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Gold prices remain stable as Fed chief Warsh prepares to deliver his Jackson Hole address
Market participants were waiting for the remarks of Federal Reserve chair Kevin Warsh at the Jackson Hole Symposium, hoping to gain insight into the central banks future interest rate policy. By 0652 GMT, spot gold had not changed much from $4,603,91 per ounce. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities. U.S. gold futures fell 0.1% to $4 657.10. Matt Simpson, senior analyst at StoneX, stated that the case for Warsh leaning hawkish was greater than for him to not do so. This could lead to gold falling further from its current cycle highs, in the near term. He said: "But I think any dip in the market will be welcomed by bulls who missed the first phase of this rally and want to have another go at $5,000." On Thursday, Fed officials expressed their concerns regarding the U.S. Inflation landscape as central bankers met in Jackson Hole. The Fed officials' comments come a day after the Personal Consumption Expenditures Price Index, the Fed’s main inflation indicator, was found to be 3.7% for the 12-month period ending in July. Later in the day, Fed Chair Warsh will speak. According to CME FedWatch, traders see roughly a third chance that the U.S. will raise rates in September. By December, they expect a 74.2% probability. Gold is less appealing in an environment with high interest rates because it has no yield. In a recent note, precious metals analyst Christopher Wong stated that the yellow metal is still supported by increased participation in exchange traded funds and futures. He also cited concerns about U.S. fiscal reliability and continued purchases from the official sector. However, there are risks of a consolidation, he said. In India, gold discounts fell sharply 'this week', on the back of rumours that the government might consider rolling back recent import duties. Silver spot rose by 1.3%, to $70.13 an ounce. Platinum was up 1.7%, at $1,878.58, and palladium gained by 2.1%, to $1,379.50. (Reporting and editing by Rashmi aich, Subhranshu Sahu, Ronojojo Mazumdar in Bengaluru)
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District official: Nepal lake's water level is rising and breaking its banks
Narendra Pariyar said that the district's most senior bureaucrat, Narendra pariyar, received a notification on Friday saying that a lake had?broken it banks two days after flash flooding hit?the area. Both Nepal and China warned of new flood risks in the Himalayas after a lake formed across their borders due to debris from the flash flooding. He said that he could see the?water level in the river rising, but that it was unclear at this time how high the water level actually is. The authorities in Nepal have said that they will not be continuing rescue operations during the next 90 minutes. Witnesses reported that helicopter rescue operations were halted in the district and that locals rushed up the hill. Chinese state broadcaster CCTV warned that a lake dammed upstream of the Gyirong port border had started to overflow. A Chinese rescue team captured aerial footage of the formation of a lake barrier on Thursday. The video showed masses of brown water collecting in a basin without a visible outlet. Water had submerged trees and bushes and was pushing against a wall of stones and debris. All Chinese personnel and vehicles were also moved to safer areas, as the risks of the lake breaking and secondary disasters like mountain collapses and an avalanche intensified. The death toll confirmed in Nepal following the flash floods that hit its border areas on Wednesday and Tibet neighbouring has now risen to 469, with almost 1,000 people still missing. The?glacier collapsing had sent a torrent of rock and debris through the Himalayan river systems.
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Northam Platinum declares record-breaking dividend following near eightfold increase in annual profit
Northam Platinum, South Africa, announced on Friday that its annual 'profit' increased by nearly a tenfold due to record production and higher price, allowing it to pay the highest dividend in its history. Northam reported headline earnings per share at 30.44 Rand ($1.90) in the year ending June 30, up from 3.81 rand one year ago. The miner announced that it would pay a record-breaking final dividend of 10 Rand per share. This is a 400% rise from the final payout last year. Northam's payout total for the year is now 6.8 billion rand. Northam's refined Platinum Group Metal (PGM), which is a subset of platinum, has increased 4% in output to 938.754 ounces. Chrome concentrate production increased by 17%, reaching a new record of 1.69 million metric tons. Northam reported a 57% increase in the basket price of its PGMs. Revenues increased 64%, to 54 billion rand. After receiving an unsolicited bid from a major South African platinum miner, the company has invited interested parties to participate in a competitive bidding procedure.
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China warns that a lake formed near the Nepal border by glacier debris is starting to overflow
Chinese authorities announced on Friday that a lake created by debris from the glacier collapse which caused catastrophic flooding along the China-Nepal boundary has started to 'overflow. This forced rescue operations to stop. China and Nepal?both warned of new?risks for flooding in the Himalayas on Thursday, as a 'debris dam' created a lake that was threatening to collide. China has been rushing to reduce the threat of further flooding at the border crossing connecting its Tibet region with Nepal after a deadly flash flood occurred on Wednesday. The state broadcaster CCTV reported on Friday that the risks of the lake bursting, as well as secondary disasters like mountain collapses and an avalanche, have caused?all Chinese emergency vehicles and personnel to withdraw and stand by in a secure area. The reservoir of the?lake has reached 2.5 million cubic meters, up from 1.5-2 million cubic meters that an eight-member Chinese engineering team dispatched to the site recorded the day before. CCTV reported that authorities mobilized the engineering team on Thursday to conduct aerial surveys of the barrier lakes and 3D modeling. Chen Hanxiao, one of the engineers, said that the site was difficult to access. Chen, speaking to CCTV on Thursday night, said that after the glacier collapsed and created the lake many steep cliffs were visible along its shoreline. Chen explained that the best way to reduce the threat of the lake is to dig a drainage channel near the dam. This channel's width and depth were calculated based on the speed of the water flow and the rate at which the lake would fill. According to their survey, the lake measured 150 meters in length and 40-50 meters in depth. Gyirong's border port has experienced light to moderate rain, which has caused soil and rock around the unstable zone upstream to become looser. Rain is expected to continue for the next week. China warned on Thursday that 3 million cubic meters -- equivalent to about 1,200 Olympic-sized swimming pools -- will flow into the lake still dammed over the next three days, creating a risk of breach. Peak flow is expected around September 1. A Chinese rescue team captured the formation of a lake barrier in aerial footage shown by CGTN, state broadcaster. The footage showed?masses of brown water accumulating into a basin without a visible outlet. It had already submerged trees and bushes, and was pushing against a wall of stones and debris. Officials say that nearly 1,000 people are still missing, on both sides, including 540 foreigners. Reporting by Liz Lee and Qiaoyi Li; Editing by Lincoln Feast.
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China rushes in to minimize risk of mountain barrier lake near Nepal border
China is racing to reduce a risk of a barrier-lake bursting that could cause more flooding along the border crossing between its Tibet region and Nepal. This could exacerbate the catastrophe which has claimed hundreds of lives since Wednesday. Both Nepal and China warned of new risks of flooding as a newly formed lake across their borders threatens to collapse. The region is still dealing with the catastrophic floods of this week. According to CCTV, the Chinese authorities mobilized an eight-member team of engineers to conduct aerial surveys as well as 3D modelling for the barrier?lake. Chen Hanxiao, one of the engineers, stated that the challenges include difficult access to the site. On Thursday night,?Chen said that after the glacier collapsed created the lake many isolated cliffs as well as steep cliffs appeared. Chen explained that the best way to reduce the threat of the lake is to dig a drainage channel below the dam. However, the width and depth needed to be calculated based on how quickly water will flow and fill the lake. The survey revealed that the reservoir was 1.5-2 million cubic meters of water. It measured 150 metres in length and 40-50 metre depth. The next task was to collect data and monitor the lake, as well weather monitoring for the upcoming days. Gyirong's border port area has experienced light to moderate rain, which has caused soil and rocks surrounding the unstable zone upstream to become looser and more unstable. Rain is expected to continue for the next week. China warned on Thursday that over the next few days 3 million cubic meters -- or the equivalent of 1,200 Olympic swimming pools -- will flow into the lake still dammed, creating a risk of a breach. Peak flow is expected around September 1. A Chinese rescue team captured the formation of a barrier?lake in aerial footage shown by state broadcaster CGTN. The footage showed masses of brownish water accumulating in a basin without an obvious outlet. It had already submerged trees and bushes, and appeared to be pushing against a wall of stones and debris. Officials say that nearly 1,000 people are still missing, both on the Chinese and American sides of border. This includes 540 foreigners, from 31 different countries. Reporting by Liz Lee and Qiaoyi Li; Editing done by Lincoln Feast.
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Stocks are cautious as Warsh makes his Jackson Hole debut. FX and bonds also hold their breath
After a technology rally fueled by Nvidia, shares in Asia slowed down on Friday. The currency and bond markets waited for the most powerful central banker of the world to comment on U.S. rates. The oil prices are headed for a weekly loss as Iran and Oman have agreed to share'revenues and administer 'traffic along the Strait of Hormuz, even though Washington is not interested in restarting direct talks with Tehran. Brent fell 0.4% to $89.33 per barrel, but the weekly decline was expected to be over 5%. The Nikkei, Japan's stock market index, rose 0.5%. Taiwanese stocks gained 0.8% as Nvidia's shares jumped nearly 9% over night after the chipmaker announced robust results. The chipmaker also signaled that the AI spending boom still has many years to run. South Korea's KOSPI fell 1.5% and Hong Kong's Hang Seng increased 0.4%. S&P 500 and Nasdaq Futures fell 0.2% while the?EURO STOXX50 futures rose 0.3%. The Federal Reserve's Jackson Hole Symposium is the focus of attention. Chair Kevin Warsh will?speak at the end of the day. Three Fed officials already raised the alarm over sticky inflation, but the new chief of the central bank has refused to provide any forward guidance on where interest rates will go. Futures prices indicate that there is a 35% probability of the Fed raising interest rates at its meeting on September 16. They are fully priced for a rate hike by December. In a client note, ANZ analysts said that while they do not expect him give any forward guidance, the markets hope he will help reduce the uncertainty around the Fed's response function. "We don't expect this to be forthcoming, but given the recent volatility of rates markets, it could cause a negative market reaction if Warsh offers a too small amount." After the Fed meeting in July, longer-dated yields jumped as Warsh was perceived as not having offered enough concrete steps to address persistently high inflation. Warsh is also leading a Fed that's divided, as several policymakers are calling for higher interest rates to curb price pressures. The yield on 30-year Treasury bonds increased by 1 basis point last Friday to 5.2045%, but fell 7 basis points in this week. They briefly topped 5.3% for the first time since 2007. This prompted a surprise move from U.S. Treasury, which stepped up its buyback program. The 10-year yields rose by 1 bps and fell 5 bps in the past week. Meanwhile, two-year rates remained at 4.2340%. The dollar's value against major currencies was 99.20 cents on Friday, but it is up 0.4% this week. The Australian dollar is among the 'best-performing G10 currencies, after a hot inflation report this week led to a sharp repricing in Reserve Bank of Australia interest rate outlook. The Aussie reached a three-month high of $0.72, and was on track for a 0.4% weekly increase. This is the ninth consecutive week of gains. Gold dropped 0.5% on the commodity market to $4,579 per ounce. This week, it is expected to drop 0.5%.
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As Fed chief Warsh’s Jackson Hole address looms, gold prices fall
The price of gold fell on Friday, as investors waited for the remarks made by Federal Reserve chair Kevin Warsh at a Jackson Hole symposium. Gold spot fell 0.5%, to $4,580.19 an ounce at 0438 GMT. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities. U.S. Gold Futures fell 0.7% to $4.632.40. Matt Simpson, senior analyst at StoneX, stated that the case for Warsh leaning hawkish was greater than "the case against him". This could lead to a further decline in gold from its cycle highs, Matt Simpson said. He said: "I suspect that bulls who missed the first phase will view any such dip favourably. They are eager to have another go at $5,000." Fed officials expressed their concern?about inflation in the United States on Thursday, when central bankers met in Jackson Hole. The Fed officials' comments were made a day after the Personal Consumption Expenditures Price Index, the Fed’s main inflation indicator, was found to be 3.7% for the 12-month period ending in July. Later in the day, Fed Chair Warsh will speak. According to CME FedWatch, traders see a 33.7% chance of an increase in U.S. interest rates by September and a 74.2 percent chance by December. Gold tends to lose its appeal in an environment with high interest rates, despite its role as an inflation hedge. The gold price is supported by the increased participation in exchange traded funds and futures. Concerns over U.S. financial credibility?and ongoing official-sector purchases are also factors. However, there remains a risk of consolidation, according to OCBC's precious metals strategist Christopher Wong. He said: "We remain positive (on silver), but a cleaner extension upwards likely requires a renewed weakness in U.S. dollars and yields as well as a decisive break over the $70.60-$72 area of resistance." Silver spot fell 0.6%, to $68.85 an ounce. Palladium dropped 0.2%, to $1349.44. Platinum fell 0.3% to $1,840.78 and is on course for a loss of the week.
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Morning bid Europe-Warsh takes the hot seat in Jackson Hole
Rae Wee gives us a look at what the European and global markets will be like tomorrow. Investors are focused on what Federal Reserve Chair Kevin Warsh says about inflation, and how he plans to bring it down to the target. Warsh is unlikely to meet expectations given his reluctance to provide forward guidance. But at least, markets are hoping for a more definite?reconciliation' between recent policy and inflation rhetoric. Although the steep selloff in U.S. Treasuries is now over, the yields are still well above what they were at the start of the year. This partly reflects investors' doubts that the Fed can keep inflation under control. The markets reacted cautiously to the speech. U.S. Futures fell lower, while European Futures were nudged higher. The Fed is not the only one with a credibility problem. It's also a problem for the U.S. Treasury Department. Warsh and Treasury Secretary Scott Bessent appear to be at odds on a key question in U.S. Financial Policy. How hands-off should policymakers be in deciding the price of money? Warsh has argued for a retreat from the Fed's longstanding communications policies, and instead let the?markets take the lead. Bessent, on the other hand, has used a variety of tools, many of which are unusual, to aid the market. Debate about the line to be drawn between fiscal and monetary policies is raging around the world. Warsh will also be asked about "fiscal dominant" in Jackson Hole on Friday. Investors may be disappointed if they look to him for the answers. The following developments could have an impact on the markets this Friday: – Kevin Warsh’s speech at Jackson Hole, – German import prices in July – French preliminary inflation data for August (Editing by Jamie Freed).
INSIGHT-Offshore wind challengers in Australia, Europe lean on US groups for recommendations
Costs Thompson's. battle to stop overseas wind farms was once confined to the small. U.S. state of Rhode Island where he lives. Today, he is part of. a worldwide movement.
In April, Thompson, who is director of the activist group. Green Oceans, got an e-mail from a fellow anti-offshore wind. group more than 10,000 miles (16,000 km) away called Accountable. Future?( Illawarra Chapter). They were searching for guidance on methods. to fight projects off Australia's southeast coast. In August,. he got another demand, this time from French group PIEBIEM. fighting jobs in Brittany.
It's constantly good to know that other people are thinking the. very same method you are, he informed Reuters.
These groups are amongst a dozen or more local activist. companies across the U.S., Europe and Australia who told. Reuters they have started sharing methods, talking points and. other resources in their typical mission to hinder offshore wind. -- an advancement they hope will transform what was as soon as a. disorganized scattering of regional activists into a significantly. sophisticated worldwide network.
Numerous anti-offshore wind groups said they think. federal governments and wind developers, such as Orsted,. Avangrid and Shell, are minimizing the. ecological damage triggered by tasks as they promote the. renewable energy source as an option to environment change.
In most cases, the groups are wanting to anti-offshore wind. activists on the U.S. East Coast for suggestions, citing their years. of success in slowing or cutting the size of significant jobs,. deteriorating public support for the technology, and winning over. conservative politicians like previous President Donald Trump,. whose administration had actually supported offshore wind, today. opposes it virulently as the Republican presidential candidate.
Offshore wind is a nascent market in the U.S. and a secret. pillar of President Joe Biden's plan to fight climate modification. However, plans to install turbines along every U.S. shoreline. have been challenged by skyrocketing costs and supply chain snags and. attracted multiple suits over concerns about the industry's. influence on tourism, property worths, fishing and marine environments.
Reuters reporting reveals how the groups' international cooperation. provides a fresh difficulty to the market as it permits brand-new. opposition groups to quickly take advantage of years of work done by. others. Oftentimes, it also assists to propagate viral,. politically effective, but sometimes false talking points,. consisting of that turbines eliminate threatened whales and not do anything to. sluggish global warming.
It's a substantial problem, and I do not think the industry has actually got. its head around A, what's occurring, and B, what to do about. it, Ben Backwell, CEO of the Worldwide Wind Energy Council, a. Lisbon-based market trade group, said.
Opposition groups say they are just starting.
We wish to go further, for example with joint. statements, and a better media effect, to alert public. opinion, stated Eric Sartori, secretary of PIEBIEM, which in. French mean Maintaining the Environmental Identity of. Southern Brittany and the Islands versus Offshore Wind.
A U.S. West Coast group told Reuters this month it is. starting a national anti-offshore wind company. Other. groups, including Responsible Future (Illawarra Chapter), said. they have actually gone over forming an international coalition, specifically as. the rest of the world steps up attempting to overtake China,. Britain and Germany, the top manufacturers of offshore wind energy.
NURTURED ONLINE
Sartori of PIEBIEM said he initially got in touch with Green Oceans and. another group in Nantucket after seeing images of damaged wind. turbine blades cleaning ashore in Massachusetts this summertime on. social networks platform X.
Sartori said Green Oceans' Thompson helped, consisting of by. supplying him a quote from a U.S. federal government agency recommending. offshore wind has no environment benefit.
That quote - it is prepared for there will be no cumulative. impact on global warming as an outcome of overseas wind jobs. - now appears on PIEBIEM's website next to photos of fiberglass. fragments cluttering Nantucket's coast.
The Bureau of Ocean Energy Management informed Reuters the quote. belonged to an ecological analysis of a job, which the. second half of the sentence - not present on PIEBIEM's website -. says wind jobs may beneficially add to a wider. mix of actions to minimize future effects from environment. change.
BOEM regularly mentions in its environmental evaluations that wind. power will not change the course of global warming by itself. however can help when combined with other actions.
In other groups, posts vary from hesitation about whether. wind turbines can make it through high winds to worries they will obstruct. ocean views. The most viral, however, is that overseas wind. development threatens whales.
That claim caught fire in the U.S. in early 2023 after. a number of New Jersey and New York groups blamed the industry for a. spate of whale deaths and caught the attention of conservative. media.
The claim is now repeated by challengers around the world,. including in France and Australia.
The U.S. federal government states the claim has no merit, and links. most human-caused whale deaths to vessel strikes and. entanglement in fishing equipment.
A clean energy trade group, American Clean Power. Association, stated it is resolving opposition by working to. communicate the benefits of offshore wind, such as financial. development and energy self-reliance.
False information weakens trust, cultivates confusion, and. divides communities at a time we need more American energy, a. spokesperson for ACP stated.
SPECIALIST SUPPORT
Green Oceans has actually enlisted the assistance of Spanish marine. biologist Josep Lloret, who has actually raised concerns about the. prospective environmental harms of offshore wind in the. Mediterranean Sea, and hosted a talk by Texas-based reporter. Robert Bryce who is skeptical of the renewable energy. transition.
Other groups piggy-back off their work.
Green Oceans ... the charm of them is they have scientists. behind them, so we might look at the documents they are saying are. factual and identify they are peer examined, stated Jenny. Cullen, president of Australia's Responsible Future (Illawarra. Chapter).
It wasn't Charlie down the road using ChatGPT to pull up. BS.
The techniques are currently helping turn an industry that. received little opposition during its early days in Europe. decades ago into a political hot potato.
In New Jersey, where opposition to overseas wind is perhaps. more powerful than in any other U.S. state, support for the industry. stood at 50% late in 2015 from 80% 4 years previously,. according to a poll by Stockton University.
Trump has actually also signed up with the movement, guaranteeing to halt. offshore wind projects if he recovers the presidency in. November.
His administration several years earlier had actually promoted offshore. wind as a part of his America First agenda, and held a record. offshore wind government auction in 2018.
Trump's project did not react to ask for comment.
In Australia, which is a new target for overseas wind. developers, the primary opposition party has actually likewise swung behind the. motion, and public opposition has been growing-- reaching 18%. in September, from 12% a year previously, according to polls from. Freshwater Technique.
In France, meanwhile, a Senate committee in July recommended. cuts to the nation's overseas wind target, arguing the. innovation is pricey and does not have maturity. The nuclear. powerhouse is currently lagging its neighbours on renewable resource. and has fallen back targets set by the European Commission.
In tandem with their successes, groups opposed to offshore. wind have been dogged by allegations they are backed by. conservative interests connected to the nonrenewable fuel source market.
A 2023 study by researchers at Brown University mapped links. in between U.S. groups and conservative think tanks, consisting of a. case in which the Delaware-based Caesar Rodney Institute. supported a claim to block the Vineyard Wind task submitted by. a Nantucket group, ACK4Whales.
Amy DiSibio, a board member of ACK4Whales, said her group is. not partisan and has actually distanced itself from the pro-fossil fuel. believe tank. A New Jersey group, Secure Our Coast NJ, stated the. same.
It takes away from our message, Robin Shaffer, president. of Protect Our Coast NJ, stated in an interview.
(source: Reuters)