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On May 11th, the Guangzhou Municipal Market Supervision Bureau launched a comprehensive campaign to regulate the online ride-hailing and online freight platforms and the transportation sector, leveraging its market supervision functions. The campaign aims to further standardize the operations of these platforms, effectively protect the legitimate rights and interests of operators and consumers within these platforms, and maintain a fair and competitive market order. The targets of the campaign are online ride-hailing platforms, online freight platforms, and other e-commerce platform operators as defined in Article 9 of the "E-commerce Law of the Peoples Republic of China." The campaign will strengthen the supervision of platform transaction behavior through methods such as random inspections, investigation of complaints and reports, and big data monitoring. The focus will be on investigating and punishing illegal activities such as platforms using service agreements, transaction rules, and technical means to impose unreasonable transaction restrictions and charge unreasonable fees. The campaign will also promote the dissemination of laws, regulations, and compliance guidelines on internet platform pricing behavior and online transaction supervision to comprehensively improve operators compliance awareness and operational capabilities. The campaign will focus on key areas such as road transport, taxi services, motor vehicle repair, and driver training, and will severely crack down on unlicensed operations, unfair competition, price violations, false advertising, and other behaviors that infringe upon consumers legitimate rights and interests.Shares of U.S.-listed gold mining companies fell in pre-market trading, with Newmont down 1.9%, Sibani Gold down 1.8%, and Harmony Gold down 2.4%.On May 11th, the Shanghai Futures Exchange (SHFE) reported the following warehouse receipts and changes: 1. Stainless steel futures warehouse receipts: 64,098 tons, an increase of 5,516 tons compared to the previous trading day; 2. Aluminum futures warehouse receipts: 461,525 tons, an increase of 549 tons compared to the previous trading day; 3. Low-sulfur fuel oil futures warehouse receipts: 19,050 tons, a decrease of 8,520 tons compared to the previous trading day; 4. International copper futures warehouse receipts: 12,338 tons, an increase of 523 tons compared to the previous trading day; 5. Nickel futures warehouse receipts: 70,381 tons, a decrease of 7 tons compared to the previous trading day; 6. Rebar futures warehouse receipts: 94,161 tons, an increase of 2,135 tons compared to the previous trading day; 7. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged compared to the previous trading day; 8. Copper futures warehouse receipts: 88,077 tons, a decrease of 1,851 tons compared to the previous trading day; 9. Butadiene rubber futures warehouse receipts: 31,480 tons, an increase of 31,480 tons from the previous trading day; 10. Fuel oil futures warehouse receipts: 58,530 tons, a decrease of 5,500 tons from the previous trading day; 11. TSR20 rubber futures warehouse receipts: 36,187 tons, a decrease of 202 tons from the previous trading day; 12. Silver futures warehouse receipts: 845,431 kg, an increase of 33,018 kg from the previous trading day; 13. Alumina futures warehouse receipts: 505,850 tons, an increase of 505,850 tons from the previous trading day; 14. Hot-rolled coil futures warehouse receipts: 623,108 tons, a decrease of 2,652 tons from the previous trading day; 15. Pulp warehouse futures warehouse receipts: 199,456 tons, an increase of 478 tons from the previous trading day; 16. Pulp mill warehouse futures warehouse receipts: 15,000 tons, unchanged from the previous trading day; 17. Natural rubber futures warehouse receipts totaled 137,030 tons, an increase of 3,000 tons from the previous trading day; zinc futures warehouse receipts totaled 101,437 tons, an increase of 557 tons from the previous trading day; petroleum asphalt plant warehouse futures warehouse receipts totaled 21,790 tons, unchanged from the previous trading day; petroleum asphalt warehouse futures warehouse receipts totaled 24,200 tons, a decrease of 1,800 tons from the previous trading day; tin futures warehouse receipts totaled 8,975 tons, a decrease of 137 tons from the previous trading day; lead futures warehouse receipts totaled 57,524 tons, an increase of 1,995 tons from the previous trading day; and gold futures warehouse receipts totaled 109,653 kilograms, unchanged from the previous trading day.Estonian Foreign Minister Tshakna: Former German Chancellor Schröder will not represent Europe.The onshore yuan closed at 6.7954 against the US dollar at 16:30 on May 11, up 63 points from the previous trading day.

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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