zt:Why The Next Rate Hike Will Be Bullish For Gold (Miners) (谈股论金) 634次阅读
观看【Dolphin】的博客Mar. 6, 2017 8:30 AM ET
Leo Nelissen
Follow (2,317 followers)
Long/short equity, growth, momentum, medium-term horizon
Send MessageBN Capital
Summary
Gold miners have caused some trouble after peaking in February of 2016.
The strong USD and rallying rate hike odds have been a negative force behind the gold price .
As strange as it might sound to some people, the next rate hike is going to offer a great gold (miners) entry point .
Gold miners (VanEck Vectors Gold Miners ETF GDX) have lost 8% last week. This pushes the monthly return down to -6.9%. Almost half of the 34% rally that started in December of 2016 has been erased.
Source: investors.com
However, there is light at the end of a tunnel, and it's not a train.
The recent drop is mainly due to a stronger USD. The USD is currently rallying due to higher economic growth and the expectations that the FED is going to hike 'again' in March.
The correlation between gold miners and the USD is clearly visible. However, keep in mind that this is not always the case. The reason why it is currently valid, is the fact that rate hike expectations are the main driver behind the USD and gold.
FED funds futures are currently putting the rate hike odds at 80%. This make it almost certain that the FED is going to hike. A FED disappointment would likely cause a USD sell-off which would benefit the gold price.
Source: CME Group
So, it's almost a certainty that the FED is going to hike. Does this mean that your gold longs are toast? No it doesn't. Mainly because people expect that gold is going to sell-off.
I will show you a few graphs that support the case for a bullish rate hike. First, let me show you the USD. The USD has always rallied ahead of hikes. Simply because traders where expecting a rate hike. That's why everyone started to position themselves. Note that I added the two most recent rate hikes. The first took place on the 16th of December 2015. The second one about one year later (12/14/16).
The USD always rallied ahead of a hike and weakened afterwards. It makes total sense because the market is going to reposition itself afterwards. There is a lot of uncertainty about the next hike and traders who positioned themselves ahead of the hike are selling.
The same goes for government bonds. Bonds are either going sideways or selling-off before a rate hike. Because of expectations as I mentioned above.
After a rate hike, we see more momentum to the upside. However, the current uptrend has become a sideways trend. This is entirely due to the above-average growth of the US economy and the time between two hikes.
Gold is showing the exact same pattern as the USD. Extreme weakness ahead of a rate hike followed by great returns, slightly after a rate hike.
Another interesting thing we are seeing is that gold is a great tool to trades these macro themes. You get the most alpha when trading gold miners. The rallies are steeper while the sell-offs are more severe.
Conclusion
Gold and especially gold miners have caused some trouble since February. This is mainly due to the rising odds of a March rate hike. However, rate hikes are bullish. Traders close their rate hike trades after a hike. This is due to increasing uncertainty about the next rate hike and the effects on the economy. That's why gold and gold miners offer great prices after these FED events.
I bought a small GDX position after my previous article. I will add to this position over the next week. Mainly to benefit from the lower prices and my bull thesis. Note that I only do this because my gold position is currently very small. I would not add to full size losing trades. I marked the oversold points in the graph above. Normally, I ignore indicators like the RSI, but this point is remarkable because the technically oversold condition is backed by an increasingly interesting bull case for gold and gold miners.
Many thanks for reading my article. Please leave a comment below if you have questions, remarks or a completely different opinion. You can also send me a direct message or tweet me @LeoNelissen.
Disclosure: I am/we are long GDX.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
完整帖子:
- 3/06/2017 《每日资讯时事综述股市快报》 各位童鞋可以上传与股市相关的各种新闻传闻,当日交易提醒以及转发的名家每日复盘也请发在此版 - 花非花, 2017-03-05
- 本周前瞻:3月议息前非农数据来袭 欧央行、澳联储将发表决议.下周五(3月10日),美国劳工部将公布2月份非农就业报告,这是目前已知唯一可能阻挠美联储3月份加息的因素。 - 新东, 2017-03-05
- 东东周末好,辛苦啦~\(≧▽≦)/~啦啦啦 - 花非花, 2017-03-05
- 花花今晚很兴奋呀,但愿气MM按花大王的剧本演下去,等待栈友们扬眉吐气的那一天。。 - 新东, 2017-03-05
- 只是终于看到一直等待的信号而已啦,东东安安啦^0^ - 花非花, 2017-03-05
- 花花今晚很兴奋呀,但愿气MM按花大王的剧本演下去,等待栈友们扬眉吐气的那一天。。 - 新东, 2017-03-05
- 东东周末好,辛苦啦~\(≧▽≦)/~啦啦啦 - 花非花, 2017-03-05
- 周一关注:10:00 美国1月耐用品订单月率终值:美国1月工厂订单月率。 - 新东, 2017-03-05
- ZT: 3月加息概率狂飆至94% 投機者卻瘋狂做多黃金做空美元 - Dolphin, 2017-03-05
- 谢谢东东,海豚。大家晚安! - ginger L, 2017-03-05
- ZT: OPEC向美国页岩油下达战书 多国齐聚休斯顿商讨对策 - Dolphin, 2017-03-06
- ZT: 特朗普禁令致赴美航班预订量下降 - Dolphin, 2017-03-06
- 【利比亚冲突不断,大型油港关闭部分油田减产】北非利比亚冲突威胁到石油产出和销售的复苏,该国部分油田减少石油产量、包括最大石油出口港口Es Sider在内的诸多特大型油港也暂停其出口活动。但利比亚国家石油公司认为,目前还无需宣布不可抗力这一法律状态来寻求免受不利因素的冲击。利比亚国家石油公司董事会成员Jadalla Alaokali称,油港Ras Lanuf也暂停石油装船活动。 市场消息:利比亚石油产出因为输油港口关闭而下降大约5万桶/日至65万桶/日 - Dolphin, 2017-03-06
- 据韩联社,朝鲜今日早间疑似发射多枚导弹,可能是洲际弹道导弹,飞行约1000公里。韩国股市低开0.3%。 韩国代理总统黄教安:敦促军方维持准备就绪状态,韩国将“强硬”应对任何朝鲜威胁。 - Dolphin, 2017-03-06
- 美国总统特朗普料将在周一(3月6日)发布新版旅游禁令。 (华尔街见闻7x24直播 全新改版) http://live.wallstreetcn.com/ - Dolphin, 2017-03-06
- 谢谢东东、海豚!辛苦了! - 寸草心, 2017-03-06
- 【周一美股盘前你需要了解的全球资讯】 美国国家贸易委员会主席:贸易赤字威胁美国国家安全。 朝鲜向日本附近海域发射四枚导弹。 中国政府工作报告:今年经济增长目标6.5%左右。 标致雪铁龙同意收购欧宝,交易价值在22亿欧元。 德银宣布融资100亿欧元及重大重组。 关注稍晚的美国1月工厂订单、1月耐用品订单终值,以及美联储 Kashkari的讲话。 - 新东, 2017-03-06
- 东东海豚早上好,辛苦啦^0^ - 花非花, 2017-03-06
- 花花,海豚早上好! - 新东, 2017-03-06
- 东东,花花,海豚,早上好! - lanta99, 2017-03-06
- 塔塔好 - 花非花, 2017-03-06
- 塔塔早!祝交易顺利! - 新东, 2017-03-06
- 东东,花花,海豚,早上好! - lanta99, 2017-03-06
- 花花,海豚早上好! - 新东, 2017-03-06
- 美国1月工厂订单环比1.2%,预期1%,前值1.3%。 美国1月扣除运输的工厂订单环比0.3%,前值2.1%修正为2.4%。 - 新东, 2017-03-06
- 美国1月耐用品订单环比终值2%,预期1%,前值1.8%。 美国1月扣除运输类耐用品订单环比终值0.0%,预期0.1%,前值-0.2%。 美国1月扣除飞机非国防资本耐用品订单环比终值-0.1%,前值-0.4%。 - 新东, 2017-03-06
- 美国3月联邦基金利率期货价格跌至近一年最低,4月联邦基金利率期货降至2016年1月来最低。 - 新东, 2017-03-06
- DAL:达美航空下跌3%,公司称其3月末单位乘客营收将位于其预测的低端,公司同时下调其运营毛利率预期。 - 新东, 2017-03-06
- zt:Why The Next Rate Hike Will Be Bullish For Gold (Miners) - Dolphin, 2017-03-06
- Great! - Boars, 2017-03-06
- 好! - stone, 2017-03-06
- 野猪好几天没露面,终于发声了,金子终究会涨起来的,但是在涨起来之前可能还有一跌. - Dolphin, 2017-03-06
- 谢谢鼓励! - Boars, 2017-03-06
- Remarkable - ginger L, 2017-03-06
- Great! - Boars, 2017-03-06
- 本周前瞻:3月议息前非农数据来袭 欧央行、澳联储将发表决议.下周五(3月10日),美国劳工部将公布2月份非农就业报告,这是目前已知唯一可能阻挠美联储3月份加息的因素。 - 新东, 2017-03-05