumped to 1.39m b/d in May. Traders remain split on whether OPEC will increase output significantly at next week’s OPEC meeting, after a variety of members indicated the reluctance to change strategy. Prices also came under pressure after private data showed U.S inventories had increased by 833k barrels last week. The EIA report will be closely monitored tomorrow. Elsewhere the U.S 10y yield increased +0.92bps to 2.961% and the 2y yield spiked 1.85bps to 2.539%.

U.S. President Donald Trump and North Korean leader Kim Jong Un pledged to work toward complete denuclearisation of the Korean peninsula, while Washington committed to provide security guarantees for its old enemy. At the end of their historic summit in Singapore, Trump and Kim signed an agreement to work toward complete denuclearisation and a lasting "peace regime" on the Korean Peninsula. The document, which Trump deemed "very comprehensive," says the two sides commit to hold follow-up negotiations and to cooperate to develop bilateral relations. Asked about what the agreement meant for North Korea's denuclearisation, Trump said "we're starting that process very quickly — very, very quickly." Many experts expressed dismay at the agreement, however, saying it lacked a solid commitment by Pyongyang, while others said it was vague as to details. Critics have noted no clear timetable, no mutual definition of denuclearisation, no verification procedures and no specifics on which US military exercises would be suspended amongst other things.

On the data front overnight, U.S CPI rose a seasonally adjusted +0.2% in May from the prior month as expected, according to the U.S Labour Department. Prices rose +2.8% last month from the prior year, the strongest reading since February 2012, when inflation was +2.9% YoY. One driver of higher prices this year has been gasoline. The average cost for a gallon of regular gasoline was $2.90 in May, up from $2.48 in December, according to the EIA. The report showed energy prices climbed a seasonally adjusted +0.9% last month. Core CPI also rose +0.2% (+0.2% expected), signalling broader inflation. In the UK, the unemployment rate stood 4.2% in the three months to April of 2018, the same as in the previous period and the lowest since 1975. In Germany, poor ZEW survey results continued the recent poor run of data for the European powerhouse economy. ZEW Current Conditions figure dropped sharply to 80.6 versus 85.0 expected and 87.4 booked previously, missing market expectations by a big margin. The ZEW Indicator of Economic Sentiment for Germany dropped by 7.9 points from the previous month to -16.1 in June 2018, below market expectations of -14. It was the lowest reading since September 2012, due to the recent escalation in the trade dispute with the U.S as well as fears over the new Italian government pursuing a policy which potentially destabilises financial markets. On top of this, German industry reported worse than expected figures for exports, production and incoming orders for April. Also, the assessment of the current economic situation in the country decreased by -6.8 points to 80.6.

PRECIOUS: Another dull and sluggish session for gold, remaining range-bound ahead of the numerous important central bank meetings at the back end of this week. Gold opened yesterday on the days highs and slowly started to edge lower as fast money specs took short positions on their books in early trade and the USD inched higher. Market focus was specifically on the historical U.S/N. Korea summit which began well with the two leaders giving off positive body language from their opening introductions. The gold trickled lower over the course of the morning after which it happily traded a narrow range of $1297-99 throughout the morning SGE session. USD strength over the Asia day continued to weigh on the metals, as did the general positive vibe surrounding the summit - softening any safe haven buying that may otherwise have taken place. During London hours the EURUSD began to pick up steam moving back toward 1.18, although gold failed to follow, contently trading the earlier range. When NY traders kicked off their day there was a deluge of selling, taking us sharply off to the days lows at the bottom of the recent range pre-CPI. The CPI was another strong figure although it did miss estimates. As a result the yellow metal did a quick about face and marched back toward $1300. From there though we eased back toward $1295-96 where we wrapped things up for the day. ETF's continue to slowly give up holdings, figures according to Bloomberg dipping somewhere in the realm of 1 million oz of gold over the past 10 days - from 72 million to 71 million oz. Any significant acceleration on sales in this space could see a sharp downside flush-out through $1285-90 support. The main catalysts over the coming days for gold are undoubtedly the FOMC and ECB and particularly their effect on the USD and EUR respectively. Silver has held in relatively well over the past few sessions with decent support seen on dips toward $16.75. We feel however that there will need to be some important catalyst here to wipe out the deluge of Asian based sellers sitting between $16.90-17.10 and proceed higher.

Not a great deal to report today, Asian traders happy to sit on their hands ahead of tonight's FOMC meeting.The yellow metal opened at $1295.80 and traded cautiously sideways over the first few hours of trade. There was some very light liquidation seen from Asian names as the morning session wore on, although it was of such small size it had very little impact on price and was easily absorbed. Slight dollar strength persisted into lunch and the afternoon which kept a lid on things despite some modest Chinese buying throughout the morning and early second session. We expect markets to remain subdued into tonight's FOMC announcement and communication. In other markets equities in Asia are generally lower with the Shanghai Composite currently -0.75%, Hang Seng -0.6% and ASX200 -0.6%, while the Nikkei has bucked the trend and trading up +0.4%. WTI is flat on the day at $66.00, while Brent is a little softer down -$0.25 (-0.34%) currently at $75.62 and the Greenback is firmer against most majors with the exception of the EURUSD which is a touch higher at 1.1750. On the data front FOMC is front and centre, but also look out for UK CPI and PPI, Euro Zone IP and employment and U.S PPI.

 

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 22 June 2018

MACRO: US equities finished lower as fears of a global trade war persist. The Dow lost 196.1 points, or 0.80%, to 24,461.70 to continue an 8 day losing streak, the S&P 500 fell 17.56 points, or 0.63% to 2,749.76, while the Nasdaq sold off 68.563 points, or 0.88%, to 7,712.952. There were wins for REITs (0.62%) while heavy losses in energy (-1.93%) and industrials (1.19%) weighed on the markets. European equities were lower as Italian financial stocks were sold on reports that the country had appointed a Euroskeptic to its Senate finance committee. The EuroSTOXX gave up 3.44 points, or 0.90%, to 380.85, the German DAX slumped 183.25 points, or 1.44%, to 12,511.91, and the London FTSE 100 fell 70.96 points, or 0.93%, to 7,556.44. In the currencies, the US dollar index eased 0.25% to 94.883, the EUR 1.1624, while USD/JPY was as low as 109.84. US treasury yields were lower, the 2 year yield eased 2.9 bps to 2.5369% and the 10 year yield fell 4.22 bps to 2.8967%. Oil prices were mixed as OPEC and other key allies head toward a decision to raise global output, though US prices were supported by a sharp drop in inventories reported on Wednesday. Brent slipped 2.23% to $73.07 while WTI firmed 0.14% to $65.80. Base metals were moderately higher for the most part, though zinc (-2.57%) bucked the trend. In US economic data, the Philly Fed manufacturing index declined sharply to 19.9 in June from a reading of 34.4 in May. The new orders index tumbled by almost 23 points to 17.9. The Conference Board's leading economic index rose 0.2% in May following a 0.4% increase in April, a measure of current conditions also rose 0.2%. Initial jobless claims fell by 3k to 218k in the week ending June 16, while continuing claims rose by 22k to 1.72M. In Asia today, as I write the Nikkei is at -0.78%, the Shanghai composite is at -0.09%, the Hang Seng is at +0.02%, and the ASX S&P 200 is at -0.11%. Tonight we have Markit manufacturing PMI (flash) and Markit services PMI (flash) out of the US; and consumer confidence (flash), Markit manufacturing PMI (flash) and Markit services PMI (flash) out of the Eurozone.

PRECIOUS: Flat session for the precious as goldclaws back early losses. Gold opened at $1268 in Asia and, despite an early creep higher, was sold steadily through the day as the US dollar picked up ground against the yen. The SGE premium opened around $4-5 and we did see some buying action on the way down, though not enough halt the decline which saw the market reach $1262 as London came in. Gold then steadied around the Asian lows during the London AM session before dipping to a 6 month low of $1261 on the open in NY. The yellow metal saw it's fortunes reversed during NY hours as investors turned on the greenback. Gold climbed steadily higher to the days high of $1270 on broad USD weakness, before easing in the late afternoon to a close at $1266. Silver dipped to a 3 week low $16.17 before paring it's losses to finish at $16.30. Palladium was the worst performer, slumping $17 off the open and closing near the lows. In Asia today, gold has hovered around $1267-69 before ticking up over $1270 late in the day as the EUR firms. The SGE premium was around $3-4 over loco London. The yellow metal is at $1269.40 as I write. Silver reached a high of $16.40 and is sitting at $16.39 as I write. PGMs are edging higher also. Gold should find initial support at yesterdays low of $1261 with the December 17 low of $1641 below that. On the upside, expect broad resistance between $1275-80, with the psychological $1300 level the target above there.

 

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 : Mon 18 Jun 2018

MACRO: A further escalation in the trade war between the U.S and China over the weekend with Beijing moving to impose an additional 25 per cent tariff on 659 U.S. goods. The move comes following President Trump's announcement on Friday that the U.S. would impose fresh tariffs on 1102 Chinese product lines to the tune of USD $50 billion per year. The trade tensions weighed upon equities in the U.S. as the major bourse's ended modestly lower on Friday. The DJIA eased -0.34% to 25,090.48 points, however was able to recover from early session weakness that saw the bourse off as much as -1.1%. The S&P 500 saw weakness across energy stocks (-2.11%) to slip -0.10% to 2,779.66 points, while the Nasdaq Composite pulled back -0.19% to 7,746.378 points. Over the week the DJIA fell -0.9%, the S&P inched +0.01% higher and the Nasdaq outperformed +1.3%. The Empire state manufacturing index increased 4.9 points in June to 25.0 (exp: 18.8), marking the highest read since October 2017 as new orders, shipments and employment all recorded solid gains. Industrial production in the U.S. fell into negative territory for the first time in 4-months, sliding -0.1% MoM (exp: +0.2%) to follow an upwardly revised +0.9% previously. The greenback held a narrow range on Friday following the recent central bank related strength, seeing the DXY ease -0.1% as participants considered the implications of fresh tariffs. European equities were sold-off on Friday as the U.S. and China resumed their 'trade war'. The Stoxx Europe 600 slumped -0.99% to 389.13 points, the German Dax declined -0.74% to 13,010.55 points and in the U.K. the FTSE 100 tanked -1.7% on the back of Chinese related weakness across mining stocks.

PRECIOUS: An outside session for gold on Friday as sellers swept the metal to a fresh 2018 low of USD $1,276.30. Price action was generally restricted to New York hours as the yellow metal traded either side of USD $1,300, finding layered bids underneath the figure to soak up producer selling. It was generally one-way traffic in New York however as participants triggered a number of stop loss orders through USD $1,290 and again at the May low around USD $1,282. The weakness looked to be a delayed reaction to greenback's ECB related gains on Thursday, squeezing out long positioning and finding little in the way of support on the back of 'trade war' headlines. Silver outpaced gold on Friday to tank a staggering -3.8% before finding supportive price action around USD $16.50, while platinum made light work of the USD $900 support and similarly palladium lost the USD $1,000 handle.

A muted session for gold on Monday with China and Hong Kong taking leave. The yellow metal opened underneath Friday's close, however was generally well supported in early flows to push back above USD $1,280. A modest bid to the greenback in the afternoon created some headwinds to drag bullion back underneath the figure, however the metal held a narrow range into the European open and didn't extend much lower. Dollar flows look likely to continue to be the main driver of price action over the near term, while we see support toward USD $1,275 and resistance at the recently broken May low of USD $1,282, with extension to USD $1,285. Down-side risks continue to build as ETF positioning remains buoyant and should outflows drive a break of USD $1,275 we could see an extension as far as USD $1,250 - $1,236 (Dec 2017 low). Silver remains above the USD $16.50 pivot point, however is susceptible to a test toward USD $16.10 should gold struggle to find footing at USD $1,275.

 

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 12 Jun 2018

MACRO: In the absence of economic data releases, U.S. equities ended modestly higher on Monday as participants traded cautiously into Tuesday's meeting between President Donald Trump and North Korean leader Kin Jong Un. The DJIA saw weakness late in trade, however was able to hold onto a +0.02% gain to 25,322.31 points, marking the fourth consecutive session gain. The S&P 500 saw strength across consumer staples (+0.77%) lead eight of 11 components higher to book a +0.11% gain to 2,782.00 points, while the Nasdaq Composite tacked on a further +0.19% to 7,659.93 points. The greenback pushed modestly higher against majors on Monday, booking notable gains against the Japanese yen and the Canadian dollar. The DXY index added +0.1% to reclaim 110.00 against the yen, while the buck broke back above 1.30 against the Canadian dollar as the fall-out continues following the recent G7 summit. Treasury yields held a tight range on Monday, inching higher into the upcoming FOMC meeting. The 10-year added 2bps to 2.959% and the two-year gained 3bps to 2.52%. European markets pushed higher on Monday, with regional bourse's buoyed by a +3.42% gain to the Italian FTSE MIB index. The broad Stoxx Europe 600 jumped +0.73% to 387.94 points, while the German Dax added +0.60% to 12,842.91 points and the French CAC 40 rose +0.43% to 5,473.91 points. In the U.K. the FTSE 100 posted a +0.73% gain to mark the strongest session gain in two-weeks as the pound was sold.

PRECIOUS: Gold saw mixed price action on Monday, however ultimately ended higher and closed above the psychological USD $1,300 level. A sharp stop loss run higher to silver buoyed the yellow metal above USD $1,300 during early Asian trade, however resting offers restricted any further gains and gold gradually slipped back underneath the figure as the Chinese interest in silver ran out of steam. Late Asian trade saw the metal continue to trade heavily, while silver pared the majority of Asian gains in London to further weight upon price action. A move back above 1.18 to the euro underpinned a recovery into the U.S. session, taking gold through the Asian high print to USD $1,302.55, before easing modestly into the close. Silver importantly recaptured the early Asian gains to end the session over +1% higher, while palladium saw strength to extend to a USD $1,022 high for a +0.9% gain.

Pricing to bullion during Asian trade on Tuesday was dictated by dollar flows (DXY index opened notably higher), with gold pressured lower in early session trade as the euro ran through stops around 1.1775. The metal declined underneath USD $1,300 within the first hour of the session and struggled to find the footing necessary for a move back through the figure. Shanghai traded at a premium around USD $6 and we saw modest selling out of China to weigh upon price action, however a bounce to the euro following the early session weakness helped to provide supportive price action to restrict any further declines to the yellow metal. Dollar flows aside, we did see some risk pricing around Trump-Kim Jong Un headlines, notably seeing a small amount of risk premium wiped off the metal on very positive comments from President Trump regarding both the meeting and Kim Jong Un himself. President Trump and North Korean leader Kim Jong Un signed what they described as a "very important, historic and comprehensive" document, the details of which have yet to be made public, however further details are expected from President Trump at a press conference scheduled around 3:30pm Singapore time. Near-term gold pricing should remain rangebound into the major economic events this week, however we may see some volatility around the upcoming comments from President Trump. Data releases today include U.K. employment, German ZEW survey results and U.S. CPI.

 

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 21 June 2018

MACRO: The U.S. current account deficit widened by USD $8 billion to USD $124.1 billion during Q1 (est: $129 billion). The print was largely driven by an increase in imports and higher oil prices. Existing home sales in the U.S. contracted during May, sliding -0.4% MoM to 5.43 million (exp: +1.1%). The print was the second consecutive decline following a downwardly revised -2.7% fall in April. The decline was largely driven by a -0.6% fall in single family homes, while regionally the Midwest sunk -2.3% to lead three of four regions lower. Equities in the U.S. ended mixed on Wednesday as investors considered the implications of fresh trade war headlines, with the U.S. ambassador to Germany meeting with leading automotive players to discuss ending/reducing car tariffs. The DJIA declined -0.17% to 24,657.80 points to mark the seventh consecutive session decline for the bourse, the longest such streak since March 2017. Gains to real estate stocks (+1.10%) helped buoy the S&P 500 to a +0.17% gain at 2,767.32, while the Nasdaq Composite (+0.72%) printed a fresh record close of 7,781.515 points as biotech stocks turned higher. The greenback saw mixed price action on Wednesday, however managed to book a modest gain (DXY +0.1%) on the session. The buck gained ground against the yen to consolidate above 110.00, while the euro softened marginally. European equities bounced back from recent weakness on Wednesday, seeing the Stoxx Europe 600 +0.28% higher at 384.29 points, while the German Dax tacked on +0.14% to 12,695.16 points. In the U.K. the FTSE 100 added +0.31% to 7,627.40 points, supported by gains to tobacco giants British American Tobacco (+2.38%) and Imperial Brands (+3.2%) after both were given buy ratings by Liberium.

PRECIOUS: Gold held a narrow range on Wednesday, however skewed to the down-side too see the metal decline underneath USD $1,270. Modest Chinese interest underpinned the yellow metal during Asian hours as Shanghai continued to see the metal at a premium of USD $6. The bid tone saw bullion push briefly above USD $1,275, however layered spec offers and producer selling restricted any further top-side gains. Gold softened modestly into the European open to test toward USD $1,270, while dollar strength in New York saw the metal underneath the figure to print a USD $1,268.50 low. Silver extended recent weakness to touch a USD $16.26 session low on Wednesday, while platinum booked a positive session after finding interest in New York.

Gold extended recent weakness during Asian trade on Thursday, weighed down by a stronger greenback to test toward at USD $1,260. The metal held a narrow range into the Chinese open, however sellers soon wrestled control to push gold underneath the USD $1,267 support. Interest around USD $1,265 kept bullion buoyant during the Chinese lunch break, however it wasn't long before the metal made a further leg lower, extending to a USD $1,262.20 low as the dollar continued to run higher. We continue to see ETF outflows, albeit only modest daily volumes, with risks to the down-side extending should funds increase the pace of unwinding. Resistance sits toward USD $1,275, while support sits around USD $1,250 and below this the Dec 2017 low of USD $1,236 will become vulnerable. Data releases today includes the BOE rates decision, U.S. initial jobless claims, the Philadelphia Fed business outlook, U.S. FHFA house prices and the U.S. leading index.

 

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 15 Jun 2018

MARKETS/MACRO: Despite the ECB becoming more hawkish on policy, markets interpreted the statement as dovish, with the EUR plummeting vs. all the G10 (EURUSD low 1.1564 after trading briefly at 1.1850 following the initial release). Stocks across Europe surged by the most in 2 months in line with the crumbling Euro. The FTSE Euro First 300 Index rallied 18.97 points (+1.25%) to 1,536.42 and the Euro Stoxx 600 leapt +4.79 points (+1.23%) to 393.04. Regionally, performance was strong across the board with the DAX up +1.68%, CAC40 +1.39% and FTSE100 +0.81%. U.S. stocks closed higher on gains by big technology and media companies, outweighing laggard financial and industrial shares. A flurry of stronger-than-expected economic data also lent support to stocks, while investors were mostly supportive about the European Central Bank detailing a timeline for its bond-buying program. The Dow Jones Industrial Average fell -25.89 points (-0.10%) to 25,175.31, the S&P500 crept up +6.86 points (+0.25%) to 2,782.49 and the NASDAQ rallied +65.343 points (+0.85%) to 7,761.042. Base metals were lower following the weaker-than-expected China industrial production and fixed asset investment figures out yesterday. Sentiment was in no way assisted by the strength in the dollar either with Copper (-1.10%) and Nickel (-2.18%) bearing the brunt of the sell-off. U.S treasury yields were lower on the day, 10y dipping -3.1 bps to 2.935% and 2y off -0.4 bps to 2.564%.

The European Central Bank will shut its hallmark bond purchase scheme by the close of the year, it said on Thursday, taking its biggest step yet toward dismantling crisis-era stimulus a decade after the start of the Euro zone's economic downturn. Yet in a balanced announcement reflecting the uncertainties hanging over the economy, it signalled that any interest rate hike is still distant, raising the prospect that ECB chief Mario Draghi might leave office in October 2019 without having raised rates in his eight year term. The timid move to roll back stimulus contrasted with the U.S. Federal Reserve's rate hike a day earlier, which signalled a break from policies used to battle the 2007-2009 financial crisis and a return to normalised central banking. The ECB will halve its bond buys to 15 billion EUR a month from October then shut the program at the end of the year. It also sees interest rates steady "at least through the summer of 2019" - a vague definition that gives policy-makers a wide window and the flexibility to push back any move.

The Trump administration is preparing to release a refined list of Chinese products to be hit with tariffs that hones in on technologies where China wants to establish itself as a leader, according to five people familiar with the matter. The U.S. is scheduled on Friday to release an updated list of Chinese tariff targets - which according to some sources could effect as much as $50 billion worth of Chinese imports. The White House has said the duties will be implemented “shortly” after the release of Friday’s list, though no date has been set. The tariffs could be applied in stages, according to two of the people briefed on the administration’s plans. Duties will take effect on some products within weeks. Tariffs on any products added to the U.S. Trade Representative’s list would be subject to a period of public feedback.

PRECIOUS: An interesting session for gold overnight, the yellow metal finally breaching topside resistance at $1305, although tapered off as the EURUSD was whacked some 300 points from the highs. Gold opened around $1300 yesterday in Asia and ever so slowly made it's way lower throughout the Asia AM session - hitting the intra day low of $1297.90. As the European day commenced gold started to catch a bid with investors suspecting that the ECB would be announcing a timeline to ending QE in a matter of hours. EURUSD pushed higher and the gold followed, nudging against its resistance at $1305 for about an hour pre-ECB. Silver too, showed strength late in the Asia day, with Chinese bank selling dissipating in the afternoon. We managed to punch through the previous days highs, and settle between $17.10-15 - despite base metals taking a hit. Things got a little messy when the ECB announcement dropped. On the one hand the CB announced the path to abolish QE by the end of 2018, yet on the other, it mentioned that rates will likely stay low until at least the summer of 2019. EURUSD intially spiked to 1.1850 on the news, although aggressive selling then entered the market and it continued for the rest of the session, leveraged and systematic accounts in particular hitting offers in droves and sending the pair some 300 pips lower by session close. Gold travelled a similar trajectory, initially rallying to the high ($1309.55), although coming under the pressure as the EUR buckled and USD in general rallied. We closed out the NY session at the top end of the recent range ($1302).

The gold opened this morning and there was some light profit taking seen very slowly marching the market a dollar or so lower. Volume had noticeably picked up from what we have seen over previous sessions although price action remained tight throughout the morning ($1300.50-1303.00). The whole complex tapered off into the China open this morning, although there was decent buying seen across the board today from Chinese investors, likely the result of a firmer USDCNY for onshore traders. Premium was again fairly contained, still trading around $4.50-6.00 over the loco London price. Silver retained the ground made last night holding fairly close to $17.20 throughout , while the PGM's have also remained fairly stable. The main data release today was that of the BoJ, which failed to really move the markets. The central bank left rates on hold as expected, although their tone had shifted somewhat. Board member Kataoka was quoted as saying that the BoJ "should clarify it will ease further if domestic factors delay achievement of price target", so there does seem to be a little dissent among the ranks. As mentioned, the markets failed to react in any meaningful way, the USDJPY about 20 pips higher to 110.80 immediately after the release. Ahead today look out for the new Chinese tariff announcement from the White House, which likely has the greatest likelihood of moving markets. The Wall Street Journal has mentioned today that insiders say Trump has now signed off on these tariffs and we are only just awaiting the details. We also have Euro Zone CPI, U.S Empire manufacturing, Industrial production and University of Michigan sentiment.

 

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 11 Jun 2018

MACRO: Wholesale inventories in the U.S. printed modestly higher than initially estimated during April, increasing +0.1% MoM (exp: flat) from a flat April read previously and a +0.2% increase in March. Wholesale inventories (ex-autos), the figure that is use in the calculation of GDP was also up +0.1%. Equities in the U.S. tracked higher on Friday as participants put aside concerns over the G7 summit and the upcoming meeting between President Trump and North Korean leader Kim Jong-un. The DJIA added +0.30% to 25,316.53 points, marking the highest close since March in addition to its biggest weekly gain since March in adding 2.8%. Strength to consumer staples (+1.3%) helped see the S&P 500 +0.31% higher at 2,779.03 points amid a number of positive earnings reports, taking the bourse +1.6% higher on the week, while the Nasdaq Composite tacked on +1.4% to 7,645.51 points, closing +1.2% higher on the week. The greenback saw mixed pricing on Friday as the G7 summit in Canada got underway amid simmering trade tensions. The DXY index ended the session +0.2% higher after paring European gains during the new York hours, notably losing ground against the yen. The latest CFTC data showed speculators sold $0.2 billion of USD contracts to put an end to 6-weeks of buying and increased short positioning to $5.7 billion. Treasury yields in the U.S. inched higher on Friday as bonds were sold late in trade, seeing the 10-year to 2.946%. Markets in Europe closed in the red on Friday on the back of fresh concerns out of Italy and uncertainty into the G7 meeting. The Stoxx Europe 600 pulled back -0.21% to 385.12 points, while the German Dax declined -0.35% to 21,355.98 points and the Italian FTSE MIB index sunk -1.89%. In the U.K. the FTSE 100 was sold off on the back of contagion out of Europe, sliding -0.30% to 7,681.07 points.

PRECIOUS: Silver outperformed during Asian hours today, ripping higher on a stop loss run though the 200 DMA to touch a USD $16.91/93 session high. The grey metal has traded bid in European/U.S. hours in recent sessions, however has continued to struggle in Asian hours amid selling pressure out of China. The metal now turns focus to extending upon these gains and squeezing shorts for a move through USD $17 and consolidation above the figure. As we have become accustomed to seeing over recent sessions, bullion once again made headway above USD $1,300 only to be met with heavy supply above the figure. With no real catalyst for the break above USD $1,300, it looked likely that the yellow metal piggybacked the move higher in silver before easing back underneath the figure leading into European trade. Expect the precious complex to see volatile trade this week with a number of events on the calendar including ongoing headlines following the G7 summit, the meeting between President Trump and North Korean leader Kim Jong-un, the June FOMC meeting and the ECB meeting with focus on comments regarding the future of QE.

 

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.