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On December 30th, amid a general sell-off in precious metals, the worlds largest silver ETF, iShares Silver Trust (SLV), fell nearly 9% intraday, heading towards its biggest single-day drop since 2020. Todays decline has pulled prices back to near pre-Christmas holiday levels. Despite todays sharp drop, SLV is still up over 140% year-to-date. According to fund documents, to meet the surge in demand this year, SLV had added nearly 67 million ounces of silver as of last Friday. However, analysts point out that while this figure seems large, it represents only a small fraction of total global silver demand this year. They emphasize that strong demand from solar panel manufacturers and increased imports from India (where precious metals are far more popular among savers than in the US) are the main drivers of overall demand growth.EIA Natural Gas Report: For the week ending December 19, total U.S. natural gas inventories were 3.413 trillion cubic feet, down 166 billion cubic feet from the previous week and down 129 billion cubic feet from the same period last year, a year-on-year decrease of 3.6%, while also 24 billion cubic feet below the 5-year average, a decrease of 0.7%.U.S. natural gas futures maintained their upward trend, currently up 5.2%; the EIA report showed that the inventory decline was in line with expectations.Fitch: Despite headwinds, U.S. property and casualty insurance underwriting profitability remains strong.U.S. EIA natural gas inventories for the week ending December 19 were -166 billion cubic feet, compared to an expected -168 billion cubic feet and a previous reading of -167 billion cubic feet.

Political Drive to Distribute Earnings Lowers South Korean Bank Shares

Haiden Holmes

Feb 16, 2023 10:45

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The share prices of South Korea's largest financial organizations fell on Thursday as investors viewed the president's appeal to share more profits with society as the heaviest political pressure in years.


Such pressure stems from a lack of comprehension of how the financial industry operates, bank executives said Reuters under the condition of anonymity for fear of negative repercussions on their employment.


The head of a mid-sized lender stated, "The remarks demonstrate that there is a strong notion in this country that banks are public entities and are based on a lack of information about how banks operate."


In early Thursday trading, shares of KB Financial Group Inc and Shinhan Financial Group Co (NYSE:SHG) Ltd plummeted more than 1% after their American depositary receipts dropped more than 5% in New York on Wednesday.


Lee Byung-gun, head of research at DB Financial Investment, remarked, "The government's message is that banks are generating rising profits and must provide more for society." This is not favorable for banking stocks in the foreseeable future.


President Yoon Suk-yeol, whose approval ratings have lingered around half of disapproval ratings in key opinion polls, stated on Wednesday that lenders must "voluntarily contribute" in sharing the suffering of vulnerable individuals.


Yoon's remark followed - but made no reference to - recent local media reports that large banks paid hundreds of thousands of dollars to workers for early retirement.


A government statement issued in conjunction with a meeting where Yoon made the remark revealed that the aggregate net profit of banks reached $14.68 billion in 2022, up from $16.68 billion in 2021.


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