Today’s precious metals news is heavy on news, light on commentary. We have articles covering the growing precious metals recycling market, gold prices, silver prices, Nigel Farage advocating for the PM market, one commentary on why gold traders should “look past the noise of stimulus,” and some news about two Morgan Stanley Commodities Executives who are leaving their positions—and why.

Let’s dig in…

Latest News
Precious Metals Surge Creates Thriving Recycling Market

The 2020 precious metals surge has prompted a boom in recycling as the high values of platinum group metals (PGM), palladium (Pd), platinum (Pt), and rhodium (Rh), found in ceramic based automotive catalytic converters pushes the market demand (and opportunity.)

Latest News
Gold Price Goes Back Up as Encouraging Stimulus News Breaks While Dollar Declines

Gold rose on renewed optimism for a pre-election aid package in the U.S., while the dollar fell to a one-week low. House Speaker Nancy Pelosi said a bill for a compromise stimulus package is being written as she awaits a key phone call with Treasury Secretary Steven Mnuchin. Senate Majority Leader Mitch McConnell said his chamber would take up a comprehensive coronavirus package if an accord is struck. The Bloomberg Dollar Spot Index headed for the third straight decline. Pelosi said in a Bloomberg Television interview that while there are areas where more work is required to get a compromise, she was pleased with…

Price
Silver Prices Rise Amidst Renewed Optimism Over U.S. Stimulus Measures

On Tuesday, spot silver rose for a second straight session, lifted by renewed optimism over U.S. stimulus measures. In the latest twist, U.S. House Speaker Nancy Pelosi said, after meeting Secretary of the Treasury Steven Mnuchin, she remains hopeful of a stimulus deal before election. During early Asian trading hours today, spot silver extended its rally by 1.1%. On a daily chart, despite the recent technical rebound, spot silver has not yet confirmed an end to its downside price correction. It remains capped by a declining trend line drawn from August and is still trading at levels below the bottom of its previous range marked in mid-August to mid-September. The level at $25.85 may be considered as the nearest resistance, while the…

Commentary
Meet the Shocking New Advocate for Precious Metals: Nigel Farage

Gold and silver look to have new support from everyone’s favorite (or least favorite) Brexit supporter: British Politician Nigel Farage. How did this happen? Well, Farage, spent time in the financial sector trading commodities before making a name for himself as a Member of the European Parliament, and now he does not give investment advice himself these days, as he is not regulated to do so; but will be giving his views on politics and the financial markets here:

KEEP READING

Stock Market
Gold Traders Should Look Past the Noise About “Stimulus”

Gold traders are advised to look past the noise, says TD Securities, which sees the stimulus package being passed in the not-too-distant future. "Gold traders would benefit from looking past the noise. With election day only a few short weeks away, gold bugs need not look too far to expect a large scale fiscal deal in the making," TD Securities strategists write. A 'Blue Wave' at the polls is starting to get priced in, which is being reflected "by the bear steepening in the Treasury curve, weaker USD and higher equities." A Democratic sweep come November 3rd will results in more spending, benefitting gold. "We expect the yellow metal to…

Stock Market
Two Morgan Stanley Commodities Executives Leave After Compliance Breaches

The two most senior commodities executives at Morgan Stanley are leaving after compliance breaches linked to the use of communications tools such as WhatsApp, according to two people familiar with the matter. Nancy King, global head of commodities, and Jay Rubenstein, head of commodities trading, are leaving, the people said, asking not to be named discussing internal matters. Morgan Stanley declined to comment. The bank is one of the biggest commodities dealers on Wall Street alongside Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citigroup Inc. The veteran executives’ departures come after the bank discovered the use of unauthorized electronic means of communication, including the use of the WhatsApp messaging app. It didn’t find any wrongdoing, but the use of those communication channels went against policy, the people said. READ MORE

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