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SPOT MARKET IS OPEN
closes in 6 hrs. 22 mins.Nov 22, 2019 10:38 NY Time
| Bid/Ask | 1465.80 / 1466.80 | |
| Low/High | 1463.60 / 1474.10 | |
| Change | +1.90 | +0.13% |
| 30daychg | -26.20 | -1.76% |
| 1yearchg | +239.00 | +19.48% |
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Silver Price & PGMs
Nov 22, 2019 10:38 NY TimeKitco 10AM Silver Fix
| Silver | 17.06 | -0.02 |
| Platinum | 893.00 | -21.00 |
| Palladium | 1745.00 | +3.00 |
| Rhodium | 5500.00 | -25.00 |
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(CNBC Fri. Nov. 22nd, 2019) – Stocks rose slightly on Friday for the first time in four days after President Donald Trump said China and the U.S. were nearing a trade deal.
The Dow Jones Industrial Average climbed 58 points, or 0.2%. The S&P 500 gained 0.2% while the Nasdaq Composite advanced 0.3%. The Dow and S&P 500 were both riding three-day losing streaks coming into the session.
Trump told Fox News both sides were “very close” to reaching a trade agreement, nothing: “We have a very good chance to make the deal.”
His comments came after Chinese President Xi Jinping said Friday that Beijing wants to work for a trade deal with the U.S. but is not afraid to “fight back.” Xi also told a visiting U.S. business delegation that China holds a ‘positive attitude’ toward the trade talks.
To be sure, investors hedged some of their optimism as bond yields fell slightly to lift prices. The 10-year Treasury yield hovered around 1.76%. Gold futures gained 0.3%.
“The volatility we’ve had this year has been mostly around trade,” said Jennifer Ellison, a principal at BOS. “I think the market has gotten to a point of confusion and wants to wait and see when something real happens.”
Stocks recently rallied to record highs after Trump said last month that China and the U.S. had reached a “phase one” trade deal that would be signed in November. However, concerns over that so-called phase one deal have risen lately.
The Wall Street Journal reported Thursday that China had invited the U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing for further talks. However, it is unclear whether the invitation was accepted. The investment community is unsure whether both countries will sign some sort of trade agreement in the coming weeks. Morgan Stanley said Thursday that a phase one deal is perhaps the furthest both countries will go.
“A few weeks ago when President Trump said a phase one deal was complete, optimism was sky high,” said Ryan Nauman, market strategist at Informa Financial Intelligence. “Each passing day that we don’t have ink on the paper, investors are just getting more skittish and markets are getting more fragile, especially at these levels.”
On the data front, manufacturing Purchasing Managers’ Index (PMI) and service-sector PMI figures for November will be released at around 9:45 a.m. ET. Consumer sentiment for November and the latest Kansas City Fed Survey will follow slightly later in the session
Bitcoin plummets to a six-month low on China crackdown
LONDON (Reuters, Fri. Nov. 22nd, 2019) – Bitcoin slumped to a six-month low on Friday after China’s central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them.
Bitcoin BTC=BTSP, the world’s biggest cryptocurrency, fell 9% to $6,929, its lowest since May, and was last down 7% at $7,107.
The People’s Bank of China’s Shanghai headquarters said it would tackle growing cases of illegality involving virtual currencies. It also cautioned investors not to confuse crypto with blockchain technology, the digital ledger that underpins many cryptocurrencies such as bitcoin.
The move came a day after regulators in Shenzhen launched a similar campaign, and came as the PBOC prepares to launch its own digital currency.
Chinese President Xi Jinping said last month that the world’s second-biggest economy should accelerate the development of blockchain technology.
Bitcoin, known for its wild price swings, soared over 40% in two days after Xi’s remarks, with investors betting that Beijing’s backing of blockchain and plans for a digital renminbi would accelerate the mainstream embrace of cryptocurrencies.
But since late October bitcoin has slumped by nearly a third.
Jamie Farquhar, portfolio manager at London-based crypto firm NKB Group, said the PBOC statement crystallized a growing sense among crypto investors that China’s embrace of blockchain would be unlikely to include cryptocurrencies like bitcoin.
“It’s the realization that the positivity over Xi’s blockchain announcement was exaggerated,” he said. “It may not include bitcoin at this point.”
Posted by :
Jack Dempsey , President
401 Gold Consultants LLC
jdemp2003@gmail.com