|Day's Range||15.130 - 15.180|
You probably know Minissha Lamba, the actor, but do you know Minissha Lamba, the poker player? Amid these varied acting gigs, she discovered her penchant for poker at a Diwali party eight years ago. Since then, Lamba has made an appearance in some of the country’s renowned tournaments like Deltin Poker Tournament (DPT) in Goa and the India Poker Championship, where she was placed fourth in the 15K Weekend Kickoff Tournament in 2011.
The gold rally was primarily driven by three macro factors -- a dovish Fed and other major central banks, trade-related conflict across the world and fears of a global economic slowdown.
Spot gold fell 0.4% to $1,390.21 per ounce at 10:42 a.m. EDT (1442 GMT). U.S. gold futures for August delivery shed 0.5% to $1,392.50 per ounce. "A less dovish Fed on the back of better-than-expected jobs data and increased optimism about a U.S.-China trade truce have strengthened the dollar, dragging on gold," said Jeff Klearman, portfolio manager at GraniteShares.
Investors on soybeans are digesting news that demand in China remains robust despite continued swine fever outbreak, but also, that Chinese scientist developed a gene-edited soybean that can grow in warmer climates.
Activists have lured OPEC’s chief into a rare public confrontation. At the tail end of OPEC's recent confab in Vienna, the cartel’s secretary general, Mohammad Barkindo, stepped into a heated squabble with climate campaigners, casting them as the oil industry’s biggest threat and accusing them of misleading the world about oil’s role in climate change. As Journal reporter Benoit Faucon wrote in a recent profile, the OPEC head has transformed a formerly technical position into one with real diplomatic gravitas.
(Bloomberg Opinion) -- Rejoice, people of Earth! News outlets are reporting that NASA is planning to visit an asteroid made of gold and other precious metals! At current prices, the minerals contained in asteroid 16 Psyche are said to be worth $700 quintillion -- enough to give everyone on the planet $93 billion. We’re all going to be richer than Jeff Bezos!OK, now for the bad news: This isn’t going to happen. Yes, 16 Psyche and other asteroids will probably be mined for their metals. But once those metals start hitting the market in large quantities, they’re unlikely to be precious for much longer. As any introductory economics student knows, price is a function of relative scarcity -- flood the market with gold, and it will go from being a rarity to being a common decoration. Supply goes up, price goes down.But in fact, there’s a more fundamental reason why a giant golden asteroid wouldn’t make the world fabulously rich. It’s because wealth mostly doesn’t come from big hunks of metal. It comes from the ability to create things that satisfy human desires.A steel factory represents real wealth, because you can use it to make parts for cars, buildings and so on. A house does too, because you can live in it or rent it out. The skills and knowledge in your head are also a form of wealth, even though they’re not counted in the official statistics. Even a sandwich is wealth, at least until it goes bad.But a giant asteroid full of gold only adds a little to real wealth. The metal would have various industrial applications and make nice jewelry and dental fillings, but it wouldn’t spark a new industrial revolution, or dramatically bring down the cost of goods and services, or in general make human life much better or more comfortable. Gold doesn’t command high prices just because it’s rare -- plenty of rare things have little to no market value. It’s because it’s rare relative to people’s demand for it. And because a golden asteroid wouldn’t increase the world’s total demand for gold, there’s no way it could create quadrillions of dollars of new real wealth.Something a bit like a golden asteroid happened once before. In about 1500, Spain conquered South and Central America and discovered large deposits of gold and silver. It then shipped these metals back to Europe and used them to pay for government expenditures (mostly wars). Because gold and silver were used for money at that time, a drop in the value of gold and silver meant a drop in the value of money -- in other words, inflation.Gold no longer is used as money, nor is the value of modern money pegged to the value of gold or any other metal. Thus, the arrival of a giant golden asteroid would probably not cause consumer prices to go up, and would instead simply cause gold prices to crash to almost zero.So a giant asteroid wouldn’t make us all billionaires. But whatever space-mining company managed to claim the space rock would still probably be able to make a substantial fortune for itself. It would have to follow the playbook of the diamond company De Beers.Diamonds used to be exceedingly rare, until large deposits were discovered in the 1800s in South Africa. The British businessman and colonial government official Cecil Rhodes consolidated all South African diamond mining under the De Beers company, an effective monopoly which later was controlled by the Oppenheimer family. Over the years, De Beers managed to defend this monopoly against challenges from various upstarts, by hoarding diamonds when prices were low and flooding the market to destroy competitors.A monopoly allows a company to limit supply to keep prices high. But De Beers needed more than that in order to prevent diamonds from eventually becoming commoditized -- and so it turned to marketing, launching one of the most effective advertising campaigns ever with the slogan, "A Diamond Is Forever." This convinced couples all around the world that diamond engagement rings were an indispensable symbol of marital commitment. That symbolism represents real value.Owners of a golden asteroid could conceivably try to pull a similar trick, launching advertising campaigns to get people to start using gold for more things -- building materials, perhaps, or clothing. But it seems unlikely that they could persuade the world to pay a premium for the sheer volume of gold coming from an asteroid like 16 Psyche -- especially if a rival company showed up with another golden space rock.The impossibility of extracting untold riches from 16 Psyche teaches two important lessons about how wealth really works. First, it shows that a great deal of wealth exists only on paper -- when you try to sell your assets, the price goes down. Liquidity -- the ability to sell an asset for cash -- is an important factor that tends to be forgotten when calculating net worth.And second, this example shows that real wealth doesn’t actually come from golden hoards. It comes from the productive activities of human beings creating things that other human beings desire. De Beers’ fabulous fortunes ultimately came not from its control over a certain type of dazzling rock, but from its ability to convince the world that this rock could be used to communicate love and devotion.If you want to get rich, don’t think about how to seize scarce resources. Think about how to use resources in an innovative way to make something people truly want or need.To contact the author of this story: Noah Smith at [email protected] contact the editor responsible for this story: James Greiff at [email protected] column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Noah Smith is a Bloomberg Opinion columnist. He was an assistant professor of finance at Stony Brook University, and he blogs at Noahpinion.For more articles like this, please visit us at bloomberg.com/opinion?2019 Bloomberg L.P.
India raised the import duties on gold and other precious metals on Friday in a surprise move that industry officials say could dampen retail demand and boost smuggling in the world's second-biggest bullion consumer. Lower demand from India could weigh on global prices that are trading near their highest level in six years. Jewellery trade associations have asked India's government to reduce gold import duties, which have caused a surge in smuggling.
Weakening global economic growth, lacklustre demand and huge stockpiles mean silver prices are unlikely to join gold in rocketing to new highs, analysts say. Silver and gold prices have traditionally moved together, with silver tending to outperform gold when the two are rising and fall faster when both are in decline.
Investing.com - Gold prices on Tuesday clawed back a portion of the territory lost at the start of the week after the U.S. and China declared a trade truce, but remained below $1,400.
The Democratic field for the 2020 presidential election is already crowded, with 25 declared candidates, and several more waiting in the wings. Most are running on similar platforms, promising a reversal of Donald Trump’s climate change–denying policies, better wages for the middle class, expanded healthcare benefits, and electoral reform that would beat back the influence of dark money. Trump is the first US president in more than 100 years not to have a dog in the White House, and Democratic candidates who do have one are flaunting their dog ownership, a crowd-pleasing way to put more distance between themselves and the president.
Investing.com - Gold prices fell to a one-week low on Monday, dropping below $1,400, as a trade truce between the U.S. and China boosted risk appetite, dampening demand for the safe-haven precious metal.
Based on the early price action, the direction of the September E-mini S&P; 500 Index the rest of the session is likely to be determined by trader reaction to Friday’s close at 2944.25.
In the middle of adverse EUR data, the most significant German June YoY HICP figures reported in-line with the previous 1.3%. The US Jobless Claims data missed estimates and revealed slightly higher figures.
Local residents allege since the factory arrived in Gunjur, swathes of dead fish and mammalshave washed up on the beach
Milner Consolidated Silver Mines Ltd. (CVE:MCA.H) shareholders might be concerned after seeing the share price drop...
Milner Consolidated Silver Mines Ltd. (CVE:MCA.H) shareholders might be concerned after seeing the share price drop...
The first Indian YouTuber to garner 10 million subscribers, Bhuvan Bam went from musician to comedian to writer-actor in a short film. Prajakta Koli, aka Mostly Sane, who has nearly 4 million subscribers on the video-sharing platform, went on to star in a WhatsApp commercial. For instance, with 28 films in her kitty, Alia Bhatt is already a household name in India.
Ten people vying to be president on one stage was always going to be messy, and the first Democratic primary debate was just that. Candidates talked over one another, MSNBC had technical problems, moderators struggled to stop candidates from talking when their time was up, and New York mayor Bill de Blasio yelled a lot. It’s not really possible to declare a “winner,” especially since there’s another debate tomorrow night with an entirely new slate of candidates.
NEM’s XEM joins the rest of the majors in the red in the early hours. A move back through to $0.099 levels would signal a rebound…
An hour's drive from Mongolia's capital Ulaanbaatar, a lavish monument to national hero Genghis Khan could provide a salutary lesson to the man who built it a decade ago: champion wrestler, businessman and current president, Battulga Khaltmaa. Nearly all of them saw their lives cut short during vicious fights for supremacy in medieval Mongolia's royal courts. Mongolia is at a political crossroads as public frustration mounts over disputes holding back vital mining and infrastructure projects, and President Battulga is preparing for a power struggle.
India's gold demand could fall 10% in 2019 from a year ago to the lowest level in three years as record high local prices dent retail purchases during a key festive season, the head of an industry body told Reuters. Lower purchases by India, the world's second biggest consumer after China, could limit a rally in global prices that hit a 6-year high earlier this week. "Of late, customers are not used to such a jump in prices," Anantha Padmanabhan, chairman of the All India Gem and Jewellery Domestic Council (GJC) told Reuters by telephone.