Gold Futures Settle Higher For 5th Straight Day
Gold prices moved higher on Wednesday, rising for a fifth straight day, as weak global stocks and a sharp plunge of the bitcoin pushed up the demand for the safe-haven yellow metal.
The dollar’s strength limited gold’s upside. The dollar index, which was around 89.95 (up 0.22%), later rose to 90.21, gaining more than 0.5%.
Gold futures for June ended up by $13.50 or about 0.7% at $1,881.50 an ounce, the highest settlement since January 7. Gold futures touched a high of $1,891.30 an ounce.
Gold futures edged down after the settlement, after the Federal Reserve released the minutes of its most recent monetary policy meeting.
The minutes showed that members of the Open Market Committee were of the view that any price increases from bottlenecks are likely to only have “transitory effects” on inflation.
The minutes also indicate that the Fed will not taper or allow rates to rise anytime soon.
Silver futures for July ended lower by $0.308 or 1.1% at $28.025 an ounce, while Copper futures for July settled at $4.5765 per pound, down $0.1490 or 3.2% from the previous close.
Bitcoin, the world’s largest cryptocurrency, tanked by close to 40% from its record high levels to US $31,000 on Wednesday, hitting its lowest level since February.
Fauci says Covid infections are decreasing in all 50 states
Dr. Anthony Fauci, chief medical advisor to the White House, said Wednesday that Covid-19 infections are decreasing in every state in the U.S.
"All 50 states have now shown decreases in the number of infections," Fauci said in an interview with Axios, suggesting that the widespread declines will make it safer for Americans to resume activities such as indoor dining at restaurants.
The U.S. is reporting an average of about 31,200 new cases per day over the past week, data compiled by Johns Hopkins University shows, down 18% from a week ago. Case counts have been on a downward trend since the country's most recent high point about a month ago in mid-April, when the country was seeing more than 71,000 cases per day.
Fauci did not specify over what time period these state-level declines in infections have occurred. A CNBC analysis of Hopkins data shows that average daily case counts have declined by 5% or more in 40 states over the past week.
The data is murky in some places, such as Alabama, which Hopkins says has been publishing backlogged case counts in recent days, making the most recent trend difficult to interpret.
Fauci's statement suggests that the easing of the outbreak is being seen broadly across the country, rather than being more localized with a certain state or region responsible for the declining numbers.
Crude Oil Futures Settle Sharply Lower
Crude oil prices declined sharply on Wednesday, weighed down by data showing an increase in U.S. crude stockpiles, and on worries about outlook for energy demand from Asian countries.
Growing concerns about inflation and fears that central banks might consider tightening their monetary policies weighed as well on oil prices. The potential of Iranian supply returning also weighed.
West Texas Intermediate Crude oil futures for June ended down by $2.13 or about 3.3% at $63.36 a barrel, the lowest settlement in more than 3 weeks.
Brent crude futures were down $2.16 or 3.1% at $66.55 a barrel a little while ago.
Data released by Energy Information Administration (EIA) this morning showed crude oil inventories in the U.S. increased by 1.321 million barrels last week, less than an expected increase of 1.623 million barrels.
Distillate stockpiles were down 2.324 million barrels last week, compared with an expected draw of 386,000 barrels, while gasoline inventories dropped by 1.963 million barrels, much larger than an expected decline of 886,000 barrels.
The American Petroleum Institute reported late Tuesday that crude inventories rose by 620,000 barrels for the week ended May 14.
Andrew Giuliani’s Claim About Political Experience Savagely Fact-Checked
When 35-year-old Andrew Giuliani announced he was running to be governor of New York on Tuesday, he hoped to ease concerns about his tender age by making a very dubious claim about his experience.
Although Giuliani has never held public office, he figured being the son of former New York City Mayor Rudy Giuliani should count for something.
That’s apparently why the 35-year-old suggested he has spent parts of five decades in politics.
Of course, the claim doesn’t hold up to the most basic fact-checking, but Giuliani doubled down, saying his dad’s first campaign was in 1989 ― when the younger Giuliani would have been 4 years old.
The video version of Giuliani’s dubious claim is even better.
Twitter users dragged Giuliani for the B.S. claim.
Of course, many people had a hard time understanding just how involved a 4-year-old could be in a political campaign, since he obviously wasn’t involved in policy discussions.
One person helpfully provide context by showing the young Giuliani mugging it up at his Dad’s first mayoral inauguration ― though whether that counts as being in “public service” is a point of debate.
Jalen Hurts: I’m ‘not above’ competing for Eagles’ starting QB job
In the four-plus months since the 2020 season ended, Jalen Hurts has watched the Eagles trade away the former franchise quarterback in Carson Wentz and not sign or draft anyone to replace him.
That would indicate that Hurts would come into this season as the starting quarterback, even if new Eagles coach Nick Sirianni hasn't proclaimed him the starter, and even though the team only added 36-year-old veteran Joe Flacco and signed an undrafted free agent in Jamie Newman.
Instead, Sirianni stressed competition at every position, including quarterback. And Hurts welcomed that.
"Everybody gotta go to work," Hurts said Wednesday, the first time he has met with the media since the Eagles' season ended on Jan. 3. "For me, I know rent is due every day. It’s always been that way for me. I always had a get-better mentality every day, grow every day, be a better leader every day, be a better quarterback every day.
"When that rent is due, I don’t plan on missing no payments … I know I’m not above anything with competition or football IQ."