Morning Call: FOMC minutes weigh on sentiment
Head of Editorial Content, Saxo Bank
Summary: Today's edition of the Saxo Morning Call features Saxo Bank Head of Commodity Strategy Ole Hansen and derivatives specialist Mathias Alrixon discussing the latest Federal Open Market Committee minutes, which have sent US yields higher again and pushed investor confidence lower.
Podcast: Rising US yields rip through gold and silver in chaotic move
The US 10-year yield was only up 6.6 basis points yesterday but the move was enough to set in motion a selling pressure so large that liquidity dried up causing a dramatic downside move across both gold and silver. Long duration assets such as technology stocks were also hit but not to the same degree and equities are generally bid this morning. We also talk US politics on back of yesterday's announcement from Biden that Kamala Harris is the vice president nominee.
Presidential candidate Joe Biden chose Kamala Harris as his vice president
The choice of vice president is a safe-bet by Bidden but also giving his campaign solid staying power and intellect. Kamala Harris is real person with CV to back it up.
Market Quick Take - August 12, 2020
The S&P 500 benchmark fell for the first time in eight days yesterday while the technology-heavy Nasdaq traded lower for a third day. Another rise in US bond yields ahead of three key bond auctions weighed on all markets with a correction in gold and silver turning decisively ugly. News that stimulus talks have reached a stalemate in Washington also weighed on the markets.
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