New High For Gold as Central Banks Turn Dovish

The perpetual battle for dominance between hard money and paper money continues to shift in favor of hard money this week. Gold is trading at a new all-time high today up 0.6% and just below $2,600/oz while Silver is up 1.0% trading above $30.00/oz, and Platinum is up 0.9%, taking a run at $1,000/oz.

The Japanese Yen is also up today, indicating that investors continue to seek defensive havens amid political, economic and financial uncertainty. Yesterday the US announced a $380B budget deficit just for August and next week the Fed is expected to announce a rate cut, both of which appear to be weighing on the US Dollar.

Meanwhile, stocks are rallying to finish the week with traders continuing to respond favorably to yesterday’s rate cut from the European Central Bank. US index futures are up 0.1% to 0.2%, building on the gains of the last two days. Over in Europe, the FTSE is up 0.3% and the Dax is up 0.6%. In Commodity action, US Crude Oil continues to rebound, up another 1.15% this morning but still trading below $70.00/bbl, while Copper is steady heading toward the weekend.

SIA Wealth In The Media:

Chief Market Strategist Colin Cieszynski recently appeared on BNN Bloomberg today where he spoke extensively about SIA Wealth Management’s tactical investing strategy, relative strength in market sectors, and current trends in monetary policy. Despite the title, this is a wide-ranging interview that runs for about 14 minutes.  

Dollarama* reports Q2 results

*Shares of Dollarama are held in portfolios managed by SIA Wealth Management

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