COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Continuous optimism over the U.S.-Sino trade talks are keeping gold bugs away from reattempting $1,300, while palladium hit record highs above those levels for a fourth-straight session on fund buying. Gold, a hedge for financial and political troubles, fell a touch on Tuesday after U.S. Commerce Secretary Wilbur Ross said there was a “very good chance” for Washington to resolve its months-long trade war with Beijing.
- The United States and China will continue trade talks in Beijing for an unscheduled third day, U.S. officials said on Tuesday amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased access to China’s markets. People familiar with the talks said the world’s two largest economies were further apart on Chinese structural reforms that the Trump administration is demanding in order to stop alleged theft and forced transfer of U.S. technology and on how to hold Beijing to its promises
- Oil prices rose on Wednesday, extending gains from the previous session on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown. U.S. West Texas Intermediate (WTI) crude oil futures (CLc1) were at $50.29 per barrel as at 0131, up 51 cents, or 1 percent from their last settlement. It was the first time this year that WTI has topped $50 a barrel.
- President Donald Trump will make his case to Americans on Tuesday that a wall is urgently needed to resolve what he calls a crisis at the U.S.-Mexico border, trying to win support in a dispute that has sparked an 18-day partial government shutdown. Trump’s prime-time address, scheduled for 9 p.m. (0200 GMT Wednesday) will be his latest attempt to persuade Congress to fund construction of a huge barrier along the 2,000-mile (3,200-km) border.
- Trade talks between China and the United States will continue on Wednesday, a U.S. government official told reporters. U.S. and Chinese officials are conducting talks in Beijing, their first since U.S. President Donald Trump and Chinese President Xi Jinping agreed to a 90-day truce in a trade war that has roiled global financial markets.
- Italy has set up a 1.3 billion euro ($1.5 billion) fund to cover potential costs of emergency measures approved on Monday to shore up ailing bank Carige (MI:CRGI). A decree that came into force on Tuesday authorized the Treasury to provide guarantees on up to 3 billion euros in new bonds to be issued by Banca Carige by the end of June. The cost of the guarantees can be of up to 300 million euros. Italy also set aside 1 billion euros to underwrite Carige shares by the end of September under the same ‘precautionary recapitalization’ scheme that it used two years ago to rescue the country’s third-largest lender, Monte dei Paschi di Siena (MI:BMPS).