While the furious rally that proppeled gold higher in the first quarter - by the most in 25 years - appears to have fizzled, it is hardly over. So for those wondering when they should add to their position, or start a new one, here is some advice from Geneva Swiss Bank, which believes that $1,180-$1,190 "may be a good level to buy gold."
The bull case is known to everyone by now, but here it is again, from the source:
Yesterday, in the latest plot twist surrounding the inevitable Puerto Rico default, we observed that after the commonwealth island's Senate passed a surprising bill to impose a debt moratorium on any future debt repayment, its bonds - predictably - tumbled.
A Huge Leak
The “Panama Papers” tax haven leak is big …
After all, the Prime Minister of Iceland resigned over the leak, and investigations are taking place worldwide over the leak.
But Why Is It Mainly Focusing On Enemies of the West?
But the Panama Papers reporting mainly focuses on friends of Russia’s Putin, Assad’s Syria and others disfavored by the West.
Former British Ambassador Craig Murray notes:
In what was shaping up to be a low-volume snoozer of a day, things changed dramatically at 10:30am when the DOE confirmed last night's API data according to which US crude inventories had their biggest weekly decline since January even as distillates and gasoline stocks rose. That headline sent WTI soaring by 5.4%, the most since March 16.
Having pounded the table on buybacks as the only marginal source of stock purchasing since some time in 2013, we were delighted one month ago when Bloomberg finally got it, writing an article titled "There's Only One Buyer Keeping S&P 500's Bull Market Alive." The answer: corporate stock repurchases of course.
This is what it found: