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On June 29, local time, the Omani Ministry of Foreign Affairs released excerpts from an interview with Foreign Minister Badr. Badr stated that Oman remains committed to ensuring a safe, peaceful, and free navigation environment in the Strait of Hormuz for all parties. He pointed out that Oman and Iran have reached a consensus in existing dialogues that any future arrangements involving the Strait of Hormuz must be conducted within the framework of international law. Regarding the issue of passage fees, which has attracted international attention, Badr stated that Oman does not support levying passage fees on transit vessels, but he did not rule out the possibility of exploring mechanisms related to maritime services. Badr said that issues such as strengthening navigation safety, improving emergency response capabilities for maritime accidents, and preventing marine pollution could be explored, drawing on practices related to other straits. He said that such arrangements would be formulated in consultation with countries and shipping companies using the Strait of Hormuz, with the aim of improving maritime services and ensuring navigation safety, rather than adding new burdens to global trade.Federal Reserve Governor Cook: The Supreme Courts decision to uphold the lower courts ruling and affirm that removal from office must be based on due process and just cause demonstrates that the Feds independence is crucial to fulfilling the Congressional mandate for price stability and full employment.June 29 – Iraqi oil, which had been stranded due to the Middle East conflict, has been successfully shipped out of the Persian Gulf in the past 10 days, thanks to the fragile ceasefire between the US and Iran, which has eased traffic congestion in the Strait of Hormuz. According to tanker tracking data compiled by Bloomberg, ships carrying approximately 14 million barrels of Iraqi oil departed the Persian Gulf in late June and are currently transporting the crude oil to buyers in Asia, Europe, and the United States. This means that the average daily shipment volume over the 10-day period was approximately 1.4 million barrels. Data shows that all cargoes loaded since late February and temporarily stranded in the Persian Gulf have now departed for their final destinations.A White House reporter for Semafor, a US financial media outlet, reports that multiple industry organizations, led by the US Chamber of Commerce, have written to the House Rules Committee expressing "strong opposition" to a proposed provision in the National Defense Authorization Act that would prohibit defense contractors from conducting stock buybacks.White House officials: U.S. Secretary of State Rubio and U.S. Special Envoy Witkov will brief Congress by phone on the progress of the Iran peace agreement.

Predictions for the Silver Market: A Turbulent Time Ahead

Alina Haynes

Jul 22, 2022 14:58

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Silver fell during Thursday's trading session, but it recovered after the European Central Bank raised interest rates, which placed downward pressure on the US dollar. I believe it is only a matter of time until sellers re-enter the market and force this commodity lower since this is a market that continues to witness a lot of noisy activity. However, there are many grounds to believe that silver's value will decline below that of the dollar.

 

Silver's demand is expected to remain weak due to low consumer demand. At this point, I believe it is best to "fade the rise," since it will likely be just a matter of time until sellers re-enter the market. We're probably going to break up soon, and the $20 level above should provide a lot of resistance on the way up.

 

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It's conceivable that sellers will enter the market even if we break over the $20 level, and then the 50 Day EMA will come into play. The 50-day moving average (MA) is currently at $20.73, and it's falling. In the end, I believe that many individuals will rush into this market as soon as it shows indications of tiredness. If the price drops below the hammer's base, it would be reasonable to assume that the $15 support level will be quickly breached.


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