Open: London Session | Forex, Metals, Oil, Agriculture August 12, 2020



The dollar index fell 0.111 per cent, and the Japanese yen weakened 0.60 per cent versus the greenback at 106.58 per dollar. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. In the Euro area GDP fell by as much as 12.8% in the second quarter compared to the first quarter.


The mine currently has proven and probable reserves of 3.318 million ounces and produced 158,208 ounces of gold in 2019 at a cost of $1,143 per ounce. That said, Agnico Eagle Mines is a large company made up of many mines, and a recommendation could not be made based on its Nunavut gold mines. The second is called the Back River Gold Project in Nunavut and 100% owned by Sabina Gold & Silver. The mine is an underground and open-pit mine that produced 191,113 ounces of gold in 2019 with a cost of production of $750 per ounce.
At today’s gold prices, the Back River Gold Project likely has an NPV of nearly $1.5 billion. The Meliadine mine is expected to have a 12-year mine life with current proven and probable reserves of 4.067 million ounces of gold. They have multiple gold mines located throughout the world but have brought a focus to the Nunavut territory as they currently have two producing mines there. The Western Atlas Resources Meadowbank project is an exploration stage project that sits directly next to Agnico Eagle’s Meadowbank gold mine.
Stocks fell in the U.S. and Asia and gold continued to slide following the biggest fall in seven years yesterday. * * * We think gold could DOUBLE and silver could increase by up to 5 TIMES in the next few years.


Low oil prices hurt energy revenue, while weak economic activity likely stymied industrial revenue. Shipments for coal fell due to competition from lower natural gas prices and a general softness in the market. Industrial could also face more headwinds amid low oil prices and declining economic growth. While oil/gas is no longer a major market for Manitex, it’s going to be a weak market for a few years. Elsewhere, the Organization of the Petroleum Exporting Countries releases its monthly market report with crude futures near a five-month high.
US crude was up 0.1 per cent at $41.66. Non-residential and oil/gas won’t really help much.

United States

Historically, the only time the market has viewed good economic news as bad news is when the Fed was expected to tighten monetary policy. less Back in early, DoubleLine’s Jeff Gundlach made a prediction that was viewed as anathema in “serious” circles: he said that Donald Trump would win the 2016 presidential election. It appears it’s getting harder for both sides to compromise as the election is nearing… Trump’s proposals would be smaller than the markets have expected.
The dependence of the US economy on China supply chains for everything from basic antibiotics to militarily-vital rare earth minerals is but one domain of vulnerability. Being confident in the pet industry expansion and growing demand for meat-based and minimally processed dog and cat food, Wall Street has high hopes for FRPT. Elsewhere in vaccine news, Moderna Inc. reached a deal with the Trump administration to supply 100 million doses of its experimental drug. Nike built an entire ad campaign around Colin Kaepernick– the former NFL player who started the movement to kneel during the US national anthem.
The White House accuses the WHO of being an agent of Beijing, while China accuses the US of deliberately creating a deadly virus and bringing it to Wuhan. Sell the stock.Source: Wall Street Journal The pandemic has hurt the economy, particularly cyclical names like Union Pacific (UNP). The Trump campaign released an attack ad within minutes of the announcement.


By the onset of the Presidency of Xi Jinping in 2012, China was an economic colossus second in weight only to the United States.


With that, began the hollowing out of the industrial base of not only the United States, but also of Germany and the EU. EU nationals flee U.K. workforce.