Open: London Session | Forex, Metals, Oil, Agriculture November 05, 2020



All go well with cold coffee.


Against the euro, the pound fell 0.22 per cent to 90.45 pence. If the assumption holds, this should mean good things for countries that benefit from a weaker dollar notably emerging markets. The British pound fell 0.35 per cent to $1.2947. Because it is the accelerated money printing that will lead to the destruction of the dollar and all paper currencies. All else equal, a weaker dollar also helps to prop up U.S. stocks.Is there anything else to consider?
The goal for Nomad is to grow into the next multi-billion dollar royalty company. Sure, but we can’t help but think the real question will eventually become: what happens when the U.S. dollar turns into the Bolivar? That could hamper the dollar in the short run, traders say. The dollar was little changed at 104.34 yen. The euro bought $1.1713 in Asia on Thursday, steady from the previous session.


But not even gold shows the true situation since the massive amount of paper gold outstanding disguises the true price of gold. In Q2, the majority of Nomad’s production came from two assets: its Premier Gold Prepay Loan (2,450 GEOs) and the Bonikro gold stream (1,686 GEOs). The EV/EBITDA figure is higher than its peers Royal Gold (RGLD), which trades at 16.8X, and Osisko Gold Royalties (NYSE:OR), which trades at 15.2X. Royal Gold and Osisko are far more diverse, mature companies than Nomad and, therefore, deserve higher EV/EBITDA multiples; Nomad owns 11 total assets, 6 of which are producing.
– Nomad is aiming to consolidate the royalty sector, meaning it will likely seek to acquire smaller royalty companies similar to its recent Coral Gold acquisition. But the paper gold market is likely to fail within the next few years as debt explodes and the value of fiat money implodes. For the first half of 2020, Nomad produced 9,251 gold equivalent ounces and realized revenue of $12.4 million.
The current gold price is not even reflecting the money printing and credit creation that we have seen so far. Royal Gold has a far more diverse asset base than Nomad, but carries a lower EV/EBITDA multiple. Only gold reflects what is happing to the value of fiat money.


Remember if Biden wins, you probably get more trade deals and the removal of some of the Trump restrictions from foreign oil producers, which would send oil prices lower. Gas is dead… Well currently I think the renewables are overvalued while oil and gas stocks are quite cheap. Oil prices fell, with Brent crude, the global benchmark, dropping 1.3% to $40.71 a barrel. Oil Oil prices also rose today, perhaps predicting a Trump win. As I try to keep my sector diversification in check, my oil & gas stocks have fallen to one of my lowest sectors.
Gas will still be around for a long time and natural gas especially will always be in demand. The US has a small occupation force in northeast Syria to control oil fields, estimated to be around 600 troops. I wanna heat my water and home, I need natural gas. US crude futures settled up $1.49 to $39.15 a barrel.

United States

Both CNN and NBC projected Biden would win Michigan, which Trump took in 2016, giving him 264 Electoral College votes out of the 270 needed to win the presidency. The rupee (INR) witnessed a volatile session on Wednesday, influenced by the developments in the US and it closed at 74.74, a loss of 0.5 per cent. During the campaign, both candidates have totally avoided the critical issue that will bring the US down in the next four years. President Trump’s team said it hoped to flip Arizona back to the Republican column and pursued legal actions to try to blunt the Mr. Biden’s advance.
Neither Trump, nor Biden has been telling the American people that the US is a totally bankrupt country that has been running deficits for 90 years. So yes, the S&P 500 is higher than those prints and would suggest the incumbent wins, Trump. Also, whispered rather more quietly, the new arrangement will be good because there will no longer be a need to worry about the capricious and unpredictable Trump.
The Fed will have no choice but to keep propping up the bond market, and possibly even resort to yield curve control.
Stock that sounds like “Trump wins big” wins big. The US is also waging a secretive drone war in Idlib against Hurras al-Din, another al-Qaeda affiliate said to be more radical than HTS.


So the UK spent all this time in the wrong square, just squabbling about Brexit as the walls of Jericho were tumbling around them. Not until Boris Johnson became Prime Minister in July 2019 and subsequently won an unassailable majority in Parliament, could Brexit finally be implemented. Before that, the UK spent 3 1/2 years debating Brexit and nothing else. Nor did the media which tried everything to sabotage Brexit. In the UK, the people decided in 2016 to exit the EU.