A top-performing hedge fund is making a big bet on gold

Traders work after the closing bell at the New York Stock Exchange (NYSE) on August 7, 2019 in New York City. A top-performing hedge fund is more than doubling its bet on gold and is ruling the industry with a nearly 30% return this year on its long positions. The nearly 30% return this year is Symmetric’s estimate based on the fund’s long positions, not its overall return. Gold prices topped $1,500 an ounce recently as investors fled to hard assets amid a global slowdown and fears of a recessio


Traders work after the closing bell at the New York Stock Exchange (NYSE) on August 7, 2019 in New York City. A top-performing hedge fund is more than doubling its bet on gold and is ruling the industry with a nearly 30% return this year on its long positions. The nearly 30% return this year is Symmetric’s estimate based on the fund’s long positions, not its overall return. Gold prices topped $1,500 an ounce recently as investors fled to hard assets amid a global slowdown and fears of a recessio
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Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: yun li
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A top-performing hedge fund is making a big bet on gold

Traders work after the closing bell at the New York Stock Exchange (NYSE) on August 7, 2019 in New York City. – Wall Street stocks finished little changed on August 7, 2019, following a choppy session as a plunge in treasury bond yields early in the day underscored worries about a weakening global economy.

A top-performing hedge fund is more than doubling its bet on gold and is ruling the industry with a nearly 30% return this year on its long positions.

Sandler Capital Management, with $2.1 billion in regulatory assets under management, is run by much smaller and lesser-known managers than star investors like David Einhorn and Bill Ackman. But it is one of the best stock-picking funds this year, almost doubling the year-to-date gains for the S&P 500, according to Symmetric.io, a hedge-fund tracking firm.

The nearly 30% return this year is Symmetric’s estimate based on the fund’s long positions, not its overall return.

Based on its latest regulatory filings, Sandler increased its stake in the SPDR Gold Trust by nearly 180% to $38 million by the end of the second quarter, making it the biggest position the fund holds. The ramped-up wager could be a defensive play against more market turbulence ahead.

The precious metal has become increasingly attractive in a world full of negative yielding debt. Gold prices topped $1,500 an ounce recently as investors fled to hard assets amid a global slowdown and fears of a recession. Its safe-haven status also drew a recommendation from hedge fund guru Ray Dalio, who lately advocated putting money into gold during the upcoming “paradigm shift” for global markets

Sandler declined to comment.


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: yun li
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Most Americans say you need $1.7 million to retire—here’s how much money to save each month to get there

Many financial experts recommend saving at least $1 million in order to live comfortably in retirement. But the average American believes that they need even more than that: $1.7 million, according to a recent survey from Charles Schwab, which looked at 1,000 participants in 401(k) plans nationwide. Here’s how much you need to put away to save $1.7 million by age 65. Instead, invest those dollars in a tax-advantaged retirement plan, such as a 401(k) or Roth IRA. “Figure out how much you need to


Many financial experts recommend saving at least $1 million in order to live comfortably in retirement. But the average American believes that they need even more than that: $1.7 million, according to a recent survey from Charles Schwab, which looked at 1,000 participants in 401(k) plans nationwide. Here’s how much you need to put away to save $1.7 million by age 65. Instead, invest those dollars in a tax-advantaged retirement plan, such as a 401(k) or Roth IRA. “Figure out how much you need to
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Company: cnbc, Activity: cnbc, Date: 2019-08-17  Authors: emmie martin
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Most Americans say you need $1.7 million to retire—here's how much money to save each month to get there

Many financial experts recommend saving at least $1 million in order to live comfortably in retirement. But the average American believes that they need even more than that: $1.7 million, according to a recent survey from Charles Schwab, which looked at 1,000 participants in 401(k) plans nationwide. However, many people fall short of that goal. To get an idea of what it actually takes to build up a $1.7 million retirement portfolio, CNBC calculated how much you’d need to save and invest each month in order to reach that milestone by 65, depending on when you start. Most financial planners suggest putting away anywhere between 10% and 15% of your gross salary for retirement, so CNBC also calculated the salary you’d need to earn in order to save $1.7 million — without putting away more than 15% of your income. Keep in mind that although these calculations can help you get a sense of what you should be saving to build a substantial retirement fund, they don’t take into account the many ups and downs people experience over their lives, such as pay increases, periods of unemployment or sudden financial windfalls or losses. Here’s how much you need to put away to save $1.7 million by age 65.

If you start at age 25:

With a 4% rate of return: $1,433.51 per month Annual salary needed if you save 10% of your income: $172,021

Annual salary needed if you save 15% of your income: $114,686 With a 6% rate of return: $853.63 per month Annual salary needed if you save 10% of your income: $102,436

Annual salary needed if you save 15% of your income: $68,294 With an 8% rate of return: $486.97 per month Annual salary needed if you save 10% of your income: $58,436

Annual salary needed if you save 15% of your income: $38,959

If you start at age 30:

With a 4% rate of return: $1,860.50 per month Annual salary needed if you save 10% of your income: $223,260

Annual salary needed if you save 15% of your income: $148,848 With a 6% rate of return: $1,193 per month Annual salary needed if you save 10% of your income: $143,187

Annual salary needed if you save 15% of your income: $95,463 With an 8% rate of return: $741.10 per month Annual salary needed if you save 10% of your income: $88,932

Annual salary needed if you save 15% of your income: $59,291

If you start at age 40:

With a 4% rate of return: $3,306.56 per month Annual salary needed if you save 10% of your income: $396,787

Annual salary needed if you save 15% of your income: $264,538 With a 6% rate of return: $2,453.12 per month Annual salary needed if you save 10% of your income: $294,375

Annual salary needed if you save 15% of your income: $196,260 With an 8% rate of return: $1,787.54 per month Annual salary needed if you save 10% of your income: $214,505

Annual salary needed if you save 15% of your income: $143,011

Your retirement fund shouldn’t be languishing in a traditional savings account. Instead, invest those dollars in a tax-advantaged retirement plan, such as a 401(k) or Roth IRA. As the numbers show, investing your savings early can be powerful thanks to compound interest, which is when any interest earned then accrues interest on itself. The simplest way to get started is to contribute to your employer-sponsored 401(k) plan. Even if you aren’t able to save much, you should still aim to put enough into your 401(k) that you earn any match your company offers, which is essentially “free money.” When companies offer a 401(k) match, they agree to kick in whatever contribution you make up to a certain amount, so if your employer offers a 5% match, and you contribute 5% of your salary, the equivalent of 10% of your salary goes into the tax-advantaged account. But it’s worth noting that 401(k) plans come with contribution limits: In 2019, you can invest up to $19,000 in your account, up from $18,500 in 2018.

What to do if you exceed the 401(k) limit

If you’re planning to put away more than the $19,000 401(k) limit, you’ll need to find additional ways to invest your money. Here are three steps to follow to get the most out of your investment dollars: 1. Figure out which retirement savings account makes the most sense for you Determine which tax-advantaged retirement savings accounts are the best options for you, depending on your income and tax status, Nick Holeman, a certified financial planner and senior financial planner at Betterment, tells CNBC Make It. These can include a 401(k), Roth IRA, traditional IRA and/or a health savings account. Traditional 401(k) plans, for example, offer tax savings up front, while Roth-style accounts offer tax-free withdrawals in retirement. (You can find a breakdown of how different types of plans work here.) 2. Max out your retirement accounts Once you’ve determined the best account for you, contribute as much as you can. “Most people should start with their 401(k) if there’s a match,” Holeman says. But, “if your 401(k) has really high fees or really bad investment options, you might be better off starting with a traditional or Roth IRA and then going to your 401(k) after you’ve maxed that out.” Once you’ve maxed that out, “waterfall your way down” through other tax-advantaged accounts, Holeman says. “Figure out how much you need to save, then rank the accounts from best to worst and fill up the buckets as you go until you’re unable to save anymore.” Keep in mind account limits. In addition to the $19,000 you can put in your 401(k), you can also contribute $6,000 total into your traditional and/or Roth IRA. Individuals can put $3,500 per year into an HSA and families can contribute up to $7,000. 3. Branch out to other investments Once you hit the limits, you’ll want to consider more traditional brokerage accounts, like ETFs or mutual funds. For retirement savings, Berkshire Hathaway CEO Warren Buffett recommends low-cost index funds. “Consistently buy an S&P 500 low-cost index fund,” he told CNBC’s On The Money in 2017. “I think it’s the thing that makes the most sense practically all of the time.” He’s not just talk: Buffett has even said he’s instructed the trustee in charge of his estate to invest 90% of his money into the S&P 500 for his wife after he dies. Like this story? Subscribe to CNBC Make It on YouTube! Don’t miss: The No. 1 mistake Americans make when saving for retirement


Company: cnbc, Activity: cnbc, Date: 2019-08-17  Authors: emmie martin
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The IRS will waive this 2018 tax penalty for more than 400,000 filers

If you faced a surprise penalty for coming up short on your 2018 taxes, the IRS might be giving you some relief. On Wednesday, the IRS said it would automatically waive the tax underpayment penalty for more than 400,000 taxpayers who have already submitted their 2018 federal income tax return and failed to claim a special penalty waiver this spring. The waiver is only of the penalty; if you owed taxes, you must pay them. Normally, you must pay at least 90% of the income taxes you owe for a given


If you faced a surprise penalty for coming up short on your 2018 taxes, the IRS might be giving you some relief. On Wednesday, the IRS said it would automatically waive the tax underpayment penalty for more than 400,000 taxpayers who have already submitted their 2018 federal income tax return and failed to claim a special penalty waiver this spring. The waiver is only of the penalty; if you owed taxes, you must pay them. Normally, you must pay at least 90% of the income taxes you owe for a given
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The IRS will waive this 2018 tax penalty for more than 400,000 filers

If you faced a surprise penalty for coming up short on your 2018 taxes, the IRS might be giving you some relief.

On Wednesday, the IRS said it would automatically waive the tax underpayment penalty for more than 400,000 taxpayers who have already submitted their 2018 federal income tax return and failed to claim a special penalty waiver this spring.

The waiver is only of the penalty; if you owed taxes, you must pay them.

Normally, you must pay at least 90% of the income taxes you owe for a given year, or 100% of the tax liability from the prior year before you actually file, to avoid an underpayment penalty on your tax return. The threshold is 110% if your adjusted gross income on that year’s return exceeded $150,000.

More from Personal Finance:

Why women are less prepared for retirement than men

Consider this investment if you’re worried about losing money

These wealthy investors are trimming their stock holdings

The Tax Cuts and Jobs Act overhauled the tax code, slashing individual income tax rates, eliminating personal exemptions and roughly doubling the standard deduction. As a result, not all taxpayers were properly withheld for 2018.

To help taxpayers contend with these changes amid the 2018 filing season, the IRS lowered its 90% threshold to 85% in January and to 80% in March.

This change was only applicable for the 2018 tax year.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: darla mercado
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Hong Kong airport returns to calm, after riot police clashed with protesters earlier

Riot police disperse anti-extradition bill protesters during a mass demonstration after a woman was shot in the eye, at the Hong Kong international airport, in Hong Kong China August 13, 2019. Thomas Peter | ReutersThe Hong Kong airport returned to calm as most protesters left the airport early Wednesday morning. At the airport, protesters discussed among themselves whether they should simply block all access to the facility. On Tuesday, President Donald Trump tweeted that U.S. intelligence info


Riot police disperse anti-extradition bill protesters during a mass demonstration after a woman was shot in the eye, at the Hong Kong international airport, in Hong Kong China August 13, 2019. Thomas Peter | ReutersThe Hong Kong airport returned to calm as most protesters left the airport early Wednesday morning. At the airport, protesters discussed among themselves whether they should simply block all access to the facility. On Tuesday, President Donald Trump tweeted that U.S. intelligence info
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Hong Kong airport returns to calm, after riot police clashed with protesters earlier

Riot police disperse anti-extradition bill protesters during a mass demonstration after a woman was shot in the eye, at the Hong Kong international airport, in Hong Kong China August 13, 2019. Thomas Peter | Reuters

The Hong Kong airport returned to calm as most protesters left the airport early Wednesday morning. Earlier, riot police clashed with pro-democracy protesters late Tuesday night, moving into the terminal where the demonstrators had shut down operations at the busy transport hub for two straight days. The Tuesday night demonstrations involved officers armed with pepper spray and batons confronting the protesters who used luggage carts to barricade entrances to the airport terminal. Police took several people into a police van waiting at the entrance to the airport’s arrivals hall. Police said they tried to help ambulance officers reach an injured man whom protesters had detained on suspicion of being an undercover agent. Protesters also detained a second man who they suspected of being an undercover agent. After emptying out his belongings, they found a blue T-shirt that has been worn by pro-Beijing supporters that they said was evidence he was a spy.

Earlier in the day, authorities were forced to cancel all remaining flights as the city’s pro-Beijing leader warned that the protesters had pushed events onto a “path of no return.” After a brief period when flights were able to take off and land, the airport authority suspended check-in services for departing flights as of 4:30 p.m. Departing flights that had completed the process were able to continue to operate. It said it did not expect arriving flights to be affected, although dozens were already canceled. The authority advised people not to come to the airport, one of the world’s busiest. More than 200 flights were canceled Monday and the airport was effectively shut down with no flights taking off or landing. Passengers have been forced to stay in the city while airlines tried to find other ways to get them to their destinations. For Grace Bendal, a 43-year-old contractor from the Philippines, Tuesday was the second straight day she came to the airport only to learn flights were canceled. She spent the weekend in Hong Kong with her primary school-age children, who were eager to return to classes. She said they have already missed two days of school and the extra day in the city has cost her around 3,000 Hong Kong dollars ($400). Though there were no airline employees at check-in counters Tuesday evening, Bendal said she and her children planned to stay at the airport all night. “I cannot blame them, because they are fighting for something,” Bendal said of the protesters. “But then it’s not right if we are the ones suffering.” The airport disruptions are an escalation of a summer of demonstrations aimed at what many Hong Kong residents see as an increasing erosion of the freedoms they were promised in 1997 when Communist Party-ruled mainland China took over what had been a British colony. The protests have built on an opposition movement that shut down much of the city for seven weeks in 2014 before it eventually fizzled and its leaders were jailed on public disturbance charges. The central government in Beijing has ominously characterized the current protest movement as something approaching “terrorism” that poses an “existential threat” to citizens. While Beijing tends to define terrorism broadly, extending it especially to nonviolent movements opposing government policies in minority regions such as Tibet and Xinjiang, its use of the term in relation to Hong Kong raised the prospect of greater violence and the possible suspension of legal rights for those detained.

Hong Kong leader Carrie Lam said the instability, chaos and violence have placed the city on a “path of no return.” The black-clad demonstrators have shown no sign of letting up on their campaign to force Lam’s administration to respond to their demands, including that she step down and scrap proposed legislation under which some suspects could be sent to mainland China, where critics say they could face torture and unfair or politically charged trials. Lam has rejected all calls for dialogue, part of what analysts say is a strategy to wear down the opposition movement through police action while prompting demonstrators to take more violent and extreme actions that will turn the Hong Kong public against them. At the airport, protesters discussed among themselves whether they should simply block all access to the facility. Meanwhile, paramilitary police were assembling across the border in the city of Shenzhen for exercises that some saw as a threat to increase force against the mostly young protesters who have turned out by the thousands in the past 10 weeks. On Tuesday, President Donald Trump tweeted that U.S. intelligence informed him that Chinese troops were being moved to the Hong Kong border.

Anti-government protesters try to prevent a passenger from breaching a barricade in front of departure gates, during a demonstration at Hong Kong Airport, China August 13, 2019. Thomas Peter | Reuters


Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: matt clinch
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GOP Sen. Rick Scott: Americans should get tax cuts in return for tariffs paid on Chinese goods

Republican Sen. Rick Scott told CNBC on Monday the U.S. government should return money collected from China tariffs to Americans as tax relief. President Donald Trump, earlier this month announced an impeding 10% tariff on the remaining $300 billion of Chinese goods that had not been previously taxed. Back In May, Trump hiked tariffs to 25% from 10% on $200 billion in Chinese goods. “We have to help American companies … and get more American jobs and stop helping China,” Scott said. “I’m not s


Republican Sen. Rick Scott told CNBC on Monday the U.S. government should return money collected from China tariffs to Americans as tax relief. President Donald Trump, earlier this month announced an impeding 10% tariff on the remaining $300 billion of Chinese goods that had not been previously taxed. Back In May, Trump hiked tariffs to 25% from 10% on $200 billion in Chinese goods. “We have to help American companies … and get more American jobs and stop helping China,” Scott said. “I’m not s
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GOP Sen. Rick Scott: Americans should get tax cuts in return for tariffs paid on Chinese goods

Republican Sen. Rick Scott told CNBC on Monday the U.S. government should return money collected from China tariffs to Americans as tax relief.

“Anything we raise in tariffs, we should give back to the rank and public in tax reductions,” the Florida senator said in a “Squawk Box ” interview, acknowledging there’s been some “short-term pain.”

“We have to help American farmers open up more markets around the world,” said Scott, who did not elaborate on what such relief might look like.

Data from U.S. Customs and Border Protection, which collects taxes on imports, showed the U.S. had assessed $23.7 billion in tariffs from early 2018 through May 1. According to a Reuters report, total tariff revenue rose 73% in the first half of 2019 from a year earlier.

The trade dispute between the world’s two largest economies has been escalating in recent months, with investors fearing that it could slow global and U.S. economic growth. In fact, Goldman Sachs lowered its fourth-quarter U.S. growth forecast by 0.2% to 1.8%, with the cumulative drag on gross domestic product of 0.6%.

President Donald Trump, earlier this month announced an impeding 10% tariff on the remaining $300 billion of Chinese goods that had not been previously taxed. Back In May, Trump hiked tariffs to 25% from 10% on $200 billion in Chinese goods.

“We have to help American companies … and get more American jobs and stop helping China,” Scott said. “Stop acting like they are a partner,” adding he doesn’t see how a trade deal can be reached.

“I’m not sure what else we can do, other than stand up for American interests and American values,” he wondered. “I’m not sure what the president can do otherwise than the tariffs he is doing.”


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: jessica bursztynsky
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Wall Street sees even more Fed rate cuts ahead with Morgan Stanley predicting a return to zero

“Slower growth and rising risks will likely impel the Fed to cut rates further,” UBS economist Seth Carpenter said in a report for clients. That jibes with current pricing in the futures market which sees the funds rate around 1.12% by the end of next year. In their most recent projections in June, they indicated the longer-run funds rate to be at 2.5%, or higher than the current target range of 2% to 2.25%. Morgan Stanley: Back to zeroThe cut in September, he said, likely would be framed as ano


“Slower growth and rising risks will likely impel the Fed to cut rates further,” UBS economist Seth Carpenter said in a report for clients. That jibes with current pricing in the futures market which sees the funds rate around 1.12% by the end of next year. In their most recent projections in June, they indicated the longer-run funds rate to be at 2.5%, or higher than the current target range of 2% to 2.25%. Morgan Stanley: Back to zeroThe cut in September, he said, likely would be framed as ano
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Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: jeff cox
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Wall Street sees even more Fed rate cuts ahead with Morgan Stanley predicting a return to zero

As trade tensions escalate and economic indicators weaken, Wall Street is beginning to anticipate more aggressive interest rate cuts from the Federal Reserve, with at least one forecast seeing a return to near zero. Economists now see the likelihood of three quarter-point reductions before the end of the year, along with multiple moves in 2020 until it becomes clear that the U.S. central bank has staved off a recession. The anticipation comes as Goldman Sachs just announced that it reduced its GDP projections by 0.2 percentage point and Bank of America Merrill Lynch said it sees increasing chances of a recession in the next 12 months. Other forecasters on the Street are joining the calls for weakening conditions that prompt the Fed to take a sharper knife to rates than officials indicated at the July meeting, which saw the first rate reduction in 11 years.

“Slower growth and rising risks will likely impel the Fed to cut rates further,” UBS economist Seth Carpenter said in a report for clients. “Although we saw little support from the [Federal Open Market] Committee for further cuts at the July meeting, trade developments should provide enough justification to cut in” September. Carpenter sees another cut in December then one final reduction in March 2020 for a full cycle of 100 basis points lower, taking the Fed’s benchmark funds rate down to a range of 1% to 1.25%. That jibes with current pricing in the futures market which sees the funds rate around 1.12% by the end of next year. The projection, though, is still a far cry from where committee members anticipate rates heading. In their most recent projections in June, they indicated the longer-run funds rate to be at 2.5%, or higher than the current target range of 2% to 2.25%. However, that forecast came before July’s rate cut and, perhaps more importantly, a day before President Donald Trump’s announcement that he intends to levy tariffs on the remaining $300 billion or so of Chinese imports not already targeted. “Trump’s announcement … that tariffs on the final tranche of Chinese imports would be implemented September 1 has changed the outlook,” Carpenter said. “The new tariffs will slow growth. We anticipate the Fed eases policy further because of the slowdown and their fears of increased uncertainty.”

Morgan Stanley: Back to zero

The cut in September, he said, likely would be framed as another insurance policy against future uncertainty. By December, though, the easing would be in response to data showing material weakness in the economy. Morgan Stanley anticipates successive cuts at the September and October FOMC meetings and an even steeper path ahead, with four more rate moves in 2020 taking the funds rate close to zero, or where it was during the financial crisis and stayed for seven years. Strategist Mark Cabana of BofAML also recently told CNBC that zero rates could come if trade tensions keeping rising. “Taking a walk through Chair Powell’s checklist of factors the FOMC will be looking at when deliberating policy adjustments going forward, it seems to us there is already a clear need to cut rates further,” Ellen Zentner, a Morgan Stanley economist, said in a note, citing a reduction in hours worked for July, typically a precursor to layoffs.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: jeff cox
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Gold surges above $1,500, now has a better return than stocks this year

Wednesday marked the first time since April 2013 that gold traded above $1,500. Currently, there is $15 trillion worth of bonds with negative rates. India’s central bank noted inflation growth was mild and needed to boost the country’s economy. New Zealand’s central bank said lower rates were “necessary to continue to meet its employment and inflation objectives. ” The Thai central bank said it expected economic growth to slow.


Wednesday marked the first time since April 2013 that gold traded above $1,500. Currently, there is $15 trillion worth of bonds with negative rates. India’s central bank noted inflation growth was mild and needed to boost the country’s economy. New Zealand’s central bank said lower rates were “necessary to continue to meet its employment and inflation objectives. ” The Thai central bank said it expected economic growth to slow.
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Gold surges above $1,500, now has a better return than stocks this year

Gold rose to its highest level in more than six years on Wednesday as concerns about the global economy made the precious metal and other traditional safe havens more attractive than riskier assets like stocks. The metal also caught a bid as the amount of negative-yielding bonds keeps growing.

Gold futures for December delivery jumped 2.2% to trade at $1,522.70 per ounce. Wednesday marked the first time since April 2013 that gold traded above $1,500. The gains brought the metal’s gains to more than 18%. That return is higher than the S&P 500’s 14.3% year-to-date gain.

Investors turned to gold at a time when the amount of debt trading at negative yield increases. Currently, there is $15 trillion worth of bonds with negative rates. This makes gold more attractive since it retains its value even in times of slower economic growth.

Concerns over the global economy come as the U.S.-China trade war intensified with Chinese authorities allowing the country’s currency, the yuan, to depreciate against the dollar while several central banks around the world cut interest rates.

“That is the biggest factor because it introduces a whole new set of risks to the equation,” said Ryan Giannotto, director of research at GraniteShares. “What’s really playing into people’s fears is does the depreciation of the yuan signify a larger threat to the economy.”

On Monday, China allowed the yuan to weaken beyond 7 per U.S. dollar, marking the currency’s lowest level against the greenback in more than a decade. That move led to Wall Street’s biggest sell-off of 2019. The People’s Bank of China initially quelled escalation fears on Tuesday by pegging the yuan at a stronger-than-forecast level relative to the dollar. However, those worries reemerged after China set the yuan at a weaker-than-expected rate.

China’s currency moves came after President Donald Trump announced last week a 10% tariff on an additional $300 billion worth of Chinese goods. Investors are fearful about the tariff because the goods being targeted include consumer products ranging from apparel to Apple products like the iPhone.

Trade tensions have helped gold surge this month while stocks have lagged. The precious metal is up more than 5% in August. The S&P 500, meanwhile, has dropped more than 4%.

“Although gold futures remain near-term overbought, momentum is decidedly higher,” said Tom Essaye, founder of The Sevens Report, in a note. “Fundamentally, the sharp downtrends in bond yields firmly support the bullish case for gold.”

Concerns about the economy have also lifted gold prices while global yields fell.

Central banks in New Zealand, India and Thailand all cut interest rates overnight. New Zealand reduced its overnight rate by 50 basis points while India lowered its rate by 35 basis points. Thailand cut rates by 25 basis points.

The three central banks cited weaker economic growth in one way or another. India’s central bank noted inflation growth was mild and needed to boost the country’s economy. New Zealand’s central bank said lower rates were “necessary to continue to meet its employment and inflation objectives. ” The Thai central bank said it expected economic growth to slow.

The U.S. 10-year note yield fell to its lowest level since 2016, briefly dipping below 1.6%. In Germany, the 10-year bund hit a record low, reaching negative 0.6%.

“The flight to safety has continued across global financial markets,” said Ken Berman, CEO of Gorilla Trades. “Bulls are hoping that the recovery that started yesterday will continue, but volatility is likely to remain elevated.”

Jeffrey Gundlach, CEO of Doubleline Capital, sees further gains for the precious metal moving forward as yields keep falling.

“At this point, I think the way to think about it is, as long as the volume of negative interest rate bonds outstanding increases, it’s quite likely that gold moves higher in a similar vein,” Gundlach told Yahoo Finance.

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Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: fred imbert
Keywords: news, cnbc, companies, economy, rates, surges, gold, 1500, negative, better, metal, global, yuan, bank, level, stocks, central, return


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The Dow just posted a mighty big drop in a single day. Here’s what usually happens next…

Unless this trade war is introducing a new risk to the market that we haven’t seen during the last 10 years. Markets had their worst day of the year on Monday as a full blown trade war between the U.S. and China solidified investors worst fears about a global slowdown. The day following the market sell-off is often encouraging, with the average Dow return being a positive 0.27%. One-month after the market sell-off, the average return is 4% if you bought on the day the market tanked. The last tim


Unless this trade war is introducing a new risk to the market that we haven’t seen during the last 10 years. Markets had their worst day of the year on Monday as a full blown trade war between the U.S. and China solidified investors worst fears about a global slowdown. The day following the market sell-off is often encouraging, with the average Dow return being a positive 0.27%. One-month after the market sell-off, the average return is 4% if you bought on the day the market tanked. The last tim
The Dow just posted a mighty big drop in a single day. Here’s what usually happens next… Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, drop, return, worst, posted, trade, heres, big, market, average, day, single, war, york, mighty, selloff, happens, usually, dow


The Dow just posted a mighty big drop in a single day. Here's what usually happens next...

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City.

The Dow just cratered more than 760 points, or 2.9%, in a single day. But if recent history is any guide, the pain should be short lived.

Unless this trade war is introducing a new risk to the market that we haven’t seen during the last 10 years.

Markets had their worst day of the year on Monday as a full blown trade war between the U.S. and China solidified investors worst fears about a global slowdown. President Donald Trump’s additional tariffs slapped on Chinese goods caused China to retaliate by letting its currency weaken, crossing the 7 yuan per dollar threshold, and reneging on a promise to resume imports of U.S. agricultural products.

CNBC used Kensho, a hedge fund analytics tool, to track what happened to the market after the Dow dropped at least 2.5% in a single trading day during this bull market. The data showed that this large of a drop has happened 30 times since 2009 and markets have almost always recovered from a sell-off of this magnitude.

The day following the market sell-off is often encouraging, with the average Dow return being a positive 0.27%. Five days later the average return is 2.3%.

One-month after the market sell-off, the average return is 4% if you bought on the day the market tanked.

The last time the Dow plummeted 2.5% was on January 3 amid the intensified U.S.-China trade war following a rate increase from the Federal Reserve. The stock market went on to have its best January surge in 30 years as the Fed pivoted to a more dovish stance and trade fears eased.

“Buy the dip” has been the mantra for this bull market and the data backs that up… unless this time is different.


Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, drop, return, worst, posted, trade, heres, big, market, average, day, single, war, york, mighty, selloff, happens, usually, dow


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The IRS revamps its ‘postcard-sized’ tax return, drafts a new one for 2019

That postcard-sized tax return is about to get a little longer. The Internal Revenue Service has posted a draft of a new individual income tax return for 2019, updating the shortened form it had rolled out just last year. This is the second overhaul of the 1040 form since a revamp of the tax code went into effect at the beginning of 2018. Following the Tax Cuts and Jobs Act, the Treasury and IRS released the new “postcard” version, replacing forms 1040, 1040A and 1040EZ. Though the form itself w


That postcard-sized tax return is about to get a little longer. The Internal Revenue Service has posted a draft of a new individual income tax return for 2019, updating the shortened form it had rolled out just last year. This is the second overhaul of the 1040 form since a revamp of the tax code went into effect at the beginning of 2018. Following the Tax Cuts and Jobs Act, the Treasury and IRS released the new “postcard” version, replacing forms 1040, 1040A and 1040EZ. Though the form itself w
The IRS revamps its ‘postcard-sized’ tax return, drafts a new one for 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: darla mercado
Keywords: news, cnbc, companies, irs, drafts, form, wasnt, tax, return, ways, house, yearthis, 1040, revamps, postcardsized, went, 2019


The IRS revamps its 'postcard-sized' tax return, drafts a new one for 2019

House Ways and Means Committee Chairman Kevin Brady (R-TX) holds up an example of the ‘postcard-sized’ form he wants people to use when filing their taxes during a markup session of the proposed GOP tax reform legislation in the Longworth House Office Building on Capitol Hill November 6, 2017 in Washington, DC.

That postcard-sized tax return is about to get a little longer.

The Internal Revenue Service has posted a draft of a new individual income tax return for 2019, updating the shortened form it had rolled out just last year.

This is the second overhaul of the 1040 form since a revamp of the tax code went into effect at the beginning of 2018.

Following the Tax Cuts and Jobs Act, the Treasury and IRS released the new “postcard” version, replacing forms 1040, 1040A and 1040EZ.

Though the form itself wasn’t quite postcard-sized, it was indeed shorter. But this didn’t necessarily reduce paperwork.


Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: darla mercado
Keywords: news, cnbc, companies, irs, drafts, form, wasnt, tax, return, ways, house, yearthis, 1040, revamps, postcardsized, went, 2019


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‘Facebook is at the point of no return’: These 17-year-olds are very clear about what they love and hate about social media

So, I’m quite conscious of people watching what I post,” she told CNBC. “When I first got social media, my parents made sure I did that and now, it’s just grown on me,” he told CNBC. Two teams were tasked with creating an ad campaign to warn younger teens of the dangers of social media, before presenting them to a judging panel. But at the moment he’s unlikely to use social media to promote his acting, he said. Advertising is an accepted part of social media, but it wasn’t always obvious to the


So, I’m quite conscious of people watching what I post,” she told CNBC. “When I first got social media, my parents made sure I did that and now, it’s just grown on me,” he told CNBC. Two teams were tasked with creating an ad campaign to warn younger teens of the dangers of social media, before presenting them to a judging panel. But at the moment he’s unlikely to use social media to promote his acting, he said. Advertising is an accepted part of social media, but it wasn’t always obvious to the
‘Facebook is at the point of no return’: These 17-year-olds are very clear about what they love and hate about social media Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-31  Authors: lucy handley
Keywords: news, cnbc, companies, facebook, dont, instagram, media, point, social, love, hate, told, clear, snapchat, group, tanjia, 17yearolds, return


'Facebook is at the point of no return': These 17-year-olds are very clear about what they love and hate about social media

Generation Z has never known a world without the internet, smartphones and social media and their behavior is a constant source of fascination for companies who want to understand how to reach them with the next big thing. The group — often described as being aged between around 8 and 22 years-old — rarely watch TV, use WhatsApp for communicating with their parents, sometimes “ghost” job offers, and are courted by the likes of Snapchat, Instagram and YouTube for their attention. Some are really not fans of Facebook despite the firm’s attempts to win teens back to the platform. According to a group of 17-year-olds CNBC spoke to, Gen Z can be pretty private on social media but aren’t always sure when they’re shown ads on apps. Tanjia is studying math, economics and history at high school and mainly uses Snapchat, Instagram and Twitter, keeps her location private and only accepts people she knows as friends or followers. “If I take a photo near home, I don’t tag it (in) those areas and stuff like that. So, I’m quite conscious of people watching what I post,” she told CNBC. Emil, studying math, French and politics, also keeps his Instagram private, although he rarely posts. “When I first got social media, my parents made sure I did that and now, it’s just grown on me,” he told CNBC. “I don’t want to say I grew out of it but that’s sort of what it felt like happened. I stopped caring, basically, about likes,” he added.

Students took part in a week’s work experience at London advertising agency Isobel, in July 2019

The teenagers spoke to CNBC after a week at London ad agency Isobel, which runs a summer school program for students. Two teams were tasked with creating an ad campaign to warn younger teens of the dangers of social media, before presenting them to a judging panel. Tanjia’s team cautioned children not to share their location on social media with the tagline “Your World is Theirs,” while the second group encouraged youngsters to “Pull the Plug on Online Hate.” While none of the students wanted to speak publicly about cyber-bulling, they were very aware of it, according to Isobel Managing Partner Jamie Williams. “They knew all about it, whether that’s happened to them or their friends … there were themes that were very relevant,” he told CNBC by phone. As 17-year-olds, the risks appear to be more about blowing a job prospect than staying safe. “What you post can affect how you work when you’re older … But when you’re younger, it’s more about being careful for yourself,” Tanjia said.

Likes concern

There was a concern about validation too. “I wouldn’t want to want to post a picture and people’s reactions to be (negative), even if they’re not responding or anything, I don’t want the idea that these people were thinking ‘Oh, God, what did he just post?’ or anything like that,” Emil said. This is a key topic for Instagram, which announced this month that it is expanding its trial to hide like counts and video views in Australia, Brazil, Canada, Ireland, Italy, Japan and New Zealand. Head of Instagram Adam Mosseri said hiding like counts is one way to make the social network “a less pressurized environment.” Deniss, who wants to be an actor, told CNBC he “doesn’t care” who follows him on Instagram, and mainly uses Snapchat to communicate, although won’t accept contact requests from people he doesn’t know. But at the moment he’s unlikely to use social media to promote his acting, he said. “I don’t want to use social media to provoke popularity. So if I become popular, people may choose to follow me,” he added.

Deniss prefers to use Russian social network VKontakte (or VK, similar to Facebook) to chat with friends in Latvia and Russia as well as to listen to music. Advertising is an accepted part of social media, but it wasn’t always obvious to the group when they were seeing ads. Instagram Stories for example, features “native” ads that look like posts from accounts people follow, which can be confusing, Tanjia said. “Sometimes they show ads in between. The same one as how you’d watch a normal story. Sometimes I don’t realize that’s not a person’s account … it’s like subconsciously (an ad).” All three use Snapchat to chat with friends regularly, while WhatsApp is for group conversations or messages from parents, “as they don’t have anything else.” As for Facebook? “Most of us have it, we just never use it,” Tanjia said. “It’s not our thing.” They are aware that Facebook owns Instagram and WhatsApp. “I think it’s kind of sad when they do more things like … Facebook Stories is the same as Instagram Stories and Snapchat Stories … (Facebook is) just trying to copy everything that they already own,” Tanjia added. Facebook is just not cool, Emil stated. “Our generation is quite ‘brand-y.’ We are obsessed (with brands) and we’re like sheep, we just flock to whatever seems the coolest. And Facebook is at the point of no return.” Williams agreed. “When I ask if they’re on Facebook, they would look at me as if they had barely ever heard of it,” he said. As well as gaining insights into how Generation Z uses social media, the program at Isobel is an opportunity for the ad industry to reach a more diverse group of people as the students were from a variety of backgrounds, Williams added. “Ultimately, we’re trying to engage consumers right across the U.K. with the brands that we work with, and representing society within our agency, within our industry, is important.”


Company: cnbc, Activity: cnbc, Date: 2019-07-31  Authors: lucy handley
Keywords: news, cnbc, companies, facebook, dont, instagram, media, point, social, love, hate, told, clear, snapchat, group, tanjia, 17yearolds, return


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