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Quote, Shocking Stat & Goofy Award of the Week

Posted by MoneyTalks Editor

on Sunday, 6 September 2020 9:24


Quote of the Week 
Economic legend, Thomas Sowell on the big difference between politics and economics in under 50 words. 

Shocking Stat 
CERB’s stated purpose was to cover the lost wages due to lockdown.  Guess how much they overpaid. 

Goofy 
There’s a special place in Hell for adults who use children to advance their political agenda. 

Can We Please Move On?

Posted by Michael Campbell

on Saturday, 5 September 2020 11:10

Is it time for labour leaders to turn the page on yesterday’s ideology and forget about pushing policies that hurt workers wages and job creation?

Apple, Tesla Both Under More Pressure Early As Profit Taking Appears To Surface

Posted by JJ Kinahan

on Thursday, 3 September 2020 9:12

For weeks, there’ve been people saying stocks can’t go straight up forever. And today it looks like they’re right. The market actually has a softer tone this morning as caution kicks in ahead of tomorrow’s jobs report and the long weekend.

Crude is especially weak, diving more than 2% back toward $40 a barrel. Worries surfaced about U.S. demand possibly flagging, analysts said. U.S. fuel consumption has flattened, which isn’t great news from an economic perspective. Energy was the only sector in the S&P 500 that fell yesterday, and it’s down more than 40% so far this year.

Meanwhile, the “split brothers,” Apple Inc. and Tesla Inc, both fell in pre-market trading after losing ground yesterday. There might be some profit-taking going on after the amazing rallies these two have had. Nothing too surprising there. However, their pre-market losses are weighing heavily on the Nasdaq (COMP).

The early weakness drew a challenge from weekly initial jobless claims, which fell to a post-pandemic low of 881,000. That was well below analysts’ expectations for 950,000, and down from 1 million the prior week. While claims remain historically high, it’s always good to see fewer people needing to apply for jobless benefits, and major indices started to come back a little in pre-market trading after the data.

Claims data and early softness aside, the fundamental feeling most of this week has been positive. The buying mood is partly due to speculation about a coronavirus relief package, and also reflects optimism that a vaccine will become available this year….CLICK for complete article

Gold price steadies after briefly topping $2,000

Posted by Mining.com

on Thursday, 3 September 2020 9:05

Gold prices steadied on Tuesday with the dollar erasing losses and a US report adding to signs of a recovery in global manufacturing, pulling the precious metal down from a two-week high.

Spot gold dipped by less than 0.1% to $1,967.59 per ounce as of 3:30 p.m. EDT, having earlier hit its highest since August 19 at $1,992.15.

US gold futures declined 0.2% to $1,973.40 per ounce after crossing the $2,000 per ounce mark earlier in the session.

The dollar recovered on data showing US manufacturing expanded in August at the fastest pace since late 2018, reducing demand for bullion as an alternative asset.

The manufacturing report “confirms that the US economic recovery is real and hence we experienced a bounce in the dollar index,” Naeem Aslam, chief market analyst at Ava Trade, said in an interview with Bloomberg.

Gold Discoveries Are Declining

Posted by Virginia Fidler

on Tuesday, 1 September 2020 10:59

There has been a significant decline in new gold discoveries over the past decade as precious metal explorers focus on known deposits.

The world has been using gold for over 5,000 years as a store of wealth. Because it has always been a finite commodity, it has always held trade value. Currently, the price of gold is nearing a historic $2,000 an ounce due to unprecdemted money printing and monetary chaos.

Now, that same finite nature is making it difficult to discover and explore new gold mines. The known major gold mines in existence are being depleted, and it has become expensive to explore for new deposits.

There have been no critical new gold discoveries for at least three years. A mere twenty-five deposits with sound economics have been discovered within the last ten years—these discoveries amount to only 154.3 million ounces or seven percent of all known gold in existence.

The major reason for this lack of new gold discoveries is that gold mining companies have placed their focus on known deposits instead of risking funds in search of unknown and new discoveries. 

Exploring for new gold deposits requires time, financial resources, and the expertise for the task. In addition, the odds of success are low. Only 10 percent of known gold deposits around the world contain the necessary amount of gold to make exploration and mining worthwhile…CLICK for complete article