If you mark-to-market the portfolios together, you are looking at multibillion mark-to-market losses, particularly with gold at 500-plus.
It's the same old (story). Growth and inflation. That's what's bothering the market.
This is the proverbial bounce, and it's encouraging that it bounced when it did, but is this the turn This week there will likely be some backing and filling before the long holiday weekend.
It was really a flat, flat market and by and large the dominant theme was the constrained trading because of the holiday.
We will probably get a better opening to the market. The resource stocks and gold stocks are better today.
Gold is a safe haven and there's expectation that with the bloated trade deficit in the U.S., the U.S. dollar is vulnerable.
The resources took a breather for a variety of reasons.
In a period when there were a lot of MA heated activity they, by virtue of being in the penalty box, could not realistically look at anything because there would be a question mark as to whether you could really close any transaction in a reasonable time.
What everybody was hoping would be a temporary situation may well be a protracted legal affair. That has provided the opportunity to this market, which was already nervous, to look at the worst case scenario weeks of uncertainty.
My guess is that we'll see a strong opening here on the back of our strong resource market. We are a nation of rocks and trees.
It sure was a light trading day. London was closed and it's the last week of August, which tends to historically be a light trading period.
The stock has climbed back with clarification from the company.
Bank results have been in line with expectations. But the talk is more the rebound in the oil prices and the pick up in the resource stocks as the quarterly earnings come out.
Bank stocks are acting better, and, of course, mother Bell (BCE Inc.), and then you combine that with the oils, which were a little bit better on Friday, and you have some pretty good participation in the market.
They have an aggressive management, they have a great balance sheet, they have an array of assets that are leveraged to the gold price.