Currencies
The dollar was down, while gold prices jumped to a one-week high and platinum prices climbed to its highest in more than four years. The U.S. dollar was down, while gold prices jumped to a one-week high and platinum prices climbed to its highest in more than four years. Dollar weakness, stemming from postponing stimulus, may drive returns on US debt lower, carrying the dollar with it. less Gold and Silver prices advanced for a third day against the backdrop of a weaker US Dollar.
Gold and silver prices exhibited a negative relationship with the DXY US Dollar index, showing correlation coefficients of -0.79 and -0.92 respectively over the past 12 months. In the past year, US economy suffered a -3.5% contraction, despite ultra-low interest rates, low inflation, weak dollar and huge fiscal injections. Higher bond yields have helped lift the U.S. Dollar Index and restrain gold and silver prices so far in 2021. Further weakness in the Greenback may continue to support precious metal prices, which tend to be inversely correlated to the US Dollar.
FOREX: The dollar struggled at a one-week low as traders grew wary about the prospects for the greenback against the backdrop of a large U.S. fiscal stimulus package. After several days of decline, , pushing yields lower and making the US dollar less attractive.
Gold and silver prices exhibited a negative relationship with the DXY US Dollar index, showing correlation coefficients of -0.79 and -0.92 respectively over the past 12 months. In the past year, US economy suffered a -3.5% contraction, despite ultra-low interest rates, low inflation, weak dollar and huge fiscal injections. Higher bond yields have helped lift the U.S. Dollar Index and restrain gold and silver prices so far in 2021. Further weakness in the Greenback may continue to support precious metal prices, which tend to be inversely correlated to the US Dollar.
FOREX: The dollar struggled at a one-week low as traders grew wary about the prospects for the greenback against the backdrop of a large U.S. fiscal stimulus package. After several days of decline, , pushing yields lower and making the US dollar less attractive.
Metals
It’s possible that the gray precious metal is setting up for a massive move—a move that could take silver prices near $50.00 per ounce or higher. less As recently as last week, millennials were being billed as gold-phobic and charged as a hindrance to any possible future move in gold (GLD) and silver. Squeeze or no squeeze, this episode did act to dispel one myth – that millennials have rejected gold and silver in favor of cryptocurrencies. Palisades Goldcorp after all was the single largest investor in junior silver companies in 2020 in Canada, investing over $25M in silver private placements.
The more yields sink below inflation and expectations of future inflation, the more attractive gold and silver become as alternatives to bonds and cash. Consider this: the U.S. Mint recently said it’s having a very hard time meeting the sky-high demand for gold and silver bullion coins. >> Fabrice Drouin Ristori on Twitter is an independent investment analyst and studies the gold and silver market and their future role in the international monetary system.
Gold prices for the latest contract on MCX are trading up by 0.7% at Rs 48,189 per 10 grams. He follows regularly since 1970 the gold, silver and foreign exchange markets. Fabrice shares his thoughts on the economy, stock markets, geopolitics, gold and silver.
The more yields sink below inflation and expectations of future inflation, the more attractive gold and silver become as alternatives to bonds and cash. Consider this: the U.S. Mint recently said it’s having a very hard time meeting the sky-high demand for gold and silver bullion coins. >> Fabrice Drouin Ristori on Twitter is an independent investment analyst and studies the gold and silver market and their future role in the international monetary system.
Gold prices for the latest contract on MCX are trading up by 0.7% at Rs 48,189 per 10 grams. He follows regularly since 1970 the gold, silver and foreign exchange markets. Fabrice shares his thoughts on the economy, stock markets, geopolitics, gold and silver.
Oil
In tandem with the normalisation of societies, oil demand will increase and so will oil prices. The company has a $722.54 million market cap and sells oil, condensate, gas, and natural gas liquids to wholesale marketers, industrial users, local distribution companies, refiners, and utilities. The company is the second-largest producer of liquefied natural gas, and added significant finds to its oil and gas reserves last year. Total said the oil market outlook remained uncertain, and it would target another $500 million in cost cuts in 2021, after saving $1.1 billion last year.
Crude oil prices hit 13-month highs, helped by rising optimism about a return in fuel demand. The company plunged to a $7.2 billion net loss for 2020 as a whole, hit by around $10 billion of impairments as oil prices collapsed. Focused primarily on Texas and North Dakota, QEP is an independent crude oil and natural gas exploration and production company. The company’s production stood at 467,202 barrels of oil equivalent per day (boepd) in the quarter, down nearly 1% from previous quarter.
Cenovus Energy Inc: The company said its losses narrowed for the three months to December from the previous quarter, as the oil industry rebounds from the COVID-19 hit.
Like its rivals, the oil and gas major suffered as fuel consumption plummeted during the pandemic.
Crude oil prices hit 13-month highs, helped by rising optimism about a return in fuel demand. The company plunged to a $7.2 billion net loss for 2020 as a whole, hit by around $10 billion of impairments as oil prices collapsed. Focused primarily on Texas and North Dakota, QEP is an independent crude oil and natural gas exploration and production company. The company’s production stood at 467,202 barrels of oil equivalent per day (boepd) in the quarter, down nearly 1% from previous quarter.
Cenovus Energy Inc: The company said its losses narrowed for the three months to December from the previous quarter, as the oil industry rebounds from the COVID-19 hit.
Like its rivals, the oil and gas major suffered as fuel consumption plummeted during the pandemic.
United States
VanEck Impeachment The Senate begins former President Donald Trump’s second impeachment trial today with a fight over whether it can proceed at all. less Donald Trump is back – the former president is returning to the spotlight as his trial for inciting insurrection begins. The Democrat-led Senate is working towards approving the US$1.9 trillion stimulus bill, which aims to revitalize consumer spending, strengthen vaccine delivery and foster a faster recovery from the pandemic.
Centene also forecast 2021 adjusted profit between $5 and $5.30 per share, compared with Wall Street estimates of $5.24, according to Refinitiv IBES. If all 50 Democrats agree that it can, both House impeachment managers and Trump s defense team will begin their cases tomorrow. Some sideways consolidative price action might even be healthy, as the Fed begins to rollout more stimulus money. ) The S&P also continued its run into the rarified air of no resistance, although – like the Nasdaq – it continued to lose ground relative to the Russell 2000.
Following the catastrophic mishandling of the pandemic by the Trump administration, total cases are approaching 27 million and the 440,000 deaths exceed US military fatalities in World War II. Tepid job market sentiment called for more fiscal support and may refrain the Fed from considering tapering any time soon. One is that the yield divergence reflects investor confidence that the Fed will keep inflation under control, supported by secular disinflationary forces.
Centene also forecast 2021 adjusted profit between $5 and $5.30 per share, compared with Wall Street estimates of $5.24, according to Refinitiv IBES. If all 50 Democrats agree that it can, both House impeachment managers and Trump s defense team will begin their cases tomorrow. Some sideways consolidative price action might even be healthy, as the Fed begins to rollout more stimulus money. ) The S&P also continued its run into the rarified air of no resistance, although – like the Nasdaq – it continued to lose ground relative to the Russell 2000.
Following the catastrophic mishandling of the pandemic by the Trump administration, total cases are approaching 27 million and the 440,000 deaths exceed US military fatalities in World War II. Tepid job market sentiment called for more fiscal support and may refrain the Fed from considering tapering any time soon. One is that the yield divergence reflects investor confidence that the Fed will keep inflation under control, supported by secular disinflationary forces.
China
By Monday, Beijing took notice and apparently banned the service.
Europe
Swedish message | Sweden is mobilizing a group of eight European Union countries to fight the protectionist tendencies resurfacing in the bloc during the pandemic. Separately, Germany needs to purchase coronavirus vaccines at the national level because the EU is too slow, a senior lawmaker said. Separately, freight traffic through the Port of Dover is running at 90% of usual levels, better than had been feared amid new Brexit red tape. Prime Minister Boris Johnson conditioned an exit from the current lockdown on the rollout of immunizations.
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