Stocks Break Out, Gold Bulls Patiently Await ‘Turmoil’

$DIA, $SPY, $QQQ, $VXX, $GLD

The Gold market is greeting geopolitical turmoil with a Yawn, as stocks made a strong move North on with the S&P 500 and the NAS Comp each + 1.0%, and the DJIA advancing 0.8%.

The precious Yellow metal has dropped for 3 weeks running and was little changed Wednesday as Treasury yields and Crude Oil jumped on the US plan to reinstate sanctions on Iran.

The metal is trading at the cheapest relative to Crude Oil since late Y 2014.

Investors generally flock to Gold as a safe-haven during times of global tension, heightened US-Iran strains have ailed to trigger a rise in demand on a stronger USD, higher US interest rates and a solid world economy.

The safe-haven trade is not and has just not been there

Gold futures for June delivery rose less than 0.1% to $1,313.20 oz  at the close on the COMEX in New York

WTI Crude Oil +2.9% at 71.10 bbl $USO Gold +0.1% at 1313.20 oz $GLD Copper Unch at 3.06 $CU

Today, 1 oz of Gold buys about 18.5 bbls of Crude Oil, the lowest since December 2014. Crude rallied after President Donald Trump’s decision Tuesday to exit the Iran nuclear accord and reintroduce sanctions on the country

Wednesday, the major US stock market indexes finished at: DJIA +182.33 at 24542.54, NAS Comp +73.00 at 7339.91, S&P 500 +25.87 at 2697.79

Volume: Trade on the NYSE came in at 941-M/shares exchanged

• NAS Comp +6.3% YTD
• Russell 2000 +3.9% YTD
• S&P 500 +0.9% YTD
• DJIA -0.7% YTD

HeffX-LTN’s Market Indexes Technical Analysis

Stay tuned…

  Bulls, Crude, DIA, DJIA, GLD, Gold, Iran, nuclear, oil, QQQ, SPY, stocks, VXX

The following two tabs change content below.

• Bio
• Latest Posts

HEFFX Australia

HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

Latest posts by HEFFX Australia (see all)

• American Billionaires Have Seen Their Wealth Increase While Millions Lose Jobs - June 5, 2020
• Euro: USD/EUR (EUR=X) Expect Some Profit Taking - June 5, 2020
• Can Chesapeake Energy Corporation (NYSE:CHK) Stock Survive This Crisis? - June 4, 2020