Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew April 8 2024

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Will Gold hit 2500 or 2200 first?

Good morning,

We saw an interesting end of the week as the non-farm payroll exceeded all expectations and there was no major revision. As was to be expected, yields rose to the highest level this year to currently trade at 4.43 (10 Year). The USD index rose moderately to 104.34 but equities and precious metals and Bitcoin were strong against the odds.

The Dow gained 0.8%, the S&P 500 1.1% and the Nasdaq 1.2%. For the Week, the Indexes were down with the Dow at -2.3%, the S&P 500 -1% and the Nasdaq 0.8%. Nvidia gained 2.45% to close at 880 but it fell for the 2nd week in row after the stellar series of 11 consecutive weekly gains. Tesla fell on news there may not be an entry level EV. Boeing made negative headlines again as a 737 lost an engine cover Overall volumes were quite small at 10.1 bio shares.

Gold is trading at 2333 and Silver rose to 27.70, in the night it briefly hit 28. China announced a further month of purchase and has purchased more the 70 million ounces of the precious metal in the last 17 months. At a price of 2000 that is the equivalent of 140 Billion USD of purchases. Gold is more than 17% off the lows, at one point there must be a pause in this move – the question is just when. If you have enjoyed the ride, maybe think about protecting your gains.

This week we are watching a lot of important matters:

 Janet Yellen is still in China addressing among other topics over capacity in industrial production while the Chinese Minister of Commerce is visiting Europe.

In the Middle East, All Jazeera reports progress in the truce talks while many news outlets warn there may be an Iranian retaliation against Israel imminent.

We have a good deal of data in the 2nd half of the week but several speakers before that. Key items ont eh agenda are the US CPI and the Fed Minutes on Wednesday and the ECB Rate decision as well as the US PPI on Thursday

Key Events:


- Data  De Industrial Output, Israel Rate decision, Yellen speaks,
- Data Neil Kashkari speaks at 01:00
- Data AU Rate decision, US CPI, Golsbee speaks, Fed minuts,

- Data China M2, CPI and PPI, ECB Rate, US Initial Jobless Claims, PPI, Feds Collins, and Bostic speaks.

- Data China Trade Balance, DE&SWE&FR CPI, US Import Prices Bostic and Daly speak.

Trade safely!



The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.