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Dollar weakness holds gold's decline as it trades $22 lower – Kitco NEWS

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If not for dollar weakness today’s selloff in gold futures would have been much more severe. The dollar index is currently down approximately 0.80%, and fixed at 99.62. As of 5:08 PM EST Gold futures basis the most active June contract is currently down $22.20, and fixed at $1734.10.

This dramatic selloff comes after a much firmer gold price which occurred overseas in Australia, Hong Kong and London. Once gold futures opened in New York this morning news emerged that that a biotech company called Moderna Inc. has developed a trial vaccine which is now in phase 1. It was developed to neutralize antibodies, and has shown promising results, in essence speeding up the process of creating a vaccine into the next phase of clinical testing.

MarketWatch reported that the Moderna chief medical officer Doctor Tai Zaks said, “these interim Phase 1 data, while early, demonstrate that vaccination with mRNA-1273 elicits an immune response of the magnitude caused by natural infection.”

They also mentioned that Moderna is fine-tuning the medication so that it can begin a trial design for a phase 2 study.

One interesting aspect of the drug is that it was given to eight participants taking two of the three lower dosing levels and reported the same or higher levels of neutralizing antibodies in blood samples gathered by patients who have recovered from COVID-19. There were adverse reactions by participants taking the higher doses of the vaccine by four test subjects that reported severe skin reactions.

If their phase 2 trials are successful Moderna plans to launch a phase 3 trial beginning in July.

The net result of this news took gold sharply lower, and took U.S. equities strongly higher. The Dow Jones industrial average gained 911 points and is currently fixed at 24,579.37. The NASDAQ composite gained 2.44%, and the Standard & Poor’s 500 gained 3.15%.

Brien Lundin, editor of Gold Newsletter said, “After a torrid run higher in the first half of April, gold spent the next few weeks digesting those gains by trading sideways in an ever-tightening pattern. This pattern indicated a looming breakout, and that’s just what we got late last week as gold powered through upside resistance on Thursday and Friday.”

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Wishing you as always good trading and good health,

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Telus skips Huawei, picks Ericsson and Nokia to build 5G network – Vancouver Sun

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Telus has opted to go with Ericsson and Nokia — skipping Chinese tech giant Huawei — to build its 5G network.

The Vancouver-based company announced Tuesday it had signed a deal with Sweden’s Ericsson and Finland’s Nokia to provide the components for its 5G network. No figures were given on how much the deal cost.

“Telus has a successful track record of building globally leading networks with amazing speeds, robust quality and extensive coverage that are consistently recognized as the best in the world,” Telus president Darren Entwistle said  in a statement.

“Our team is committed to rolling out superior network technology from urban to rural communities, fuelling our economy and driving innovation as we power Canadians into the 5G era through an unparalleled network experience.”

Entwistle promised in his statement the 5G boost would support post-pandemic economic recovery, virtual health, remote work and other practices now common as a result of COVID-19.

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Bell inks 5G equipment deal with Ericsson; leaves door open to Huawei – BNNBloomberg.ca

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MONTREAL – Huawei Technologies Inc.’s ambitions to be a player in Canada’s 5G network took a major hit Tuesday as two of the country’s three largest telecom companies announced partnerships with the Chinese tech giant’s European rivals.

Bell Canada announced Tuesday morning that Sweden-based Ericsson will be its second supplier of the radio access network equipment that has been Huawei’s main product line in Canada since entering the market in 2008. Earlier this year, Bell signed its first 5G wireless network supplier agreement with Nokia, a rival of Ericsson and China’s Huawei.

Later Tuesday, Telus Corp. announced that it had also selected Ericsson, as well of Nokia of Finland, as suppliers for its 5G networks.

Neither Bell nor Telus provided details on how much their contracts with Ericsson and Nokia were worth.

Huawei’s participation in the construction of Canada’s 5G network has become a major sticking point between Ottawa and Washington. The U.S. has warned Canada, the United Kingdom and other allies that it will limit intelligence sharing with countries that have Huawei equipment in their 5G networks – citing the potential for spying by China, an allegation Huawei denies.

“Huawei has worked closely with Bell in Canada for many years, helping them build one of the world’s leading 4G LTE networks,” Huawei Canada spokesman Alykhan Velshi said in a statement.

He added that Huawei’s remains committed to Canada and looks forward to the federal government completing its 5G review and its decision about Huawei’s role in Canada.

“We continue investing more than a quarter of a billion dollars a year in R&D in Canada. We continue building new research partnerships with Canada’s world-class universities. As we have for more than a decade, we continue to work with our Canadian telecom partners to help them build and support state-of-the-art networks that connect Canadians,” Velshi said.

Ericsson, already a supplier of 4G LTE wireless and other technology to Bell and the main supplier for its rival Rogers Communications, also has a major research and development presence in Montreal.

Bell said Ericsson will also support its rollout of 5G-enhanced fixed wireless home internet service to rural areas, which generally have less access to land-based fibre optics networks.

On Tuesday, Bell indicated the door remains open to partnering with Huawei, depending on the outcome of the federal government’s review.

“We’re working with multiple vendors to build our 5G network – as we did with our successful buildout of 4G LTE, which included Cisco, Ericsson, Huawei, Nokia and others,” said Bell spokesperson Marc Choma in an email to BNN Bloomberg. “Huawei has been a reliable and innovative partner in the past and we would consider working with them in 5G if the federal government allows their participation.”

A spokesperson for Telus did not respond to BNN Bloomberg’s question about whether it is also open to partnering with Huawei on its 5G network if permitted by the government.

Prior to the arrest of Huawei Technologies chief financial officer Meng Wanzhou in Vancouver in December 2018, the Chinese company wasn’t a household name in Canada.

Since Meng’s arrest, which has sparked a major rift between China and Canada and focused worldwide attention on Huawei, the federal government has been undecided about whether the Chinese company will be allowed in Canada’s 5G networks – which are currently being assembled.

Analysts have said Bell and Telus use Huawei extensively in their fourth-generation networks and would be more affected by a Huawei ban than their rival Rogers Communications, which has predominantly used Ericsson network gear.

Besides Huawei, Ericsson and Nokia, there are other companies that want a piece of the 5G network upgrades.

Samsung Electronics has announced a deal to supply equipment for Videotron’s wireless network in the province of Quebec and the Ottawa region of Ontario.

With files from BNN Bloomberg

BNN Bloomberg is a division of Bell Media, which is owned by BCE.

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Telus selects Nokia, Ericsson as 5G suppliers – Yahoo Canada Finance

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Toronto, Canada - June 16, 2019: TELUS Scarborough office building in Toronto, canada. Telus is a Canadian telecommunications company that provides telecommunications products and services.

Vancouver-based national carrier Telus has selected Nokia and Ericsson as its 5G vendors, a press release from the company said. 

The news comes the same day that Bell announced it too would use Ericsson to provide radio access network (RAN) equipment. 

“Our team is committed to rolling out superior network technology from urban to rural communities, fueling our economy and driving innovation as we power Canadians into the 5G era through an unparalleled network experience,” Telus’ CEO Darren Entwistle said in the release. 

“Our 5G deployment will support economic growth and diversity that will be essential for the virtualization of health, education, teleworking, and stimulating the economic growth and recovery given the impact of COVID-19.”

During its Q1 2020 earnings, CFO Doug French said its focus right now is to help its customers during the COVID-19 crisis.

In its Q4 2019 earnings, the carrier said it was not going to pre-announce its 5G launch plans but that its initial module, or the first phase of the 5G rollout, would be with Huawei until the government approves its RFP.

Bell and Telus use Huawei’s network equipment in some areas. The federal government is still reviewing whether or not it intends to ban the Chinese telecommunications manufacturer from participating in Canada’s 5G rollout.

Rogers also uses Ericsson as a 5G vendor.

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