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Buffet Buys $800M more BoA stock

BTC/USD – 4hr Candlesticks
Source: GKFX / MT4 (July 24, 2020)

Bitcoin remains under the key 10,000 barrier but a breakout to the topside of a triangle pattern supported by an RSI trend line break are bullish signals.


•    Gold price pulls back just shy of $1900 in big week
•    US tech stocks drop after weak Intel earnings guidance
•    Buffet buys $800M more Bank of America stock
•    DAY AHEAD: UK retail sales, Eurozone / UK / US Markit PMIs


The Australian dollar is down from the 15-month peak touched on Wednesday as markets await a response from China to the ordered closure of its Houston consulate. USD/JPY touched 106.5, a near-month high. EUR/USD has held 1.16.
Asian markets have a weaker tone on Friday following another tech rout on Wall Street- with China stocks not helped by a speech by US Secretary of State Mike Pompeo which will fuel further tension between the US and China. Markets in Japan are closed for a national holiday. Shares in Europe are set for a weak open after finishing mixed on Thursday.

Disappointing unemployment data and another slide in tech shares led by Microsoft, which fell 4.3%, caused the S&P 500 to snap a 4-day win streak. The Nasdaq dropped 2.2% in a deepening tech sell-off. 

The price of gold hit a near 9-year high of $1,897.16 on Thursday – just short of the $1900 level and the record high just beyond at $1,917.90. Silver is just under the $23 reached Wednesday. Oil prices dipped 2% on Thursday.


“Hope is a bogus emotion that only costs you money.” – Jim Cramer

Gold Shining

The first increase in US jobless claims for 15-weeks and a speech from US secretary of State Pompeo has seen the mood darken in stock markets amid rising US China tensions. However in gold markets things are looking very bright indeed. The move out of riskier assets like tech stocks and into havens like gold is adding to the already strong momentum in precious metals. 

Next week the White House will try to agree a deal with Congress on a second US stimulus package, which might lighten the mood in stock markets – but all the extra debt-spending from governments is adding to demand for gold too.

Buffet’s Banks

Legendary billionaire investor Warren Buffet’s Berkshire Hathaway has added big size to its existing postion in Bank of America. The US bank reported solid earnings for the second quarter, bolstered by trading revenues but set aside big loan loss reserves for future quarters in anctipaction of a much weaker US economy. Buffet’s total steak in Bank of America is now worth $24 billion. 


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