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Gold, silver only modestly up, but bulls keep solid chart edge

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(Kitco News) – Gold and silver prices are a bit firmer in midday U.S. trading Tuesday, and off their earlier highs. However, both metals are still in a strong technical position on the charts. The precious metals are being lifted in part by a wilting U.S. dollar index that today hit another two-year low. October gold futures were last up $3.70 at $1,974.20. December Comex silver prices were last up $0.131 at $28.725 an ounce.

Global stock markets were mostly higher overnight. The U.S. stock indexes are higher at midday. The Nasdaq hit another record high today, with the S&P again hitting a record high Monday. Stock splits and the Dow Index realignment Monday have helped to boost the indexes early this week. Gold and silver bulls feel confident their metals are performing well despite rallying stock markets and risk aversion that is not keen in the marketplace at present.

In focus today were manufacturing surveys for August from the major economies. The Euro zone August manufacturing purchasing managers index (PMI) came in at 51.7, which was in line with expectations but a bit below July’s reading of 51.8. A reading above 50.0 suggests growth in the sector. Meantime, China’s Caixin manufacturing PMI for August was 53.1 versus 52.8 in July and 52.5 forecast. The China August PMI is reportedly the best in over 10 years. U.S. PMI number for August came in at 56.0, which was well above the forecast at 53.5 and did knock the gold and silver markets down from their highs.

The Chinese yuan has appreciated to its highest level against the U.S. dollar in more than a year, currently trading around 6.85 to the greenback, due in part to the Chinese economy getting closer to being back to full speed than that of the U.S., following the Covid-19 lockdowns. Higher interest rates in China are also drawing more global investor interest in China assets.

The important outside markets today see Nymex crude oil prices higher and trading around $43.15 a barrel. The U.S. dollar index is a bit firmer at midday. The yield on the U.S. Treasury 10-year note is trading around 0.725% today.

Technically, October gold futures bulls have the solid overall near-term technical advantage. Prices are still in a five-month-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in October futures above solid resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the August low of $1,865.00. First resistance is seen at today’s high of $1,992.50 and then at $2,000.00. First support is seen at this week’s low of $1,955.00 and then at last Friday’s low of $1,921.20. Wyckoff’s Market Rating: 7.5

Live 24 hours silver chart [ Kitco Inc. ]

December silver futures bulls have the solid overall near-term technical advantage amid a five-month-old price uptrend in place on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the August high of $30.19 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at today’s high of $29.235 and then at $29.50. Next support is seen at $28.00 and then at this week’s low of $27.79. Wyckoff’s Market Rating: 8.0.

December N.Y. copper closed down 355 points at 302.60 cents today. Prices closed near the session low today on a corrective pullback after hitting a 28-month high Monday. Prices also scored a bearish “outside day” down on the daily bar chart. The copper bulls still have the solid overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 320.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 290.00 cents. First resistance is seen at 305.00 cents and then at today’s high of 309.45 cents. First support is seen at today’s low of 302.15 cents and then at 300.00 cents. Wyckoff’s Market Rating: 8.0.

Source: – Kitco NEWS

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Tesla slashes the price of the Powerpack by 27% on Battery Day – Electrek

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Tesla has greatly reduced the price of its Powerpack battery system today ahead of its Battery Day event.

Powerpack hasn’t been talked about much lately.

It has been relegated to the background since Tesla introduced the bigger Megapack for utility-scale projects.

However, Tesla is still making the product and it is still being used for many commercial-scale projects, like Electrify America’s charging stations.

Now we’ve learned that Tesla is slashing the price of the Powerpack.

Earlier this year, Electrek reported that Tesla revealed the price of the battery system through its new commercial solar configurator.

At the time, the Powerpack was being sold for $172,000 before incentives and including a commercial inverter.

Now a tipster pointed out to Electrek that Tesla has updated the pricing today, reducing the Powerpack to $125,000:

It brings the cost of the system down to $539 per kWh, but that’s including the expensive commercial inverter.

The price per kWh goes down significantly when adding more Powerpacks to the same inverter system.

That’s also without incentives.

Tesla’s price guide for commercial solar is only available in California, where they have strong incentives for energy storage for self-generation.

According to Tesla’s configurator, a Powerpack can be added to a 40 kW solar system for just $26,000 after incentives.

The price change happens as Tesla is about to announce new batteries at its Battery Day event later today.

Electrek’s Take

While the timing is interesting, it could be completely coincidental, but I guess we will know in just a few hours.

It is a significant price drop before incentives, but the system was already expensive to start with.

The price difference might also be on the inverter side and not the battery side.

Either way, it is worth noting, especially considering the crazy incentives in California. If I was a business owner in California, I would certainly consider this solution.

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Canada signs deal with VBI Vaccines to develop coronavirus candidate by 2022 – Global News

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VBI Vaccines Inc said on Monday it had entered into an agreement with Canada to develop a potential vaccine for COVID-19 by 2022 through mid-stage trials conducted exclusively in the country.

Canada will contribute around 75% of the U.S.-based company’s development costs and C$55.9 million ($42.2 million) for the project.

VBI Vaccines said last month that together with the National Research Council Canada it was investigating the vaccine candidate, VBI-2900, in preclinical trials.

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As per the agreement, signed last week, the company’s Ottawa-based unit is obligated to complete the vaccine development in or before the first quarter of 2022.






3:06
Ottawa signs 2 new COVID-19 vaccine deals for Canada


Ottawa signs 2 new COVID-19 vaccine deals for Canada

There are currently no approved vaccines for COVID-19, but around 38 vaccines are being tested in humans around the world.

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© 2020 Reuters

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Wall Street falls, S&P 500 down 1.2% as global markets swoon – CP24 Toronto's Breaking News

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Stan Choe, Damian J. Troise And Alex Veiga, The Associated Press


Published Monday, September 21, 2020 3:03PM EDT


Last Updated Monday, September 21, 2020 11:23PM EDT

NEW YORK – Wall Street slumped Monday as markets tumbled worldwide on worries about the pandemic’s economic pain, though the S&P 500 had pared its losses by the end of the day.

The drops began in Asia as soon as trading opened for the week, and they accelerated in Europe on worries about the possibility of tougher restrictions there to stem rising coronavirus counts. In the U.S., stocks and Treasury yields weakened, while prices sank for oil and other commodities that a healthy economy would demand.

The S&P 500 fell 38.41 points, or 1.2%, to 3,281.06. It extends the index’s losing streak to four days, its longest since stocks were selling off in February on recession worries. But a last-hour recovery helped the index more than halve its loss of 2.7% from earlier in the day.

The Dow Jones Industrial Average fell 509.72, or 1.8%, to 27,147.70 after coming back from an earlier 942 point slide. The Nasdaq composite slipped 14.48, or 0.1%, to 10,778.80 after recovering from a 2.5% drop.

Wall Street has been shaky this month, and the S&P 500 has dropped 8.4% since hitting a record Sept. 2 amid a long list of worries for investors. Chief among them is fear that stocks got too expensive when coronavirus counts are still worsening, Congress is unable to deliver more aid for the economy, U.S.-China tensions are rising and a contentious U.S. election is approaching.

Investors should expect the stock market to stay volatile, perhaps through the November elections, as they wait for these questions to shake out, said Jason Draho, head of asset allocation for the Americas at UBS Global Wealth Management.

Monday’s selling was exacerbated by worries about the possibility of more business restrictions in Europe, particularly as the United States heads into flu season, Draho said, and “some investors may be stepping aside.”

David Joy, chief market strategist at Ameriprise Financial, noted how Monday’s sharpest drops were concentrated in areas of the market most closely tied to the economy’s strength, such as energy companies and raw-material producers.

“It seems to be a broader expression of worry about the economy,” he said.

Bank stocks took sharp losses after a report alleged that several continue to profit from illicit dealings with criminal networks despite U.S. crackdowns on money laundering.

Shares of electric and hydrogen-powered truck startup Nikola plunged 19.3% after its founder resigned as executive chairman and left its board amid allegations of fraud. The company has called the allegations false and misleading.

General Motors, which recently signed a partnership deal where it would take an ownership stake in Nikola, fell 4.8%.

Investors are also worried about the diminishing prospects that Congress may soon deliver more aid to the economy. Many investors call such support crucial after extra weekly unemployment benefits and other stimulus expired. But partisan disagreements have held up any renewal of what’s known as the CARES Act.

“The stimulus money from the CARES Act, the impact of that, is running off and there doesn’t seem to be any urgency in Washington to get another package together,” said Joy of Ameriprise Financial..

Partisan rancour is only continuing to rise, deflating hopes further. The sudden vacancy on the Supreme Court following the death of Justice Ruth Bader Ginsburg is the latest flashpoint dividing the country.

Tensions between the world’s two largest economies are also weighing on markets. President Donald Trump has targeted Chinese tech companies in particular, and the Department of Commerce on Friday announced a list of prohibitions that could eventually cripple U.S. operations of Chinese-owned apps TikTok and WeChat. The government cited national security and data privacy concerns.

That raises the threat of Chinese retaliation against U.S. companies.

A U.S. judge over the weekend ordered a delay to the restrictions on WeChat, a communications app popular with Chinese-speaking Americans, on First Amendment grounds.

Trump also said on Saturday he gave his blessing to a proposed deal between TikTok, Oracle and Walmart to create a new company that would likely be based in Texas.

Layered on top of all those concerns for the market is the continuing coronavirus pandemic and its effect on the global economy.

On Sunday, the British government reported 4,422 new coronavirus infections, its biggest daily rise since early May. An official estimate shows new cases and hospital admissions are doubling every week.

Prime Minister Boris Johnson later this week is expected to announce a slate of short-term restrictions that will act as a “circuit breaker” to slow the spread of the disease. The number of cases has been rising quickly in many European countries and while authorities don’t seem ready to return to the tough restrictions on public life that they imposed in the spring, the new wave of the pandemic threatens the economic outlook.

The FTSE 100 in London dropped 3.4%. Other European markets were similarly weak. The German DAX lost 4.4%, and the French CAC 40 fell 3.7%.

In Asia, Hong Kong’s Hang Seng dropped 2.1%, South Korea’s Kospi fell 1% and stocks in Shanghai lost 0.6%.

The yield on the 10-year Treasury fell to 0.66% from 0.69% late Friday.

September’s losses for markets are reversing months of remarkable gains. Beginning in late March, when the Federal Reserve and Congress pledged massive amounts of support for the economy, the S&P 500 erased its nearly 34% in losses caused by the pandemic. Signs of budding economic improvements accelerated the gains, but growth has slowed recently.

AP Business Writer Joe McDonald contributed.

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