Authored by Tsvetana Paraskova via OilPrice.com,
The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian Review reports.
Shortly after topping $5,000 (according to several exchanges), Bitcoin began to tumble dramatically - now down almost $500 - erasing all the post-North-Korea missile anxiety gains.
Ethereum has crashed even more.
In fact, 9 of the 10 largest cryptocurrencies are all plunging this morning...
While there is no specific catalyst for this drop, two events have been cited: in the US, regulators have begun officially cracking down on ICOs.
Authored by Dmitri Speck via Acting-Man.com,
Recurring Phenomena
Many market participants believe simple phenomena in the stock market are purely random events and cannot recur consistently. Indeed, there is probably no stock market “rule” that will remain valid forever.
However, there continue to be certain statistical phenomena in the stock market – even quite simple ones – that have shown a tendency to persist for very long time periods.
Shortly after President Trump backed away from his demand that $1.6 billion in funding for his border wall be included in a continuing-resolution bill to avert a government shutdown, the White House late Friday sent a request for $8 billion in emergency funding for the Hurricane Harvey cleanup effort, and asked that the money be tied to a bill to raise the US debt-ceiling limit. Trump’s request that the two legislative priorities be combined in one bill likely won’t go over well among Congressional Republicans, according to Bloomberg.
Precious Metals Outperform Markets In August – Gold +4%, Silver +5%