Published Date: February 17th, 2020
Can Coronavirus Trigger a ‘Black Swan’ Event? Gold Price is Watching the Negatives – Analysts
When it comes to gold, there is a lot one can learn by looking at the tight range the precious metal has been in for the past few weeks, forming a triangle formation, said O’Connell.
“You can draw lines on the chart of the declining highs and the rising lows, which points to a triangle formation. Once a commodity has broken decisively out of a triangle formation, there tends to be a reasonably large move, usually of the sort of magnitude of the base of the triangle,” she noted.
Gold’s resistance is still at $1,600 and prices are staying close to that level, which is encouraging, said Gainesville Coins precious metals expert Everett Millman.
“Anything that takes us above $1,585 is bullish and could get us to $1,600,” he told Kitco News. “Really, it is just building up safe-haven demand that hasn’t broken that dam yet, but it is still there.”
Global economic conditions are really starting to deteriorate quite rapidly. Economists were projecting that Japan’s GDP would shrink by 3.8 percent on an annualized basis in the fourth quarter, but instead, it greatly surpassed expectations by plunging 6.3 percent. If Japan’s GDP falls again during the first quarter of 2020, and thanks to the coronavirus outbreak that seems very likely, then the world’s third-largest economy will officially be in a recession. But of course, the outlook for China is even worse. At this point, economic activity in China has come to a standstill, and this has thrown global supply chains into a state of chaos. It certainly appears that the entire global economy will shrink during the first quarter, and that will be the very first time that has happened in more than a decade. And if this coronavirus outbreak continues to intensify in the months ahead, the economic consequences are going to be absolutely catastrophic.
Even though the experts were anticipating a slowdown in Japan, nobody had any idea that it would be this bad…
Japan’s gross domestic product shrank at an annualized pace of 6.3 percent from the previous quarter in the three months through December, according to a preliminary estimate by the Cabinet Office released Monday.
Economists surveyed had predicted a fall of 3.8 percent, flagging the adverse impact of a sales tax increase, weak global demand and typhoon disruption.
The sales tax increase is being primarily blamed for this collapse in GDP, and without a doubt, consumer spending in Japan was way down last quarter…
Consumer spending fell 11.1% after the national sales tax was raised in October to 10% from 8%. During the same month, Typhoon Hagibis ravaged a large swathe of the country.
Capital spending declined 14.1% and exports slipped 0.4% due to the fallout from the U.S.-China trade war.
Japanese officials were hoping that GDP would bounce back this quarter, but now the coronavirus outbreak has changed everything.
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This Week’s News At a Glance
Americans began leaving a quarantined cruise ship off Japan on Monday (Feb 17) to board chartered flights home as the number of new coronavirus cases diagnosed on the vessel jumped to 355. The evacuation came as Japanese authorities stepped up warnings over the deadly outbreak, urging citizens to avoid crowds and “non-essential gatherings.”
French health minister Agnes Buzyn reported the first death from COVID-19 in Europe on Saturday. The victim, an 80-year-old Chinese tourist.
A patient in Taiwan has died from COVID-19, a man in his 60s who had not traveled abroad recently and had diabetes and Hepatitis B.
Bill Gates warns “10 million deaths” possible in Africa.
“It’s highly possible to get infected a second time. A few people recovered from the first time by their own immune system, but the meds they use are damaging their heart tissue, and when they get it the second time, the antibody doesn’t help but makes it worse, and they die a sudden death from heart failure,” reads a message forwarded to Taiwan News from a relative of one of the doctors working on the front lines of the novel coronavirus in the United Kingdom.
The 1,000-bed hospital constructed in about a week to handle the Covid-19 outbreak in Wuhan, China, opened its doors about 13 days ago, or around Feb 03, has already experienced a massive water leak that has flooded hallways.
The representatives of the nations that lost citizens when Iran shot down a civilian plane on January 8 over Tehran have called upon the Islamic Republic to hand over the black boxes for expert analysis.
The US Education Department announced that it has launched an investigation into Harvard and Yale universities on suspicion of failing to report “hundreds of millions of dollars in foreign gifts and contracts” from China and other countries.
Residents of Göle, a town in Turkey’s northeastern Ardahan province, suffered record-breaking temperatures of minus 40 degrees this week, while heavy snowstorms battered the eastern half of the country. The freezing temperatures and blizzards also cut off access to many regions, such as an area in Van province’s Çaldıran district where 13 migrants remain missing, presumed dead.
Reports from Rasht Northern Iran indicate that due to heavy snow, roads have been blocked with locals forced to stay at home without power. Locals say the snow was forecasted from 2 weeks ago, but no preparations were taken to prevent the crisis.
Residents of central and southern Iraq opened their curtains Tuesday morning (Feb. 11) to an incredibly rare scene — the first “settling” snowfall in over a century.
Over 1,700 Chinese medical professionals have been infected with novel coronavirus, six of them have died, China National Health Commission Vice Minister Zeng Yixin informed during Friday’s press conference.
Beijing’s purge of officials in Hubei province picked up the pace with the removal of the top Communist Party leaders in the region as the central government responded to public anger.
In a twist of grim irony, the 59-year-old Iraqi immigrant and father of seven, who instituted a sadistic reign of religious terror within his family, was previously praised for “fighting extremism” and running his mosque in Sweden’s southernmost Skåne County with “zero tolerance for extremism”, has been sentenced 8 years behind bars. The sentence came after his family testified about a reign of terror driven by the so-called Muslim honor culture. By their own admission, Darragi habitually exposed his family to abuse, unlawful coercion and death threats, which left them “terrified and crying”.
The Marine Drive police on Friday arrested a 19-year-old youth for allegedly breaking into the house of a businessman in south Mumbai, India. The youth had passed out on the couch after drinking one-and-a-half-bottles of champagne. “The cops were called and the kid was taken into custody. During the probe, he confessed that he had entered the house illegally to steal valuables but could not resist after seeing two bottles of champagne,” the officer said.
Royal Caribbean Cruises Ltd. appears to have finally made the right call on Thursday evening after it announced it would suspend 18 lines. The short-term impact is a 65% on earnings for the year, but at least it would prevent further spreading of the virus and limit PR disasters such as what’s happening on Carnival Corp.-owned ‘Diamond Princess’ – the ship currently trapped in Yokohama, Japan with more than 174 infected.
Cleaners wearing hazmat suits disinfected a 37-story tower block in London, where a resident with a fever was escorted from in an ambulance.
Heathrow was gripped by coronavirus fears with up to eight planes put on lockdown after passengers on board complained of tell-tale symptoms.
Two MPs have today revealed they have gone into ‘self-isolation’ after attending a Westminster bus conference that was attended by one of the UK’s nine coronavirus patients and 250 other delegates.
While Attorney General William Barr continues his investigation into Russiagate for which Sen. Lindsey Graham (R-SC) said ‘half the people are going to jail’ if we ‘just hang tight,’ Democrats across the board are calling for his resignation – or impeachment, following his decision to overrule federal prosecutors on their recommended sentence for former Trump adviser Roger Stone. There’s also been talk of a second Trump impeachment over allegations that he interfered in Stone’s case, according to Fox News. Democrats’ freakout over Barr’s intervention in the Stone case comes on the heels of their last freakout over Barr’s willingness to accept information from Rudy Giuliani gathered during the course of his independent Ukraine investigation.
The US District Court of Manhattan has found attorney Michael Avenatti guilty of all three charges regarding his attempt to extort $25 million from multinational athletic apparel company Nike. Avenatti was convicted on Friday of one count of fraud and another two counts of extortion after prosecutors alleged the 48-year-old lawyer attempted to extort $25 million from Nike after defrauding a client over improper payments to families of college basketball recruits. The attorney faces a statutory maximum of 20 years behind bars. Sentencing is slated for June 17.
- 2020 CG2 2020-Feb-17 2.3 LD 8.7 46 m.
- 2020 CK1 2020-Feb-17 8.6 LD 8.1 17 m.
- 2018 CW2 2020-Feb-17 6.3 LD 10.2 m.
- 282020 BA10 2020-Feb-18 12.3 LD 9 m.
- 29 2020 CX1 2020-Feb-19 14.1 LD 7.9 m.
- 53 2020 BL7 2020-Feb-19 13.9 LD 8.5 m.
- 36 2020 CO2 2020-Feb-19 3.9 LD 15.4 16 m.
LD > Lunar Distance = 384,401 km
Sunspot number: 0
Current Stretch: 14 days
2020 total: 30 days (64%)
Severe Tropical Storm Gabekile South Indian Ocean – Quasi Stationary – 60 kts – 983 hPa
A low northwest of Samoa (TD07F) is expected to move southeast and deepen into a significant tropical depression over the next couple of days, and there is a MODERATE risk that it will be a tropical cyclone from tonight.
A significant tropical depression (TD07F) is expected to move southeast between Niue to the Southern Cook Islands on Tuesday or Wednesday, and there is a MODERATE risk it will be a tropical cyclone.
Strongest EQ in Europe M4.8 NE of Crete, Greece
Strongest EQ in Africa M4.3 Morocco
Strongest EQ in North America M3.2 Texas
Strongest EQ on the Planet M5.5 Iran (16 Feb)
Deepest EQ M3.9 229 km Argentina
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