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On September 22nd, Li Yunze, Director of the Financial Regulatory Administration (FSRA), stated that during the 14th Five-Year Plan period, the FSRA will crack down on financial chaos, focusing on addressing manipulation by major shareholders and insider control. The FSRA has also severely investigated and punished those who illegally transferred profits through related-party transactions, and removed over 3,600 shareholders who violated laws and regulations. A number of illegal financial groups have been dealt with in accordance with the law. The focus has been on resolutely curbing the shift from the real economy to the virtual economy, strengthening oversight of capital penetration, addressing nested financial activities and idle arbitrage, and strictly regulating cross-financial products to guide financial flows towards the real economy.Li Yunze, Director of the Financial Regulatory Administration: Over the past five years, the industrys total risk-management capital and provisions have exceeded 50 trillion yuan, providing a stronger foundation, greater resilience, and greater confidence in coping with various challenges.Farben Information: Oracle Corporation has not yet become a customer of the company.Li Yunze, director of the State Administration of Financial Supervision: Since the 14th Five-Year Plan, financial operations have been generally stable, and major regulatory indicators such as non-performing loans, capital adequacy, and solvency have been stable and improving, and are all in a healthy range.Malaysias Trade Minister: Regional Comprehensive Economic Partnership (RCEP) leaders will consider admitting new members and discuss improvements to the trade agreement in October. RCEP aims to uphold the principle of multilateralism and involve all countries, including the United States.

Forecast for Silver Price: XAG/USD to fall to $25.00 as supply concerns subside and risk aversion increases

Daniel Rogers

Apr 20, 2023 13:46

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During the early hours of Thursday, the price of silver (XAG / USD) falls to $25.20, a new intraday low. In doing so, the precious metal records its first daily loss in three days, as concerns of a supply crisis subside and a risk-averse mood prevails.

 

Wednesday, Reuters cited the Silver Institute's annual prognosis report, which stated that global silver demand increased by 18% to a record high of 1.24 billion ounces last year, resulting in a massive supply deficit. According to the report, "The Silver market was undersupplied by 237.7 million ounces in 2022, the institute said in its most recent World Silver Survey, calling this 'possibly the largest deficit on record'."

 

On the other hand, higher inflation indicators from the United Kingdom, the Eurozone, and the United States, along with hawkish comments from the Bank of England (BoE), European Central Bank (ECB), and Federal Reserve (Fed), increase the likelihood of rate increases and dampen investor sentiment. John Williams, president of the Federal Reserve Bank of New York, is one of the Fed's most recent policy advocates. In May, he voiced support for an interest rate hike of 0.25 percentage points and said, "We will use monetary policy tools to restore price stability." Before him, the president of the Federal Reserve Bank of Chicago, Austan Goolsbee, highlighted the strength of the credit market as one of the most important catalysts to monitor prior to the next Fed monetary policy meeting.

 

With this, market participants increase their wagers on the central bank's 0.25 percentage point rate hike in May to at least 85 percent and reduce the likelihood of a rate cut in 2023.

 

It should be noted that the UK's allegations of China's hidden motive to clamp down on Western infrastructure and the US House China Committee's discussion on the Taiwan invasion scenario rekindle the West vs. China conflict narrative and impact on sentiment. On the same line are the concerns surrounding the probable drag on the US debt ceiling decision as a result of US President Joe Biden's reluctance to raise debt limits.

 

In addition, Reuters reported that US consumers are falling behind on their credit card and loan payments as the economy weakens, which also puts pressure on the XAG/USD exchange rate.

 

In this context, S&P 500 Futures have recorded their first daily loss in four days, falling 0.25 percent intraday to 4,168 as of press time. However, the US 10-year and 2-year Treasury bond yields hover around 3.60 percent and 4.25 percent, respectively, after reaching new monthly highs the day before. The US Dollar Index (DXY) fluctuates around 102.000 after rectifying its adverse bias from the previous day.

 

Considering the future, the recent emphasis on qualitative news highlights them as the most important risk indicator. Nonetheless, the US Weekly Initial Jobless Claims, Philadelphia Fed Manufacturing Survey, and Existing Home Sales should be monitored for fresh impulses.