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As research and development for the new crown vaccine boosted market risk sentiment, gold was suppressed. On Wednesday (Nov 18) in Asian markets, spot gold continued to decline and hit the $ 1,875 mark. At the same time, political turmoil in the United States resumed! According to US media reports, on the 17th local time, US President Trump tweeted to announce that Chris Krebs, director of the US Cybersecurity and Infrastructure Security Agency, had been relieved of his charge effective immediately. Risk aversion sparked by political squabbles after the US elections continues to support gold.
[Fundamentos]Trump just announced the removal of the director of the US Cyber Security Agency.
Trump said in a tweet: “Chris Krebs’ recent statement on the 2020 election is extremely inaccurate due to a great deal of misconduct and fraud, including voting for the ‘dead’ and not allowed by election observers. Upon entering to the polling place, the ‘faulty’ voting machine changed Trump’s ballot to Biden’s ballot, delayed voting and more. As a result, Chris Krebs, director of the Office of Infrastructure Security and Cybersecurity, was relieved of his charge., The appointment is effective immediately. “
After Trump’s tweet was posted, Twitter immediately flagged it as a sign of controversy.
Central bank speech
Fed Chairman Powell said Tuesday that emergency projects designed to deal with the epidemic should not be closed and that economic recovery still has a long way to go.
European Central Bank President Lagarde said in an interview on Tuesday that a new effective coronavirus vaccine will not fundamentally change the ECB’s economic expectations.
Economic data
The increase in retail sales in the United States in October was lower than expected and could slow further, due to the increase in the number of people infected with the new corona virus and the loss of financial support from the government for millions of unemployed Americans. Household income has decreased.
Epidemic dynamics
According to Reuters statistics, more than 55.3 million people around the world have been infected with the new corona virus.
Brexit progress
British Prime Minister Johnson on Tuesday warned his top ministers that a trade deal with the EU is not certain, but whether a deal is reached or not, Britain will prosper.
Changes in supply and demand
The World Platinum Investment Council (WPIC) said on Wednesday that this year’s metals gap will be nearly four times larger than its previous forecast, due to a more-than-expected reduction in supply and a faster rebound in demand. of the epidemic.
An industry report on Tuesday showed that investment in silver coins and gold bullion this year will hit a five-year high, and the reserves of exchange-traded funds (ETFs) will rise by 350 million ounces to a record high of 1.1 billion ounces.
In terms of spot gold, investors are still weighing the economic impact of another increase in confirmed cases of new coronary pneumonia worldwide and optimistic expectations of a possible vaccine. CMC’s Michael Hewson said: “Pessimism about the epidemic suppression strategy once turned into infinite optimism, that is, we have a road to recovery and there are many potential vaccine candidates, so the changes in the outlook and the tone are remarkable. “
Edward Moya, Senior Market Analyst at OANDA, said: “People have no confidence in the safe haven cash flow. Our optimism about vaccines is in place, but the United States and Europe are still battling the epidemic. The Longer-term trend still supports rising gold prices, but I’ve seen some investors give up their long bets. For many, the news of the vaccine has diminished the long-term appeal of holding gold. “
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