Gold and Bank Stocks break down, Clip Money

I plan on a more in depth update on markets but what is note worthy is that gold broke down on the chart and Canadian Bank Stocks hit new lows while long term bond yields are on the rise in the last few trading days. ZEB the Canadian bank etf hit new lows of 31.30, compared to 35 around mid January and 37 in the February top.

U.S. banks stocks have not done much better with the S&P 500 Bank index down -14% on the year. I have been bearish on the sector and more so in Canada because of the banks big exposure to a Canadian Real Estate bubble.

However there are always opportunities in the market and in the financial or Fintech space is a new company. Clip Money TSXVCLIP, OTC:CLPMF is really a new tech unicorn. Clip is the only company with a multibank automated platform for businesses small and large to deposit their daily cash receipts. It saves business time and money.

They are partnered with Brinks security and already have numerous blue chip customers, like Staples, Major Mall chains, clothing chains and many more. However, this past week they announced what I call the grand daddy deal since they commercialized their platform. NCR invested US$10M into Clip (just over 20% ownership) and will install CLIP's platform on all their retail ATM machines across the U.S. It will increase Clip's base about 7 fold.

This is a short 7 minute video