Tag: cautious

SIVR Weekly: Cautious Stance Maintained (NYSEARCA:SIVR)

Investment thesis

Welcome to Orchid’s Silver weekly report, in which we wish to deliver our regular thoughts on the silver market through the Aberdeen Standard Physical Silver Shares ETF (SIVR).

SIVR has weakened by roughly 5% since our last update (mid-August), confirming our cautious stance.

That said, the weakness in SIVR has been softer than our initial expectations so far. We attribute this to the persisting decline in short-term US real rates.

While gold prices tend to co-move more strongly with the long end of the US real yield curve, silver prices respond more to changes in short-term US real rates. In this regard, the 5-year US TIPS yield has not experienced a meaningful rebound, which has limited the sell-off in SIVR, in contrast with the 30-year US TIPS yield.

Source: FRED, Orchid Research

However, the dollar has strengthened notably of late, which could exert downward pressure on SIVR in

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Ulta Beauty CEO sees better-than-expected recovery, but stays cautious

Ulta Beauty CEO Mary Dillon in an appearance CNBC Wednesday said she is “pleased” about the cosmetics retailer’s ongoing recovery from the economic lockdown, but the projections are still cloudly due to uncertainty.

Since the brand began reopening stores in July, demand for its products has returned, she told CNBC’s Jim Cramer.

“It took some time for stores to ramp up, but now, you know, the last month or so we’ve only been down mid-single digits,” she said in a “Mad Money” interview, adding that it’s “a lot better than we thought it would be at this point, although we’re cautious about what the second half of the year looks like.”

The pandemic created a slate of challenges for cosmetics companies as brick-and-mortar stores were shut earlier this year to stave off the spread of the novel coronavirus. The store closures depleted sales as people sheltered in place.

Ulta locations

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