 | | |  Good morning. Over the weekend, several developing countries announced a gold-backed reserve currency. It's been 50 years since the United States severed its last monetary tie to gold, and they were one of the last countries to do so. The news sounds bullish for the metal. The market reaction, however, has been mixed at best.
The countries leading the initiative are the BRICS – Brazil, Russia, India, China, and South Africa. While the news has been muted, over time it could lead to more demand for gold, sending prices higher. And it's another move against the U.S. dollar, which continues to lose its position in global trading gradually. However, this will take time to play out, which may be why gold isn't moving yet.
Investors may want to buy some gold to benefit from a potential buying trend in the years ahead. Like the decline of the dollar, however, it's clear that the move can be a gradual one.
Now here's the rest of the news: | | | | | | | | Who is Riding the Trading A.I. Wave? | | |  | | The year is 1991…the World Wide Web is coming to life, the cold war is ending, and a band named Nirvana is born.
While most of you probably weren't trading the markets 31 years ago, did you know that the smartest traders were using the first predictive analysis A.I. technology named VantagePoint?
What sets VantagePoint apart is not its newfound popularity amidst the current A.I. wave, but rather its extensive track record and continuous development since 1991 when traders first started utilizing its capabilities.
This is not just another A.I.-driven solution that has emerged overnight to ride the hype.
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| | |  | DOW 33,944.40 | +0.62% | | | | | S&P 4,409.53 | +0.24% | | | | | NASDAQ 13,685.48 | +0.18% | | | | | *As of market close | | | • | Markets closed higher on Monday, ahead of the start of earnings season. | | | • | Oil dipped 0.9 percent, closing at $73.18 per barrel. | | | • | Gold traded flat, last going for $1,932 per ounce. | | | • | Cryptocurrencies rallied, with bitcoin at $30,890 at the stock market close. | | | | | | | |
| | | Companies With Little Competition Offer Consistent Profits | | | | Each industry is different. Some have many players. Others have just a few. Most industries should consolidate over time. When there are just a handful of players, competition becomes less fierce, as the remaining companies look to maintain their market share.
That can create companies that remain consistently profitable over time. And when the market has an inevitable downturn for that sector, create a buying opportunity.
» FULL STORY | | | | |
| | Insider Activity Report: Tri-Continental (TY) | | | | Raghavendran Sivaraman, a portfolio manager at Tri-Continental (TY), recently added 3,000 shares. The buy represents an initial stake for the manager, and came out to a total cost of $81,211.
This is the first insider activity at the company since March 2022, when another portfolio manger bought 2,000 shares, also a first-time stake. There have been no other buys, nor any insider sales, over the past two years.
» FULL STORY | | | | |
| | Unusual Options Activity: Shopify (SHOP) | | | | Ecommerce platform Shopify (SHOP) has rebounded strongly from last year's selloff so far this year. One trader sees shares giving back some of their gains in the coming weeks.
That's based on the August 18 $45 puts. With 38 days until expiration, 9,502 contracts traded compared to a prior open interest of 282, for a 34-fold rise in volume on the trade. The buyer of the puts paid $0.34 to make the bearish bet.
» FULL STORY | | | | |
| | • | Yellen Sees Progress on U.S.-China Ties
Treasury Secretary Janet Yellen sees relations between the U.S. and China improving, following a weekend trip to China. While differences remain, between the two countries on a variety of issues, including a recent flare-up on the sale and export of sensitive semiconductor chip technologies, there may be room to increase economic ties in the future. | | | | • | India Could Become World's Second-Largest Economy by 2075
A research report by Goldman Sachs (GS) sees India becoming the world's second-largest economy by 2075. That would overtake the United States for the second spot, as China is expected to become the largest by then. The reasons for the drive are the country's large and young population, and increased technology and capital investment. | | | | • | Twitter May Sue Meta Over Threads App
Twitter has sent a letter threatening Meta Platforms (META) following the launch of Threads, a Twitter-like rival that has amassed millions of followers in the days since launch. The letter accuses Meta of trade secret theft, and notes that Meta has hired a number of former Twitter employees. | | | | • | Icahn Unwinds Personal Loans from His Investment Company
Billionaire Carl Icahn has unwound his personal loans from Icahn Enterprises (IEP). His company has been under attack from short-sellers, and one key point has been the close tie of personal loans between Icahn and the company. The announcement led to a rally in shares, but they are still well under where they started before the short attack. | | | | • | Black Sesame Files to Go Public
Black Sesame, a chipmaker focused on the automotive market in China, has filed to go public in Hong Kong. The company is a potential replacement for international chipmakers, which may face export limitations to China on national security concerns. In the past year, Black Sesame lost $140 million and is still well in its early stages. | | |
| | | | TOP | | | ENPH | 5.898% | | | | MGM | 4.99% | | | | WYNN | 4.925% | | | | RL | 4.786% | | | | IDXX | 4.653% | | | | BOTTOM | | | FMC | 10.911% | | | | CTVA | 5.332% | | | | FTRE | 3.787% | | | | MO | 2.732% | | | | AMCR | 2.716% | | | | |
| | |  | | It's good news that the economy is not falling apart, it's still chugging along, but you still have these wage pressures that are going to keep the Fed likely to raise rates at the end of the month. | | - Keith Lerner, analyst at Truist, on why last week's labor data resulted in a market decline, as a strong labor market will likely keep wages high, which in turn could help keep inflation higher for longer. | |
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