Gold Continuing to Drop After Yellen Confirms Interest Hike

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Gold Jun 20 (GC=F)

Pre. Settlement N/A
Settlement Date 2020-06-26
Open 1,624.50
Bid 1,621.80
Last Price 1,625.70
Day’s Range 1,619.80 – 1,632.00
Volume 69,213
Ask 1,623.00

Gold demand soars in some Asian hubs, lockdowns, supply woes hit others

“It’s just a lot of strange things happening in the market now, because in some parts of the world, you will see massive premiums on gold, while other parts have discounts – just boils down to logistics and supply chain disruptions,” said Saxo Bank analyst Ole Hansen. While high value bullion bars are available, low denominations are in short supply, he added. “The name of the game now is which dealers can supply their clients and where, and which ones have enough inventory,” said Joshua Rotbart, managing partner, J. Rotbart & Co in Hong Kong.

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Comment: with Trump, MBS and Putin in charge, negative oil prices, here we come

You’ve heard of negative interest rates, but how about negative oil prices?Bar-room talk in the oil market — if bar rooms were allowed — is all that the oil price is now so low that companies could resort to giving the stuff away, or even paying to have it taken off their hands.

Stocks – US Futures Lower; Economic Damage Mounts

Additionally, gold futures dropped 0.5% to $1,630.05/oz, while EUR/USD traded at $1.0808, down 0.5%.

Global stocks fall as business signals hit from pandemic, oil grinds higher

Global stock markets sank on Friday, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day’s gains on hopes of a cut to global supply. With virus-fighting lockdowns raising the risk of a prolonged global downturn, investors continued to seek the safety of the U.S. dollar and government bonds, pushing U.S. Treasury yields near their lowest in three weeks. With over a million people infected worldwide, there were more signs the pandemic would take a massive toll on economic growth.

Stocks fall as business signals hit from pandemic, oil grinds higher

Global stock markets sank on Friday, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day’s gains on hopes of a cut to global supply. With virus-fighting lockdowns raising the risk of a prolonged global downturn, investors continued to seek the safety of the U.S. dollar and government bonds, pushing U.S. Treasury yields near their lowest in three weeks. With over a million people infected worldwide, there were more signs the pandemic would take a massive toll on economic growth.

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European Equities: Service Sector PMIs and COVID-19 Updates in Focus

The European majors could be in for another choppy day. Service sector PMIs and U.S nonfarm payrolls are likely to test market resilience…

Stocks – Europe Seen Lower; Virus Cases Top One Million

European stock markets are set to open lower Friday, weighed by another drop in oil prices as the number of global coronavirus cases tops one million and U.S. unemployment soars. At 2:15 AM ET (0615 GMT), the DAX futures contract in Germany traded 1.0% lower. France’s CAC 40 futures were down 0.7%, while the FTSE 100 futures contract in the U.K. fell 0.3%.

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Gold Prices Fall Despite Record Number of U.S. Unemployment Claims

Oil Price Rally and Precious Metals Push Canadian Stocks Higher

(Bloomberg) — Canadian equities jumped as a confluence of news sent oil and precious metals surging on Thursday.The S&P/TSX Composite Index closed 1.7% higher with energy companies leading the charge. U.S. President Donald Trump said Saudi Arabia and Russia would make major output cuts, though uncertainty swirled over the size of the curbs and whether reductions would be made at all. Western Canada Select crude oil traded at a $16 discount to West Texas Intermediate.Earlier Trump said in a couple of tweets that he expects Saudi Arabia and Russia to cut oil production by 10 million to 15 million barrels. His comments immediately triggered skepticism as the Kremlin said Russian President Vladimir Putin hadn’t agreed to a production cut to boost prices. Saudi Arabia also didn’t confirm the cuts, but called for an urgent meeting of the OPEC+ producer alliance.The Canadian dollar strengthened to C$1.4171 per U.S. dollar and the 10-year government bond yield climbed 5 basis points to 0.664%.Gold and silver miners were also among the best performers as record U.S. jobless claims spurred the flight to safe havens. The number of Americans applying for unemployment benefits soared to 6.65 million last week, a level unimaginable just a month ago. The spot price of gold rose 1.4% to $1,614.03 an ounce.As Canadian markets try to find some normalcy amid big volatility spikes, Toronto-Dominion Bank’s Chief Executive Officer Bharat Masrani said the nation’s central bank doesn’t need to buy up corporate bonds to boost liquidity because debt markets are returning to more normal conditions.The Bank of Canada launched a program to buy short-term commercial paper, but hasn’t yet ventured into buying longer-term company bonds. It began its first-ever foray into quantitative easing this week to reduce strains in the market brought on by Covid-19 shutdowns, buying C$1.8 billion ($1.27 billion) in government bonds.What was a roaring start to Canada’s spring house-hunting season has ended in a whimper. By the time the dust settles on what’s likely to be months of disruption, the nation could see resales plunge 30% to a 20-year low and the first nationwide drop in prices since 2009, according to Royal Bank of Canada.On the virus front, Covid-19 has now infected 1 million people across the world, a milestone reached just four months after it first surfaced in the Chinese city of Wuhan. More than 51,000 have died and 208,000 recovered in what has become the biggest global public health crisis of our time.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Gold Continuing to Drop After Yellen Confirms Interest Hike

By Annie Reona | Thursday, July 16th, 2020

Today marked the sixth session in a row that gold fell. This further fall occurred after the Fed Chair Janet Yellen confirmed that there will likely be a hike in an interest rate later in the year. When combined with the US economic data which was even better than some experts had anticipated, the US dollar continued to do well compared to other currencies.

At just $1 141.9, the gold futures traded at the lowest they have been since November of 2020. Just a fed days earlier Gold dropped in price significantly after the Euro summit reached a satisfactory deal with Greece.

Yellen continued to express that the Federal Reserve is on track for the first time in almost 10 years as they attempt to lift borrowing costs. She also commented on the weakness of the US labor market but believed that 2020 will see a continued economic growth for the United States.

Because economic growth generally steers investors away from purchasing gold, bonds and other instruments that yield interest are favored. Gold and other precious metals only yield positive returns while there are price gains which causes this shift in interest.

The largest bullion-backed ETF is the SPDR Gold trust, which saw no changes in their assets. They remained at 709.07 tons on Wednesday, which is similar to the 701.9 tons from June 15, 2020. The assets from June 15, 2020 were the lowest they had seen in nearly 7 years.

In China, the physical demand for gold has increased slightly. This increase is expected to continue as China’s economic growth has been growing even faster than expected.

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