Our mission is to help you obtain financial freedom. Checkout Our Youtube Channel Checkout Our Youtube Channel
Blog

MAY 15, 2023

GAINS AND STABILITY

Bitcoin prices have increased to over $27,000 due to higher transaction fees caused by congestion on the network. Furthermore, Litecoin has reported the best gains amongst the top 10 non-stable coin cryptocurrencies, and Ether has managed to remain above the support level of $1,800 despite facing performance issues last week. Overall, the total crypto market capitalization rose slightly while the total trading volume decreased.

GOLD PRICES INCREASE

Gold has bounced back, ending three consecutive sessions of losses as investors remained cautious about the U.S. debt ceiling dispute, which could generate concerns about a possible global economic slowdown. As a result, spot gold increased by 0.1% to $2,013.99 per ounce, while U.S. gold futures remained unchanged at $2,018.80 an ounce. Despite these results, it is believed that gold prices could be at risk of a temporary decline if a favorable solution is found to the U.S. debt ceiling crisis, and if the Federal Reserve continues its rate-hiking trend.

PLATINUM DEMAND EXPECTED TO RISE

The World Platinum Investment Council (WPIC) has recently revealed that the demand for platinum is expected to exceed supply, which could lead to a potential record-high shortage. Platinum consumption is predicted to exceed supply by over 983,000 ounces in 2023 – a significant increase from the 556,000 ounces forecasted in March. The expanding platinum deficit is mostly attributed to the fall in recycled supply and a dip in output from South Africa. Platinum prices have risen by over 20% since February, and the WPIC’s report forecasts ETFs to make their first platinum purchases since 2020, while industrial demand will also increase due to capacity expansions in China.

OIL PRICES STABLE

Oil prices have finally stabilized after falling continuously for the past four weeks due to fears over a possible recession in the U.S. and China’s slow recovery. Nevertheless, these concerns have been balanced against expectations of future demand increasing as refinery margins have been gradually recovering, and there has been an increase in car usage and air travel in China.

KEY EVENTS HAPPENING THIS WEEK

Monday: New York Fed Manufacturing Index report for April.

Tuesday: U.S debt ceiling talks, Industrial production and U.S retail sales reports for April.

Wednesday: Housing Starts report for April.

Thursday: Initial jobless claim weekly report.

0 Comments
Inline Feedbacks
View all comments

More ClearValue Insights

Default Thumbnail

MARKET RECAP – APRIL 24, 2024

STOCK MARKET Dow Jones ended at $38,712.75 (-0.11%) S&P 500 ended at $5,071.63 (+0.02%) Nasdaq Composite ended at $15,712.75 (+0.10%) The stock market witnessed mixed performances due to interest rate fears dampening earnings enthusiasm. The concerning sentiment was due to the latest rise in bond yields, and as a result of this, the Dow Jones […]

Read More
Default Thumbnail

APRIL 24, 2024

STEADY MODE The top cryptocurrencies in the market, are currently experiencing a period of stability as traders evaluate market conditions post-halving. With Bitcoin trading above $66,600 and Ether at around $3,240, the market has calmed down after recent volatility driven by geopolitical tensions and halving excitement. As of today, traders seem hesitant to take decisive […]

Read More
Default Thumbnail

MARKET RECAP – APRIL 23, 2024

STOCK MARKET Dow Jones ended at $38,503.69 (+0.69%) S&P 500 ended at $5,070.55 (+1.20%) Nasdaq Composite ended at $15,696.64 (+1.59%) The stock market witnessed gains across all major indexes due to a strong batch of corporate earnings that exceeded expectations. Companies such as Spotify, UPS, and GE Aerospace posted better-than-expected earnings, leading to a positive […]

Read More