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On October 12, according to US media reports, US Navy officials said on the same day that the US Navy dismissed the commander of the USS Wyoming (SSBN 742) ballistic missile nuclear submarine this week. The US Navy issued a statement saying that the commander of the Navys 10th Submarine Squadron, Rear Admiral Bob Worth, dismissed Lieutenant Commander Robert Moreno, who led the "Blue" crew of the USS Wyoming nuclear submarine, because of "loss of confidence in his command ability." US media said that the military usually removes commanders from their posts due to loss of confidence, but does not provide specific reasons for dismissal. The US Navys statement did not provide more information about the decision to remove Moreno, and a Navy spokesman declined to provide further details. The statement read: "Navy commanders must adhere to high standards of personal and professional conduct. They should uphold the highest standards of responsibility, reliability and leadership, and if they fail to meet these standards, the Navy will hold them accountable."According to TASS: Russian air defense forces shot down 32 Ukrainian drones at night.On October 12th, French Prime Minister Jean-Claude Le Cornu, who was reappointed by French President Emmanuel Macron as Prime Minister on October 11th local time, stated during a visit to a police station in the Paris suburbs that he currently only wants to focus on resolving Frances political crisis. Given the deep political divisions within Frances political parties, he could be impeached by the National Assembly at any time. Le Cornu declined to specify when he would form a new government or its potential composition, but did indicate that it would not include anyone interested in running in the 2027 presidential election.On the evening of October 12th, local time, Wilders, leader of the far-right Dutch Freedom Party, posted on social media that the Dutch National Intelligence Service had officially informed him that he was being targeted by a terrorist organization. As a result, he had decided to suspend all campaign activities. The Netherlands is set to hold parliamentary elections on October 29th, and Wilderss far-right Freedom Party is currently leading in opinion polls. According to multiple European media reports, the terrorist organization also orchestrated the recent attack on Belgian Prime Minister Thomas de Weve. The Belgian government has arrested two suspects in connection with the case.On October 12, according to the Russian Satellite News Agency, the Afghan Ministry of Defense issued a statement saying that in response to repeated Pakistani airspace incursions and airstrikes, Afghanistan had carried out retaliatory operations against Pakistani security forces along the border. The statement said, "The operation successfully concluded at midnight." The report also warned that "if Pakistan violates Afghan airspace again, the Afghan armed forces will resolutely retaliate to defend the border." Reports indicate that Afghanistan began striking Pakistan on the evening of October 11 in response to attacks in Kabul and Paktika Province in the early morning hours of the 10th. According to Afghanistans Dawn News Network, the conflict between Afghanistan and Pakistan has resulted in the deaths of 12 Pakistani soldiers. Reuters also reported that Pakistani security officials alleged that the Afghan side launched unprovoked attacks, with the two sides exchanging fire at more than six locations along the border.

Silver is under pressure as the dollar rises to new highs, according to silver price predictions

Daniel Rogers

Jul 12, 2022 14:38

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The U.S. dollar is testing record highs versus a wide basket of currencies while silver is going lower at the start of the week. The main negative trigger for precious metals in recent weeks has been the strengthening dollar. At the beginning of July, the U.S. Dollar Index swiftly passed through the 105 level and tested the 108 level.

 

Treasury rates have decreased from their mid-June highs, but traders' attention has remained on the strong dollar, so this movement was insufficient to boost precious metals.

 

While the U.S. dollar is technically overbought, silver is now trading in oversold territory. While the strong dollar is one issue that puts pressure on the silver markets, it is unclear if silver will be able to recover from present levels.

 

Recession worries have also played a role in the recent swing that sent silver from the $22 level to the $19 level. Silver is sensitive to industrial demand. The U.S. economy is still doing rather well, but there is no doubt that the European economy is about to enter a recession.

 

Markets are concerned that the Fed's rapid rate increases may cause the US economy to contract. The Fed does have an opportunity to plan a "soft landing," though. If the incoming economic data shows that the American economy is slowing, silver will swiftly pick up further bearish momentum and go below the $19 mark.

 

The U.S. Inflation Rate data, which will be announced on Wednesday, should be closely watched by silver dealers. Analysts anticipate that prices rose 8.8% year over year in June.

 

If the news comes in worse than anticipated, silver will take two hits. The price of precious metals will decline as a result of the strengthening of the US dollar. Bond markets will start pricing in more interest rate increases at the same time, which will put extra pressure on precious metals. Silver should have a fair possibility of rising from present levels if the report performs better than expected. Trading may remain choppy until Wednesday since the inflation report may have a big influence on the markets.


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