Markets traditionally kick back into high gear after Labor Day, but one should not underestimate this last week of August. Trade talks remain at the forefront and last week’s newest round between the United States and China failed to yield true substance. However, the purpose was to delay the imminence of the third wave of tariffs in which the White House would impose $200 billion on Chinese goods; this, in our opinion, would be the official start of a trade war.
Concerned about the global economy? Don’t be, says Dr. Copper. Despite the recent slowdown in the U.S. economy and equity markets becoming a little wobbly, copper prices have been surging higher over the past three months following a lengthy 6-month consolidation.
Fueled by cheap power and government subsidies, Norway is racing to ditch the “fossil car”. Starting this month, electric car owners will be able to drive down a narrow ramp between rough-hewn rock walls dripping with condensation and plug in at one of 86 charging stations—for free.
Growth in China's manufacturing sector in May kept pace with the previous month, an official survey showed on Wednesday, beating expectations in a reassuring sign the world's second-biggest economy is not losing too much steam after a solid first quarter performance.
London copper fell on Wednesday after credit ratings agency Moody's downgraded China due to its massive debt, with muted trade expected ahead of the release later in the session of minutes from the Federal Reserve's last meeting. "After a set of less-than-positive U.S. data, a debt (agency) downgrading China, Noble struggling ... and the banks reporting a 29-percent drop in commodities revenue, the markets were always going to struggle and struggle they are," said Kingdom Futures in a report.
Gold's Haven Status Refreshed as Trump's Turmoil Wounds Stocks/Bloomberg Markets: Gold traded near a two-week high as the disarray engulfing Donald Trump’s White House boosted the commodity’s allure as a haven, with equities in retreat and investors scaling back the odds of the Federal Reserve tightening policy next month. Other precious metals fell. Bullion for immediate delivery eased 0.3% to $1,257.65 an ounce by 9:53 A.M.. in London after earlier touching $1,263.20, the highest since May 1, according to Bloomberg generic pricing. On Wednesday, the metal surged 2% to post the biggest gain since June 2016.
According to the charts, the level of resistance for the long term investors is at the $ 819.00 to 820.00 level in spot. That area has been challenged this year a few times this year with no follow thru on any London fixing price. Currently, the spot price of Palladium is trading at $786.00. Also, a look at gold and silver.