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October 31, 2024

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A Simple Candle With BIG Meaning

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In this exclusive StockCharts video, Joe shows a specific candlestick pattern that, when it develops at the right time, can signal the start of a new upleg. He uses NVDA, MSFT and GLD to explain how this can setup at different times and can give a timely signal to look to enter or in some cases a signal to exit. Joe then covers TNX and some commodities like Silver, Oil and Copper. Finally, he goes through the symbol requests that came through this week, including GOOGL, GBTC, and more.

This video was originally published on October 30, 2024. Click this link to watch on StockCharts TV.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

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The SCTR Report: Learn How to Scan and Identify Winning Stocks

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When the stock market hesitates to move in either direction, it becomes challenging to identify potential trading candidates. For this reason, it’s a good idea to have a checklist of items to go over during the trading day.

One item on my checklist is to run my SCTR (StockCharts Technical Rank, pronounced “scooter”) scan, which looks for stocks and exchange-traded funds (ETFs) with a SCTR rank above 76, 78, or 80. The scan results give you a good idea of which industries show technical strength. The scan is provided at the bottom of this article.

When I ran the scan on October 30 and sorted the results table by the Universe and SCTR columns, several regional banks made the list. This isn’t surprising, given that the Federal Reserve has started cutting interest rates and will likely make further cuts. The demand for consumer loans increases when interest rates are lower.

FIGURE 1. SCAN RESULTS, OCTOBER 30. Several regional banks were filtered in the scan.Image source: StockCharts.com. For educational purposes.

Naturally, I pulled up the chart of the SPDR S&P Regional Banking ETF (KRE). Since August, KRE has been in a gradual uptrend, accompanied by a rising S&P Financial Sector Bullish Percent Index ($BPFINA) and a high SCTR score.

FIGURE 2. DAILY CHART OF KRE. The regional banks are moving within an uptrend channel and have a high SCTR score and BPI.Chart source: StockCharts.com. For educational purposes.

Looking back at the scan results, I can save them to a ChartList, analyze the regional banks, and decide which ones to keep and delete. I prefer to do this by viewing the charts in CandleGlance, which I have set up with moving averages and the On Balance Volume indicator. I look to see which stocks are trending up with an OBV that’s above its 20-day SMA.

Glancing at the candlestick charts, the stocks that stand out are as follows:

  • Barclays Plc (BCS)
  • Cincinnati Financial Corp. (CINF)
  • Fifth Third Bancorp (FITB)
  • Keycorp (KEY)
  • PNC Financial Services (PNC)
  • US Bancorp (USB)

I transferred these symbols to my “watchlists” ChartList, which is where I have all stocks and ETFs that are in consideration. If you haven’t done so, install the StockCharts ChartList Framework to organize your ChartLists.

Analyzing Regional Banks

The next step involves analyzing each of these charts in more detail. Which ones have momentum behind them to make them trend higher? The moving average convergence/divergence (MACD) and the relative strength index (RSI) help confirm the momentum. Of the six, the three that stand out are KEY, PNC, and USB. Let’s look at these charts.

Keycorp (KEY)

The momentum looks like it’s slowing in Key Bank’s stock price (see daily chart below), which could be because it’s at or close to a resistance level.

FIGURE 3. DAILY CHART OF KEY BANK’S STOCK PRICE. KEY is in an uptrend although the momentum is slowing down. The last three bars, RSI, and MACD are showing sideways movement.Chart source: StockCharts.com. For educational purposes.

Looking at a three-year timeframe, you’ll see that the stock price is close to the February 2023 high (not shown here). The last three bars show a harami followed by an inverted hammer. So, there could be a slight pullback here, at least to its 25-day exponential moving average.

The RSI and MACD confirm the slowdown in momentum. If KEY pulls back and reverses with increasing momentum, I would consider entering a position. KEY’s all-time high is $23.44, so the stock has room for upside movement.

PNC Financial (PNC)

PNC’s chart is similar to that of KEY. The stock price is trending higher but momentum is slow at the moment. Trading volume has been relatively low in the last few days. If the RSI and MACD indicate increasing momentum and volume picks up, it will alert me to consider adding PNC to my portfolio.

FIGURE 4. DAILY CHART OF PNC BANK STOCK PRICE. PNC’s stock price is trending higher but trading volume is relatively low. The RSI and MACD are indicating slow momentum.Chart source: StockCharts.com. For educational purposes.

PNC’s all-time high is $202.80, so the stock price has the potential to move higher. It’ll first have to break out of its sideways move.

US Bancorp (USB)

Of the three, US Bank’s stock price has the most chop. The 25-day EMA was erratic, so it was removed from this chart. The 50-day SMA is a smoother measure of the overall trend.

FIGURE 5. DAILY CHART OF US BANK STOCK. USB is within a trading range. An upside breakout with above-average volume and a rising RSI and MACD crossover would be an indication of an upward-sloping trend.Chart source: StockCharts.com. For educational purposes.

KRE must break out from its sideways trading range before considering a long entry. Volume is relatively low, the RSI is moving sideways, and the MACD indicates a slowdown in momentum.

The Bottom Line

The sideways movement seen in the charts that we discussed here reflects the sentiment of the overall market. Earnings and economic data aren’t moving the market much, and trading volume is relatively low. There’s an election and a Fed meeting coming up. The Fed decision will likely have an impact on the price action of regional bank stocks. Does it mean you have to wait until November 7 to make your trading decisions? Patience is key, but if you see an upside breakout with strong momentum that’s convincing, you may have an opportunity to get in early on an upside move.

The SCTR Scan

[country is US] and [sma(20,volume) > 100000] and [[SCTR.us.etf x 76] or [SCTR.large x 76] or [SCTR.us.etf x 78] or [SCTR.large x 78] or [SCTR.us.etf x 80] or [SCTR.large x 80]]

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

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Homebuilding Rebound: How to Catch the Trend Early On

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Homebuyers are still on the sidelines, waiting for better mortgage rates, while homebuilders are gearing up for a potentially strong 2025. Despite mortgage rates hitting two-year lows, buyers are holding back, expecting rates and prices to drop further.

Here’s the big question: Are we seeing the bottom of a downward cycle about to turn up? In other words, are we seeing the early stages of an uptrend in homebuilders? And if so, which homebuilding stock might you want to add to your ChartLists?

Let’s start by analyzing the homebuilders using SPDR S&P Homebuilders ETF (XHB) as a proxy. Take a look at the weekly chart.

FIGURE 1. WEEKLY CHART OF XHB. Note how XHB has been reacting to the 50-week exponential moving average envelope.Chart source: StockCharts.com. For educational purposes.

Since XHB crossed above the 50-week exponential moving average envelope (EMA envelope) in early 2023, note the ETF’s bullish reaction, bouncing within range of the channel’s uptrend. You can also use the EMA envelope channel to gauge the strength of the uptrend (the further away it is toward the upside, the stronger the trend).

The big question: Can XHB keep riding its current uptrend? The ETF has bounced off the 50-week EMA envelope three times in the past two years, hinting at a possible trend continuation.

But not all of XHB’s holdings are pure homebuilders—companies like Home Depot and Lowe’s are in the mix too. That means you’ll need to pick your stocks wisely. So, let’s pick the most liquid and recognizable homebuilder stocks and check their technical strength by looking at their StockChartsTechnicalRank (SCTR) scores.

Homebuilding Stocks Ranked by SCTR

The following table lists the six most well-known stocks in the XHB fund and their corresponding SCTR score.

What might this look like on a year-to-date basis in terms of market performance? To get a perspective on this, take a look at each stock using PerfCharts:

FIGURE 2. PERFCHARTS YEAR-TO-DATE VIEW OF ALL STOX STOCKS’ MARKET PERFORMANCE. Note that TOL, KBH, and PHM outperformed XHB.Chart source: StockCharts.com. For educational purposes.

Year-to-date, TOL, XBH, and PHM were the top performers, but, since TOL’s SCTR score was significantly higher, perhaps it’s best to zero in on TOL, letting the other ones go for the moment. Still, add all six to your ChartLists in anticipation of a broad homebuilder recovery. Once the industry turns upward, their SCTRs will likely show changes that might make some of them more suitable for a “long” opportunity.

We’ll begin with a long-term view of TOL’s weekly chart.

TOL: Three Year Look-Back

Similar to XHB, but perhaps even more so, TOL is exhibiting a clear uptrend that is gaining strong traction. Note the pin bar this last week, signaling strong rejection from the weekly session lows.

FIGURE 3. WEEKLY CHART OF TOL. There’s a clear uptrend in the weekly price action and the stock is outperforming XHB.Chart source: StockCharts.com. For educational purposes.

Above the chart, you can see TOL’s relative performance against XHB. Looking at how far the line has risen above the zero level, you can see that TOL is outperforming its homebuilding peers by over 68%. Let’s shift to a daily chart.

TOL’s Daily Price Action

FIGURE 4. DAILY CHART OF TOL. The Raff Regression Line best captures TOL’s cyclical movement within an uptrend.Chart source: StockCharts.com. For educational purposes.

For TOL, you might consider plotting a Raff Regression Line for the following reasons:

  • It identifies the trend direction.
  • It captures TOL’s wide cyclical movement while projecting a wide range of potential support and resistance.
  • It plots a clear channel to identify breaks and reversals.

With the regression line providing a clear picture of TOL’s trend, it’s best to use the On Balance Volume (OBV) to see the extent to which momentum supports (or diverges from) the price movement. In the example above, buying pressure aligns with TOL’s continued uptrend (see magenta line).

If you plan to go long, the best buying opportunity within the Raff Regression Channel typically occurs near the lower boundary (which attests to its recent bounce), as this area often serves as dynamic support and reflects potential price bounces. For risk management, placing a stop loss just below the lower boundary or beneath the most recent swing low is probably your best bet. This ensures protection in case the price closes below the channel, which could indicate a break in support and a potential trend reversal.

At the Close

Homebuilders are gearing up for a rebound despite homebuyers standing on the sidelines. If the industry begins showing green shoots of capital inflows (keep an eye on XHB to monitor this), it might present an opportunity to get in early on a potentially strong uptrend. But, until then, keep several homebuilding stocks on your ChartLists and monitor them regularly. For now, TOL is showing considerable strength, but, once the industry’s tide rises, it’ll take the strongest stocks up with it, so be ready.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

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Will Breadth Divergences Signal the End of the Bull?

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As we near the end of October 2024, it’s important to note that the market trends remain quite strong. Despite plenty of short-term breakdowns in key stocks this week, our Market Trend Model remains bullish on all time frames. This tells me to consider this market “innocent until proven guilty” but to always be looking for signs of a potential market reversal.

A quick review of key market breadth indicators this week shows that we are indeed seeing some of the warning signs often associated with major market tops. Does that mean the top is in, and that we’ll observe a major selloff in November? Not necessarily. But it does tell me to remain vigilant and observant for signs of distribution.

Negative McClellan Oscillator Suggests Short-Term Weakness

Let’s start with a short-term measure of market breadth, the McClellan Oscillator. Think of this indicator as a sort of a momentum reading for breadth conditions. And while other charts we’ll review address more of a long-term reversal in breadth, this indicator in particular is helpful for identifying short-term distribution patterns.

While the McClellan Oscillator did turn briefly positive a couple weeks ago, the indicator has spent most of the month of October in a bearish range. So, even though the S&P 500 and Nasdaq have made higher highs in recent weeks, this tells us that the pace of the advance is slowing, at least as measured by market breadth.

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Another way to think about this negative reading is that some of the smaller and more speculative stocks on the NYSE have already broken down, but the largest names with the biggest weights in the indexes remain strong. And if you look at previous bull market cycles, this is often how those long-term uptrends end.

Many S&P 500 Members Have Already Broken Down

I often use the 50- and 200-day moving averages to measure short-term and long-term trend conditions for individual stocks. Next we’ll look at the percent of stocks trading above their 50-day moving average, showing how many of the S&P 500 members remain above their 50-day moving average.

At the end of September, the reading was around 85%. As of this week, the number is closer to 55%. That suggests that about 30% of the S&P 500 members were above their 50-day moving average about a month ago, but have since broken below this short-term trend gauge. So, even though the S&P 500 and Nasdaq remain above their own 50-day moving averages, plenty of individual stocks have already broken down.

Also notice the bearish divergence, with the S&P 500 making higher highs in October while the breadth indicator is making lower highs. This often occurs toward the end of a bull market phase, where the largest names are still driving higher but more speculative and risky stocks have already begun the process of downside rotation.

Bullish Percent Index Speaks Downside Risks

Finally, let’s check out the Bullish Percent Index, a breadth indicator derived from point & figure charts. We can see that over 80% of the S&P 500 members were in a bullish point & figure pattern in late September, but that number is now down to below 70%.

Look over the last two years when this indicator has dipped back below 70%, and you’ll see why the recent breakdown suggests a pullback phase may be imminent. The lone exception was in January 2024, when the S&P 500 continued to pound higher even though the breadth readings were weakening. This was the “golden age” of Magnificent 7 stocks in 2024, where the strength in the largest names was enough to overcome the breadth deterioration readings.

Could the market move higher through Q4 despite these concerning breadth signals? Possibly. But since major market tops usually feature breadth readings just like these, I’m pretty happy taking a more cautious approach to the equity markets as we move into November.

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!

David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

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Emyria and UWA in Partnership to Commercialise Novel Serotonin-Releasing Agents for Mental Health and Neurology

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Emyria Limited (ASX: EMD) (“Emyria”, or the “Company”) has signed an exclusive licence agreement with UWA, granting worldwide rights to a rapidly growing portfolio of selective serotonin-releasing agents. (See Appendix for Key Commercial Terms). These novel compounds, realised through a UWA–Emyria research partnership launched in 2021,2 include potential next-generation treatments for mental health and neurological conditions such as PTSD and Parkinson’s disease.

HIGHLIGHTS

  • Emyria has finalised an important licence agreement with the University of Western Australia (UWA) securing exclusive global rightsto a library of patented, MDMA-inspired selective serotonin-releasing agents.
  • Lead compounds MX-100 and MX-200 are being prepared for advanced screening, targetingmental health conditions like Post-Traumatic StressDisorder (PTSD) and Parkinson’s disease.

    • Supported by a $499,411 WA government grant,1 Emyria is accelerating its drug discovery pipeline with key results set for early2025.

As leaders in MDMA-assisted therapy for PTSD, Emyria’s pursuit of serotonin-selective compounds aligns with the Company’s commitment to improving treatment outcomes and safety for patients while building a valuable intellectual property portfolio to strengthen our therapeutic offerings.

Emyria and UWA’s drug discovery program has demonstrated significant technical breakthroughs in designing compounds with selective serotonin-releasing properties. Through advanced medicinal chemistry, the team has successfully created compounds that induce serotonin release without releasing dopamine or noradrenaline. This selectivity is critical for reducing side effects of MDMA such as euphoria and elevated blood pressure/heart rate, making the compounds better suited for clinical applications such as assisted psychotherapy and other neurological conditions.

Importantly, initial studies indicate that the half-life of these novel compounds can be reduced, allowing shorter therapeutic windows suited to psychotherapy. Long half-life requires extended MDMA-assisted therapy sessions, which increases the costs and complexity of delivery.

Dr Michael Winlo, CEO:

“This licence agreement formalises an important research partnership with UWA, allowing Emyria to unlock the commercial value of a growing portfolio of potential new treatments to address significant unmet needs in psychiatry and neurology, while we simultaneously strengthen our clinical services to address serious mental health challenges.

Backed by a $499,411 WA government grant, Emyria will fast-track preclinical testing of both compounds with key results expected by early 2025.

Current Lead Compounds and Target Markets

The lead compounds, MX-100 and MX-200 are designed to harness the therapeutic potential of selective serotonin release while minimising the unwanted effects linked to dopamine and noradrenaline release.

The program that delivered MX-100, targets PTSD, and aims to deliver prosocial benefits with a shorter-acting profile ideal for assisted psychotherapy. MX-200 is a lead for a treatment to enhance L-dopa therapy for patients with Parkinson’s, a treatment which can cause debilitating side effects.

The development program has also shown an ability to design compounds with selective receptor activity. MX-100 and MX-200 do not directly stimulate the 5-HT2B receptor, currently a major limitation of existing selective serotonin releasing agents like fenfluramine, as this activity causes valvular heart disease. 5 A broader assessment of the activity of these lead compounds on a panel of important brain targets is underway as selective serotonin activity is attracting significant research and investment. 6

Click here for the full ASX Release

This article includes content from Emyria Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
This post appeared first on investingnews.com

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46% Antimony (Sb) & 1,022 g/t Silver Assay Results at the Mojave Project

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Locksley Resources Limited (ASX:LKY) (“Locksley” or “the Company”) is pleased to announce high-grade antimony grades up to 46% Sb from the recent rock chip sampling program. Eighteen (18) rock chips returned grades in excess of 1.4% Sb with eight (8) returning grades over 17% Sb. Since mid-2023, Locksley Resources has completed four surface sampling programs, mainly focused on detecting rare earth minerals at the Mojave Project, CA, located 45 minutes from Las Vegas. The most recent surface sampling program focused on the Desert Antimony Mine and potential for high-grade antimony mineralisation to be present along strike of the historically mined mineralised structures in an east-west and north-south direction. The sampling program revealed polymetallic mineralisation along strike of the mineralised structures suggesting a zoned reduced intrusive related system (RIRS).

Highlights:

  • Extremely high-grade rock chip assays up to 46% antimony received
  • 8 rock chip assays returned values over 17% antimony with over 18 of the returned assays over 1.4% antimony
  • High-grade antimony is represented by historic workings developed on the quartz-calcite-stibnite veins
  • Drill targeting and drilling approval application being prepared for submission to the Bureau of Land Management, alongside the Plan of Operations & Environmental Assessment Plan
  • Antimony is listed as a critical mineral by the U.S. Department of Interior as it is used in a wide variety of military, energy, industrial and consumer applications
  • U.S. has very limited domestic mined sources of Antimony and China has restricted export of antimony
  • Funding opportunities for exploration through the Department of Défense (DoD) is being investigated with the next solicitation for funding through the Défense Industrial Base Consortium (DIBC) being considered

The Company is preparing drilling targets post receiving the recent high-grade antimony results and has commenced work to submit a drilling approval application to the U.S. Bureau of Land Management, which includes a comprehensive Plan of Operations and Environmental Assessment Plan. As antimony is designated a critical mineral by the U.S. Department of Interior, due to its widespread use in military, energy, industrial, and consumer sectors, domestic supply is crucial for national security and economic stability. With China recently restricting global exports, the U.S. faces a significant supply gap, highlighting the importance Locksley’s antimony asset could play if it can be commercialised. The Company is exploring funding opportunities through the Department of Defense, with particular interest in the next Defense Industrial Base Consortium (DIBC) solicitation to support the advancement of the Mojave Desert Antimony project.

Locksley Resources Limited Managing Director, Steve Woodham commented:

“The high-grade results from the follow-up sampling around the Desert Antimony Mine have exceeded expectations and highlights how well mineralised the property is, and not just for REEs. The surface strike length based on the recent high-grade results looks to be over 400m which has us very encouraged and looking forward to commencing a drill program post receiving the necessary approvals”.

We certainly look forward to sharing the outcomes of this review and unlocking value for our shareholders.”

Click here for the full ASX Release

This post appeared first on investingnews.com

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Cardiex September 2024 Quarter Update

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Cardiex Limited (ASX:CDX) (the “Company”) is pleased to report its activities during the September quarter 2024.

Highlights:

  • Manufacturing of the initial 8,000 CONNEQT Pulse units commenced with the expected arrival of units in the USA late-November/early December.
  • Pulse waitlist now exceeds 20,000 with activities now focused on sales conversion.
  • Completed clinical validation study of wearable technology, with an FDA pre-submission meeting scheduled for November to advance the clearance process.
  • Completion of usability study for submission for additional OTC clearance for the Pulse.
  • Strong clinical sales pipeline with momentum towards new Q2 contracts.
  • Grand prize winner of the U.S. National Institute of Health’s RADx® Maternal Health Challenge securing US$525,000 in prize funding.
  • New R&D Term Loan Facility with Mitchell Asset Management to provide additional flexibility with R&D initiatives and working capital requirements.

Click here for the September Quarterly Appendix 4C

Click here for the full ASX Release

This post appeared first on investingnews.com

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WGC: Gold Demand Hits Q3 Record as Western ETF Investors Return

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The World Gold Council (WGC) has released its latest Gold Demand Trends report, saying that total demand for the yellow metal was up 5 percent year-on-year in Q3, reaching a new third quarter record.

The overall value of demand was up 35 percent year-on-year, surpassing US$100 billion for the first time.

Global gold exchange-traded fund (ETF) inflows helped drive demand, along with over-the-counter (OTC) buying.

Aside from that, the WGC points to heightened interest in the yellow metal as a strategic asset as investors seek safety on the back of ongoing economic and geopolitical uncertainties around the world.

Gold supply also saw growth in Q3, increasing 5 percent year-on-year to a record 1,313 metric tons (MT). Mine production rose 6 percent year-on-year to hit a new quarterly record, partially due to lower energy costs and favorable profit margins. However, recycled gold supply has been slow to respond to higher prices.

ETF inflows, OTC investment drive strong Q3 demand

As mentioned, gold ETF inflows were strong in Q3, coming in at 95 MT. That’s in contrast to the outflows seen for the last nine quarters. During the same period last year, gold ETFs experienced outflows of 139 MT.

According to the WGC, this return to positive inflows was largely driven by western-listed ETFs, and reflects renewed investor interest in gold as a means to diversify portfolios and hedge against risk.

Meanwhile, OTC investment nearly doubled from last year, reaching 137 MT for the quarter. Q3 was the seventh consecutive quarter of positive OTC flows, with contributions primarily from high-net-worth individuals and institutions.

Bar and coin demand sinks, jewelry buying mixed

In contrast, gold bar and coin demand experienced a 9 percent decline year-on-year, ending the quarter at 269 MT. The WGC’s report notes that the decrease was primarily driven by reductions in China, Turkey and Europe.

While the decline signals a partial shift from physical to paper assets, bar and coin investment remains solid, with year-to-date demand reaching 859 MT, above the 10 year average of 774 MT.

Q3 brought mixed results in the jewelry segment, with a 12 percent year-on-year decline in consumption to 459 MT. Gold’s high price was a major factor affecting demand, though spending remained steady.

While India saw a revival in gold jewelry demand, supported by a reduction in the country’s gold import duties, jewelry buying in China dropped, coming in at the lowest Q3 level since 2010.

However, despite the drop in volume, the value of Q3 gold jewelry demand surged 13 percent year-on-year to reach US$36 billion, responding to ongoing new highs in the gold price.

Central bank buying strong, cautious outlook for tech demand

Central bank buying has provided strong support for the gold price in recent years, and while the WGC notes that demand slowed during Q3, it emphasizes that 2024 purchases are in line with levels seen in 2022.

During the third quarter, central banks accumulated 186 MT of gold, with the year-to-date number reaching 694 MT.

‘Based on statements from some central banks, there are now clearer indications that the sharp increase in the gold price since March has indeed inhibited some buying, as well as encouraging some selling among banks that manage their gold reserves tactically,’ the organization explains in its report.

The technology sector also contributed to gold demand, albeit on a smaller scale. Driven by increased interest in artificial intelligence, technology-related gold demand grew by 7 percent year-on-year to 83 MT in Q3.

The WGC notes that the third quarter generally brings the strongest tech-related gold demand, but said it has a cautious forecast due to industry shifts, material cost considerations and potential resource alternatives.

Gold reaches record average price in Q3

Looking over to the gold price, the WGC says it averaged a record US$2,474 per ounce in Q3, up 28 percent year-on-year. It attributes the large gain to factors such as geopolitical risk, which has been spurred on by increased global tensions, as well as the polarized political environment in the US ahead of the presidential election.

This backdrop has enhanced the appeal of gold as a safe-haven asset, encouraging sustained and diverse demand across global markets. The final quarter of 2024 is expected to be influenced by numerous factors, including interest rate policy, potential market volatility from the American election and further global developments.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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North Korea launches suspected ICBM days ahead of US election

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North Korea conducted a suspected intercontinental ballistic missile test on Thursday morning, according to Japan’s Defense Ministry, which said it was believed to be the longest flight time yet for a North Korean missile.

The launch comes just days ahead of the United States presidential election, and follows warnings from the South Korean intelligence agency that Pyongyang was planning on launching an ICBM around the election to test its reentry technology.

The missile is believed to be a long-range ballistic missile fired at “a lofted angle,” South Korea’s Joint Chiefs of Staff said.

It is suspected to have fallen outside of Japan’s exclusive economic zone, according to public broadcaster NHK, citing the country’s Defense Ministry.

Japanese Defense Minister Gen Nakatani said the missile flew for “approximately one hour and 26 minutes,” NHK reported.

“The flight time was the longest ever. Possibly the newest missile ever,” Nakatani said.

The US National Security Council described the launch as an intercontinental ballistic missile test, calling it “a flagrant violation of multiple UN Security Council resolutions.”

This is a developing story and will be updated.

This post appeared first on cnn.com

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Majority of Mexico’s Supreme Court justices resign after judicial reform

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Eight of 11 justices on Mexico’s Supreme Court have resigned and declined to participate in an election for the court scheduled for June, the court said on Wednesday.

According to a statement, the court’s president, Norma Pina, presented her resignation, as did Luis Maria Aguilar, Jorge Mario Pardo, Alfredo Gutierrez, Alberto Perez, Javier Laynez, Juan Luis Gonzalez and Margarita Rios.

Seven of the jurists’ resignations are effective August 31, 2025, while Aguilar will leave office on November 30.

The resignations are the result of a constitutional overhaul that was enacted last month that requires all judges be elected by popular vote.

The reform requires judges to resign ahead of the June election if they do not want to participate in the electoral process and wish to maintain their pension, or risk losing it, prompting an outcry among judicial workers.

The slate of resignations heightens tensions between Mexico’s Supreme Court and the ruling bloc, increasing the risk of a constitutional crisis as Congress and the presidency remain at odds with the judiciary over the reform.

“It is necessary to underscore that this resignation does not imply an implicit acceptance of the reform’s constitutionality,” said justice Gutierrez in a resignation letter on Tuesday.

In her letter to the Senate on Wednesday, Rios said her resignation “should not be seen as an implicit endorsement of a (reform) framework that remains controversial.”

The 11-member Supreme Court will see its number reduced to nine as part of the reform. Three current justices have publicly backed the reform.

This post appeared first on cnn.com

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