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Brent Crude Plunged -4% as OPEC Output Soared in April + MORE

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Market sentiment improved modestly although trading volume in most of Europe was light due to holiday. Wall Street gained with DJIA and S&P 500 indices adding +0.66% and +0.78% respectively. In Asia today, Chinese equities soared despite weak manufacturing data. The CSI 300 index has risen to a 2-week high of 3206, up almost +1…

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GoldMoney® Founder James Turk, CEO Roy Sebag, CSO Josh Crumb, Head of Research Alasdair Macleod, and Vice President of GoldMoney® Insights Stefan Wieler sat down for a round-table discussion to discuss the history and importance of Gold. 
Gold Bullion is the world’s oldest asset class and the century’s best performing currency…

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Crude oil prices mixed after US inventory rose more than expected last week. Although the front-month WTI contract initially slipped further to as low as 43.22, it recovered and ended the day modestly higher at 43.78, up +0.3%. The Brent contract, however, fell for 4 days in a row, slipping -0.78% to 44…

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Japanese yen’s strength that had damped risk appetite late week continues to haunt Asian markets on Monday. Although some markets (e.g. Hong Kong, China) are closed on Labor Day holiday today, Japanese shares extend last week’s slump. At the time of writing this report, the Nikkei 225 index is trading at a 3-week low of 16 062, down -3…

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Market sentiment softened a tad as Chinese PMI data surprised to the downside while UK’s PMI unexpectedly shows manufacturing activities slipped to contraction in April. In the commodity sector, oil prices fell amidst concerns of weaker demand as global growth moderates.

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Something’s got to give in the oil market

Introduction
Crude oil time-spreads have completely dislocated from inventories. Historically, such dislocations have proved to be short lived. We expect that either spot prices will sell-off again or the back end of the curve will move sharply higher. As per our proprietary gold pricing model, the latter would be very supportive for gold prices…

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