Monday, 10 August 2015

12pm update - metals catch a bid

US equities are continuing to build on opening gains, with an intra high of sp'2102, along with VIX 12.29. The precious metals have caught a particularly strong bid this morning, Gold +$15, with Silver +3.8%. The related miners are naturally spiralling upward, with the ETF of GDX +5.0%.


GLD, daily


*No doubt some in the gold bug community will be getting overly excited at this mornings sharp gains, yet this mornings gains do nothing to change the broader trend.

Just like the notion that $1130 was a key multi-year floor for Gold, the recent low of $1072 looks set to be broken... the only issue is whether this month.. or next.

As for the broader equity market.. its clearly a strong start to the week for the bulls, but overall market mood sure doesn't suggest these gains will hold across the week.. never mind be built upon.

VIX update from Mr T.

time for tea.