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On August 15th, a 5.0 magnitude earthquake struck Granada province in southern Spain. Local authorities stated that no casualties have been reported. The Andalusian regional government has activated its emergency response plans early warning phase to prepare for potential secondary disasters and aftershocks. Previously, strong tremors were felt in the affected area and surrounding provinces, prompting some residents to evacuate outdoors. Emergency services subsequently received multiple reports of minor cracks in buildings and falling debris, and safety inspections and damage assessments were rapidly launched after the earthquake.Irans Communications Minister: More than 500 telecommunications sites were attacked during the war, and some facilities were hit again after being repaired and service restored.On August 15th, it was announced that the 16th issue of Qiushi magazine, to be published on August 16th, will carry an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, entitled "Improving Disaster Prevention, Mitigation, and Relief Capabilities." The article emphasizes that my country has a vast territory, complex geography, and diverse climate, making it prone to frequent natural disasters. Since the 18th CPC National Congress, the CPC Central Committee has consistently treated disaster prevention, mitigation, and relief as a major issue concerning the safety of the people and national security, making numerous deployments in areas such as conceptual transformation, institutional reform, system construction, and capacity building. It has led the vast number of cadres and the masses to overcome a series of major natural disasters, minimizing casualties and property losses to the greatest extent possible, with achievements recognized worldwide. To effectively carry out disaster prevention, mitigation, and relief work, it is essential to uphold the Partys overall leadership, adhere to the principle of putting people and their lives first, respect the laws of nature, prioritize prevention, persist in reform and innovation, maintain a systematic approach, and uphold social co-governance. These valuable experiences must be upheld and effectively utilized, and continuously enriched and developed in light of new realities.August 15th - According to the Ministry of Emergency Management, affected by Typhoon Dolphin (No. 13 of this year) and recent heavy rainfall, Taihu Lake has experienced significant basin-wide flooding. It is predicted that the water level of Taihu Lake will continue to rise slowly in the later period. From August 15th to 16th, parts of eastern and southern Zhejiang Province will experience heavy rain, with some areas experiencing torrential rain. In accordance with the "National Flood and Drought Relief Emergency Plan" and relevant regulations, the State Flood Control and Drought Relief Headquarters and the Ministry of Emergency Management decided to upgrade the flood control emergency response for Jiangsu Province from Level IV to Level III at 12:00 on August 15th, and activate a Level IV flood control emergency response for Zhejiang Province.On August 15th, Mexican President Jacques Sinbaum stated at a morning press conference on August 14th that the US decision to revoke the visa of the son of former Mexican President López Obrador was politically motivated and constituted interference in Mexicos internal affairs. Sinbaum emphasized that Mexico must remain steadfast in the face of such events, and that Mexico and the US should maintain a mutually respectful bilateral relationship. In fact, the US revoked the visas of at least six Mexican ruling party officials in 2026 alone. Simultaneously, citing involvement in drug trafficking to the US, the US requested the extradition of four current governors, mayors, and members of parliament, as well as six former officials, to the US for trial. The Mexican government rejected the US request, citing insufficient evidence from the US.

Silver price forecast: XAG/USD slides below 20/50-DMAs, below $20

Alina Haynes

Aug 19, 2022 11:50

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Silver price falls for the fifth straight day as an upbeat market attitude weighs on the non-yielding metal. In addition, broad US currency strength kept white metal prices under pressure as Fed officials reiterated the need to bring inflation down and US jobs data bolstered the case for a September rate hike.

 

The XAG/USD is at $19.50, down from Thursday's $19.93 high. Wall Street gained despite sparse trading. Claims for unemployment in the week ending August 13 fell less than expected, but the housing market cooled. July existing home sales were 5.9% lower than in May 2020.

 

San Francisco's Mary Daly said it's too early to declare inflation victory and favored a 50 or 75 bps boost for September. Kansas City Fed's Esther George said core inflation is "hardly comfortable" and more rate hikes are coming.

 

St. Louis Fed hawk James Bullard said he's leaning toward a 75 bps rate hike in September, but Minnesota Fed's Neil Kashkari said there's more work to be done and he's not convinced the Fed can escape a recession.

 

Kashkara is unsure if the Fed can attain its target without a recession, but other officials remain focused on inflation. Further rate hikes are predicted in 2022 and 2023.

 

Money market futures STIRs have priced in a 50 bps September rise. After the release of July's FOMC minutes, probabilities of a 75-bps hike rose to 78% from 50% on Wednesday.

 

The US Dollar Index, a measure of the dollar's value versus a basket of rivals, rose 0.7% to 107.492, a headwind for precious metals prices. Most US Treasury bond yields fell two basis points, headed by the 10-year benchmark note rate.

 

The US Federal Reserve's tightening cycle will keep XAG/USD prices down. If the Fed can manage a "soft" landing, silver dealers can expect more selling. Safe-haven flows might benefit gold if US economic growth slows and creates a recession.