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On September 18, Bloomberg reported on the 17th that a Spirit Airlines passenger plane had an "uncomfortably close encounter" with Air Force One, the plane carrying President Trump, on the 16th. The report said that Trumps plane was en route to London when it encountered the Spirit Airlines plane over New York City. The two planes were approximately 10 to 13 kilometers apart, about to exceed the safe distance limit, and their flight paths intersected. A recording of an air-to-ground conversation cited in the report showed that the air traffic controller urgently called out to the pilot of the budget airliner, asking him to adjust his course, but the pilot did not respond in time. The air traffic controller then reminded the pilot, "Pay attention to the 747 a few miles away. I believe you can recognize it." Because the pilot did not respond in time, the air traffic controller also scolded the pilot, "Be careful, stop playing with your iPad!"Futures data from September 18th showed a significant downward pressure on copper prices, likely driven by risk aversion ahead of the Federal Reserves interest rate meeting. With expectations of a rate cut materializing and the Feds overall neutral stance, copper prices retreated from their highs during the US trading session. The Fed cut rates as expected, but Powell, in a post-meeting statement, stated the move was a risk management decision, adding that he saw no need for a rapid rate adjustment. While global raw material tightening has eased, supply-side pressures have yet to materialize. Demand for end-consumption remains uncertain, along with the macroeconomic environment. In the short term, copper prices are looking for a breakout driver after hitting the upper limit of volatility, with the market fluctuating between "recession" and soft landing scenarios. The September Fed meeting was uneventful, and while a major upward macro driver has yet to materialize, the long-term supply-demand imbalance remains the primary concern. For now, high volatility is likely to persist until real conditions improve. Trading remains cautious regarding changes in demand and the overseas macroeconomic environment.On September 18th, Meta Platforms (META.O) announced the launch of a new generation of Ray-Ban smart glasses, with significantly longer battery life and 3K video recording capabilities. The technical name of this new pair of glasses is Ray-Ban Meta Gen 2, with a starting price of US$379. At the same time, Meta also launched its first glasses with a built-in display. The latest model is Meta Ray-Ban Display, with a starting price of US$799. The glasses have a built-in screen in the right lens, which can display text messages, video calls, turn-by-turn map navigation, and visual query results of Meta AI services. These glasses also introduce a new control system. Although users can still operate them by swiping along the frame like previous models, the main interface is controlled by a wristband worn on the hand that recognizes gestures. At the same time, Meta also announced the launch of Oakley Vanguard smart glasses, which are targeted at athletes.Meta Platforms (META.O) announced the establishment of Meta Horizon Studio.Meta Platforms (META.O): Ray-Ban Display smart glasses start at $799 and will be available starting September 30.

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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