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Today’s gold and silver market news, curated from the best of GoldSilver's team and around the web. Everything precious metals investors need to know including updates on big price swings, macro analysis, and breaking stories. Check back often or subscribe to get the highlights in your inbox. Monitor live spot prices on our charts page.
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Swiss National Bank Says Expansive Policy “More Necessary Than Ever”
The Swiss National Bank is unlikely to change course from its ultra-loose monetary policy as the novel coronavirus pandemic increases appreciation pressure on the safe-haven Swiss franc, SNB Chairman Thomas Jordan said on Tuesday.
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California Closes Indoor Restaurants, Movie Theaters & All Bars Statewide as Coronavirus Cases Rise
California Gov. Gavin Newsom on Monday ordered all counties in the state to close all bar operations and the indoor operations of businesses including restaurants, movie theaters and museums, as Covid-19 cases continue to climb.
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Top Federal Reserve Officials Are Starting To Brace For A Prolonged Recession: Forbs
Policymakers at the Federal Reserve, after some initial optimism that the Covid-19 slump would be deep but confined to the second quarter of this year, now seem braced for a more prolonged recession marked by high unemployment and a rising risk of corporate bankruptcies.
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Mounting Risks in US Will Weigh on the Dollar, Analysts Predict: FT
Escalating political and health risks in the US and rising optimism about the global economic recovery should keep the dollar sliding over the next few months, according to analysts. Large banks turned bearish on the greenback in late May...
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Citigroup Quarterly Profit Tumbles 73% as Loan Loss Provisions Surge
Citigroup Inc reported a nearly 73% plunge in quarterly profit on Tuesday as the bank set aside $5.6 billion to brace itself for a potential surge in loan defaults stemming from the coronavirus outbreak. The New York-based bank reported a profit of $1.32 billion, or 50 cents per share, for the second...
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Congress Won’t Pass a New Stimulus Package, and That Will Crush the S&P 500
Investors are too optimistic about more fiscal help given the rancorous political climate ahead of the November elections.
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Euro Zone Industry Output Recovers Less Than Expected
Euro zone industrial production rose in May, official estimates showed on Tuesday, but the recovery from lockdown-induced record declines March and April was lower than expected and far from offsetting past drops.
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Wells Fargo Reports $2.4 Billion Loss for the Quarter, Cutting Dividend to 10 Cents
Wells Fargo is expected to post its first quarterly loss since the financial crisis on rising provisions for defaults tied to the coronavirus pandemic.
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JPM Beats as Credit Loss Charges Soar Above $10Bn: Dimon Warns on ‘Much Uncertainty’
JPM has officially launched Q2 earnings season, with what was essentially a story of an impressive Income Statement vs a rather ugly Balance sheet.
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US Recovery Stalls As Pandemic 'Second Wave' Threatens To Unleash Double Dip Recession
"I think we've got a second leg down..."
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China Says the Latest U.S. Move Is Aggravating Tensions in the South China Sea
The U.S. State Department said Monday that "Beijing's claims to offshore resources across most of the South China Sea are completely unlawful, as is its campaign of bullying to control them."
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Singapore Enters Recession After Economy Shrinks More Than 40% Quarter on Quarter
Singapore's economy entered a technical recession after shrinking by 41.2% in the second quarter compared to the previous quarter, government data showed.
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Coronavirus Updates: CNBC, U.K. Study Says Immunity May Wane After Two Months
The coronavirus has infected more than 13.1 million people across the country as of Tuesday, killing at least 573,200 people.
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Silver Soars, Outpacing Recent Gains in S&P 500 and Gold
Silver prices climbed to their highest level in nearly three years, lifted by factory reopenings and soaring investor demand for precious metals.
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Silver Futures Log Highest Finish Since 2016
Gold tallies its first gain in three sessions on Monday, with analysts tying support to a global rise in the number of COVID-19 cases.
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S&P 500 Turns Negative, Giving Back an Earlier Rally That Erased Its 2020 Losses
Wall Street also lost its footing after California Gov. Gavin Newsom ordered indoor operations for fitness centers, malls and places of worship, among others, to shut down amid rising Covid cases.
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Fed Releases POMO Schedule For Next Two Weeks; Will Buy $9BN In Treasuries And MBS Each Day
In line with the recent Fed disclosure that the central bank will purchase about $80 billion in Treasurys monthly, the latest schedule shows an average daily purchase of about $4.5 billion, or $46BN spread over 10 days.
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Robert Shiller Warns That Urban Home Prices Could Decline
The coronavirus pandemic could cause a decline in urban housing prices if employees continue to work from home and forgo city living, according to Nobel Prize-winning economist Robert Shiller.
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Goldman Expects A 60% Drop In Q2 EPS, Much Worse Than Consensus
"Consensus forecasts S&P 500 EPS will decline by 44% year/year in 2Q, but we believe earnings will fall by 60% in the quarter... Management commentary will prove more valuable than backward-looking results."
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Coronavirus Bringing Record $1 Trillion of New Global Corporate Debt in 2020
Companies around the world will take on as much as $1 trillion of new debt in 2020, as they try to shore up their finances against the coronavirus, a new study of 900 top firms has estimated.
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