Close: London Session | Forex, Metals, Oil, Agriculture August 12, 2020



The Wynnewood facility is located relatively close to both slaughterhouses (Texas, Louisiana) and soybean fields (Missouri, Kansas), which should make feedstock procurement a straightforward process. Sharing the full story, not just the headlines Download now Mr Cruz, who was pictured with a coffee in hand, was said to have “not worn a mask once”.


The underlying gold futures had reached new highs in several different major currencies over the past year, and they finally broke through in U.S. dollar terms. The MSCI World Value Index fell 15.7%, in US dollar terms in the year through July 31, underperforming the MSCI World, which was down 1.3% over the same period. However, this number missed analyst estimates by nearly $4.6 million, a figure that was larger than the year over year dollar increase.
Weakness in the U.S. dollar against a range of currencies is also supporting gold prices. Gold’s unprecedented rise is driven to a great extent by the bearish sentiment surrounding the U.S. dollar. The original use of gold was as a form of monetary exchange and store of value, just as the U.S. dollar is used today. BlueBay Asset has taken profit on short dollar positions, AMP Capital pared bullish bets on emerging market currencies and K2 Asset Management is taking risks off the table. Delayed stimulus provoked traders to quickly take advantage of a sudden, newfound arbitrage opportunity, increasing demand for the now-more-valuable dollar, at the expense of gold.
The dollar index slipped, while spot gold rebounded in volatile trade. The U.S. dollar index slipped, while spot gold rebounded in volatile trade.


In my silver update three weeks ago, Silver: 4-year Highs and More to Come, I made the case that silver was cheap relative to gold. Pan American Silver (PAAS) and First Majestic Silver (AG) are the two largest primary silver miners in this list. 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). (Source: Gold Price) Caledonia Mining is generating significant profits at the current gold price, but this can be said for almost every gold miner in the world.
That is the trick with silver, it moves quickly so if gold is falling, silver will absolutely crater as we have seen. Avino Silver has 30% copper, 30% gold, 30% silver exposure. : We think that the current spec positioning in the silver futures market is very bullish for the COMEX silver spot price and thus SIVR over the coming quarters. As the AISC stayed the same, the silver price soared 50% from last year and will deliver healthy margins for the silver miners in Q3 2020.
Like gold, silver has benefited from a significant increase in investment demand, driven by a slump in US real rates and exacerbated by increased retail investor participation. When we look at the AISC profile of several silver miners, we can conclude that the AISC of silver miners is pretty stable.


The ProShares Ultra Bloomberg Crude Oil product (UCO) and its bearish counterpart (SCO) offer double leverage on the price of a portfolio of NYMEX crude oil futures. More than 50 oil and gas firms have filed for bankruptcy since oil prices crashed in March, led by exploration and production companies with 29 filings. The EIA reported, “The Short Term Energy Outlook that they expect high inventory levels and surplus crude oil production capacity will limit upward price pressures in the coming months.
Since June, the crude oil market has been in a coma with the price trading around the $40 per barrel level. energy stocks continue to trade at incredibly low levels relative to the ongoing rally in the S&P 500 and crude oil prices. BEFORE THE BELL Canadian main stock index’s futures gained, supported by oil prices that rose on a bigger-than-expected drop in U.S. crude inventories. The crude oil futures market has been in a coma compared to the price action from January through April.
After trading into negative territory for the first time in history on April 20, the crude oil futures market staged an impressive comeback.
For the week ending on July 24, the API and EIA reported respective declines in crude oil inventories of 6.829 and 10.6 million barrels. A decrease in inventories, while output continues to decline, creates a potent fundamental bullish environment for the price of crude oil.

United States

From international markets to the US CBD market, Canopy Growth has attractive growth prospects, and we will monitor how these verticals support growth on a going forward basis. Meanwhile, Amazon (NASDAQ:AMZN) showed how important online orders were during Covid-19 and posted an impressive 97.3% earnings growth rate, followed by Shutterstock Inc.’s (NYSE:SSTK) 87.9% actual earnings growth rate. Barring a bipartisan deal on stimulus, the U.S. economy could be left with measures U.S. President Donald Trump called for on Saturday through executive orders to bypass Congress.
A number of encouraging economic indicators suggest that the US is recovering from the coronavirus recession that crushed output in the second quarter. Investors historically questioned why they should diversify their high GDP growth portfolio (India) with lower growth economies such as the US. On the other hand, WD-40 (NASDAQ:WDFC) is the only company with a negative earnings growth rate of -18.5% for the quarter.
Another problem is the one I talked about last week: Even if they re more or less successful, Trump s actions aren t likely to impress voters. The Fed announced in April it would set up a special purpose vehicle to buy up to $500 billion in municipal debt as part of its coronavirus relief efforts. Fed and government actions are not only buying economic growth but time. Mr Trump said many in business and politics work out endlessly to the point of exhaustion, and that no one complained when Barack Obama played golf.


Xinjiang is home to the majority of China’s ethnic Uighurs, a mostly Muslim minority group who in recent years have been the subject of a massive government crackdown. Beijing also reported weaker-than-expected loan growth, while the U.S. Senate’s majority leader described stimulus talks there overnight as “at a bit of a stalemate”. The announcement followed last week’s US sanctions on 11 Hong Kong and Chinese officials after Beijing curtailed political freedoms in the former British colony.
Beijing reiterated that the island nation is an indispensable part of China after sending a fighter jet closer to Taiwan earlier this week. Shake Shack (NYSE:SHAK) opens first restaurant in Beijing.


Boris Johnson denied that care homes, which have been badly hit by the coronavirus crisis, would struggle to recruit enough workers under the new system. One of the EU’s five freedoms, free movement of people, was being called into question. The allocation of new funds will, however, be subject to an ‘emergency brake’ should any EU member object to the spending proposals of any other. The new Multiannual Financial Framework (MFF), as the EU budget deal is known, will cover seven years between 2021 and 2027.
The deal has two parts, the regular EU budget, worth nearly Eur1.1trln and a Eur750bln Next Generation fund – or NGEU. The reform would mean EU criminals are treated the same as those from non-EU countries. This was followed by a further period of reflection about the strength of EU resolve. The scrutiny comes on top of other EU investigations.