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On September 20th, the Ministry of Culture and Tourism issued the "15th Five-Year Plan for the Construction of the Public Cultural Service System." The plan proposes that by 2030, the level of balanced development of public cultural services will be continuously improved, the integrated construction of urban and rural public cultural service systems will be fully promoted, and the regional collaborative development mechanism will be more sound. The supply mechanism of public cultural services will be further improved, and an open, diversified, and collaborative supply pattern will be basically formed. The digitalization of public culture will reach a new level, and digital resources will be richer. Significant progress will be made in the reform of the public cultural service system and mechanism, and the vitality of innovation and creativity in public culture will be significantly enhanced. The plan comprehensively deploys five key tasks: promoting the quality and efficiency of public cultural services through reform, continuously promoting the construction of modern public libraries, promoting the prosperity and development of mass culture, promoting the balanced development of public cultural services, and improving the digitalization level of public cultural services. At the same time, it lists 18 key projects based on actual conditions to ensure that the direction is clear, the long-term goals are well-defined, and the implementation is grounded in reality.On September 20, two attacks occurred in the West Bank, resulting in the death of one Israeli and one Palestinian by Israeli forces. The Israel Defense Forces (IDF) issued a statement saying that a Palestinian man attempted to ram Israeli soldiers with his car in the Ghanim area near Jenin in the northern West Bank and was shot dead by Israeli forces. Separately, according to the IDF and Israeli emergency services, a shooting occurred near the Nevechuff settlement northwest of Ramallah. A gunman opened fire from a car on Israelis near a spring, seriously injuring one Israeli man before fleeing the scene. Israeli media, citing medical personnel, reported that the seriously injured man had died.On September 20th, the Party Leadership Group of the Ministry of Agriculture and Rural Affairs held a meeting. The meeting emphasized that cultivating and strengthening the agricultural machinery equipment industry is a key support for agricultural modernization. It stressed adhering to the development direction of intelligence, greening, and integration, focusing on addressing prominent shortcomings such as high-end intelligent machinery and machinery suitable for hilly and mountainous areas. The meeting called for concentrating superior resources and efforts to overcome key challenges in a number of landmark complete machines and key common technologies, accelerating pilot-scale testing and mature application, so that more areas of agricultural production can have "organic produce available and good machinery available." The meeting also emphasized vigorously promoting "artificial intelligence + agriculture," expanding application scenarios for drones, the Internet of Things, and other technologies, so that new productive forces can better empower the development of modern agriculture.On September 20th, US President Trump stated on social media: "At the strong request of the US military and for national security purposes, I have agreed to transform the magnificent Arc de Triomphe—planned for many years since the Civil War—located in Reception Plaza next to the Arlington Memorial Bridge, into a top-tier military complex/Arch de Triomphe—capable of housing, storing, and rapidly deploying large numbers of drones, while also deploying snipers on the rooftops and plaza area, and additionally storing and maintaining a large quantity of sniper ammunition. There is no similar facility anywhere else in the world. Of the 59 top cities and capitals in the world, Washington, D.C., is the only city without an Arc de Triomphe, but now it will have one, and it will be the greatest ever!"Market news: Israeli Prime Minister Netanyahu has ordered increased military presence in the West Bank, including a blockade, arrests, and the demolition of the residences of those who carried out the attacks.

Silver Price Prediction: XAG/USD falls as the dollar recovers some of its losses

Daniel Rogers

Oct 13, 2022 14:35

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Despite US Treasury bond yields retreating from weekly highs as a result of FOMC minutes indicating Fed officials' reluctance to declare triumph over inflation, the silver price extended its losing streak to four consecutive days.

 

Earlier in the European session, the XAG/USD reached a session high of $19.30 before falling to a session low of $18.84 before recovering some ground. XAG/USD is trading at $19.05 at the time of writing, 0.77% below its opening price.

 

US stocks ended Wednesday's trading session with slight losses. The atmosphere deteriorated as a result of the BoE's reiteration that the emergency bond-buying program will finish on October 14, and the minutes from the September FOMC meeting, which weighed on risk-perceived assets.

 

According to the FOMC's minutes, policymakers "stressed that the cost of taking insufficient action to reduce inflation likely outweighed the cost of taking excessive action." Officials emphasized that it will be necessary to "calibrate the pace of future rate hikes" in order to mitigate the impact on the US economy.

 

Several Fed members stressed the need to maintain a restrictive policy for as long as necessary, reaffirming the necessity to raise interest rates for an extended period.

 

In addition, traders are preparing for Thursday's US inflation report for September. Data released on Wednesday indicated that the Producer Price Index (PPI) increased by 8.5% year-over-year, while the so-called core PPI increased by 7.2%, which was less than the prior reading and projections.

 

According to the CME FedWatch Tool, the probability of a 75 basis point rate hike are 82% given the current environment. Consequently, the white metal will likely continue under pressure, preventing silver buyers from placing new wagers as US Treasury yields climb.