Close: London Session | Forex, Metals, Oil, Agriculture November 04, 2020



The U.S. harvest was 82% complete for corn and 87% for soybeans, with both ahead of the five-year average but short on the average analyst expectations. In the overnight electronic session, the December corn is currently trading at 400 ¼ which is ¾ of a cent lower. On the Corn front, the market lost ground in Asian trade.


The domestic currency weakened to its lowest level since late August, tracking a decline in other emerging market currencies after the dollar pared losses. IG Markets’ analyst Kyle Rodda said the gold market is beginning to doubt a clear victory by Biden and its effect has been the strengthening of the dollar. In global markets, gold prices moved lower today amid a stronger US dollar as US elections headed towards a tight finish. The US dollar has been whip-sawed in a one-point range today as sentiment turned from one candidate to the other, leaving USD-pairs at risk of further volatile moves.
The dollar was largely driven higher by hedge funds and other market participants unwinding wagers they placed against the greenback before the vote, he said. The dollar index fell, while spot gold prices were little changed. The Shanghai launch for Thursday was first postponed, but when it became clear the Hong Kong IPO was also going to be delayed, the Hong Kong dollar weakened.
The dollar index was little changed, while gold prices were down. In a sign that investors were reaching for safe-haven assets, the dollar initially rose against a basket of currencies tracked by The Wall Street Journal. $TLT, UUP*TLT in gray color represents the real value of TLT by including the value of the dollar index as UUP.


(Source: Company Presentation) So, why not buy Pure Gold here when the stock is just about to transform from gold developer into a cash-flow generating gold producer? Assuming mining goes according to plan, Pure Gold could produce up to 75,000 ounces of gold next year at industry-leading costs below $950/oz. In 2002 when gold was $300 per ounce, MAM recommended to its investors to put 50% of their investment assets into physical gold stored outside the banking system.
This is based on projected mill throughput of just below 750 tonnes per day and an average feed grade of 7 grams per tonne gold. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. 4, 2020 10:26 AM ET|| About: Centerra Gold Inc. (CAGDF)by: SA TranscriptsThe following slide deck was published by Centerra Gold Inc. in conjunction with their 2020 Q3 earnings call. My target gold price remains at $2,200 per oz by year end.
Transforming other financial assets in the gold space, divided by gold, shows a different view about each asset. Still, production should ramp up to well above 100,000 ounces as grades increase to an average of 11.45 grams per tonne gold in years 4 through 8. The unprecedented global stimulus packages released by governments worldwide to shield their economies from the impact of the pandemic boosted gold prices by around 25% so far this year.


Oil companies have come under a lot of pressure as well, as output has declined, while oil prices are at a rather low level as well. MPLX is a mostly natural gas focused midstream company, its main activities include gathering, processing, and transportation of natural gas and natural gas liquids. Source: Bloomberg WTI was trading around $38.20 ahead of the print… Crude oil prices rebounded to US$ 38.77 from a five-month low of US$ 34.60 seen earlier this week.
all lead to lower oil demand, but natural gas demand is not impacted by these measures. Natural gas demand is, compared to oil demand, quite resilient. The coronavirus pandemic has slashed oil demand and forced shale producers to cut costs to survive, prompting consolidation as companies size up in hopes of cutting operating costs. A Democratic sweep outcome may favor green energy over fossil fuels, whereas a Trump-win scenario may support oil prices to some extent. A much larger-than-expected rise in stockpiles may weigh on oil prices, whereas a larger draw may result in the opposite.
Oil prices were also buoyed by a potential delay in production hikes among OPEC+ members as Russia and Saudi Arabia lead talks about plans to rein output.
After some notable volatility overnight, oil prices are higher ahead of this morning’s official inventory data as OPEC+ talks on delaying a January oil-output increase gathered momentum.

United States

The outcome of the US election continues to be cloudy with sentiment swinging one candidate to another as the votes are counted. Despite incomplete results from several battleground states that could determine the outcome of the U.S. presidential race, President Donald Trump proclaimed victory over Democratic challenger Joe Biden. Vestas Shares Plunge as Risk of Trump Win Spooks Green Investors Investors weighed the impact of the U.S. election on the renewable energy sector.
States including Pennsylvania, Michigan and Wisconsin – all key states taken from the Democrats by Trump in 2016 – are undecided so far but leaning Republican. Some market volatility additionally ensued after President Trump vowed to petition the Supreme Court about the inconclusive election, calling the process “a major fraud on our nation.” Some early data seems to support the notion that Trump could carry these key states as well. Nasdaq Futures are trading up by 253 points (up 2.2%), while Dow Futures are trading up by 57 points (up 0.2%).
Nasdaq Futures are trading up by 309 points (up 2.8%), while Dow Futures are trading down by 35 points. The biggest losers for the major asset classes: shares in the US and developed markets and real estate shares around the world. less (Length 00:01:26) Wild swings were to be expected, with the results of the US election coming in.


The most obvious political dimension is the founder (and controlling owner of Ant) Jack Ma’s criticism of Beijing in general and regulators in particular.


Libmeldy is the first therapy recommended for full marketing authorization in the EU for eligible patients with confirmed diagnosis of late infantile or early juvenile MLD variants. Those that had the rate already into negative territory (e.g., ECB), engaged in QE and some other easing forms (e.g., explicit forward guidance). However, the ECB already has the deposit facility rate into negative territory for several years now. EU finance chiefs hold a second day of talks by videoconference focusing on anti-money-laundering measures and terrorist funding.
David Merkel is an investment professional, and like every investment professional, he makes mistakes. David J. Merkel, CFA — 2010-present, I run my own equity asset management shop, called Aleph Investments. The ECB is not the only one investing resources in the digital central banks’ currency space. Last week, the ECB hinted that it would further ease monetary conditions in the Eurozone. Elsewhere, Brexit headlines appeared more optimistic with reports of progress being made.
European Union ministers last month backed a binding 2050 climate neutrality goal.