Open: London Session | Forex, Metals, Oil, Agriculture August 24, 2020



It also covers the commodities market daily focusing on in-depth technical developments in GOLD, CRUDE OIL, SILVER, CORN & WHEAT.


Despite the reduction, the reserves are at high levels.Dollar index The dollar index closed last week marginally higher at 93.25 versus preceding week’s close of 93.1. All in all, EURUSD looks for more downside pressure.


During FY2020, attributable production from the Endeavor Silver Stream fell by over 70% to 98,000~ ounces, down from 383,300~ ounces in the prior year. Precious Metals began a long anticipated correction a few weeks ago but it was somewhat interrupted by news of Warren Buffett buying a stake in Barrick Gold (NYSE:GOLD). Metalla had a disappointing year in FY2020 with attributable silver production and revenues diving year-over-year. Using a $21.00/oz silver price, and my estimates for similar operating costs per ounce, we could see margins improve to $14.00/oz in FY2021 based on this very conservative estimate.
This significant increase was due to the much higher average realized silver price in the period, which jumped from $15.33/oz to $17.24/oz. Gold has strong support in the upper $1700s and Silver has strong support around $21. This is because two mines which should have contributed to attributable yearly silver production had delayed start-ups due to COVID-19.
This much lower silver production led to FY2020 revenue plunging by 54% year-over-year to C$3.6 million. Gold already corrected $200 (10%) and Silver already corrected 20% before the bounce. Clearly, these margins have significant upside at an silver price of $21.00/oz.


While the volume of spilled oil is a drop in the ocean, size isn’t everything. Coronavirus cases are spiking in Europe, big storms are brewing in an oil-producing region and stocks are gaining.

United States

The Republican Party, under the leadership of Donald Trump, will reconfirm this week at its “convention” its commitment to continue on with the policy of credit inflation. Little Bit of PoliticsA second week of intense political theater is in prospect as the U.S. Republicans prepare to nominate Donald Trump for a second term as president. 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.
As a result, he said, “I don’t expect people to go back to being complacent” should President Trump win in November. Tropical Storm Laura TikTok will today sue the Trump administration to challenge its executive order banning transactions with the video app in the U.S. Her husband, George Conway, is stepping back from the Lincoln Project, a political group committed to defeating Trump in November. Separately, the Financial Times reported that Trump may seek another FDA emergency-use authorization for the Covid-19 vaccine under development by AstraZeneca Plc and the University of Oxford.
The bonus to Wharf is that it shouldn’t get hit by any COVID-19 related shutdowns as the US mines have been mostly unaffected, as they were declared essential. The company strongly disagreed with concerns raised by Trump. Woke journalists have bragged that they no longer need to be anachronistically disinterested in the age of Trump.


Xi Jinping started Cold War II, and his vision of a resurgent China challenging the U.S. is widely shared by Chinese intellectuals.


Even though BoJo’s system of localized COVID-19 measures seems to be working, the unrelenting hysteria peddled by the British press has left millions of Britons traumatized. The EU has pledged to end tariffs on American lobster under a deal that may provide relief to some 10,000 fishermen and support crew in Maine. The opposition is trying to reassure Russia that any change of power wouldn’t necessarily push Belarus closer to the EU and NATO, but Russia has signaled it’s not convinced.