Originally published by Chamber of Merchants
I’m on the road today so won’t be posting much.
Overnight the ADP jobs number was absolutely euphorically awesome, which pushed the probability of a rate hike to 100%.
While that news is great, the dollar did not rally further, gold's sell-off was halted and the stock market stagnated.
In my mind, I see:
The market now 100% expects a rate hike – no doubt.
The price of gold reflects the 100% rate hike – there are no surprises anymore (at least within reason).
Safe haven assets which have been neglected may receive more attention as the reality sets in.
Portfolio
Mission 1 – “So Far So Good”.
The USA miners only lost 0.7%.
The Australian dollar weakened by close to a percent.
Australian gold is now higher than yesterday, trading at $1606.
EVN & BLK
My Evolution Mining Ltd (AX:EVN) and Blackham Resources Ltd (AX:BLK) positions do not appear to be gapping down. So no uncontrolled losses this morning. Tick.
Stop loss in tact. Tick
Next move:
Nothing. Wait and see if the stop loss remains untouched.
Think Better.
|the Merchant