Open: London Session | Forex, Metals, Oil, Agriculture August 13, 2020

Currencies

Brent crude futures, the global oil benchmark, fell 0.18 per cent to $45.35 per barrel.“Asian currencies were trading mixed against the US dollar this morning. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. The dollar weakened and Treasury yields ticked lower.

Metals

The property currently has measured and indicated resources of 1.06 million gold ounces and an additional inferred gold ounces of .74 million. Currently, there were no producing Northwest Territories gold mines, but there are several gold mining companies with exploration and development prospects. If you want to check out gold mines in Canada’s other two territories, you can read about Nunavut and Yukon’s gold mines. Source: Seabridge Gold presentation At current gold prices, the project has an NPV of $1,285 million and a payback period of 4.2 years.
Source: Gold Terra Corp presentation As of November 2019, the project has inferred mineral resources of 735,000 gold ounces. Nighthawk Gold is the owner of the Indin Lake Gold Property located in the Northwest Territories and is three times the size of the Timmins camp in Ontario. Within the Indin Lake Gold Property, there are several different high-grade gold projects that the company is focusing on.
Gold Terra Resource Corp. is the owner of the Yellowknife City Gold project in Northwest Territories, which sits just 5-10 miles from Yellowknife. Its property lies along the same “structural break” as the Con and Giant mines, which were large historical producing gold mines. According to one gold company, drill permits get issued in record time, and there’s strong community support for mining.

Oil

as would China Oilfield Services Ltd (COSL) for the supply of oilfield services and to explore collaboration opportunities in offshore oil and gas field assets in Abu Dhabi. Global oil benchmark Brent crude was trading 0.15 per cent lower at $45.36 per barrel.

United States

This episode reminds me of something my first boss on Bay Street (Canada’s Wall Street) told me years ago, “bulls make money, bears make money, pigs get slaughtered.” The gains came even as Nancy Pelosi said she rebuffed an offer to restart talks on a relief package from Steven Mnuchin. “If you are bullish in Italy, you want to grab yield and benefit from further spread compression,” said UBS rates strategist Jaime Costero. But Mnuchin said it was Pelosi who refused to compromise, and the negotiations remained in limbo with no sign of the stalemate easing.
IT stocks rallied after the US announced certain exemptions in H-1B and L-1 travel ban for those continuing employment with the same employer. By the Way “You turn on the shower if you’re like me, you can’t wash your beautiful hair properly,” Trump moaned earlier this month. Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis.
The Street also expects SkyWest to reach a breakeven point already in Q4, and the overall and Wall Street analysts are becoming more bullish on the company. Tencent suggested Donald Trump’s ban on its WeChat messaging service may only have a narrow impact if it only applies outside China. But there are things which can derail that growth, with the most probable and dangerous cause being further trade escalations between the US and China.

China

Remember when local CCP officials and top party health officials in Beijing tried to blame multiple COVID-19 outbreaks on imported shrimp (then later, salmon)? If the democratic world is dissuaded from speaking honestly about the Communist Party, it will have little success in addressing the larger threat Beijing poses. Beijing’s dispute with the Czech Republic is worsening as Prague’s mayor and the Senate leader plan to join a 90-strong delegation to the island later this month.

Europe

On June 11, 2014, the European Central Bank (ECB) became the first major central bank to set a negative deposit rate of –0.1 percent. At present, the SNB is still at –0.75 percent, while the ECB is close on its heels at –0.5 percent. The share of the common currency in payment for exports to the EU rose to 43% from 38% at the end of last year. Boris Johnson will meet Irish counterpart Micheal Martin for the first time today, in a visit to Belfast. Lithuania, Poland and Latvia are offering to mediate a de-escalation of tensions, while Vladimir Putin and Emmanuel Macron discussed the situation in a call.
Germany leads push for sanctions on Belarus as Putin, Macron talk.

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