Gold sets a new intraday record as Wall Street adjusts its forecasts. (0:15) Roku gets a vote of confidence. (3:24) Wall Street bonuses jump 30% to nearly $245K. (3:45) Show Notes‘Market crash’ on horizon - surveyEpisode transcripts: seekingalpha.com/wsb Sign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
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Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis. Good afternoon. Today is Thursday, March 27th, and I'm your host, Kim Kahn. Our top story so far, Wall Street is waving the white flag when it comes to the latest gold rally.
Spot prices set a new record high of near $30.60 per ounce as physical stockpiling of the yellow metal as a hedge against tariff uncertainty and the potential inflationary impact continues. New York demand for bullion led to record outflows in London in January. Wall Street banks have been forced to rethink their theses.
Goldman Sachs boosted its 2025 gold target to $3,300 from $3,100, and B of A predicts $3,500 per ounce within the next two years with U.S. trade policy supporting prices in the near term.
B of A said its new target can be reached if the investment demand for gold increases by 10%, which can come from a number of places, including continued buying by central banks and continuing appetite for gold ETFs among retail investors.
According to Reuters, Goldman said, Looking to charts, SA analyst Dean Popowell says immediate support rests at $29.82 and $29.50 if the lows at $3,004 are breached. On the upside, immediate resistance is in the 3025 to 3030 range before the 3050 and then the 3075 handles come into focus.
Looking to the economy, initial jobless claims slipped to 224,000 from 225,000 in the prior week, revised from 223,000, slightly trailing the 225,000 consensus. Continuing claims drifted lower to 1.856 million from 1.89 million prior, compared with the 1.9 million expected.
Pantheon macroeconomist Samuel Toom says, Claims remained low last week, with powerful storms across large areas of the South and Midwest having no immediate impact. The recent deterioration in hiring and firing indicators, however, suggests that claims will climb over the coming weeks.
Claims filed by former federal workers are not included in the advanced initial claims count unless they also used to hold a second job in the private sector. Unadjusted claims by former federal workers fell to 821 in the week ended March 15th from 1,066 in the previous week, but they remain above their near-zero normal levels, he added.
Among active stocks, Jefferies downgraded AMD to hold from buy, suggesting that the gap between the company and NVIDIA is widening. Analyst Blaine Curtis said, "...our proprietary benchmarking report suggests real-world throughput of NVIDIA's H200 across a range of open-source models is substantially higher than AMD's MI300X, despite MI300X's higher advertised..."
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