Commodities – Energy Crude Oil Down in Holiday Trade Crude Oil (WTI) – $74.27 // $0.33 // 0.44% Commentary: Crude oil is currently down after falling on Friday despite a better-than-expected U.S. nonfarm payrolls report and rallying equity markets. Surging U.S. inventories continue to put pressure on the commodity, which typically rallies strongly on global [...]
The global debt crisis and the war on deflation by the Federal Reserve is causing precious metals to approach a key resistance level. Gold is nearing a 52 week high while silver is close to breaking $19. A break above these levels on high volume could be the beginning of a major move higher. Gold [...]
Commodities – Energy Crude Oil Looks to Inventories and Economic Data Crude Oil (WTI) – $72.28 // $0.36 // 0.50% Commentary: Crude oil got slammed on Tuesday, losing $2.78, or 3.72%. In addition to the persistent economic worries that have been plaguing risk assets in general, crude oil was also pressured by the prospect of [...]
We have a potential coil forming on the gold chart. As I’ve mentioned before about 70% of the time the initial thrust out of a coil tends to be a false move soon followed by a more powerful and durable move in the opposite direction. If that holds true then it would be preferable for [...]
Commodities – Energy Crude Oil Follows Equities Lower Crude Oil (WTI) – $74.13 // $0.57 // 0.76% Commentary: Crude oil’s three-day win streak was snapped on Monday after U.S. equity markets fell almost 1.5% on the day. Crude’s decline was much more modest in comparison; the commodity fell $0.47, or 0.63%, but the sell off [...]
North American Commodity Update Commodities – Energy Energy Traders Adopt the Pessimism of Equities Participants, Ignore Improvement in Data Crude Oil (LS Nymex) – $74.09 // $0.61 // 0.82% Having carved out a long over-due bullish correction following its most prominent bear wave in three months, US-based oil seems to have hit the extent of [...]
Kinross Gold Corporation (NYSE:KGC) has acquired a 100% interest in Russia’s Dvoinoye deposit and the Vodorazdelnaya exploration and mining licenses by taking over the Northern Gold LLC and Regionruda LLC, the companies that enjoyed the rights to the properties. In exchange, Kinross paid about $165 million in cash and about 10.56 million newly issued Kinross [...]
Commodities – Energy Crude Oil Flat Ahead of Plethora of Data Crude Oil (WTI) – $75.17 // $0.00 // 0.00% Commentary: Crude oil will attempt to build upon last week’s three-day rally that saw the commodity bounce from a low of $70.76 to $75.59. But, as much of that rally can be attributed to oversold [...]
Commodities – Energy Crude Oil Awaits U.S. GDP Data Crude Oil (WTI) – $73.09 // $0.27 // 0.37% Commentary: Crude oil advanced for a second session on Thursday, despite a down day for U.S. equity markets. The commodity added $0.84, or 1.16%, and traded quite resiliently throughout the day. Oil was able to take advantage [...]
Silver had very powerful break out Wednesday as investors are seeking assets that are safe and will retain value during a debt crisis. Silver is seeing demand at these price levels as it is historically cheap relative to gold. If the ratio came down to the levels it was in 2006 it would be close [...]
Equities: The equity sell off continues as Japan’s Nikkei tumbles below 9,000 after losing 150pts yesterday’s. The Nikkei closed at 8,845 and well off it’s 2010 open. European markets lost more ground again on Wednesday after the FTSE 100 dropped 0.90% to close at 5,109. The Stoxx Europe 50 gave back 0.71% to finish the [...]
Commodities – Energy Crude Oil Stumbles on Data Crude Oil (WTI) – $71.89 // $0.26 // 0.36% Commentary: A horrendous U.S. Existing Home Sales number sent crude oil reeling along with equity markets. Oil dropped $1.47, or 2.01%, after The National Association of Realtors said that the number of existing home sales in July fell [...]
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