Daily Archives: August 29, 2018
COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices were lower on Tuesday, despite a weaker dollar, as trade tensions between the U.S. and China lingered. Comex gold futures for December delivery fell 0.16% to $1,214.10 a troy ounce as of 10:33 AM ET (14:33 GMT). The U.S. and Mexico reached a trade deal on Monday that would replace the North American Free Trade Agreement (NAFTA). U.S. Treasury Secretary Steve Mnuchin said on Tuesday he thinks the U.S. will also reach a deal with Canada this week.
- Current U.S. sanctions on Iran are unlikely to stop Iranian oil exports completely, a long-time adviser at Saudi Arabia’s Energy Ministry said on Tuesday, adding Iran would be unable to close the straits of Hormuz and Bab al-Mandab even partially. Speaking at an oil conference in the Norwegian city of Stavanger, Ibrahim al-Muhanna said Iran would be the first to lose out on a move to block those major shipping routes and that any such action would trigger further sanctions on Iran.
- When farmer Julimar Pansera purchased land in Brazil’s interior seven years ago, it was blanketed in tiers of fruit trees, twisted shrubs and the occasional palm standing tall in a thicket of undergrowth. He mowed down most of that vegetation, set it ablaze and started planting soybeans. Over the past decade, he and others in the region have deforested an area larger than South Korea.
- France’s top financial markets regulator Robert Ophele has applied to run the European Central Bank’s banking supervisory body, his office said on Tuesday. The ECB advertised last month for a successor to Daniele Nouy, who is French, when her five-year term as head of the Single Supervisory Mechanism (SSM) ends in December. Ophele was appointed head of the French financial markets authority last August after a long career at France’s central bank. When he was deputy governor of the Bank of France he sat on the board of the ECB’s Single Supervisory Mechanism.
- Goldman Sachs Group Inc (NYSE:GS). is telling traders to be wary of reading Federal Reserve Chairman Jerome Powell’s comments last week as dovish for the path of interest rates. Ten-year Treasury yields fell Friday on Powell’s speech at the Kansas City Fed’s annual policy symposium, when he said “there does not seem to be an elevated risk of overheating.” What’s more, the maturity’s spread over two-year yields is close to the lowest since 2007.
- Nearly three out of four companies doing business in Germany and the United States doubt that a U.S.-European trade truce reached last month will be followed by a lasting agreement on large-scale tariff cuts, a survey showed on Tuesday. U.S. President Donald Trump agreed during a meeting with European Commission President Jean-Claude Juncker in July to refrain from imposing tariffs on European cars while the two sides negotiate to cut other tariffs.
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