LIVE CHAT INSTANT MESSENGER BOOKMARK
 
 
18
Private Financial Club
BE THE BANK
Q&A Session

Start Time:
09/21/2017 at 02:00 PM Mountain Time

Where:
Cheyenne, Wyoming United States Conference call: 712-770-4010 #827477

For More Information Call:
307.702.2582



Viewing 1 - 9 out of 1716 Blogs.


Page:  1 | 2 | 3 | 4 | 5 | Next >  Last >>


Gold hits a record high in 9 years
Posted On 08/01/2020 04:13:48

Gold prices hit a record high on Monday, as a weakening dollar injected new momentum into a rally driven by uncertainty about the world economy.To get more news about OlympusFx, you can visit wikifx news official website.

  Investors are rushing to Gold more than other precious metals as a result in the rising concerns of a second wave of the dreaded pandemic, COVID-19

  Futures contracts for delivering gold in August shot up as much as 2.2% to $1,940.10 a troy ounce, topping the previous intraday peak of $1,923.70 from September 2011.They ended the day up 1.8% at $1,931, a second consecutive closing record.

  Gold hit an all time closing high for the first time in nearly nine years Friday, but remained short of the intraday record.

  Monday‘s record marked a milestone in gold's bull run, which many traders rank alongside those of 2008-11 and the late 1970s. The gloomy outlook for the world economy, a decline in interest rates, rising tensions between the U.S. and China, and the dollars depreciation have fueled the surge as investors have bought assets they perceive to be havens.

  "There are still a lot of things to be worried about, which is why gold is attracting all this attention and all this money,"

  Youre seeing money slipping out of the stock market or out of other assets and just eking into gold.


The advance marked gold‘s seventh consecutive daily advance, the metal's longest winning streak since February.

  Gold prices have gained nearly 9% over the past month and about 27% this year, making the metal one of the strongest-performing major assets in 2020.

  The price of silver, seen as a store of value by investors as well as having widespread industrial uses, rose even more sharply than gold Monday. Futures for September delivery, the most widely owned contracts, jumped 7.2% to $24.501 an ounce, the highest level in almost seven years.

  Adding impetus to gold and silver Monday was a weakening in the dollar, which made the precious metals more attractive to investors overseas. The ICE U.S. Dollar Index, which tracks the dollar against the currencies of six trading partners, fell Monday, extending a recent slide that has it on track for its worst month in nearly a decade.

  Golds traditional inverse relationship with the dollar had frayed this year, as both assets benefited from haven buying during the pandemic.

  It is now reasserting itself, a factor that will boost gold in the coming months if the dollar continues to slide, said Joni Teves, precious-metal strategist at UBS Group.Investors who were previously uninterested in the precious metal are now buying it, a trend that could lift prices above $2,000 an ounce within six months, s

  Gold prices have leapt in London, the main hub for buying and selling gold bars, as well as in New York‘s futures market. In Friday's auction, prices topped $1,900 for the first time since the Bank of England and N.M. Rothschild & Sons Ltd., now investment bank Rothschild & Co., founded the daily price in 1919.

  One factor that distinguishes the current surge in gold prices from the bull run during and after the last global financial crisis is the fragile state of demand for physical metal. Lockdowns and economic uncertainty have crimped jewelry purchases in India and China, normally two huge bullion markets.

  So far, a burst of buying by investors has more than offset the dearth of jewelry demand. But if financial demand dries up, prices could fall without physical consumption to act as a cushion for prices.

  Investors who wouldnt normally be active in the market until European and U.S. hours bought gold in thin Asian trading Monday, exaggerating the rise, and London sessions this morning is still reeling from the effects


U.K. Looks to Extend Help-to-Buy Housing Plan Beyond This Year
Posted On 08/01/2020 04:05:38

The U.K. government is looking at extending a program that provides financial support to first-time buyers of new-build homes after the pandemic left purchases on hold.To get more news about WikiFX, you can visit wikifx news official website.

  Ministers are considering prolonging the Help to Buy plan beyond the end of this year, though no details have been confirmed, said a person familiar with the matter, who asked not to be named because it isnt public.

  The current plan, which offers interest-free loans to buyers with small deposits, closes to newcomers at the end of December and is due to be replaced by a more constrained version in April.

  “The government continues to work closely with all parts of the housing industry to understand the challenges and opportunities they face,” the housing ministry said in an emailed statement.

  U.K. housebuilder shares rose on Tuesday morning in London after the Financial Times reported the proposed extension. The program has in recent years provided a boon to the companies, which have achieved record margins by selling homes built on cheap land to buyers benefiting from the loans.

  An extension would allow some deals delayed by the coronavirus lockdown to get through before the support policy ends. Most builders shut down construction temporarily as they sought to develop safe working practices, pushing completion dates for new properties further out.

 

  The U.K. housing market was effectively frozen in March as the government banned home viewings to slow the Covid-19 outbreak. While viewings have since resumed, the market is set to lose 27 billion pounds ($34.8 billion) of sales this year, according to property portal Zoopla Ltd.


Adnoc Considers Stake Sale in $5 Billion of Properties
Posted On 08/01/2020 03:56:32

Abu Dhabi National Oil Co. is exploring the possibility of selling a stake in its real estate portfolio, the latest effort by the state-owned energy producer to raise funds and attract foreign investors.To get more news about WikiFX, you can visit wikifx news official website.

  Initial estimates value the properties at about $5 billion, according to people familiar with the matter, who asked not to be identified because talks are private. The plan is in its inception stage and could still change, they said.


  Adnoc declined to comment.

  A potential deal could be structured along the same lines as the energy firm‘s sale of a $10.1 billion stake in its natural-gas pipelines last month, the people said. In that transaction, Adnoc sold a 49% holding in a new subsidiary housing the assets to a group of investors including Global Infrastructure Partners, Brookfield Asset Management Inc., Ontario Teachers' Pension Plan and Singapores sovereign wealth fund.

  Read more: Abu Dhabi Sells $10 Billion Stake in Pipelines to Consortium

  Adnoc‘s portfolio includes the 65-floor skyscraper in the United Arab Emirates' capital that houses the companys headquarters, as well as other properties throughout the city, and homes for employees at drilling sites.

  A sale of the assets will help bring cash into Abu Dhabi as the city grapples with this years 32% drop in oil prices and the economic fallout of lockdowns to curb the spread of the coronavirus.

  The emirate has raised billions of dollars over the past three years as the oil giant embarked on a financial restructuring thats seen it sell stakes in its pipeline infrastructure and refining and fuel-distribution businesses. It has also added new international partners and sold holdings in its energy assets to investors including Blackrock Inc. and KKR & Co.


Argentina to Seek New IMF Plan However Debt Talks Turn Out
Posted On 08/01/2020 03:47:39

Argentina to Seek New IMF Plan However Debt Talks Turn Out


Argentina will seek a new program with the International Monetary Fund whatever the outcome of talks with holders of its $65 billion of defaulted overseas bonds, Economy minister Martin Guzman said.To get more news about WikiFX, you can visit wikifx news official website.

  Guzman also reiterated that the country has reached its upper limit in what its prepared to offer creditors, though said the government would consider improving the legal terms of the offer.

  "After the debt restructuring process with the private creditors, we expect to request a new IMF program that replaces the previous one that didnt work," Guzman told Bloomberg Television in an interview Tuesday. "This is going to happen regardless of what happens with private creditors."

  South Americas second-largest economy, which is at a crucial point in its bond restructuring process, also has on hold a $56 billion stand-by IMF agreement negotiated by the previous administration. The government is working on plans to boost tax revenue and curb the fiscal deficit, though this will take longer than the country and the IMF originally projected due to the pandemic, Guzman said.


  WATCH: Argentinas Economy Minister Martin Guzman says the country is fully committed to fiscal consolidation as a group of creditors seeks to extract better terms from the government in its $65 billion debt restructuring

Fiscal consolidation has to occur to a pace that allows the economy to recover, and to sustain that recovery," he said.

  Argentina faces an Aug. 4 deadline with its proposal to restructure its overseas debt after falling in default this year for the ninth time in the countrys history.

  "We significantly improved the offer, and we reached a point that is the maximum effort Argentina can make without compromising the social course we are trying to achieve," Guzman said, echoing comments made recently by President Alberto Fernandez. "We have made a massive effort."

  Read More: Argentina Post-Virus Recovery Unclear Amid Unbalanced Policies

  The country still doesn‘t have the support of the three main creditor groups, which say they represent holders of more than 50% of Argentina's overseas debt after joining forces with other funds this week. The latest creditor proposal demands a net present value about 3 cents per dollar above current government offer of about 53 cents, according to a Goldman Sachs Group Inc. report.

  The groups originally included funds such as BlackRock Inc., AllianceBernstein and Monarch Alternative Capital LP, and now includes BlueBay Asset Management LLP, Fidelity Management & Research Co. and Amundi Asset Management, among thirty firms that have joined forces.


Worlds Top Crop Traders Hit By Virus in Soy Giant Argentina
Posted On 08/01/2020 03:35:23

Worlds Top Crop Traders Hit By Virus in Soy Giant Argentina


Crop giant Argentina has reported its first cases of the coronavirus at port terminals that ship soybean products to the world in a fresh blow to the global commodities trade already disrupted by the pandemic.To get more news about WikiFX, you can visit wikifx news official website.

  China‘s Cofco International and U.S. agribusiness firm Bunge Ltd. were both forced to idle port terminals and soybean crush plants north of Rosario on the Parana River, Argentina's hub for shipments of soy meal for livestock feed and soy oil for cooking and biofuel. Local shipper Vicentin SAIC also had its operations disrupted after employees tested positive.

  The confirmation of cases in Argentinas key export industry is a kick in the teeth for President Alberto Fernandez, who put in place a strict lockdown in March and has only just started to soften it in the Buenos Aires metropolitan area even as the virus curve refuses to flatten.

  "We are expecting that at some point we‘ll start to get cases," said Ernesto Torres, a spokesman for an oilseed-crush union that represents 7,000 workers at plants and ports outside the northern-Rosario hub, where there haven't yet been infections. "Its inevitable."


  Cofco has halted work at an oilseed crushing plant and port facility after 12 workers tested positive for Covid-19. Bunge stopped operations on Saturday at a similar facility nearby after one employee tested positive. A Vicentin bottling plant in the vicinity is also temporarily out-of-action after reporting a case.

  Argentina is the top exporter of soybean products. For now, traders aren‘t too concerned about disruptions as the number of cases is small, Argentine farmers aren't selling and Covid-19 has hurt demand for products like soybean oil, widely used by restaurants. That could change if the shutdowns are prolonged.
"If the Covid-19 thing doesnt cut into demand to offset it, then the products will be tighter worldwide," said Bevan Everett, a risk management consultant and grains market analyst at brokerage StoneX.

  Cofco‘s Timbues plant could be shut for a week and the company is redirecting cargoes to its Puerto General San Martin terminal and facilities run by other companies, according to a company spokesman. Cofco doesn't expect big delays in delivering to buyers.

  After stopping operations at its Puerto General San Martin facility, Bunge is also sending trucks to its other terminals, a spokeswoman said. Vicentin will shut one shift at its Renopack bottling plant for 10 days, but hopes to have the other shift up and running by Wednesday, according to a spokesman.

  "Employees who had close contact with the infected person were isolated and tested and the results were negative," Bunge said in an emailed statement, adding that the company has "strictly followed all health and safety protocols determined by authorities."


AUD May Extend Rally on CPI Data Despite Regional Political Risks
Posted On 08/01/2020 03:26:23

Wall Street stocks ended on a bleak note with the Dow Jones, S&P 500 and Nasdaq indices closing 0.77, 0.65 and 1.27 percent lower, respectively. Technology stocks and the famous FAANG group - Facebook, Apple, Amazon, Netflix and Google - were all in the red. On the other hand, lockdown-sensitive stocks - particularly airlines - found a tailwind.To get more news about WikiFX, you can visit wikifx news official website.

  Foreign exchange markets reflected a risk-off tilt with the anti-risk Japanese Yen and Swiss Franc as the sessions winners at the expensive of the Australian and New Zealand Dollars and Swedish Krona. The source of risk aversion may have come in part from concern about timely implementation of another US fiscal stimulus package as Democrats and Republicans wrangle over how the funds ought to be distributed.

  The Federal Reserve announced that it will be extending its emergency lending programs through December 31. Despite the underlying message of economic uncertainty that this policy extension implies, markets did not appear to significantly react to the news. This announcement came just under 24 hours ahead of the FOMC rate decision and assessment of economic activity.
The Australian Dollar is thrust into the spotlight today ahead of the release of local CPI data. Analysts estimate a 0.4 percent contraction, far below the prior 2.2 percent increase on a year-on-year basis. A better-than-expected print may extend the Australian Dollars gains, particularly against the hammered, haven-linked US Dollar.


  AUD - so far, at least - has managed to remain relatively immune to concern over escalating US-China geopolitical tensions. In addition to playing a game of diplomatic tit-for-tat by closing consulates in each respective country, Washington has taken a more aggressive approach to Beijings activities in the South China Sea. For now, this regional risk remains a background theme, but should things escalate, AUD may fall.

  AUD/USD Analysis

  AUD/USD may extend its gains, though the pair may encounter some friction at an early-2019 resistance range between 0.7181 and 0.7206. Failure to extend beyond the lower bound could cast a shadow over AUD/USDs short-term trajectory and cause it to retreat to a recently-cleared ceiling at 0.7018. Conversely, breaking above immediate resistance may inspire additional buyers to enter long positions.


Thailands Gold Plan May Curb Baht Without Incurring U.S. Anger
Posted On 08/01/2020 03:15:40

The Bank of Thailand‘s plan to sever the link between gold trading and the baht may be a way to limit the currency's gains without incurring the wrath of the U.S. over foreign-exchange manipulation.To get more news about OlympusFx, you can visit wikifx news official website.

  The Thai central bank says it‘s in talks with market participants about converting local gold trading to U.S. dollars, including futures, to reduce the baht's strength. Policy makers have long complained the appreciating currency threatens to damage the countrys exports.

  The baht fell at the start of the Covid-19 outbreak but has since gathered strength amid the gold fervor. The surge in the precious metal has convinced many Thais to cut their holdings, forcing local shops to sell in the international market. The step of exchanging dollars into baht as part of the process has been one of the factors helping the Thai currency gain about 5% from its March low.


The baht has been the best-performing Asian currency over the past four years, appreciating about 10% against the dollar over the period. The currencys real effective exchange rates was at 111.4 at the end of June versus a 10-year moving average of 103.7, indicating it is overvalued, according to a gauge from the Bank for International Settlements.

  The market for wholesale gold trading in baht is about $50 billion a year, or about 5% to 7% the size of of Thailands foreign-exchange market, according to figures from SCB Securities Co.

  Read more: Bank of Thailand Closely Watching Impact of Gold Trading on Baht

  UBS Group AG and ING Groep NV have both warned that Thailand is at risk of being added to the U.S. watchlist for currency manipulation for meeting the criteria set out by the Treasury Department. For its part, the Thai central bank has repeatedly said it doesnt influence the currency to gain an unfair competitive advantage.

  "If the BOT went about with the traditional managed float, it would place it on the radar of the U.S. Treasury as a potential manipulator," said Kobsidthi Silpachai, head of capital market research at Kasikornbank Pcl in Bangkok. "But to do nothing would equate to the continuation of the loss in the bahts competitiveness."

  Whether the gold-trading proposals are approved "depends on the willingness of the next BOT governor to experiment with non-conventional monetary measures," Kobsidthi said. Thailand is in the process of selecting a new central bank chief for the term starting Oct. 1.Thailand‘s Gold Traders Association is studying details of the conversion plan and will see how it can comply, said Jitti Tangsithpakdi, president of the trade group. Thailand is the world's ninth-largest gold exporter, despite not being a major producer, according to Kasikornbank.

  The rule change "should help reduce baht volatility," said Somprawin Manprasert, chief economist at Bank of Ayudhya Pcl in Bangkok. "But the baht will continue to appreciate in the long term even if our real sector is in pain," he said, citing the countrys ample international reserves and current-account surplus.

  The baht will strengthen to 30.75 per dollar this year and reach 30 at the end of 2021, Somprawin said. The currency was at 31.462 on Wednesday, according to data compiled by Bloomberg.


India Sold So Many Bonds That It Had to Retire its Benchmark
Posted On 08/01/2020 03:03:19

The government is retiring the current benchmark 10-year debt just two months after it was issued, compared to about 12 months for earlier offerings, to make way for a new issuance. The present bond hasnt even had a chance to become fully liquid before being shelved.To get more news about OlympusFx, you can visit wikifx news official website.

  Blame the phenomenon on the governments super-sized funding plan. The authorities plan to sell a record 12 trillion rupees ($160 billion) of bonds this fiscal year to finance a yawning fiscal deficit triggered by a months-long lockdown on the economy.


  "Earlier the new bond used to be issued only once in a year, now given the huge size of borrowings we can expect the 10-year benchmark will be issued every quarter," said Naveen Singh, head of fixed-income trading at ICICI Securities Primary Dealership Ltd. in Mumbai. "That will make it lose its vanity value."

  In the past, the Reserve Bank of India has tended to bring a new 10-year note to the market after raising about 1 trillion rupees from the tenor within a year. But this time, its issuing a new bond after having raised the amount in less than three months.

  The upshot is that the 10-year bond may lose some of its premium as the government cycles through frequent issuances. Since the beginning of May, the bulk of borrowings has been in this segment due to its popularity with investors given that it tends to be very liquid.

  The spread between the new and old paper may narrow to 7-8 basis points from about 20 basis points as the 10-year notes lose their appeal, Singh said.

  The yield on 10-year bonds fell one basis point to 5.84% Wednesday. It rose to 5.88% on Tuesday, the highest for the benchmark since July 1, after the central bank said itll sell new 10-year debt.


Gold hits a record high in 9 years
Posted On 08/01/2020 02:53:46

Gold prices hit a record high on Monday, as a weakening dollar injected new momentum into a rally driven by uncertainty about the world economy.To get more news about OlympusFx, you can visit wikifx news official website.

  Investors are rushing to Gold more than other precious metals as a result in the rising concerns of a second wave of the dreaded pandemic, COVID-19

  Futures contracts for delivering gold in August shot up as much as 2.2% to $1,940.10 a troy ounce, topping the previous intraday peak of $1,923.70 from September 2011.They ended the day up 1.8% at $1,931, a second consecutive closing record.

  Gold hit an all time closing high for the first time in nearly nine years Friday, but remained short of the intraday record.

  Monday‘s record marked a milestone in gold's bull run, which many traders rank alongside those of 2008-11 and the late 1970s. The gloomy outlook for the world economy, a decline in interest rates, rising tensions between the U.S. and China, and the dollars depreciation have fueled the surge as investors have bought assets they perceive to be havens.

  "There are still a lot of things to be worried about, which is why gold is attracting all this attention and all this money,"

  Youre seeing money slipping out of the stock market or out of other assets and just eking into gold.


The advance marked gold‘s seventh consecutive daily advance, the metal's longest winning streak since February.

  Gold prices have gained nearly 9% over the past month and about 27% this year, making the metal one of the strongest-performing major assets in 2020.

  The price of silver, seen as a store of value by investors as well as having widespread industrial uses, rose even more sharply than gold Monday. Futures for September delivery, the most widely owned contracts, jumped 7.2% to $24.501 an ounce, the highest level in almost seven years.

  Adding impetus to gold and silver Monday was a weakening in the dollar, which made the precious metals more attractive to investors overseas. The ICE U.S. Dollar Index, which tracks the dollar against the currencies of six trading partners, fell Monday, extending a recent slide that has it on track for its worst month in nearly a decade.

  Golds traditional inverse relationship with the dollar had frayed this year, as both assets benefited from haven buying during the pandemic.

  It is now reasserting itself, a factor that will boost gold in the coming months if the dollar continues to slide, said Joni Teves, precious-metal strategist at UBS Group.Investors who were previously uninterested in the precious metal are now buying it, a trend that could lift prices above $2,000 an ounce within six months, s

  Gold prices have leapt in London, the main hub for buying and selling gold bars, as well as in New York‘s futures market. In Friday's auction, prices topped $1,900 for the first time since the Bank of England and N.M. Rothschild & Sons Ltd., now investment bank Rothschild & Co., founded the daily price in 1919.

  One factor that distinguishes the current surge in gold prices from the bull run during and after the last global financial crisis is the fragile state of demand for physical metal. Lockdowns and economic uncertainty have crimped jewelry purchases in India and China, normally two huge bullion markets.

  So far, a burst of buying by investors has more than offset the dearth of jewelry demand. But if financial demand dries up, prices could fall without physical consumption to act as a cushion for prices.

  Investors who wouldnt normally be active in the market until European and U.S. hours bought gold in thin Asian trading Monday, exaggerating the rise, and London sessions this morning is still reeling from the effects.




Page:  1 | 2 | 3 | 4 | 5 | Next >  Last >>


8
Learn how to "BE THE BANK"!

Start Time:
09/21/2017 at 02:00 PM Mountain Time
Conference Call In Number: 712-770-4010 x827477#

For More Information Call:
307.702.2582

 

© 2009 ClickandConnectClubs