Samson: Turkey Holds the Largest Gold Deal Ever
6th November, 2019
Continues to central banks in the world to increase its reserves of gold, which grew in the third quarter of this year increased by 12% compared to the same period last year, according to data from the Board of Gold World.
Central bank purchases of precious yellow metal this year amounted to 547.5 tons, of which 156 tons were purchased between July and September of 2019.
Russia, China and Turkey topped the list of gold buyers, and data revealed that Turkey’s reserves rose by 71.4 tons to 380 tons, and this year Turkey made the largest monthly purchase of gold ever, adding in August to its coffers 41.8 tons.
Also continued to Russia, the largest buyer of gold in the world last year, the strengthening of the yellow metal reserves 2019 as part of a strategy to diversify reserves away from the dollar.
In the third quarter of this year, Russia bought 35 tonnes of gold, bringing the total in the first half of 2019 to around 94 tonnes.
As for China, which resumed purchases of gold last year end, it has bought in the period from July to September this year, 21.8 tons to reach its reserves to 1957 tons, and thus the Chinese People’s Bank has bought this year more than 100 tonnes, under the fierce trade war With the United States. LINK
Samson: Oil rebounds on renewed hopes of US-China trade deal
7th November, 2019
Oil prices rose on Thursday amid fresh hints from China that progress is being made towards a trade deal with the United States, offsetting the pressure of a huge increase in US crude inventories
By 0812 GMT, Brent crude futures were up 33 cents, or 0.5 percent, at $ 62.07 a barrel, after settling at $1.22 a barrel, or about 2 percent, on Wednesday
WTI crude futures were up 37 cents, or 0.7 percent, from the previous close to $ 56.72 a barrel. The settlement was down 88 cents, or 1.54 percent, in the previous session
The Chinese Ministry of Commerce said on Thursday that while Beijing and Washington had not yet agreed on the mutual elimination of some existing tariffs so that the two countries could reach a “one-stage” trade agreement, they had agreed to eliminate additional duties at different stages
That gave a positive boost to market sentiment after news that US crude oil inventories rose 7.9 million barrels last week as refiners cut production and exports fell. That figure swept analysts’ forecasts for an increase of 1.5 million barrels, the Energy Information Administration said Wednesday
Gasoline inventories and distillates fell 2.8 million barrels and 622,000 barrels, respectively LINK
Samson: Beijing and Washington agree to phase out tariffs
7th November, 2019
Beijing and Washington have agreed over the past two weeks to abolish customs duties exchanged by countries in the months-long trade war at various stages, the Ministry of Commerce said on Thursday
Ministry spokesman Gao Feng said China and the United States should reciprocate the cancellation of some tariffs in order to reach the “one phase” of the trade agreemen. He said during a regular press briefing that the cancellation of fees is an important condition for the conclusion of any agreement
Gao told reporters that the rate of canceled fees should be identical with the need to negotiate the amount of fees to be abolished. “The trade war started with fees and should end with its abolition
He gave no timeframe
A source told Reuters Chinese negotiators wanted the United States to cancel a 15 percent tariff on Chinese goods worth about $ 125 billion that has been in effect since September 1. They also want to eliminate earlier tariffs on imports of machinery, semiconductors and furniture worth about $ 250 billion
A source familiar with China’s negotiating position said Beijing was pressing Washington to “cancel all duties as soon as possible. US President Donald Trump and his Chinese counterpart Xi Jinping may sign an agreement this month at an undetermined location LINK