#Gold and #goldstocks - Uptrend stopped

Gold and gold stocks - Uptrend stopped

Attached are the daily charts of  North American largest gold companies, Barrick Gold and Newmont Mining. Both broke yesterday on the downside from an uptrend which was in place since the middle of  January 2016. The MACD gave a signal of divergence since early March which requested extreme caution.

The gold chart (attachment 2) completed yesterday a Head&Shoulder formation with a neckline just under US$ 1,240 per ounce.

The good thing is that we were warned for the last 2-3 weeks with the divergence of the gold price and the MACD that something is wrong. Very seldom we get such a nice pre warning in advance and investors were able to take the necessary action.

We don't take serious the usual excuse it was all about  a strong dollar. As attachment 4 shows, the U.S. Dollar Index is still in a well defined box with no indication of a strong move on the upside or on the downside at the moment.

Happy Easter

US 2015 #Mining Losses Wipe Out Profits From previous 8 Years @WSJ

Mining corporations with assets of $50 million or more recorded a collective $227 billion after-tax loss last year, according to Commerce Department data released Monday. That loss essentially wipes out all the profits the industry had made since 2007.

U.S. Mining Losses Last Year Wipe Out Profits From Past Eight Years

ENLARGE

A welder for an oilfield service company works on a pipe for the fracking industry in the Permian Basin in Andrews, Texas, in January. Photo: SPENCER PLATT/GETTY IMAGES

By

Eric Morath

Mar 21, 2016 3:04 pm ET

The U.S. mining industry—a sector that includes oil drillers—lost more money last year than it made in the previous eight.

Mining corporations with assets of $50 million or more recorded a collective $227 billion after-tax loss last year, according to Commerce Department data released Monday. That loss essentially wipes out all the profits the industry had made since 2007.

ENLARGE

A crash in oil prices last year caused significant losses for what had been an upstart domestic energy industry propelled by petroleum reserves accessed via hydraulic fracturing, or fracking. Crude oil prices fell from above $100 a barrel in the middle of 2014 to less than $40 by the end of last year.

That meant many of those new wells were suddenly operating at a loss. What's more, other types of mining operations were stung by falling commodity prices tied to weak demand from China and other parts of the globe.

Mining revenues also fell sharply, down 38% in the fourth quarter from a year earlier.

A faltering global economy also stung the manufacturing sector, though the industry remained profitable. The sector recorded a $510 billion annual profit, down from $609 billion in 2014.

ENLARGE

But manufacturing revenue declined 7.8% in the fourth quarter from a year earlier. Falling revenues suggest weaker global demand for U.S.-made goods. That's likely a symptom of a stronger dollar making American products relatively more expensive overseas.

The declines come despite steady, if unspectacular, demand on the part of U.S. consumers.

Retailers' revenue grew 1.5% in the fourth quarter from a year earlier. Annual revenue growth was between 1.5% and 2% all of last year. Retail sales tend to match up with other measures of consumer demand.

See the article online here: http://blogs.wsj.com/economics/2016/03/21/u-s-mining-losses-last-year-wipe-out-profits-from-past-eight-years/

Trudeau sets #Canada on path for near-record deficits, growing to more than $29B over next fiscal year

After eking out a $1.9B surplus in the previous fiscal year during the
final months under the Conservatives, the Liberal Party will return the
country to shortfalls.



The Trudeau government has confirmed what so many private-sector
analysts have predicted for months: Canada is headed for a string of
near-record deficits as it plows tens of billions of dollars into new
programs — most of them promised, a few not — along with multi-year
infrastructure projects that have yet to be decided.



Read the article here: Bill Morneau sets Canada on path for near-record deficits, growing to more than $29B over next fiscal year: 

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