QuiCQ 20/08/2024
“We have gold because we cannot trust governments.”
Herbert Hoover
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Yesterday was the 8th consecutive up session for (US) stocks, with the S&P 500 advancing nearly a full percentage point and all eleven economic sectors showing decent advances. An advancer/decliner ratio of 5-to-1 further confirmed the broad participation (see also yesterday's Quotedian). Noteworthy were also the intraday new all-time high of the gold price (more on that below) and the not quite unrelated closing low of the year for the US Dollar. In corporate news, one of our focus list stocks, Alimentation Coud-Tard (ATD CN) made the headlines, as it seeks to buy Japanese Seven & I Holdings, owner of the 7-Eleven convenient stores chain. AMD also announced its purchase of ZT Systems for about $5 billion. Not much economic data of interest on the horizon today. Focus is on the central banker symposium at Jackson Hole towards the end of the week.
Gold hit an intraday high of $2,510.17 per ounce yesterday. Let's do some quick math:
The typical gold bar weighs 12.4 Kilograms. One Kilogram is about 32.1507 troy ounces. Hence:
12.4 * 32.1507 = 398.67 * 2,510.17 = USD1,000,726.16.
Paco Rabanne was a visionary!
