Metals crash, TSX slides
The TSX tumbled over 1100 points or 3.49% on Friday after gold and silver crashed. The catalyst came from Trump who announced his choice to be the next U.S. Fed chair, Kevin Warsh, a hawk who wants to cut interest rates. The U.S. dollar climbed after the news as investors pulled out of safe havens silver and gold, which had been making shattering record highs lately. SIlver cratered by 28% to US$83.05, while gold tanked by 10% US$4,840. The TSX shed 3.7% this week. Only dividend-paying sectors, telcos and utilities, gained today while materials and tech lagged the rest. Key names: Kinross Gold -13.06%, B2Gold -11.72%, Capstone Copper -9.42%, First Majestic Silver -16.45% and Brookfield Renewable Partners up 6.03%.
In New York, the S&P closed -0.43% for the day, but gained 0.34% for the week; the Nasdaq -0.94% and -0.17%; and the Dow -0.39% and -0.42%. Major movers: Deckers soared 19.46%, Intel -4.5%, AppLovin -16.89%, Newmont -11.49% and Western Digital -10.12% ending parabolic moves by the memory storage stocks. The U.S. 10-year yield hovered around 4.247% as Bitcoin slid US$600 to US$83,780.
🥇 Kinross Gold (K-T) -13.06%
🥇 B2Gold Corp. (BTO-T) -11.72%
🥉 Capstone Copper Corp (CS-T) -9.42%
🥈 First Majestic Silver (AG-N) -16.45%
♻ Brookfield Renewable Partners (BEP.UN-T) +6.03%
👟 Deckers Outdoor Corp. (DECK-N) +19.46%
💾 Intel (INTC-Q) -4.5%
💾 AppLovin Corporation (APP-Q) -16.89%
⛏ Newmont Mining (US) (NEM-N) -11.49%
💾 Western Digital (WDC-Q) -10.12%
