Attention turns to OPEC+ meeting
Oil prices are lower at the start of the week as traders eye the next OPEC+ meeting on Wednesday. With the previous agreement having expired as the group has theoretically unwound all of the pandemic production cuts, attention will now shift to how OPEC+ plans to actually hit those targets and whether any further increases will be announced going forward.
Not many have the capacity to do that but some potentially do and President Biden will be hoping his Middle East trip will have helped secure some form of boost – or at least appear that way – that could prove important heading into the midterms in a few months. One US official last week sounded optimistic although reports suggest no increase is likely even if it will be discussed.
Gold recovery may have legs
Gold is a little lower, paring gains after rebounding strongly in the second half of last week. The Fed’s data-dependent shift was the latest catalyst for a decline in US yields as traders pared back their expectations for rate hikes going forward. The 10-year is now well off its highs from a couple of weeks ago which is triggering the latest relief rally in the yellow metal.
I’m not entirely convinced by the recent rebound we’re seeing throughout the markets as inflation is still extremely high, central banks are far from done with their tightening and the recession narrative just doesn’t cut it. Gold is potentially the outlier here as it could benefit from safe-haven flows if countries are thrown into recession and central banks are left to choose between hitting inflation targets or the economy.
For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/
“Sea Of Green”: Bears Crushed As Stocks Storm Above 50% Fib Retracement
"Sea Of Green": Bears Crushed As Stocks Storm Above 50% Fib Retracement
And just like that, the bears were run over.
We had a hint that…
3 Best Silver Stocks to Buy Now
The best silver stocks are top-of-mind currently. That’s because commodity classes, especially metals like silver and gold, are considered safe havens…
Biden Says Inflation Numbers Now Looking Good?
Precious metals markets continued rallying early this week. They gave back some of their gains on Thursday. As of this Friday recording, gold prices are…
Up, Up, Down, Down: Which commodities won and lost in July?
Kinross divests 90% stake in Ghana’s Chirano mine for $225m
Bristow Targets the last of Barrick’s Legacy Headaches Before Retiring
Contact Gold Reports Excellent Drill Results in First Three Holes
Closing Bell: iSelect jumps 75%; Asian markets choke ahead of most important US CPI data since forever
Lithium Supply Shortfall Could Put (Semi) Solid-State Batteries on Ice
Yamana Gold Inc. (AUY) is primed for evolution with the beta value of 1.32
6 Best Gold Mining Stocks
Futures Slide On Tech Weakness As Meme Stocks Fade, CPI Looms
Will Silver Prices Go Up to $300?
Gold13 hours ago
6 Best Gold Mining Stocks
Financing News14 hours ago
Rock Tech Lithium Announces Revised Terms for Proposed Offering of Units
Financing News13 hours ago
Goldgroup Announces Loan Agreement
Financing News23 hours ago
Austral Gold Announces Gold Precipitate Robbery
Base Metals7 hours ago
Visualizing the New Era of Energy
Companies20 hours ago
Gold Digger: So, you’ve stolen $1.25m of gold. What happens next?
Economics8 hours ago
7 F-Rated Stocks to Avoid Now
Financing News6 hours ago
STAR DIAMOND CORPORATION ANNOUNCES SECOND QUARTER 2022 RESULTS