Daily Close | Forex, Metals, Oil, Agriculture October 29, 2020



Source: Goodfon The Teucrium Corn ETF (NYSEARCA:CORN) provides investors unleveraged direct exposure to corn without the need for a futures account. In the corn market, as a commodity market, the price is formed on the basis of the balance between supply and demand. At that, the seasonality involves a period of the likely decrease in the corn price in the next two months. Therefore, in the long run, there is the relationship between the values of the stock-to-use ratio and the average price of the corn futures.
The current corn futures price is well above its five-year range. So, judging by the dynamics of USDA forecasts, the corn market has ground for growth. It means that there is no growth in domestic demand for corn by ethanol producers. In May, the USDA forecast assumed a surplus of 25 million tons for the global corn market in 2020/2021. So, in my opinion, the corn market has reached the point where a correction is brewing. Therefore, the decision to invest in this fund should be made after analyzing the corn market.
In such conditions, in my opinion, the CORN ETF will decrease to $12.50 per share in the coming month. The US corn exports continue at a record pace. We will continue to explore this as we believe there is potential for CBD coffee products in the near future,” concluded Mr. Gordon. JVA expects CBD-infused coffee products to be available as soon as Jan. 2021 through Jordre Well’s “Stephen James” collection.


Source: ETFdb As these short-term bullish market trends have unfolded over the last three months, the Invesco CurrencyShares Euro Trust has benefited from positive net flows of 87.9 million. However, the longer-term historical trends in the Invesco CurrencyShares Euro Trust show that the momentum has remained in negative territory for the last decade (at -95.55 million). Surveys of economists through 2023 suggest that these trends could continue even further, so we see limited reason for investors to be buying into euro-denominated assets near current levels.
Payment volume for Visa rose 4%, while gross dollar volume, the dollar value of transactions processed, rose 1% at Mastercard. Cable Comms CapEx was again in intensity lower year-on-year after completing its upgrade cycle in 2019, and was also lower in dollar terms, helping FCF. Source: Bloomberg In part, the rallies we’ve seen recently in Invesco CurrencyShares Euro Trust might have been inspired by changes in the region’s consumer confidence levels.
European Central Bank president Christine Lagarde also said the ECB is very seriously reviewing the creation of a digital euro. Reminder, a bigger than expected QE announcement back in June had coincided with Euro strength. Source: Bloomberg EURUSD’s drop stalled perfectly at the 100DMA however…


To derive the value of U.S. minted gold and silver coins, we multiplied new ounces produced by the average closing price of gold or silver in each respective year. The last 50 years of gold prices show that on average, when gold has rallied by this much, it tends to increase by 18% in the coming year. Gold production is spread throughout 12 of the 50 states, and those productions amount to 6.1 percent of the world’s gold mining, or $8.9 billion worth of the metal.
Put simply, there’s a clear tendency at work in gold’s history in that when gold has performed strongly, it tends to carry forward this strength in the coming year. At this time, there is no new major gold mining operation that is able to increase the known supply of gold. The country produces 83 percent of Europe’s gold and is the world’s number two gold producers. In Trump’s term so far, the value of public debt added to the system is almost higher than minted gold and silver coins combined.
This infographic from Texas Precious Metals compares the increase in public debt to the value of gold and silver coin production during U.S. presidencies.
71% of newly mined silver is only produced as a by-product of other metals like gold, copper, lead and zinc. Longer-term data like momentum is indicating that now is a strong time to buy DGP to capture the coming gold rally. Short-term factors suggest that gold is likely going to fall for the next few days or weeks as momentum has turned bearish. I believe that gold is likely going to strongly outperform this hurdle to investment, but investors need to be aware of this key cost.
South Africa, once the world’s leading gold producer, has seen its mining production decrease steadily since 1970, as have many other gold-producing countries. To get an idea of where gold is likely headed in the short term, let’s take a look at the technical picture. With the COVID pandemic throwing global economies into chaos, the current gold price has been hovering around $1,900 per ounce these last few weeks. Russia produced 329.5 tons of gold in 2019, exceeding its 2018 production by 50 tons.
I believe that gold is going to rally over the next year and that DGP will deliver performance for shareholders. Additionally, the odds are pretty firmly in favor of the bulls in that 75% of all 1-year periods following similar gold strength have seen price rise. In 2019, global gold mining production amounted to 3,463 tons. This arbitrage mechanism is what keeps the gold futures curve increasing in value in direct relation to borrowing costs (and some additional fees).


With the new restrictions already in place in all these countries, the first thing we will see is an impact on the oil demand. Weak aero and oil/gas is no surprise, and while auto is still weak on a yoy basis, it’s getting better. Natural gas is in a multi-year low but seems to be building a launchpad getting ready to take off. ” As such, the price of oil will decline. Again, this is not an apples-to-apples comparison, as MSC has more exposure to customers in markets like auto, aero, and oil/gas.

United States

During Obama’s first term and Trump’s term, debt saw a marked increase as the administrations provided fiscal stimulus in response to the global financial crisis and the COVID-19 pandemic. They never came close to returning the balance sheet to pre-crisis levels.” In Q4 2018, the Fed abandoned rate hikes at about 2.5% – not even close to normal. The earnings summary is shown below: Figure 1. eBay Q3 resultsSource: eBay Q3 earnings release On the whole, eBay’s headline results beat Wall Street’s expectations – ever so slightly.
He said even if the Fed tried to normalize rates and shrink its balance sheet, it would fail. The US (maybe naively) thought that as China developed, an infusion of market-based economics would lead to the democratization of the country and an inevitable embrace of Western values. The company’s revenue grew 25% y/y to $2.61 billion, slightly edging out over Wall Street’s consensus mark of $2.57 billion (+23% y/y).
Bringing manufacturing back to the US (or at least diversifying it away from China) is now about a lot more than jobs; it is an issue of national security. The company also only barely grew active buyers on its platform and missed Wall Street’s numbers on net-new adds. He promised the Fed would shrink its balance sheet once the crisis passed. Even Russia – our Cold War foe – reached out to help the US fight the terrorists who attacked us. There is good news now though, a month and a half later, that the US trial is now set to resume (reported October 24).
When the Fed tried to normalize, the bubble popped, the mortgage market blew up, and that gave us the Great Recession.
Peter said he went through the history of Fed failures to make a point that should be pretty obvious. The resurgence of nationalism had started to create cracks in attitudes about global trade, especially in the US, before the pandemic. “UPS is conducting an urgent investigation.” During his Wednesday night broadcast, Carlson said that “The Biden documents never arrived in Los Angeles. Keep in place Trump s misguided order giving presidents and political appointees the right to fire civil servants for disloyalty.
Peter’s recap of Fed history leads you to an undeniable conclusion: the Federal Reserve has never been right. In the past, it required far more imagination to see the conflict between the US and China turning into war. Wall Street, meanwhile, had hoped for 185.4 million in active buyers, or 2.4 million above what eBay actually managed to do. In the last six months, the number of small businesses declined by 25% in the US alone.


Source: Bloomberg Bond buying activities associated with the European Central Bank (ECB) are expected to remain elevated throughout this period. Given that pre-commitment from the ECB to act, the usual price action had been seen with both the DAX and bund futures pushing higher. The obvious reason for that is the second wave of COVID-19 positive cases across Europe, which has forced EU member states to implement restrictions on several fronts. However, these trends are expected to continue for an extended period of time based on the ECB’s current projections through 2022.
Eurozone inflation rates have held below the ECB’s stated threshold goals (which currently stand at 2% as an optimal level). In December, the ECB is expected to boost its PEPP program by another 500 billion euros. Therese RaphaelEmmanuel Macron and Muslim leaders must respond to the Nice terror attacks with leadership, not more hate. It also added a weekly freighter flight from Los Angeles to East Midlands, U.K www.freightwaves.com/news/dhl-adds-flight-from-la-to-uk-hub.