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Wednesday November 11, 2015

// November 9th, 2015 // Daily News

Gold’s doing something it hasn’t done since 1998

CNBC.com

With gold down more than 8 percent year to date, the beaten-down commodity is tracking for its third-straight year of losses. The last time gold fell three years in a row was between 1996 and 1998. And according to some traders, there’s even more pain ahead.
The yellow metal has plunged more than 5 percent this month, following Fed chair Janet Yellen’s statement that a December rate hike is a “live possibility” and a strong jobs report on Friday.
But even if the Federal Reserve doesn’t raise interest rates in December, Gina Sanchez of Chantico Global said the weakness in gold will continue.
“The trend that we’re seeing is a trend that’s going to be in place for some time,” she said Friday on CNBC’s “Trading Nation.” “Gold hates a recovering economy, gold hates higher interest rates and gold hates a stronger dollar and those are all three things we can expect.”
Once the Fed does raise rates, it’s going to get even worse for gold, Sanchez said.
“That’s going to be very negative for gold,” she said. “This is not a buying opportunity.”
Technician Rich Ross of Evercore ISI is also seeing bearish signs for gold in the copper market, down more than 20 percent year to date, and tumbling foreign currencies such as the New Zealand dollar and the Australian dollar.
This year, the New Zealand and Australian currencies have fallen 13 and 16 percent against the U.S. dollar respectively.
“The trend toward the stronger dollar is clearly in place and it’s accelerating to the upside, which has only put more downward pressure on gold prices,” Ross said Friday.
And although gold might see some short-term rallies, Ross said any bounces should be sold. Longer term, Ross said gold could fall below $1,000. The commodity fell to a three-month low on Friday, trading around $1,087.
“Ultimately you could get a break below that that could create some sort of a crescendo of selling, and potentially a wash-out low,” he said. “But obviously we’re going to need to see a change in the narrative with the macro technical backdrop across asset classes to even make that a possibility.”

Today’s Inspiration

Off the Treadmill

by Joyce Meyer – posted November 09, 2015

But to him who does not work but believes on Him who justifies the ungodly, his faith is accounted for righteousness, just as David also describes the blessedness of the man to whom God imputes righteousness apart from works.
—Romans 4:5-6 NKJV

If we spend years on the performance/acceptance treadmill, it is hard to get off it. It becomes a way of living. It affects our thoughts, perceptions, and decisions. We can become so addicted to feeling good about ourselves only when we perform well that we willingly endure a life of misery. It is a cycle of trying and failing, trying harder and failing again, feeling guilty and rejected, trying again and failing again, and on and on.

God does not want us on the performance/acceptance treadmill. He wants us to feel good about ourselves whether we perform perfectly or not. He doesn’t want us to be filled with pride, but He certainly did not create us to reject ourselves. This is where a revelation concerning our “who” and our “do” is so valuable. We should be able to separate the two and take an honest look at both. If we perform poorly, we can be sorry and hope to do better the next time. We can try to improve our performance (our “do”), but our worth and value (our “who”) cannot be determined by our performance.

Lord, thank You for providing me with a way off the treadmill of trying to gain Your acceptance. By faith through grace, I stand in Your complete acceptance and righteousness. Amen.