Via Energy and Gold.com: One of the biggest stories of 2015 has been the surging price of gold in euro terms: Gold in euro terms has soared nearly 20% in the last month, however, there are mounting signs that a pullback/correction is due: (Chart of gold priced in USD divided by EUR/USD which equates… Continue Reading
Via Energy and Gold.com: Since forming a double-top at $1307/oz last week gold has formed a bearish technical pattern that could result in a move lower back down to the $1250s: A breach of the $1275 support level would set up a pullback to the $1250s. Such a scenario would also follow the August/September 2012… Continue Reading
Via Energy and Gold.com: During the week ending January 20th hedge funds increased short positions in WTI crude oil futures to the highest levels since September 2010: There is an interesting dynamic developing in the crude market: Inventory builds are expected to be huge during the 1st quarter Sentiment has reached a bearish extreme that… Continue Reading
Via Energy and Gold.com: There was a boom in oil & gas Capex during the past couple of years, particularly in the shale oil drilling space: With the recent crash in the oil price this boom has turned into a bust and there is likely to be further fallout among the weaker, less well capitalized… Continue Reading
Via Energy and Gold.com: Small speculators more than doubled their net length in gold futures ahead of the ECB’s quantitative easing announcement on Thursday: This is the largest net long position in gold futures that small speculators have had since early July which happened to coincide with an intermediate price peak for the yellow metal. Meanwhile,… Continue Reading
Via Energy and Gold.com: We have been ‘stalking’ Haliburton (HAL) for a couple of weeks based upon a clearly defined double-bottom setup and the potential for a breakout above $41. This breakout is now in progress: The Daily 14-period relative strength index (RSI) is above the median line pointing higher and no where close to… Continue Reading
Via Energy and Gold.com: A set of quotes on oil from some people in high places from Bloomberg Briefs: There are some observations and deductions to be made from this set of quotes. Possibly the person to gain the most from higher oil prices, the CEO of Russia’s VTB Bank, says that $60-$80 is the range… Continue Reading
Via Energy and Gold.com: Tomorrow morning (North American time) the ECB will make its much awaited announcement which is almost sure to include some form of quantitative easing program. A series of leaks this morning, the most market moving of which was reported by Bloomberg, disagrees on the size and duration of the program to… Continue Reading
Via Energy and Gold.com: From Bloomberg Briefs: Iraqi oil production has absolutely exploded during the last 6 months to now more than 4 million barrels of oil per day. This is occurring even as ISIS continues to conduct its insurgency throughout much of the country. Moreover, Iraq plans to continue to boost exports of its… Continue Reading
Via Energy and Gold.com: As pointed out a couple of weeks ago gold and gold stocks have been closely following the price pattern from August/September 2012 just before the Fed announced QE3. The analog is now reaching a potentially key inflection point: GDX (June-December 2012) Gold miners as represented by the GDX staged a ~36% rally… Continue Reading
Via Energy and Gold.com Morgan Stanley is out with some interesting research this morning highlighting the strong positive correlation between copper and oil prices: Aside from the fact that both commodities are greatly affected by global economic growth there is another important factor as to why the oil price can end up having a large… Continue Reading
Via Energy and Gold.com: There is an interesting piece on palladium up on Bloomberg this morning entitled “Palladium is a Metal Rarer Than Gold. Now It’s Even More Rare, Thanks to Cheap Oil”. The article makes some logical points regarding global auto demand and the global palladium supply/demand dynamic. The article even includes quotes such as… Continue Reading
Via Energy and Gold.com The rally in gold miners which began in mid-December now measures over 31% and the GDX is threatening to move back above its 200-day moving average for the first time since early September: Given that other ‘bear market rallies’ during the past couple of years have ended at around the 40%… Continue Reading
Via Energy and Gold.com: This morning’s gold rally has formed a highly significant breakout from a multi-month chart pattern bottom: A textbook head & shoulders bottom has formed during the past several months and this morning’s large move higher has formed a breakout above the neckline of this pattern. The measured move target for this… Continue Reading
Via Energy and Gold.com: Crude oil futures have shot up more than $4/barrel this morning after a shock move by the Swiss National Bank (SNB) to remove the Swiss franc peg to the euro: The rally which began on Tuesday now totals 17% and, sadly enough for oil bulls, happens to be the largest percentage rise… Continue Reading
