Daily Close | Forex, Metals, Oil, Agriculture August 10, 2021

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Agriculture

Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. Image by Free-Photos from Pixabay On the Corn front, we ended up lower in yesterday’s trading session after choppy trade. In the overnight electronic session the December corn is currently trading at 549 ¾ which is 4 cents lower. Thursday’s report will include corn for ethanol use.

Currencies

Gold prices, meanwhile, fell once again, as the U.S. dollar strengthened and bond yields rallied. The Dollar was slightly higher.

Metals

Bitcoin has outperformed gold and probably will continue to do so, but that doesn’t make it the ultimate currency that gold is. I regularly urge crypto investors to put most of their enormous profits into gold currency rather than into risky government fiat. That concern may be valid, but even in the 1980s and 90s, most gold stocks acted more like trading vehicles than something to buy and hold. Since gold reached major resistance in the $2000 area last summer, it’s traded at two major support zones ($1778 in November 2020 and $1671 in March 2021).
Oil prices notched a win on Tuesday, paring some of yesterday’s losses as increased demand for black gold overshadowed rising Covid-19 cases in Asia. The bottom line is this: Like money, gold is clearly superior to fiat. A lot of new investors to gold try to compare it to the stock market. That’s a mistake; gold is a currency, and it should be compared with other currencies. less A quick look at the current gold ‘smash’ sell-off with zero-point Gann Angles managing the pullback.
The most active contract, December-dated gold, lost $5.20, or 0.3%, to settle at $1,731.70 an ounce today. It’s superior to fiat… and inferior to gold. Gold and silver were largely unchanged. What about gold stocks?

Oil

The volatility in crude oil and gasoline prices has been clearly reflected in recent years in both the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE). In addition, the infrastructure bill is expected to boost the economy and demand for oil products. In the overnight electronic session the September crude oil is currently trading at 6723 which is 75 points higher. On the Crude Oil front, prices slid to their lowest level since May. As a result, September-dated crude rose $1.81, or 2.7%, to settle at $68.29 a barrel for the day.

United States

less Investing.com Follow Judging by the stock market reaction, investors don’t see much excitement surrounding the release of eBay’s (NASDAQ:EBAY) quarterly earnings tomorrow after the close. Judging by the stock market reaction, investors don’t see much excitement surrounding the release of eBay’s (NASDAQ:EBAY) quarterly earnings tomorrow after the close. WSJ’s Aaron Back explains why the recent shake-ups in the value of bitcoin, dogecoin, ether and other cryptocurrencies may point to obstacles in mainstream acceptance.
The sales are now the weakest since the Pandemic began and are likely to head lower as the world and the US emerge from the pandemic. Share Photo: David Kasnic for The Wall Street Journal By Justin Lahart Close Aug. 10, 2021 1:18 pm ET So much for the pandemic-driven productivity boom? less Image: Bigstock The bulls and bears are currently playing tug-of-war in Wall Street. Research from our team of in-house analysts has been quoted by The Wall Street Journal, Bloomberg, MarketWatch, USA Today, Kitco, Reuters, US News & World Report, CNBC, and more.
less (Nasdaq: PLUG) gapped up about 5% Tuesday morning before selling off slightly. The Nasdaq sat out today’s gains though, as rising weighed on tech stocks. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post. You will be charged $ + tax (if applicable) for The Wall Street Journal.

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