Some fans of gold like the metal on the grounds that the government can't manipulate its value as it can a fiat currency like the dollar or Euro. Yet the largest holders of the metal are central banks, from the Federal Reserve to the ECB and even non-governmental institutions like the International Monetary Fund.
 | |  Good morning. Some fans of gold like the metal on the grounds that the government can't manipulate its value as it can a fiat currency like the dollar or Euro. Yet the largest holders of the metal are central banks, from the Federal Reserve to the ECB and even non-governmental institutions like the International Monetary Fund.
And with central banks buying the metal in recent years, and accelerating their purchases in 2019, gold bugs may want to give at least two cheers for government in this case. It's when these big buyers of the metal start to become net sellers that anyone holding a large amount of gold should be worried about the metal's future price. | | | | | |
| | |  | DOW 26,379.21 | +1.43% | | | | S&P 2,938.20 | +1.88% | | | | NASDAQ 8,039.16 | +2.24% | | | | | *As of market close | | | • | Stocks rallied on Thursday, as China indicated it would work to stabilize the yuan. | | | • | Oil rallied 3 percent, coming off its lows for 2019. | | | • | Gold declined but held over $1,500 per ounce, and market volatility dropped from a reading of 20 to under 17, close to its long-term average. | | | |
| | | Trump Slams Strong Dollar | | | | President Trump took to Twitter on Thursday to—once again—criticize policymakers at the Federal Reserve, to say:
"As your President, one would think that I would be thrilled with our very strong dollar. I am not!"
Trump went on to criticize how high interest rates are keeping the dollar high against other currencies, and thus impacting their appeal in international markets.
» FULL STORY | | | | |
| | Mortgage Rates Hit Three-Year Low | | | | 30-year fixed rate mortgages averaged 3.60 for the week ending Thursday, down from 3.75 percent the week before, based on data from Freddie Mac's Primary Mortgage Market Survey.
That's down nearly one full point from the same time a year ago, when the 30-year rate averaged 4.59 percent.
15-year rates also fell, averaging 3.05 percent, down from 3.20 percent one week ago and 4.05 percent one year ago.
» FULL STORY | | | | |
| | Insider Activity: Encana (ECA) | | | | On Wednesday, August 7th, Encana (ECA) CEO Douglas Suttles picked up another 6,000 shares of the oil and gas exploration company. The $24,000 he spent raised his total stake to over 200,000 shares.
This isn't his first buy this month. He also bought 10,000 shares on August 6th, paying nearly $42,000 as well. And he isn't alone, as multiple directors have been buyers since the start of the month.
» FULL STORY | | | | |
| | | | Unusual Options Activity: Apple (AAPL) | | | Shares of Apple (AAPL) could fall by nearly 50 percent in the next 70 days—at least, if the surge in October $105 put options on Thursday is any indication.
With shares around $202, the $105 strike price is essentially a bet that shares will drop in half. With over 2,800 of these contracts trading against an open interest of 190, that's a 15-fold surge in volume on this deeply bearish trade.
» FULL STORY | | | | |
| | • | China reports a rise in trade exports for July, largely to Europe and Asia. | | | | • | However, auto sales in China are down, and aren't likely to recover this year. | | | | • | Tension eases in the trade war… between South Korea and Japan. | | | | • | Economists increase their expectations for another interest rate cut in September. | | | | • | In tech, Google adds playable podcast episodes to search results. | | | | • | Apple faces an antitrust probe in Russia. | | | | • | Google launches "Live View" AR walking directions for Google Maps. | | | | • | In real estate, a 21,000 square foot Tuscan villa with ties to the Machiavelli family hits the market for $60 million. | | | | • | In earnings, Kraft Heinz misses on sales and writes down another $1.2 billion in value, sending shares down to new all-time lows. | | | | • | Lyft sees an improving outlook, even as it burns through huge amounts of cash. | | | | • | Uber reports bigger-than-expected losses of about $5 billion in the second quarter, sending shares tanking after hours. | | |
| | | | TOP | | | MD | 16.204% | | | | SYMC | 12.298% | | | | ALB | 8.729% | | | | CXO | 8.155% | | | | MRO | 6.722% | | | | BOTTOM | | | KHC | 8.584% | | | | CTL | 7.599% | | | | PRGO | 6.796% | | | | FOXA | 5.157% | | | | FOX | 4.866% | | | | | PFE
| | |  | | We see the rebound in US stocks as a mere technical rally that looks like no more than a bump in the road on the way down…We think the market is likely to resist further downside thanks to a combination of bargain hunting by fundamentals-oriented investors and contrarian buying by ultra-short-term traders through perhaps 15 August | - Nomura strategist Masanari Takada, who also suggests a "Lehman-like" selloff as soon as late August if the economy continues to slow  | |
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