Search
Generic filters
Search in excerpt

Un FNB pour chaque investisseur.

HSAV

FNB Horizons Compte maximiseur d’espèces

Prix
$103.67
$0.06
0.06%
Valeur liquidative
$103.3735
$0.0115
0.01%

Indices

Catégorie de Société - Rendement Total

Aperçu du FNB
En savoir plus sur HSAV

QQCC

FNB Horizons Options d’achat couvertes NASDAQ-100

Prix
$9.89
$0.33
3.45%
Valeur liquidative
$9.9048
$0.0191
0.19%

Active

Options D'achat Couvertes

Aperçu du FNB
En savoir plus sur QQCC

HAC

FNB Horizons à rotation saisonnière

Prix
$26.04
$0.01
0.04%
Valeur liquidative
$26.0362
$0.0043
0.02%

Active

Stratégique

Aperçu du FNB
En savoir plus sur HAC
Explorer tous les produits
Search
Generic filters
Search in excerpt
Retour à Médias

Don’t Skate to Where Gold Was — Skate to Where It’s Going to Be

gold.jpg 

BY: HANS ALBRECHT, CIM®, FCSI, VICE-PRESIDENT, PORTFOLIO MANAGER AND OPTIONS STRATEGIST, HORIZONS ETFS

December 14, 2016

Around the 2015 holiday season, investors were quickly taking notice of the absurdity of deeper cuts into negative rates by a number of prominent central banks. Savers (who were finding themselves in a world under siege) brought about a financial populace pushback. At the time, I thought that there simply wouldn’t be enough gold to go around if banks delved deeper into the negative rate experiment and investors’ appetite for gold increased exponentially. We witnessed incredible strength in the yellow metal in those early months of 2016.

Following the impressive run, gold reached long-term resistance by early summer, with a value of around $1,380. This coincided with an about-face from the European Central Bank (ECB), when it decided to pour cold water on the idea that it would delve deeper into negative rate territory. Suddenly, gold had less to celebrate. In addition, a Trump win was supposed to be bullish for gold, but as I’ve said before, ‘event risk’ rallies in gold are never very convincing. So what more does gold need? Well, it needs a lasting trend of money being disrespected. Either money gets taxed for merely existing, or money is diluted by pricing pressures.

The negative rate crowd is losing patience, but that sets us up for inflation taking the baton for gold. Already percolating inflation numbers continue to bump-up as economies in the U.S. and Europe show signs of improvement. Furthermore, Trump’s pro-growth fiscal policies could reinvigorate pricing further. On the other hand, it may be yet another false start and negative rates could return to the menu. With gold and gold miners having sold off nicely, I see good value at these levels. For example, the VanEck Vectors Gold Miners ETF (“GDX”) is sitting just below the 100-week moving average and gold itself is sitting right at the breakout area on the monthly chart. Some folks are getting very bearish on the sector, and that can only help bulls over time.

chart.jpg

One-month chart of gold futures at December 15, 2016. Source: Thomson Reuters.

The views/opinions expressed herein may not necessarily be the views of AlphaPro Management Inc. All comments, opinions and views expressed are of a general nature and should not be considered as advice to purchase or to sell mentioned securities. Before making any investment decision, please consult your investment advisor or advisors.

Mots-clés
Non classifié(e)

Get Horizons insights in your inbox

"*" indique un champ obligatoire

Veuillez indiquer si vous êtes :*
* Indique un champ obligatoire

Publications connexes

À Horizons ETFs, nous croyons que l’éducation est synonyme d’autonomisation. Nous nous efforçons de fournir aux investisseurs canadiens les connaissances et les outils dont ils ont besoin pour naviguer dans le monde des placements. Qu’il s’agisse des connaissances de base sur les FNB ou de sujets plus complexes comme le fonctionnement de notre gamme de fonds inverses et à effet de levier, notre bibliothèque d’apprentissage exhaustive vise à être accessible à tous les investisseurs, des débutants aux spéculateurs expérimentés!