The OTHER White Metal
In our discussion of the Second Amendment Friday, we said, “The high rate of gun ownership linked to the high rate of gun violence — presents quite the conundrum.”
Some readers mistook our summary of the contributor’s argument for… sarcasm? Not so. In the U.S., gun ownership plus gun violence in light of the Second Amendment is the definition of a conundrum.
A reader writes: “Statistics show that the U.S. has the highest rate of gun crime in the civilized world. That doesn’t make America look great; it makes America look stupid to the rest of the world.
“I don’t understand why you always publish comments from gun advocates. The only logical reason is that’s the way you think and you like the positive feedback.
“If you like looking stupid, keep up the good work.”
Another reader says…
“Keep your propaganda about guns to yourself and stick with stocks. Since you’re so wrong about guns, you put doubt in my mind about stocks!
“More people are killed by guns than anything else.The Second Amendment is outdated like the laws against most drugs. All guns should be made illegal!”
Is this a case of baby and bathwater? Or should we scrap the Second Amendment?
Your Rundown for Monday, April 1, 2019:
The OTHER White Metal
The revised fourth-quarter numbers for the U.S. economy came out last week, showing growth in 2018 below the 3% yearly target. Not only that, corporate profits dropped the most in a year.
With that, Palladium’s astronomical rally pulled back last week.
Wednesday? The price of the white metal dropped 6.3%; things only got worse Thursday with the metal slumping an additional 7.2%. Friday, the metal rebounded slightly, up 2%.
In all, Palladium lost more than $250 since its highpoint of $1,620.52 the week before.
So what’s up with Palladium?
Palladium’s a key component of vehicle catalytic converters and exhaust systems. With economic growth less-than-stellar, stands to reason fewer consumers will be splurging on the latest-model truckbeast.
Add to that: “[Palladium’s price] has been very speculative-driven and with the technical outlook changing somewhat after the break below $1,500, we’re seeing the speculative interest being reduced,” says analyst Ole Hansen of Saxo Bank.
In other words, speculators liquidated their Palladium positions and pocketed their profits last week. And what a profit… say they bought at the metal’s 52-week low, $845.20. Nice.
Where to from here: “From a technical perspective, the next major level is another $100 lower at $1,316.”
Market Rundown for Mon. April 1, 2019
S&P 500 futures are up 20.25 points to 2,858.
Oil is up 88 cents to $60.18 for a barrel of WTI.
Gold is up $1.00 to $1,290.80 per ounce.
Bitcoin is up $30.44 to $4,143.55.
Have a good day. We’ll catch up tomorrow.
For the Rundown,