Daily Close | Forex, Metals, Oil, Agriculture December 02, 2020



The market in Russia has remained high on limited supply as farmer hold the Wheat back due to the drought. less General Comments: Cotton closed slightly higher in consolidation trading. Overnight News: The southern Great Plains should get dry weather except for some showers on Wednesday.


The take rate has been steady at around 20%, if this continues, that would imply CTV is a $40 billion dollar opportunity to The Trade Desk. Brands are looking to make every dollar count, and adding an intermediary like The Trade Desk makes things vastly more expensive. But, The Trade Desk makes money by taking a cut on every dollar that is spent on its platform. The yellow metal dropped about 5% on the month – this despite a weakening dollar. The dollar index slipped about 1% in November.
That group includes stocks with market caps above $100 billion including the trillion-dollar club: Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Google (GOOG).


(Source: First Mining Gold) First Mining also has C$31.5 million ($24.2 million) of cash as well as several small gold projects. O3 Mining is a junior gold developer that is advancing the Marban project in Quebec, which holds total gold resources of 2.52 million ounces. Barrick is a senior gold miner that is a senior gold miner (1+ million oz. If gold prices decrease back to the levels of 2013, the financial figures of Springpole and many other gold projects in the world start to look really bad.
The stock has been down recently due to the dip in gold prices, however, gold prices have been rebounding on Tuesday. (Source: First Mining Gold) The all-in-sustaining costs are barely above $600 per ounce, which would make Springpole a Tier 1 gold mine. What not a lot of people know is that Neumeyer has founded a company named First Mining Gold (OTCQX:FFMGF), which aims to become a gold major. Springpole is a compelling gold project with impressive AISC, NPV, and IRR at current spot gold prices.
Based on the results of a preliminary economic assessment, the Marban project has an estimated value of C$688 million (US$531 million), using a gold price of US$1,730/oz. The mine is estimated to produce 115,000 ounces of gold per year at US$822/oz all-in sustaining costs, with upfront capex of US$197 million. Ask any gold bug about which direction gold prices will go and he/she will tell you “up”. It has another C$11 million ($8.4 million) in First Majestic shares and will receive another C$17 million ($13 million) under that 50% silver stream.
Both hold vast amounts of gold and are expected to become major gold mines. Its net present value at $1,300 per ounce of gold using a 5% discount rate stands at $841 million. The project really shines at higher prices of gold, with each $100/oz change bringing an additional $189 million in after-tax NPV. A decrease in gold and silver prices or issues at Goliath-Goldlund and Pickle Crow could lead to a significant decrease in the value of those shares.
Unlike Northern Dynasty, First Mining Gold has partnered with a major mining company and also has significant cash reserves. (Source: First Mining Gold) My main concern in regards to Springpole is the high initial capex required, which stands at $809 million. It’s smaller but the financials and the company behind it look much better.I think that at this stage, First Mining Gold should be valued at around $0.80 per share. Here is a report on the most recent, and relevant, insider buying in the gold and silver sector for the month of November 2020.


The oil trading portfolio is designed to take advantage of short-term long/short oil trades in the market. As an oil and gas company, it is unlikely to be scored particularly highly on environment, regardless of how comparatively “low emissions” it is. While you want a very cold winter to increase the odds of even higher natural gas prices for 2021, the latest outlook is not bad. So – unlike all of its OPEC peers – if oil prices remain weak or plunge even further, Mexico will still book higher prices.
Engie has a long history as a major natural gas company, but previous CEO Isabelle Kocher was determined to decarbonize the business.
She will start in January 2021 and brings a wealth of operational experience in complex oil and gas environments. But for those of you trading natural gas, near-term weather updates matter more. On the technical side of things, the oil price rally today is forming a bull flag. Note that On Monday when we published our natural gas article, you can see at the time the 15-day pattern was very bullish. OPEC delegates informed media today that the group is moving toward an extension, but what shape or form that’s going to come in is still up in the air.
Leading up to the middle of November, US oil inventories were on pace to draw at ~1.5 mb/d, but that has since slowed down to just ~1 mb/d. The options give Mexico the right to sell its oil at a predetermined price. We launched our oil trading portfolio in 2019. Having abandoned the OPEC+ production cut deal earlier in the year, Bloomberg reports that , people familiar with the transaction said.
The strength out of Asian countries has been notable and reflected in the recent improvements in Brent timespreads, despite market worries over OPEC+’s next move. Lower 48 production has also started to peak and roll over all the while LNG exports are now past ~11 Bcf/d. So we can see the argument for why OPEC+ should increase production. Piper Sandler analyst Brent Bracelin said Slack investors should consider cashing out their gains and buying NYSE ASAN instead. In early November Engie pulled out of talks about a $7 billion LNG deal for supply of LNG to France from Houston-based NextDecade Corp. (NEXT).
A Russian vessel has been modernized to do this work as international contractors have been wary of a fight with the US over sanctions.

United States

Ondas (OTCQB:ONDS) has filed to raise $30 million from the sale of its common stock in an uplisting/Nasdaq public offering, according to an amended registration statement. For the US, this is in large part due to COVID-19 restrictions, increasing case counts, and government officials urging families to stay home and avoid large family gatherings. “President Trump’s (lawsuit) seeks nothing less than to overturn the will of nearly 3.3 million Wisconsin voters,” reads Evers’ filing.
From here, the Wisconsin Supreme Court can choose to entertain the case, or deny Trump’s request – which would force it to lower courts where it would likely die. The calls, reported on Tuesday by The Wall Street Journal, break with the central bank’s usual practice of delivering information to all market participants at the same time. ONDS seeks to uplist to the Nasdaq to attract additional capital for its product and growth expansion plans. -Washington Post Trump seeks to disqualify 170,140 absentee ballots for which he says there wasn’t a proper written request made.
The Wray FBI also withheld exonerating evidence in the case of former Trump national security adviser Michael Flynn, which was only pried loose by attorney Sidney Powell.
President Trump’s late Tuesday attempt to overturn Wisconsin’s election results is an “assault on democracy,” according to attorneys for Democratic Gov. That is above the stock’s 5-year P/E ratio of 43.3 and nearly double what Microsoft (NASDAQ:MSFT) trades for using the comparable. Asked what Trump will sign, Prior to losing the election, Trump said he wanted more than $2.2 trillion in stimulus.
The better know cousin index of the Philly Fed’s ADS the Chicago Fed’s National Activity Index. Also on Wednesday, Mnuchin told reporters Wednesday that he had spoken “briefly” with Pelosi Tuesday about her new pitch, but declined to offer public comment on it. In what may comes as a shock to the Fed, while the selling prices of final goods rose at a slight to modest pace. Trump’s legal challenges in other states to overturn election results have failed.
While the party’s labors to oppose Trump have been incoherent at best, the campaign to kneecap Sanders has been, let’s admit it, brilliant. There are hundreds, if not thousands, of Clintonite hacks in cushy Washington sinecures who would have retained their spots in the event of a loss to Trump. Thus we’ve used 91 days as a comparable smoothing of the Philly Fed ADS index. Mnuchin made a direct appeal for permission to use unused Cares Act Money to revive the Paycheck Protection Program.
He created a way to buy its stock on Wall Street using an American Depositary Receipt.


*Our bank shares were spared the Debenham’s collapse and also the failure of Beijing to back a state sector company unable to pay its bond interest.


“It’s a structured, systematic approach where we rotate across different types of ECB watchers,” Mr. Lane said. The question is whether Joe Biden will try to convince Angela Merkel to kill the project.