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Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning. Here's what you need to know before markets open. 1. Goldman Sachs says gold will surge another 20% and hit $2,300 in the next year, driven by rock-bottom interest rates. The bank previously projected that the safe-haven metal would touch $2,000 an ounce in the next 12 months. 2. A $59.1 billion Swiss bank sold half its gold holding, even as the precious metal breaks to new record highs. Lombard Odier's chief economist, Samy Chaar, said the bank sold half its gold position due gold's price "vulnerability" to uncertainty in real rates. 3. Warren Buffett pumps another $400 million into Bank of America, boosting his stock purchases to $1.2 billion in 8 days. The famed investor and Berkshire Hathaway CEO bought around 16 million shares, raising his stake to 11.5%. 4. The US Mint is slowing down how many gold coins it makes because of the coronavirus pandemic. To avoid chances of employees contracting COVID-19, the bureau decided to slow production as a safety measure. 5. Why Ryan Gibson is going all in on storage-unit investing after years of flipping homes — and the strategy he's using to capture the booming trend. "You have to take the sniper approach," Gibson, the chief investment officer of Spartan Investment Group, said. "Storage is a 3-mile business." 6. Warren Buffett's bet on Bank of America is almost a guaranteed winner, Berkshire Hathaway investor Bill Brewster says. "Will Bank of America be the best investment in the market? Probably not. Could you do a lot worse? Yes." 7. Bank of America says portfolios built to survive any market environment are having their best 3 months ever. Here's why the historic gains are about to end, and 3 trades to help you prepare in advance. Bank of America's Michael Hartnett is bracing for a 'summer dip' in the market — and recommends these 3 trades to prepare. 8. Global stocks are mixed. In Europe, Germany's DAX fell 0.3%, Britain's FTSE 100 was about flat and the Euro Stoxx 50 fell 0.3%. In Asia, China's Shanghai Composite rose 0.7%, Hong Kong's Hang Seng rose 0.7%, and Japan's Nikkei fell 0.3% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq fell 0.3%. 9. Earnings keep coming. Visa, Pfizer, Amgen, McDonald's, Starbucks, and Mondelez are highlights. 10. On the economic front. The American Petroleum Institute's weekly crude oil stock and US consumer confidence data are due. |
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