Archives of “April 30, 2021” day

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‘World Gold Council’ says Gold-backed ETFs saw the largest outflows in over 4 years

  
  Analysis

The gold lobby group note outflows from gold-backed exchange-traded funds in Q1 of 2021

Say this was offset somewhat by rising physical demand, including for jewellery
  • jewellery demand 52% higher y-o-y
  • Bar and coin investment +36% y-o-y
Say demand boosted by:
  • bargain-hunting, as well as by expectations of building inflationary pressures.
Also:
  • Q1 saw continued healthy levels of net buying by central banks: global official gold reserves grew by 95.5t, 23% lower y-o-y, but 20% higher q-o-q.
  • Gold used in technology grew 11% y-o-y in Q1
  • Demand of 81.2t was just above the five-year quarterly average of 80.9t
Data via the council’s latest report which was out Thursday (US time).

—

The World Gold Council
  • is the market development organisation for the gold industry
  • Our purpose is to stimulate and sustain demand for gold, provide industry leadership, and be the global authority on the gold market. 
The gold lobby group note outflows from gold-backed exchange-traded funds in Q1 of 2021

China says US increasing military activity directed at it

  
Analysis, Politics

AP with the report, citing a spokesperson for the Chinese Defense Ministry.

  • Activity by U.S. military ships and surveillance planes directed at China has increased significantly under President Joe Biden’s administration
  • Activity by U.S. military ships was up 20% and by planes 40% in Chinese-claimed areas since Biden took office in January over the same period last year
  • “The U.S. frequently dispatches ships and planes to operate in seas and airspace near China, promoting regional militarization and threatening regional peace and stability”
—
Note, China routinely objects to the U.S. military presence in the South China Sea

Oil – US, UK, China demand all improving

  
Analysis, Crude

Summary notes on crude via ANZ, noting that further strength in demand continue to emerge

On the positive side:
  • emergence of several US cities from lockdown
  • stronger demand in gasoline ahead of the key US summer driving season
  • In Europe, UK’s road fuel sales are nearing last summer’s levels
  • Sales for air travel, hotels and car rentals are selling out in China ahead of its Labour Day holiday
  • oil market has also been caught up in the broader rally across commodity markets as the recovery across key economies picks up
& not so positive:
  • renewed optimism is overshadowing headwinds in India, where a second wave of infections of COVID-19 are resulting in new travel restrictions being put in place
  • Demand in Japan and Brazil is also likely to be hit by a surge in infections and new restrictions
Summary notes on crude via ANZ, noting that further strength in demand continue to emerge

ICYMI – The “double mutant” coronavirus strain that was found in India has been detected in China

  
Analysis, COVID-19

China’s chief epidemiologist spoke at a Chinese Center for Disease Control and Prevention press conference held in Beijing on Thursday

  • Broke the news that the “Indian variant” had been found in “some Chinese cities”
No further details were provided. He did add that “The virus has been mutating since the start of the pandemic.”
  • and will stop mutating until the pandemic is over.
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  • China will be on holidays from May 1 to May 5 (inclusive) – the Labour Day holidays. 
  • The Ministry of Transport is projecting record high passenger numbers as people move about to visit family and friends over the course of the 5 days off. 
China's chief epidemiologist spoke at a Chinese Center for Disease Control and Prevention press conference held in Beijing on Thursday

US equity close: One day to go in April

  
Analysis, US Market

Equity bulls hope this month never ends

It’s been a fantastic month for owning equities but it will come to an end tomorrow. There were signs of equity selling on rebalancing today but those shares were scooped up at midday and it was another strong day for stocks.
Here’s the rundown:
  • S&P 500 up 26 points to 4210 (+0.6%). Record close. Also hit intraday record at 4218
  • DJIA +0.7%
  • Nasdaq +0.2%
  • Russell 2000 -0.5%
  • Toronto TSX -0.4%
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