Daily Close | Forex, Metals, Oil, Agriculture March 11, 2021



It changed some of the export demand from HRW to WW and also increased feed wheat use for China. Ideas are that forecasts for rain in the Great Plains will help injured Winter Wheat.


Additionally, higher inflation and resultant higher interest rates in the U.S. are another negative factor for the euro and a positive one for the USD. This has triggered markedly higher money market rates compared to the Euro area and thereby caused a strengthening of the DKK against the euro.


Demand may be picking up for many useful metals, but gold is less useful than most.No one is going to wire a building with gold in lieu of copper. The foreign currency borrowing makes them subject to periodic devaluations, which makes gold a wonderful hedge against currency depreciation. While gold is also an excellent electrical conductor, its scarcity and use as a store of wealth work against the yellow metal in this regard. Well, to be clear, it was known right from the start, but it’s often the case that the daily price moves in gold and USDX mirror each other.
Under the gold standard there was a true reflection of the economic consequences of that fateful combination of collapsing credit and trade tariffs. However, before we travel to Europe, let’s take a look at how the precious metals are currently doing, starting with gold. We must ask ourselves then, what does gold buy an investor who lives in a country with low inflation and a stable economy?
In 1929 there was an operational gold standard that meant the depression of economic activity led to falling prices. In other words, gold just continued to move higher, even though the USD Index paused after a brief decline. less Gold has been considered a store of wealth since ancient times. A gold bar or coin contains a fixed amount of metal and is generally fungible. Why then, if inflationary fears are percolating, is gold a relatively stagnant investment? Radomski is the author of Sunshine Profits’ Gold & Silver Trading Alerts and many of company’s investment tools.
The logic for gold as an inflation hedge is sound. We have seen industrial commodity metals like copper and aluminum rising over the past few months as the world’s economies rebound, or at least expect a rebound. So, can the bottom in the USD Index form at about 91.6 while gold rallies to ~$1,770. What does it spell for gold?


The March East-West 380 fuel oil differential gained $0.50 to $13.50/mt, while the April contract gained $1.00 to $13.00/mt.

United States

The Primary Market Corporate Credit Facility and the Secondary Market Corporate Credit Facility allowed the Fed to directly support corporate bond prices for large employers. Smoot-Hawley was global, while today’s trade tariffs were targeted mainly at the second-largest economy after the US and so less extensive. Treasury Secretary Yellen said in a statement that passage of the legislation was a pivotal day for the US economy and would speed its recovery.
This positive sentiment was further supported when US President Biden s stimulus bill passed the House of Representatives, paving the way for another injection into the US economy. The March 21 ULSD CIF Med cargoes differential was down $0.75 from the previous close at $2.00/mt, while the April 21 differential was flat at $3.50/mt. The March 21 ULSD CIF NWE cargoes differential was down $0.25 from the previous close at $1.50/mt, while the April 21 differential was flat at $2.50/mt. After earning a Finance MBA from New York University, he spent the 1980s on Wall Street as a Eurodollar trader, equity analyst and junk bond analyst.
Officially, the Fed was responding to the coronavirus in its role of ensuring market stability. Essentially, financial and economic conditions were heading for a repeat of the Wall Street crash of 1929 which led into the 1930s depression. It was that month that Wall Street crashed, with 24 October dubbed Black Thursday when the Dow lost 11% on the opening bell.
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.
Further, the Fed’s accommodative stance and near-zero interest rates will continue to fuel growth. If there is one thing that scares the living daylights out of the Fed, it is deflation.


The EU was ready to do away with the practice of changing clocks for daylight saving time after this year, following a 2019 vote in the European Parliament. Brexit would create additional headaches, Feargus O’Sullivan writes.