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Thank you Rebess, very promising for POG!
This might be of interest.
https://twitter.com/oriental_ghost/status/1655449183552425984?t=dBxRk-5livSDJh0dTL0lkQ&s=35
Comex gold futures prices are modestly up in early U.S. trading Monday. Silver prices are near steady. The key outside markets are friendly for the precious metals to start the trading week, as the U.S. dollar index is weaker and crude oil prices are solidly higher. The technical charts remain solidly bullish for gold and silver. June gold was last up $7.30 at $2,032.00 and July silver was down $0.05 at $25.885.
Global stock markets were mixed but mostly higher overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. There is less risk aversion in the general marketplace to start the trading week. U.S. banking stocks have recovered some of their recent losses. Banking analysts will today closely scrutinize the Federal Reserve’s first-quarter Senior Loan Officer Survey, to get a gauge on how much the banking industry has pulled back in its lending practices the past few months.
President Biden on Tuesday will meet with House Speaker Kevin McCarthy and other congressional leaders to discuss raising or suspending the U.S. debt ceiling, setting the stage for a current standoff between the President and House Republicans. Biden’s invitation came after Treasury Secretary Janet Yellen notified lawmakers last week that the U.S. could default on its debt as early as June 1 if Congress does not raise or suspend the debt limit before that time.
https://www.kitco.com/news/2023-05-08/Gold-price-firmer-amid-friendly-outside-markets.html
Jonathon Da Silva.
Bears try to strike back-but trnd still intact.
Good article, just as I thought.
Once the rest of the massaged statistics have been published this week ,then we will know for sure.
US is in a bt of a mess ,overall.
Looks like Basel 3 has hobbled them .
" is possible that any data showing that inflation is not under control, will create greater downward pressure on POG."
Don't follow your logic there!
Rising inflation drives up the prices of just about everything, as we can all see from our shopping bills. Why should gold be an exception to this rule?
Europe mixed in premarket ahead of data
Equities in Europe traded mixed in the premarket on Monday ahead of the newest reports on investor confidence in the Eurozone and industrial production in Germany. Meanwhile, in the field of politics, it was reported the European Union is planning on introducing sanctions on certain Chinese companies for that country's alleged support for Russia in the conflict in Ukraine.
The DAX and the CAC 40 stood flat at 7:09 am CET. At the same time, the Eurostoxx 50 declined by 0.07%. Meanwhile, the FTSE 100 was closed for a day due to the bank holiday proclaimed in honor of King Charles III's coronation.
The euro rose by 0.21% against the dollar at 7:15 am CET to sell for $1.10413. At that moment, the pound sterling went up by 0.15% against the greenback to change hands for $1.26509.
Baha Breaking News (BBN) / JR
...important macros out with CPI from many economies....
They say after Fed pause all eye on data and there isn't much more important data that Wednesday CPI, for rates and POG.
I am out of my gold miners for now since last week. After looking at NFP forecast at 180k, I have decided that it was too low and bound to be beaten, hence short term bearish for gold...
Add to that POG was at record high and possible due a correction. I am still bullish on POG but I am trying to trade it to maximise profits.
Short terms will be careful to re-enter gold miners, now that the bias has changed to rate pause, is possible that any data showing that inflation is not under control, will create greater downward pressure on POG.
The support is around $2010 but imv any consolidation above this level (needed for a move much higher) has been priced in.....Some upside can come from renewed Banks troubles.
US CPI is expected at around 5% which is the previous month number, I feel that to be beneficial to POG it has to come much lower, but we all know that it has gone down already quite a lot and at these low level, any decrease would be much smaller with higher chases of disappointing....sticky inflation. certainly we will never get to the hoped Fed 2% benchmark.
Some says that Fed want to cause a recession to get to low inflation, but just imagine what would happen to banks, if they were to keep rising rates.
I am also seeing POG tech signalling a correction....with price keep rising while RSI going down.
https://tvc-invdn-com.investing.com/data/tvc_c94584843354dab76e1668ba0e09a15a.png
IMO the best short term support for POG will come from Banks failing....
The time on the posts is an hour slow too.
Unreal.
Indeed MrBond, all posted links are disabled.
A real balls up.
The problem being now you cannot log out.
Seems like a balls up.
"Everybody is positioned for the end of the world, but when you know that the Fed is out of the hiking game ... it’s a much sturdier footing for investors than anybody anticipated at this point in 2023," he said.
https://www.investing.com/news/economy/wall-street-week-ahead-us-consumer-price-data-to-test-feared-stagflation-scenario-3074913
I am puzzled and worried by the continuous rise of growth stocks.
Growth out of what...China and the rest are closing down, internal consumption is saturated is not shrinking out of inflation and lower disposable income...remember the QE was for the rich and the few..?
And yest after AMD lower forecast numbers few days ago, (-9%) it has almost got back all its losses ...
Hmmmm interesting times many forces pulling in different directions...
The revised anti-espionage law increases security risks for foreign individuals and businesses operating in China
May 5,2023
China's rubber-stamp parliament last week passed changes to the country's anti-espionage law, in a move that many say could create legal risks for foreign firms and individuals operating in the country.
"Foreign scholars like myself will now avoid going to China if we can, because things like comments on social media could all be viewed as evidence of committing espionage in the eyes of the Chinese government," said Tomoko Ako, a China expert at the University of Tokyo.
In recent years, China has detained dozens of Chinese and foreign nationals on suspicion of espionage, such as an executive at Japanese drugmaker Astellas Pharma who was detained in Beijing last month.
Critics and foreign governments have described the cases as being politically motivated.
Espionage cases are usually tried in secret due to their links to national security.
US Ambassador to China Nicholas Burns on Tuesday expressed his concerns over the revised law in China, saying it could potentially make routine business tasks like due diligence illegal.
"We hope that we can have an environment here where the American businesspeople and journalists and academics can feel safe, that if they're operating here in China, they can do the jobs that they came here to do, and that they're not subjected to this kind of intimidation," he said during an event organized by the Stimson Center, a think tank based in Washington, D.C.
A study published last year cited by Safeguard Defenders found that 128 foreigners — including 29 Americans and 44 Canadians — were slapped with exit bans between 1995 and 2019
https://www.dw.com/en/china-anti-espionage-law-heightens-risks-for-foreign-firms/a-65528537
Resolution 3.2 – Increase the limit of the total fees payable to Non-Executive Directors
The shareholders are asked, in accordance with Article 39 of the Company’s Articles which allows for Directors’ fees to be increased by ordinary resolution, to approve an increase in the maximum aggregate amount of fees payable to Directors in any year from £950,000 (as approved by shareholder resolution at the annual general meeting on 8 April 2019) to £1,250,000.
The Company is seeking an increase in the aggregate maximum of such fees to ensure that there is adequate headroom for future appointments to the Board should those appointments be considered in the best interests of the Company.
Whilst succession planning of the Board will inevitably lead to replacement of existing Directors, there may be a period of time where the Board in number will have expanded during a period of transition. Although there are no current plans to increase the level of pay for non-executive directors, an expanded Board, in place during a transitional period, will mean there are more non-executive directors and an increase in fees during the transitional period.
https://www.centamin.com/media/2950/cey-2022-notice-of-agm_final_web.pdf
---------------------------->>>>
Observation #213
Mr Horgan's level of planning & preparation regarding 'pay' is impressive - vastly outstripping the level of planning and preparation given to exploration and growth by a country mile.
The fact that a 'transition period' is top of mind and made its way into a resolution blends nicely with Mr Horgan's recent comments on 'the need for consolidation' in the gold mining space
For clarity giraffe rhymes with laff which is vernacular for laugh.
Spoonington.
Who the Chinese people choose to head their government is up to them.
Are you having a fnking giraffe?!?
Lol- it’s gonna rain so Ferrari stays in its bubble :-).
I cannot imagine you sitting down on a bench,in a street party. Eating pie and then jelly trifle. Arriving in a Ferrari.
Happy banks hols I mean and enjoy the street party :-)
Cracking day for the portfolio- EVERYTHING green in stocks and crypto - must be the King Charles III global effect - happy backbone hols all.
Indeed after artificially engineered good NFP number today, USD breefly raised for then reversing quite quickly. Other banks failures looming
The reason is apparently poor choices in their investment portolios.
Sounds familiar, like sub prime.
More Banks under"Stress".
Western Alliance and PacWest.
Trading temporarly suspended.
So it seems Powell ,is not in the know or choises to ignore .
Alternately is only right that the buyer, has to pay in seller currency.
NEW DELHI/MUMBAI, May 4 (Reuters) - India and Russia have suspended efforts to settle bilateral trade in rupees, after months of negotiations failed to convince Moscow to keep rupees in its coffers
With a high trade gap in favour of Russia, Moscow believes it will end up with an annual rupee surplus of over $40 billion if such a mechanism is worked out and feels rupee accumulation is 'not desirable'
The rupee is not fully convertible. India's share of global exports of goods also is just about 2% and these factors reduce the necessity for other countries to hold rupees.
Discounted oil has constituted a large part of India's imports, surging twelve-fold in the period. Exports from India in the same period fell slightly to $3.43 bln from $3.61 bln in the previous year, the official said.
"Right now we are making some payments in dirham and a few other currencies but the majority is still in dollars. Settlement is happening in different ways, third party countries are also being used,"
https://www.reuters.com/markets/currencies/india-russia-suspend-negotiations-settle-trade-rupees-sources-2023-05-04/
Russia's terrorism would end sooner if India did the right thing and stopped purchasing oil from Putin -
just one of the many reasons I can't cheer when 'the BRICS are going to save the world' narrative gets bandied around
Completely agree mrtibbles
180k NFP was far too log as forecast and was meant to be exceeded.