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12.12.18 - BofA: Gold To Hit $1,400 In 2019

Gold last traded at $1,250 an ounce. Silver at $14.85 an ounce.

NEWS SUMMARY: Precious metal prices rose Wednesday on safe haven buying and a weaker dollar. U.S. stocks traded higher as investors digested upbeat news related to the ongoing trade war between the United States and China.

 

 

 

Will G20 Meetings Affect Price Of Gold?

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s2smodern

gold is money 2020767 640Will G20 Meetings Affect Price Of Gold? -Kitco
"The G20 meetings have begun, and traders and investors are sweating what will happen next to the price of gold. Metals are churning in a range but are trying to break out to the upside. Gold is in a tight trading range and is going to break out big one way or the other; we expect it to be to the upside. Many markets are in the throes of the most miserable trading pattern we can imagine. The pattern is known as consolidation. Out of this pattern will be a dramatic breakout, which we saw in the beginning of October. All signs point to higher prices - the tight range of $1,225-$1,235 in February gold are a sign the market is starting to compress and getting ready to launch. Although gold can go either way, we suspect the odds are greater for a breakout to the upside."

China Accelerates Cyberspying Efforts

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s2smodern

China PandaChina Accelerates Cyberspying Efforts to Obtain U.S. Technology -New York Times
"Soon after President Trump took office, China’s cyberespionage picked up again and, according to intelligence officials and analysts, accelerated in the last year as trade conflicts and other tensions began to poison relations between the world’s two largest economies. The nature of China’s espionage has also changed. The hackers of the People’s Liberation Army were forced to stand down, some of them indicted by the United States. But now, the officials and analysts say, they have begun to be replaced by stealthier operatives in the country’s intelligence agencies.

Marriott Says 500 Million Guests Hacked

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s2smodern

hacker 1952027 640Marriott says its Starwood database was hacked for approximately 500 million guests -CNBC
"Marriott International said on Friday that hackers illegally accessed its Starwood Hotels brand's reservation database since 2014, potentially exposing personal information on about 500 million guests. Shares of the company fell nearly 6 percent to about $115 in trading before the bell. The company said for 327 million guests, personal information compromised could include passport details, phone numbers and email addresses.

Storm Clouds on the Economic Horizon

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s2smodern

lightning 1056419 640For the U.S. Economy, Storm Clouds on the Horizon -New York Times
"Emerging signs of weakness in major economic sectors, including auto manufacturing, agriculture and home building, are prompting some forecasters to warn that one of the longest periods of economic growth in U.S. history may be approaching the end of its run....'We’re in the 10th year of the expansion, and there are some soft points,' said Ellen Hughes-Cromwick, a former chief economist at Ford Motor Co. and the Commerce Department. 'The auto sales cycle has peaked, and the housing cycle also has peaked.' If interest rates continue to rise, she said, 'I don’t really see how the economy can keep powering ahead.'.

FAANG Bloodletting Just Starting

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s2smodern

crash 215512 640Why the bloodletting in FAANG stocks is just getting started -Marketwatch
"A burning question for investors is whether the bloodletting has stopped for shooting-star growth names - Facebook, Apple, Amazon, Netflix and Google-parent Alphabet - which have been shoved into bear territory after helping to drive a nearly decade-long bull market....'We expect the real pain will come when a clear rotation occurs. This rotation should get under way when it becomes clear that earnings growth for FAANGs and other technology names in 2019 do not live up to expectations,' said the Canaccord analysts.