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Precious metals prices plummeted from all-time highs on Tuesday, before gold stabilized and silver edged lower in early Asian trading. Meanwhile, the US stock markets rally faltered, showing signs of buyer fatigue. A combination of factors contributed to the decline in precious metals prices, including positive trade negotiations, a stronger dollar, overbought technicals, uncertainty surrounding investor positioning due to the government shutdown, and the end of Indias seasonal buying spree. Fawad Razaqzada, an analyst at City Index and Forex.com, believes that golds recent gains have been extraordinary, driven by falling yields, continued central bank buying, and expectations of further monetary easing. "Markets rarely move in a straight line," he said. "But its premature to call the broader bull trend over. While a pullback is natural, its worth noting that many investors missed out on the previous surge. Soon, they may step in to buy the dip, which will help contain the sell-off."On October 22, Laopu Gold (06181.HK) announced on the Hong Kong Stock Exchange that on October 21, 2025 (after the trading hours of the Hong Kong Stock Exchange), the company entered into a placing agreement with the placing agent, pursuant to which the placing agent has conditionally and separately agreed to act as the agent of the Company to use its best efforts to induce a total of not less than six placees to purchase 3,711,800 new H shares in accordance with the terms and subject to the conditions contained in the placing agreement. The placing price is HK$732.49 per H share (a discount of 4.5% to the latest closing price).On October 22, bond traders were preparing for further declines in U.S. Treasury yields, even though the 30-year bond yield fell to a six-month low on Tuesday. Data showed that the cost of option bets to protect against a sharp drop in yields was rising rapidly. With the U.S. government shutdown about to become the second longest in history, coupled with renewed concerns about the credit market and escalating trade tensions, traders are pouring into high-quality safe-haven assets. The rise in the U.S. Treasury market is pushing the entire yield curve lower. Citi strategist David Bieber wrote: "In terms of positioning, the tactical deployment is clear - go long on everything, and the market is quickly chasing the appreciation of U.S. bonds."Kyiv Mayor: Russia launched an airstrike on Kyiv and Ukrainian air defense forces are operating.Vales nickel production in the third quarter was 46,800 tons, and its nickel sales in the third quarter were 42,900 tons.

FTX begins strategic review, seeks court relief to pay critical vendors

Cory Russell

Nov 21, 2022 14:44

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Destroyed cryptocurrency exchange On Saturday, FTX announced that it had started a strategic evaluation of its global assets and was getting ready to sell or reorganize some companies.


A court order was also requested by FTX and roughly 101 related companies to permit the functioning of a new global cash management system and the payment of its essential vendors.


In one of the most publicized crypto meltdowns, the exchange and its affiliates filed for bankruptcy in Delaware on November 11. An estimated million users and other investors are expected to have lost billions of dollars as a result.


According to a statement from the company's new CEO John Ray, FTX would look into sales, recapitalizations, or other strategic transactions for some of its units.


In a court document filed on Saturday, FTX requested authorization to pay prepetition claims of up to $17.5 million after the entry of the final decision and up to $9.3 million after an interim order to its essential vendors.


The exchange said that its businesses would suffer "immediate and irreparable loss" if the requested court relief was not granted.


FTX's Ray stated, "Based on our evaluation over the past week, we are glad to see that many of FTX's regulated or licensed subsidiaries, both inside and outside of the United States, have healthy balance sheets, responsible management, and significant franchises.


According to FTX, as of Nov. 16, there were 216 debtor bank accounts with positive balances; however, as of yet, the company has only been able to confirm the balances in 144 of those accounts.


Subject to court clearance, the company has selected Perella Weinberg Partners LP as its principal investment bank to assist with the selling process.