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Gold prices edge up as U.S. pending home sales see a record 44.3% jump in May – Kitco NEWS

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(Kitco News) Gold prices saw a small uptick as U.S. pending home sales surprised on the upside, spiking 44.3% in May.

U.S. housing data showed that more consumers than expected committed to buying a home in May, according to the National Association of Realtors (NAR).

The U.S. pending home sales were up 44.3% in May, marking the largest one-month jump on record, the association said on Monday. Consensus forecasts were calling for an increase of 18.9%.

The pending home sales index came in at 99.6 in May, up from April’s reading of 69.0.

“This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership,” said NAR chief economist Lawrence Yun. “This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

Yun also pointed out that more new home construction will be needed going forward. 

“More listings are continuously appearing as the economy reopens, helping with inventory choices,” Yun said. “Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”

Economists pay close attention to the pending home sales numbers because the index is seen as a forward-looking barometer for the housing market. A lag of a month or two usually exists between a contract and a completed sale.

Gold prices edged up slightly following the publication of the report. August Comex gold futures were last trading at $1,782.20, up 0.11% on the day.

Live 24 hours gold chart [Kitco Inc.]

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Is Facebook losing the boycott battle? – BBC News

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As an advertising boycott of Facebook continues to grow, Mark Zuckerberg shows no sign of backing down.

The campaign, involving some of the world’s biggest companies, calls on Facebook to do more about hate speech and misinformation.

Facebook boss Mr Zuckerberg says he thinks the brands will be back “soon enough” and that Facebook’s policies won’t change. It’s a story that cuts to the heart of how the internet interacts with democracy, freedom of speech, business and how we define truth and hate.

In the latest of his weekly reports, this is Ros Atkins on Facebook and the boycott.

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Japan to US: Extradite men accused of helping ex-Nissan boss flee – Aljazeera.com

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Japan has formally asked the United States to extradite a former Green Beret and his son, who are accused of helping former Nissan Motor Co boss Carlos Ghosn flee the country while he was awaiting trial on financial charges.

Japan submitted a request to the US Department of State to extradite Michael Taylor and his son, Peter Taylor, after they were provisionally arrested in Massachusetts in May, the US Department of Justice said in a court filing on Thursday.

Attorneys for the Taylors did not immediately respond to requests by Reuters for comment. Their lawyers have argued that they have not been charged in Japan with an offense for which extradition is possible under the US-Japan treaty.

The Japanese embassy in Washington and the Department of Justice did not respond to requests for comment.

The Taylors were arrested in Harvard, Massachusetts, on May 20 at Japan’s request after authorities there in January accused the pair of helping smuggle Ghosn, Nissan’s former chairman, out of the country on December 29, 2019, in a box.

Ghosn fled to Lebanon, his childhood home, after being charged with engaging in financial wrongdoing, including by understating his compensation in Nissan’s financial statements. He denies wrongdoing.

Lebanon has no extradition treaty with Japan.

Both men have been held without bail since their arrest. Prosecutors have argued that neither Taylor – including Michael, a US Army Special Forces veteran and private security specialist – should be released from jail as they are flight risks.

SOURCE:
Reuters news agency

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Crude Oil Price Forecast – Crude Oil Markets Continue With Same Song and Dance – FX Empire

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WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Thursday, as we awaited the jobs figure. We tried to break out above the $40 level but failed a little bit, and the fact that the 200 day EMA is sitting just above at what was the previous top of a major gap, seems to be a bit too much for the market to continue this trajectory. We have gone sideways for a moment now, and that does seem to suggest that we are probably going to roll over, although I do not think it is a major selling event. At this point, the market is stuck between the 50 day and the 200 day EMA indicators.

Crude Oil Video 03.07.20

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Brent

Brent markets tried to rally initially during the day but gave back the gains. It is very much the same over here as in the WTI market, we are simply trading in a general gap that causes both support and resistance. The market has nowhere to be, except in this grade of crude oil we have not filled the gap above, so that is something that is still relatively bullish. Because of this, I anticipate that Brent will outperform WTI, although I would also point out that is a relative strength call, not necessarily that I am overly bullish, just that it will do better than the other. At this point, I think we are simply looking for some type of catalyst to make the next move.

For a look at all of today’s economic events, check out our economic calendar.

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