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

A member of the National Guard plays a trumpet during a flag rai


While a lower U.S. dollar is intuitively inflationary, moves higher in Copper and Wheat vs their related products are historically a sign of strength in the underlying economy. Sugar and coffee futures traded rangebound on Wednesday with many investors on the sidelines as the outcome of Tuesday’s U.S. presidential elections remained uncertain. The economy ministry said on Tuesday farmers had sown 5.65 million hectares of winter wheat, or 92% of the expected area as of Nov. 2.
Strong Chinese soybeans demand for fear of shortages has driven domestic prices to a record high. In Chicago the price is trading at a four-year high with dry weather in South America an additional worry the market has to deal with. While wheat rallied 18% corn could only muster an 11% move higher. Kneafsey and Littleton / Source: WSJ Hunter Ruthven also took up shop at the Bull & Gate, paying £15 for Wi-Fi, unlimited tea and coffee, and a lunch.


A $5 improvement in oil prices may add around 30 cents on the dollar to the intrinsic value of Baytex’s notes. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. Equities strongly bid as markets anticipate Biden Win Dollar down on risk-on flows Nikkei 1.73% Dax 1.16% UST 10Y 0.73 (SPTL) Oil $39.07 (OIL) Gold $1918/oz. For now, the directional input continues to be provided by the dollar which yesterday fell as stocks rallied and volatility collapsed.
Theoretically, with all things being equal, a weaker dollar creates higher prices. The Wind River funds paid around 66 cents on the dollar for the investment. This leaves EURUSD back in the limbo between the critical downside trigger zone near 1.1600 and the upside range high from October of 1.1900 ahead of today’s FOMC meeting. He is also … more Peter Schiff is the CEO and Chief Global Strategist of Euro Pacific Capital, an SEC-Registered Investment Adviser and a full service broker/dealer.
He is also Chairman of SchiffGold, his precious metals dealer, Euro Pacific Asset Management, and Euro Pacific Bank, his brokerage firm for international clients. less (Video length 00:45:56) Peter Schiff is the CEO and Chief Global Strategist of Euro Pacific Capital, an SEC-Registered Investment Adviser and a full service broker/dealer.


Also Barrick Gold’s (GOLD) Pueblo Viejo mine (Royal Gold owns a 7.5% gold stream and 75% silver stream) experienced some very positive developments. Source: Own processing, using data of Royal Gold The growth in gold equivalent sales and realized metals prices helped to also push higher the revenues. The gold price and also the broader stock market development will be important in the coming days to set the direction of Royal Gold’s share price. The gold equivalent sales partially recovered from the Q4 decline, which, together with stronger gold, silver, and copper prices, helped to give a nice boost to the revenues.
Royal Gold’s inventories increased from 18,900 toz gold to 25,900 toz gold. However, as the gold price started consolidating, Royal Gold’s share price started to decline back to the $115-125 range. Source: Own processing, using data of Seeking Alpha and Royal Gold Royal Gold’s share price didn’t change too much compared to the end of Q4.
Source: Own processing, using data of Seeking Alpha and Royal Gold The robust cash flow helped to boost Royal Gold’s cash position. Royal Gold also retained a 28% NSR royalty on silver produced at Peak Gold. We touch on the lack of Blue Wave in the US election and what that means for fundamental drivers for gold and gold stocks.


Source: Baytex Energy At $40 WTI oil (and currently expected differentials) Baytex would generate approximately $661 million USD in oil and gas revenue in 2021. 5, 2020 6:44 AM ET|| About: Murphy Oil Corporation (MUR)by: SA TranscriptsThe following slide deck was published by Murphy Oil Corporation in conjunction with their 2020 Q3 earnings call. The company has a well positioned and distributed portfolio of assets, focused on NGL and NG, which are much more essential to U.S. industry than oil.
Gas is dead… Well currently I think the renewables are overvalued while oil and gas stocks are quite cheap.
Malaysian palm oil futures rose to a near four-year high, extending gains for a third day on surveys showing a steep decline in October stockpiles and production. Oil prices fell, with Brent crude, the global benchmark, dropping 1.3% to $40.71 a barrel. As I try to keep my sector diversification in check, my oil & gas stocks have fallen to one of my lowest sectors. At $50 WTI oil and 72,500 BOEPD in production, Baytex may be able to deliver $433 million USD EBITDAX. Moody’s assumption on next year’s oil prices is also relatively soft at around $45/bbl for Brent with risks to the downside.
Energy Transfer’s risk is the chance of a long-term decline in oil prices, which can hurt the company’s ability to renew its contracts.

United States

less Stock markets globally gained yesterday as Democratic nominee Joe Biden neared victory in the US presidential election. Vice President Biden had between 253 and 264 of 270 electoral votes need to win the US election and was making strong gains in Georgia and Pennsylvania. Twitter hid or labeled six separate tweets from the president starting early Wednesday morning.In the first instance, Trump claimed Democrats were trying to steal the election.
However, Trump has requested recounts in several states and threatens legal action yet the US stock market surged. Nasdaq Futures are trading up by 169 points (up 1.4%), while Dow Futures are trading up by 176 points (up 0.6%). Biden is predicted to win over President Donald Trump after winning two crucial US states, while Trump has alleged fraud. S&P 500 futures are already climbing in Europe and may well continue to do so once the US markets open (SPX). That’s why, based on Biogen’s (NASDAQ: BIIB) announcement of likely approval of its new Alzheimer’s drug, the company’s share price increased by 44%, a $16 billion market capitalization increase.
This became crucial in Florida where Trump s share of Latino voters jumped from 35 percent in 2016 to 47 percent in 2020 to help him win the state. Biden, who has tweeted fewer times than the president since Tuesday night, has not been flagged or labeled.In one post Twitter did not hide, Trump claimed a big WIN!


Virus latest The European Union cut its growth forecast for next year as a second round of pandemic restrictions in the region risk putting a halt to the recovery. Risks to the recovery are skewed to the downside – not that surprising when you consider that a no trade deal Brexit could be happening in lockdown. Britain could face widespread disruption to commerce with the European Union, its largest trading partner, in the difficult winter months. After weeks of opposing new restrictions, Prime Minister Boris Johnson s U-turn has sparked distress among business leaders.
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