Company Overview and News
Gold took another spill on Thursday as dollar-related pressure continues to mount for the yellow metal. Gold still has shown no signs of being near a bottom, and as we’ll discuss in today’s commentary, a gold mining stock inverse ETF suggests there is a danger of further weakness ahead for the yellow metal.
If it wasn't bad enough that the overpower demand for dollars lately has wreaked havoc on the gold market, gold has also lost two valuable supports. The silver price reversed its recent rally attempt, thereby depriving gold of one such support. The gold and silver mining stocks have also faded in just the last few days, removing yet another potential support. This brings gold back to square one as the bulls have lost all control of the immediate-term trend, as we'll discuss in today's commentary.
Many participants are baffled as to why gold hasn’t attracted any discernible safe-haven demand lately. There has certainly been no shortage of headline fears to spark a gold rally, yet so far gold hasn’t responded to these fears at all. As I’ll argue in today’s commentary, there is a legitimate reason for gold’s failure to rally and it has to do with the unusual combination of emerging markets weakness and U.
The main headline driver for gold's recent weakness remains the ongoing strength in the U.S. dollar. Meanwhile the June rally in the silver price, which would normally have buoyed gold, turned out to be nothing more than a "head fake" as silver has given back its recent gains. Gold now finds itself back in the same position it has been stuck in for most of this spring, namely in a position of weakness.
For the last few weeks it has been my refrain that a strong dollar is the number one obstacle for the gold price being unable to make headway. Evidently the term “strong dollar” rankles many investors who for some reason view the recent strength of the U.S. currency with suspicion. As I’ll emphasize in this report, however, the dynamic which has been in place since April remains intact and for now gold remains vulnerable to the dollar’s rising value.
Gold is facing what is potentially its toughest test of the year right now. Its attempt at rallying despite a strengthening dollar will test not only the buying power of the gold bulls who believe the metal can rally despite the powerful headwind from gold’s currency component, but also the belief by many investors that higher risk assets offer better value than gold right now. In today’s commentary, we’ll focus on this conflict as I’ll make the case that while gold can make some headway against a strong dollar in the immediate term, a weaker dollar is definitely needed to catalyze a sustainable rally in the intermediate-to-longer term.
GORO PAAS AEM IAU
With the price of gold subdued by a strong dollar, most actively traded gold mining stocks are also understandably feeling that same pressure. There are, however, a few conspicuous mining companies which display relative strength in the face of the current weak market for gold. In this report we'll examine these standouts along with the technical condition of the overall mining stock market. My argument is that while gold stocks as a group aren't yet ready to experience a rally, the odds of one later this summer have increased.
GORO PAAS AEM IAU
A stubbornly strong U.S. dollar has kept the technically oversold gold price from launching a rally. While the strong dollar factor is likely to continue weighing against gold in the immediate term, we’ll discuss in this report the growing number of positive factors for gold which suggest the metal’s prospects will improve heading into summer.
Are there any immediate news-related catalysts for a gold rally? That’s the question metals traders have been asking of late. While there have been no shortage of headline-driven events recently which have justified at least a little safe-haven buying, none of these events (e.g. Italy, trade tariffs, North Korea) have sufficed to really whet investors’ appetites for gold. With the absence of fear in news headlines, it may therefore be tempting to conclude that short-term prospects for a gold rally are virtually nil.
Gold mining stocks as measured by the popular averages like the PHLX Gold/Silver Index (XAU) have gone nowhere since April. Yet below the surface, there are signs of promise among individual mining shares. In today’s commentary, we’ll examine this bifurcated market condition and remove the chaff from the wheat to see just where the strength is coming from. We’ll also see that while short-term conditions remain weak for the mining stock group, improvement should become visible by later this summer.
GORO GG IAU GDXJ
Several weeks into a corrective decline for the gold price and investors are asking the question featured in the above headline. Their hopes have been buoyed by the dollar’s latest slip, along with an impressive rally in the silver price. In today’s commentary, we’ll examine the technical evidence which suggests that gold can indeed benefit from these recent developments.
After dropping to its lowest level of the year last month, gold has been relegated to the dustbin by most investors. In recent weeks, there has been a show of apathy and, in some cases, outright antipathy, toward the yellow metal after its underperformance in the face of a strong dollar and a buoyant equity market. But gold's immediate-term prospects are finally starting to show some promise, as we'll discuss in today's commentary.
Natural resource investors were excited to learn recently that an effort is underway to boost the profile of the underperforming gold mining industry. If successful, this campaign could result in higher share prices for major mining companies and may even the gold price a lift. But how likely are the combined efforts of several major stakeholders to succeed in turning things around for the industry? And even if successful, how long will this effort take before making a definite impact on gold mining companies? As I’ll argue here, investors shouldn’t hold their breath in expectation of any significant results in the foreseeable future.
SGC TGB BLK TKO IAU
Gold can’t seem to catch a break. At least, that was the conclusion many investors made after last week’s poor performance for the yellow metal. Gold continued to face pressure from growing evidence of strength in both the U.S. economy and the dollar. Entering the new week, the gold bulls remain under the gun. There is, however, one specific catalyst which could change gold’s immediate-term fortunes, which we’ll discuss in today’s report.
While gold’s immediate trend remains uncertain in the face of U.S. dollar strength, the metal does have at least one important ally: the gold stocks. As I’ll argue here, recent internal improvements among several actively traded mining shares could serve to stimulate short-term demand for gold. In today’s report, we’ll look at the internal momentum structure for gold stocks and see how much rally potential exists for the XAU index in June.
GORO GG IAG IAU
2018-06-22 - Asif
Overview Cascadian Therapeutics is a clinical-stage biopharmaceutical company focused on the development of therapeutic products for the treatment of cancer. The company's goal is to develop and commercialize novel targeted compounds that have the potential to improve the lives and outcomes of cancer patients. The company's lead clinical-stage product candidate is tucatinib, an oral, HER2-selective small molecule tyrosine kinase inhibitor. The company's pipeline also includes two preclinical-stage product candidates: CASC-578, a Chk1 kinase inhibitor, and CASC-674, an antibody program against an immuno-oncology target known as TIGIT. 2018 Merger Agreement On January 30, 2018, the company entered into an Agreement and Plan of Merger (the Merger Agreement) with Seattle Genetics, Inc., a Delaware corporation (Seattle Genetics), and Valley Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Seattle Genetics (Merger Sub). Pursuant to the Merger ...
2018-06-22 - Asif
Business Overview The Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, “the Corporation” may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. The company's principal executive offices are located in Charlotte, North Carolina. Through its banking and various nonbank subsidiaries throughout the U.S. and in international markets, the company provide a diversified range of banking and nonbank financial services and products through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. The company operate its banking activities primarily under the Bank of America, National Association (Bank of America, N.A. or BANA) charter. At March 31, 2018, the Corporation had a...
2018-06-18 - Asif
Business Arrowhead develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, Arrowhead therapies trigger the RNA interference mechanism to induce rapid, deep and durable knockdown of target genes. RNA interference, or RNAi, is a mechanism present in living cells that inhibits the expression of a specific gene, thereby affecting the production of a specific protein. Deemed to be one of the most important recent discoveries in life science with the potential to transform medicine, the discoverers of RNAi were awarded a Nobel Prize in 2006 for their work. Arrowhead’s RNAi-based therapeutics leverage this natural pathway of gene silencing. In fiscal 2017, Arrowhead refocused its resources on therapeutics that exclusively utilize the company’s Targeted RNAi Molecule (TRiMTM) platform technology. Therapeutics built on the TRiMTM platform have demonstrated high levels of pha...
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