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Iranian Foreign Minister: Iran does not seek escalation, but any attack against our citizens or interests is unacceptable and compensation must be made for the damage.On July 29, according to Irans Fars News Agency, citing Israels Channel 12, Israeli and UAE officials recently held several secret meetings in an unnamed third country to discuss coordinating their positions on Iran and taking joint action in the international arena. The report stated that during the talks, the UAE strongly opposed the US-Iran memorandum of understanding, arguing that while the agreement might buy Iran time to improve its economic situation, it offered no substantial concessions. The two sides also discussed coordinating measures against Iran within international organizations, but agreed that any action would require prior consultation with the Trump administration. The report cited Western diplomatic sources as saying that the UAEs stance on Iran is tougher than some Gulf states, and that its ability to export energy through alternative routes strengthens its shared interests with Israel in dealing with the Iranian issue.On July 29th, according to The Information, Google (GOOG.O) disclosed last week that it has agreed to assume up to $44 billion in third-party data center lease payments in the event of tenant defaults. This figure is an increase from $6.5 billion at the end of September, reflecting Googles efforts to provide its AI chip alternatives to Nvidia to companies like Anthropic. It is understood that Google has assumed these commitments, known as "backup guarantees," to scale its TPU sales. Two sources revealed that Google assumed these commitments based on the consideration that the revenue generated from TPU sales would exceed the financial obligations arising from guaranteeing data center leases to accommodate these chips. One source stated that company executives were confident this financial calculation was favorable to Alphabet. The report states that Alphabet has already provided lease guarantees for approximately 2.4 gigawatts of capacity across about ten projects. These projects are currently incomplete, meaning Alphabets guarantees have not yet taken effect.As of the 2:30 closing bell, the main Shanghai gold futures contract fell 0.73% to 882 yuan/gram, the main Shanghai silver futures contract fell 1.43% to 14,016 yuan/kilogram, and the main SC crude oil futures contract fell 2.48% to 527 yuan/barrel.As of the 2:30 closing bell, the main Shanghai gold futures contract fell 0.73%, the main Shanghai silver futures contract fell 1.43%, and the main SC crude oil futures contract fell 2.48%.

Silver Markets Face the Same Headwinds, According to Our Silver Price Predictions

Daniel Rogers

Jun 17, 2022 11:33

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The silver market has opened higher on Thursday, despite the fact that the markets as a whole remain quite volatile. Silver is unpredictable under the best of situations, so it does make a lot of sense that this market finds itself trying to rise to the $22 level again. The $22 level is an area that has been like a magnet for pricing, so it would not surprise me at all to see a bit of hesitancy. In the event that we break above that level, the market will have to contend with the 50-day exponential moving average (EMA).

 

All else being equal, this is a market that continues to find quite a deal of downward pressure, especially since we have just created a significant “H pattern.” If we were to break over the 50 Day EMA, then it may open up a greater move, and breaking above the $23 mark might flip the whole thing around. That said, the bond market and the US dollar will almost certainly have a significant impact on the market. Keep an eye on the US Dollar Index, which has a strong negative association with silver most of the time.

 

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On the downside, the market falling down below the $20.50 level opens up fresh selling, and potentially an effort to move down to the $20 level. If the price of silver breaks through that level, it will throw the market into a tailspin as major selling pressure is released. At this time, I feel that it is more likely than not going to be a “fade the rallies” sort of marketplace.


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