Daily Close | Forex, Metals, Oil, Agriculture October 12, 2020



In general, a rise in risk appetite may be negative for the safe-haven US dollar, which could mean a continued rally for this currency pair. China intervened to lower its currency exchange rate against the US dollar, and the US blocked the access of Hong Kong banks to US government economic statistics sites. Thus, currency fluctuations particularly if the dollar strengthens as well as geopolitical risks can have a negative impact on the company. From a risk perspective, there is a degree of currency risk particularly if the US dollar strengthens.
The US government and the Fed will keep stimulating the economy by draining it of its life-blood until they completely destroy it by killing the dollar. The dollar weakened after Treasury Secretary Steve Mnuchin was reported to be preparing to make a $1.8 trillion stimulus offer to Nancy Pelosi. For one, overall dollar based net retention was 115% in 2Q21, which is down from 120% in FY20.


(Source: Company Website) Torex Gold released its Q3 production results last week and reported quarterly gold production of 131,790 ounces, the second-best quarter ever for the mine. As noted by the company, the average realized gold price in Q3 was $1,880/oz, and the company sold 133,000~ ounces of gold in the quarter. Assuming Torex Gold has a soft quarter and only produces 120,000 ounces of gold, we will see a 5% beat on the guidance mid-point (424,800 ounces vs. 405,000-ounce guidance).
While gold production was down slightly, the company was up against a record quarter and extremely tough year-over-year comps and also dealing with COVID-19. Gold futures are above key support at $1,920, but we really want to see gold get above $1,950-$1,960. However, year-to-date gold production is now sitting at 299,800 ounces and on track to easily beat the revised guidance mid-point of 405,000 ounces. So as gold moves to $1950 per ounce and beyond, expect to see some sustained sideways price action in this area.
Learn how you can too with a free info kit on gold from Birch Gold Group. The Mexican gold producer just came off of a near-record quarter at its El-Limon Guajes Mine and is trading at just $138.60/oz based on its 10.4 million-ounce resource base. If $1,880 breaks down (unlikely in my view) gold could potentially retest $1,850 or go even lower perhaps. less Money’s come a long way, from gold coins to numbers on a computer screen.
Click here to get your free Info Kit on Gold. Indonesia also has the most planned developments for increasing Nickel production and is set to dominate the supply chain. Away from oil, we also survey the outlook for LNG demand in Asia and the European power mix, and look at the key factors driving the copper market. That’s why thousands of Americans are moving their retirement into a Gold IRA. It reveals the little-known IRS Tax Law to move your IRA or 401(k) into gold. Nickel is the most expensive material in electric vehicle batteries after Cobalt and is also one of the most highly used outside of the battery industry.
Historic data from IDTechEx shows a trend towards increasing amounts of high-Nickel content cathodes in electric vehicle batteries. The bullish factors listed above appear to be negating the fact that global copper stockpiles are up, and a second wave of coronavirus is sweeping across Europe. Moreover, Indonesia accounts for the largest supply of Nickel and in 2019 the country banned exports of raw Nickel ore to boost their domestic processing industry.


The future will always ultimately determine which of these will make a superior dividend investment, which in turn will largely depend on future oil and gas demand. Whether this bold and controversial strategy will payoff rests entirely on the future of oil and gas demand which could go either way, as the graph included below displays. Via S&P Global Platts Insight blog, The global oil supply path into 2021 is in focus this week, along with the impact of storms on US oil output.
As a result, in Q2 Gazprom’s gas revenues declined by 34% Y/Y, while its oil revenues declined by 40% Y/Y and the company generated negative FCF.
As of Oct. 9, 92% of crude oil and 62% percent of natural gas production was . OPEC+ has carefully managed providing additional barrels to the market as oil demand has recovered from peak pandemic impacts seen in Q2. Following the years of pain inflected on Exxon Mobil by both the 2015-2016 and current oil price crashes their dividend growth has essentially stalled. This means that even if dividend investing is not your focus then the same logic still applies, are you bullish on oil?
This is despite a more active hurricane season in the US Gulf, which has temporarily removed upwards of 100,000 b/d of crude oil production. Global oil supply has increased by 3.6 million b/d from July through September after dropping more than 13 million b/d from April to June. On Thursday, we get initial jobless claims, the Philadelphia Fed manufacturing index, oil inventories, followed by more Fed talk. The country’s government has allowed unutilized LNG terminal to be auctioned, and domestic gas production has been on the decline.
Then Exxon Mobil should be a superior pick, bearish on oil? To build on its diverse offerings, Costco also offers a bunch of valuable services such as a tire center, food court, optometrist, pharmacy, photo center, gasoline, and many others. As a result, the partnership’s EBITDA generation is insulated from any downward pressure in the future LNG market. In particular, the company’s fleet consists of 6 LNG vessels (3 Steams and 3 TFDEs) with an average age of life of 10 years.
There was also a flurry of activity from Pakistan, with tenders being issued for at least nine spot LNG cargoes for this winter in a single week. Asian LNG markets are expected to continue tightening due to global producer outages and an uptick in winter procurement from regional buyers. As of October 9, 2020, Dynagas LNG Partners’ (NYSE:DLNG) Series A (DLNG.PA) and Series B (DLNG.PB) trade at a solid yield of 10.5% and 12.2%, respectively.
The partnership is engaged in the seaborne transportation industry through the ownership and operation of LNG vessels.

United States

Peter said the fact that the markets tanked the moment Trump tweeted that there would be no stimulus until after the election came as no surprise. Varney countered that “If Trump wins the election, he’ll cut taxes, good for stocks,” while “if Biden wins, he’ll spend big, good for stocks. For his part, US President Trump said that negotiations on the relief bill “are moving forward,” and urged both sides in more negotiations to “move forward!” On the other hand if President Trump wins, there will likely be an adequate stimulus package passed after the election as well, just not as large in my view.
Via SchiffGold.com, Last week, President Trump tweeted the rug out from under stimulus when he announced that negotiations were going to be cut off until after the election.
Fiscal stimulus is back again in the US as the White House is now backing a broad stimulus program, but not as large as the Democrats’ $2.2 trillion package. This is a major deal for a small company as being listed on NASDAQ allows the company’s shares to be available to a larger population of investors.
With major catalysts of their LSD trial results and the potential for a NASDAQ up-listing, the company’s shares could be poised for gains in the near future. At first, the agency even wanted to extend the ban until February of next year, but the US administration prevented it from doing so due to the upcoming elections. House Speaker Nancy Pelosi, a California Democrat, has rejected Trump administration’s most generous plan yet as, considering it “a step forward, two steps back.” He said the Fed was not monetizing the debt and it would sell all of the bonds it was buying once the crisis passed.
This drug will address a relatively small market, approximating $250 million annually in the US, but will serve to generate acceptance of the Optejet delivery system. One of which reports Q4 2020 has positive anecdotal evidence.Successful acceptance of the NASDAQ up-listing could serve as another major catalyst for the share price. Just last month it seemed like a “confused” Fed couldn’t find and report the rapidly increasing food price inflation being caused by Powell’s most recent intervention.
Thus, unless we see a negative reversal in upcoming sessions the Nasdaq (futures) could continue to melt up toward 12,000 and beyond. In return, the market was waiting for the US stimulus. JPM, the powerhouse Wall Street commercial and investment bank will report third quarter earnings on Tuesday, Oct. 13, before the market open. Trump economic advisor Larry Kudlow talked up the strong recovery on the one hand while simultaneously arguing for more stimulus.
Eyenovia management estimates the pediatric myopia market in the US for pharmacologic agents at $5 billion annually. After all, as even 16-year-old Robinhood traders know, everything is bullish for stocks when the Fed is micromanaging risk.


But we can’t say for certain whether this, or another issue – say the souring mood between Washington and Beijing – might be to blame. If Hong Kong banks give Beijing early notice of economic news, it can make money from its access ahead of markets.


While Gazprom already said that it will appeal the decision of the Polish antitrust watchdog in the EU court, the ruling on the issue will take years. Bear in mind that this could lead to restrictions on trade and travel, which could also add to the problems related to Brexit in the United Kingdom.