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On August 17th, Anthropic CEO Dario Amodé stated that the best way to defeat AI skeptics is to deliver on hype promises. In a rare post on Saturday, Amodé acknowledged public distrust of artificial intelligence and pointed out that the industry can only change this by achieving tangible scientific breakthroughs. Amodé stated, "Currently, saying that AI can cure cancer is more of a cliché, uninspiring, and considered deceptive by most. The most accurate criticism of AI companies, including Anthropic, is that we havent yet delivered on our grand promises of bringing benefits to the world. Whats truly effective is curing cancer." Amodé has previously warned of the potential dangers of the rapid development of AI. Other AI leaders have criticized Amodés rhetoric. Earlier this year, Google DeepMind co-founder Demis Hassabis said his peers were "too confident" in pessimistic predictions and advised them to retract their forecasts. With OpenAI and Anthropic poised for IPOs, the sentiment has shifted from pessimism to optimism. However, Amoday said on Saturday that he did not believe his warnings were the root cause of public distrust of AI.Junzheng Co., Ltd. announced on the Hong Kong Stock Exchange that it plans to issue 31.28 million H shares (subject to the exercise of the over-allotment option) in Hong Kong, with an issue price not exceeding HK$102.80 per share, and is expected to start trading on August 25.On August 17th, US President Trump posted on social media that he was unhappy with the USs previous agreement to participate in joint military exercises with South Korea, given his "good relationship" with North Korean leader Kim Jong-un. Trump stated, "These exercises are not only extremely costly, with most of the expenses borne by the United States, but they also send a completely inappropriate and hostile signal to a country that has never been a threat and has maintained respect during my presidency." Trump said that since canceling the exercises is now too late, he has "instructed Secretary of War Hergsays to significantly reduce the scale of these joint US-South Korea military exercises." Trump also stated that he recently inquired with the South Korean president whether he would be willing to work with the US to "promote the denuclearization of Iran," but South Korea refused.Conflict Situation: 1. Iran claims US troops have been expelled from the Strait of Hormuz. 2. According to Sky News: Yemeni sources revealed that Yemeni air defense forces responded to a Houthi drone attack over Mocha, Hodeidah province. 3. According to the Jerusalem Post: The Israel Defense Forces killed senior Hezbollah commander Abu Hassan Alaa in a weekend attack on the Deir Zahrani region in southern Lebanon. 4. According to IRNA: The Iranian Army Chief of Staff stated that they are certain the USS Abraham Lincoln aircraft carrier was hit at least once by Iranian munitions, rendering all its fighter jets unable to take off for a period of time. Peace Talks: 1. The Chairman of the Hamas Political Bureau visited Egypt to discuss the situation in the Gaza Strip. 2. Egyptian President Sisi met with Trumps son-in-law, Jared Kushner, confirming the necessity of resolving the current regional crisis. 3. Inside stories of the US-Iran negotiations were exposed by US media, revealing that the Trump administration bypassed Iranian negotiators to contact the Revolutionary Guard. 4. US media: Kushner met with Hamas leaders in Egypt on Sunday and pressured them to begin fulfilling their commitments to disarm. Kushner is expected to arrive in Israel on Monday and meet with Netanyahu to discuss the "reciprocal measures" Israel needs to take. 5. According to Al Jazeera: Palestinian sources revealed that Kushner has informed the Hamas leadership that Trump believes disarming the various factions is a crucial step before any further action in Gaza. Other matters: 1. Iranian parliament passes anti-infiltration bill. 2. Israels post-war economy recovers rapidly, with Q2 GDP surging 15.4%. 3. Iranian Army Commander-in-Chief: $30,000 reward for capturing or killing US troops. 4. Iran claims three pilots have been detained by Qatar; Qatar denies this. 5. Israeli security sources revealed that the Israeli military is preparing for a possible escalation of the situation in Lebanon. 6. Israeli Defense Minister: We will not leave any unresolved issues on any battlefield; we will do everything in our power to protect our soldiers and citizens. 7. Iranian media Fars News: The Deputy Political Commander of the Iranian Revolutionary Guard stated that their actions have so far been defensive; however, they may shift to offensive tactics in the future. 8. According to Irans Tasnim News Agency: The Iranian Revolutionary Guard stated that Qatar should allow an Iranian team of experts to investigate the missing pilots disappearance, instead of denying that the pilot was detained. 9. Egypt, Jordan, the UAE, Qatar, Indonesia, Saudi Arabia, Turkey, and Pakistan issued a joint statement condemning Israels rejection of US President Trumps plans for Gaza.On August 17th, local time, US President Trump posted on his social media platform "Real Social" on August 16th, welcoming the recent signing of a joint defense agreement between Saudi Arabia, Turkey, and Pakistan. Trump stated that the agreement demonstrates strengthening unity in the Middle East, enabling countries to defend themselves in a "more effective way." He also congratulated the leaders of Saudi Arabia, Turkey, and Pakistan, calling the agreement a "bold and important first step."

Forecast for Gold: XAUUSD retreats from $1800 on rising US yields

Daniel Rogers

Aug 12, 2022 11:59

 截屏2022-06-07 下午5.14.22.png

 

While it had been trending upwards, gold's daily performance took a sour turn and it is now trading below $1800. During the American session, the XAUUSD reached a high of $1799 before turning down and heading below $1785.

 

Despite predictions of a 0.2% monthly increase, data released on Thursday indicated that the US Producer Price Index decreased by 0.5% in July, bringing the annual rate down to 9.8%. The Consumer Price Index did not move in July, contrary to predictions of a 0.2% increase, according to data released on Wednesday. The US currency fell because of the inflation rate going down.

 

Investors continue to count on a rate hike of 50 basis points or more from the Federal Reserve at their September meeting. U.S. rates have risen despite though a peak in US inflation is more likely, which is surprising. Both the US 10-year yield (now at 2.83%) and the 2-year yield (3.20%) are at their highest levels in nearly a week.

 

Increased US yields capped gold's gains. The inability of the XAU/USD pair to maintain a price over $1800 despite the recent US data has fueled skepticism that the rally will continue. Weekly support is found around $1774, and the immediate support is at $1785. Additional gains appear likely if the price of gold can consolidate over $1800.