In a post written for Monetary Metals titled: Chinese Central Bank Just Secretly Bought 60 Tonnes of Gold the author writes:
The People’s Bank of China (PBoC) is covertly buying very large amounts of gold, adding upward pressure to a tense gold market.
According to Chinese customs, gross gold import into the Beijing region for September accounted for 69 tonnes, which is roughly in line with the U.K.’s gross export to China of 60 tonnes. Source: Monetary Metals
US equities advanced on Tuesday ahead of the Fed's preferred inflation gauge out on Wednesday. Large caps bested small caps: S&P 500 (+0.57%) vs. Russell 2000 (-0.73%). MSCI Emerging Markets (EEM) and MSCI EAFE (EFA) dropped 0.42% and 0.58% respectively.
Market News: Mercantilist China
"Apple is facing an uphill battle to release its own artificial intelligence models for iPhones and other products in China, with a top Beijing official warning that foreign companies will confront a “difficult and long process” to win approval unless they partner with local groups.FT
"Federal Reserve officials expressed confidence that inflation is easing and the labor market is strong, allowing for further interest rate cuts albeit at a gradual pace, according to minutes from the November meeting released Tuesday.CNBC
"The U.S. government is granting Intel up to $7.87 billion to help fund new chip plants in four states, the largest award in the Biden administration program aimed at reviving American chip-making." Source: WSJ
"President-elect Donald Trump’s advisers and allies say Kevin Hassett, a longtime adviser to Trump, is the front-runner to lead the National Economic Council... WSJ
"The [FCC] said on Tuesday it has approved a license for T-Mobile and Elon Musk's SpaceX Starlink unit to provide supplemental coverage from space in a bid to extend internet access to remote areas.Reuters
"Cybersecurity firm CrowdStrike raised its annual revenue and profit forecasts and beat third-quarter revenue on Tuesday, betting on growing demand for cybersecurity services amid growing online threats.: CNBC
"Xiaomi is preparing a self-designed mobile processor for its upcoming smartphones in an effort to reduce its reliance on foreign suppliers Qualcomm and MediaTek. Bloomberg
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