Currencies
The dollar looks particularly weak against the yuan.” The dollar was quoted at $1.1861 per euro, on course for its fourth straight session of declines. Last week, encouraging progress in coronavirus vaccine testing helped the dollar rise against the safe-harbour yen and the Swiss franc. The rupee appreciated by 24 paise to 74.38 against the US dollar in opening trade on Tuesday, tracking positive domestic equities amid improved risk appetite. Forex dealers said a weak dollar overseas supported the local unit.
The dollar edged lower amid a prediction that the U.S. currency could begin a 20% plunge in 2021, should the treatments become widely distributed. Even if we do not see any further dollar declines, we should expect the weakness we have already seen to translate into VEU outperformance going forward. “My family used to own your family and now I want a dollar from each of you for the week,” another boy is said to have told Destiny. This is a follow up article to one we posted in early August (see ‘Weak Dollar A Precursor To U.S. Equity Reversal’).
After having been bearish on the U.S. dollar since April, its decline likely has further to go. In the previous session, the rupee had settled at 74.62 against the US dollar.
The dollar edged lower amid a prediction that the U.S. currency could begin a 20% plunge in 2021, should the treatments become widely distributed. Even if we do not see any further dollar declines, we should expect the weakness we have already seen to translate into VEU outperformance going forward. “My family used to own your family and now I want a dollar from each of you for the week,” another boy is said to have told Destiny. This is a follow up article to one we posted in early August (see ‘Weak Dollar A Precursor To U.S. Equity Reversal’).
After having been bearish on the U.S. dollar since April, its decline likely has further to go. In the previous session, the rupee had settled at 74.62 against the US dollar.
Metals
Trading SAND is highly recommended right now, while the gold price has entered a necessary period of consolidation that I see continuing until gold reach around $1,750 per ounce. It was a mixed bag with low gold equivalent production and a record gold price, which boosted revenues. Despite a higher gold price realized, it produced lower revenues compared to the same quarter a year ago. Hence, Sandstorm Gold has not fared wonderfully while gold price explodes to the upside in 2020.
Long time readers of my viewpoints know that I don’t believe gold is a sensible inflation hedge, and believe real estate is a better “pure” inflation hedge. We can see quickly that a few mines again have delivered a lower production this quarter, notably Yamana Gold (AUY). I expect more of the same in the fourth quarter, and I recommend trading SAND frequently to fully profit from the gold volatility. Source: >Endeavor mining Vancouver-based Sandstorm Gold (SAND) released its third quarter of 2020 results on October 29, 2020.
The market did not see it coming and first reacted to the gold price momentum. SAND is an excellent trading tool but is not stable enough financially to be considered a long-term streamer like Franco-Nevada, Royal Gold (RGLD), or Wheaton Precious Metals.
Long time readers of my viewpoints know that I don’t believe gold is a sensible inflation hedge, and believe real estate is a better “pure” inflation hedge. We can see quickly that a few mines again have delivered a lower production this quarter, notably Yamana Gold (AUY). I expect more of the same in the fourth quarter, and I recommend trading SAND frequently to fully profit from the gold volatility. Source: >Endeavor mining Vancouver-based Sandstorm Gold (SAND) released its third quarter of 2020 results on October 29, 2020.
The market did not see it coming and first reacted to the gold price momentum. SAND is an excellent trading tool but is not stable enough financially to be considered a long-term streamer like Franco-Nevada, Royal Gold (RGLD), or Wheaton Precious Metals.
Oil
For the balance of this year, we have 71% of our forecasted PDP oil production hedged at $55.12 and 67% of forecasted PDP gas production hedged at $2.57. It is now sandwiched in a narrow range from $42.07 to $44.39.Signals will become clearer when oil gets out of the range. While weaker global oil prices have been beneficial, the pickup in demand has been slow. Not included in these numbers are the oil engines we will inherit from Mid-Con when we close on that transaction late this year or early next.
Crude petroleum imports fell dramatically from April 2020 through July 2020, as the Indian government enacted one of the world’s most stringent lockdowns in response to COVID-19. Crude petroleum imports recovered notably in August but remain well below previous levels. However, oil failed to break a resistance at $44.39. Crude petroleum and gasoline have traditionally made up 25% of India’s imports. It appears to us that bid ask spreads have narrowed as volatility has subsided somewhat in the WTI forward curve.
On a positive note, gasoline demand hit a seven-month high in September.
Crude petroleum imports fell dramatically from April 2020 through July 2020, as the Indian government enacted one of the world’s most stringent lockdowns in response to COVID-19. Crude petroleum imports recovered notably in August but remain well below previous levels. However, oil failed to break a resistance at $44.39. Crude petroleum and gasoline have traditionally made up 25% of India’s imports. It appears to us that bid ask spreads have narrowed as volatility has subsided somewhat in the WTI forward curve.
On a positive note, gasoline demand hit a seven-month high in September.
United States
There is also some uncertainty about Biden’s plans to tackle the coronavirus and stimulate the economy as the Trump administration resists cooperation with Biden’s transition team. 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 of Nov. 12, IBBJ returned almost 21% since inception compared to an anemic 1.53% for the large-cap Nasdaq Biotechnology Index, according to Defiance ETFs.
Wall Street expects a year-over-year decline in earnings on lower revenues when Urban Outfitters (URBN – Free Report) reports results for the quarter ended October 2020. IBBJ follows the Nasdaq Junior Biotechnology Index (NBIJR), which is a collection of small and smaller mid-cap names also residing in the Nasdaq Biotechnology Index. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.
For the U.S.A. is not a democracy; it is an oligarchy run by the wealthy for the wealthy. Americans who voted for either Trump or Biden in the 2020 election are like Torvald clones. Trump and his followers on one side of the coin; liberal Democrats on the other. Unheard of in the days when all Wall Street could say was “Buy”.
Wall Street expects a year-over-year decline in earnings on lower revenues when Urban Outfitters (URBN – Free Report) reports results for the quarter ended October 2020. IBBJ follows the Nasdaq Junior Biotechnology Index (NBIJR), which is a collection of small and smaller mid-cap names also residing in the Nasdaq Biotechnology Index. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.
For the U.S.A. is not a democracy; it is an oligarchy run by the wealthy for the wealthy. Americans who voted for either Trump or Biden in the 2020 election are like Torvald clones. Trump and his followers on one side of the coin; liberal Democrats on the other. Unheard of in the days when all Wall Street could say was “Buy”.
Europe
EU governments are about to be reminded of the scale of the challenge posed by the bloc s enlargement plans. The bad news is that for now the uncontrolled spread of the virus is forcing more EU governments to adopt tighter restrictions. Macron’s English language gripe.
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