Morning Minutes

Gold Rallies as Stampede Into US Dollar Slows




The biggest overnight moves have been capital flows between asset classes. The recent stampede into US bonds appears to be slowing with the 10-year treasury note yield bouncing back up toward 1.85% from near 1.75% yesterday. The US Dollar also appears to be backsliding a bit which has enabled other currencies to rally including gold, up 0.9% and back above $2,000/oz, the Euro, up 0.4% and Bitcoin up 3.1%.

Commodity action has been mixed. WTI crude oil and gasoline are both up 3.0%, while Brent Crude is back up above $125.00/bbl. Energy contracts have picked up in the last few minutes on media reports that the US may be preparing to ban oil imports from Russia, further expanding sanctions. Natural gas, however, is down 5.5% as the end of home heating season nears. In metals markets, Nickel has continued to soar to record levels in overseas trading (Russia hosts the world’s largest nickel mine), while copper is down 0.5%.  Yesterday’s US market plunges of 3.0% for the S&P 500 and 3.6% for the NASDAQ continued through Asia Pacific trading where the Nikkei fell 1.7% and Shanghai dropped 2.4%. European and North American markets were trying to bounce back but this has faded. Currently the Dax is up 0.1% but the FTSE is down 0.5%. In the US, Dow futures are down 0.1% while NASDAQ futures are down 0.5%.

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

Read More

Legal and Regulatory Disclosures

Terms and Conditions:
This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.