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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

3/3/20

Gold is one of the few investments higher today. Gold is up 2% today and up over 20% in the last year. Gold miner, Newmont Mining (NEM) is up 5% today near a 52-week high. The company reported better than expected earnings last week while also hiking its dividend. The yield is over 1%.

Banks taking a hit after the Fed surprise rate cut. Bank of America (BAC) is down 4% after the central bank's first emergency action since 2008. Chair Jerome Powell and other Fed officials voted unanimously to immediately lower the fed funds rate by 50 basis points to a range of 1% to 1.25%. The surprise wasn't necessarily the magnitude of the move, rather the shock is just how decisively the Fed chose to respond after signaling little urgency just a few days ago. JP Morgan is down 3%, Wells Fargo is down 3% and Citigroup is down 2.5%.

Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.