On Tuesday (August 11th) in session, the dollar index and gold are declining, the dollar index is 93.55, near the spot gold fell below $2020 an ounce, to $2018 / ounce now, the world’s largest gold ETF has a march to the largest divestment, analysts believe that this for gold market in the short term trend is likely to be a “red flag”. In the latest update on the china-us situation, US President Donald Trump, Secretary of State Mike Pompeo, Treasury Secretary Mnuchin and other senior US officials all made china-related remarks on Monday. Investors will continue to keep an eye on developments in The U.S. and China this trading day, following news that TikTok could file a federal lawsuit as early as Tuesday.
U.S. Treasury Secretary Steven Mnuchin said Monday that companies from China and other countries that do not meet accounting standards will be delisted from U.S. stock exchanges by the end of 2021. Mr. Mnuchin and other officials recommended the move to the Securities and Exchange Commission last week to ensure That Chinese companies adhere to the same standards as Their American counterparts, prompting China to call for candid dialogue.
At a White House briefing, Mr. Mnuchin said the SEC was expected to adopt the recommendations. “By the end of next year… They all have to abide by the same accounting rules or they will be delisted on the exchange.”
The proposal is part of the Trump administration’s efforts to correct what it says is a deep imbalance in relations between the world’s two largest economies. In the past few months, tensions between the two countries have risen over China’s handling of the coronavirus outbreak, Hong Kong and human rights.
U.S. President Donald Trump said on Monday that China had also failed to live up to its promise to buy more American goods under the first phase of a trade deal signed in January, though he said purchases should increase next year. Mr. Trump said increasing purchases of American goods under trade agreements “will never pay for the loss of life in our country and around the world.”
The United States and China have agreed to hold high-level talks on August 15 to assess China’s compliance with a bilateral trade agreement signed in early 2020, the Wall Street Journal reported On August 4, citing sources familiar with the matter.
Mr. Trump also repeated his call on Monday for the World Trade Organization to stop treating China as a developing country, which he said gives Beijing an unfair advantage over the United States and other countries. China considers this classification to be justified because many parts of the country are still developing.
Relations have soured rapidly this year over a series of issues, including China’s handling of novel Coronavirus, telecom equipment maker Huawei, China’s territorial claims in the South China Sea and the rollout of Hong Kong’s National Security law.
On August 7 local time, the US Treasury Department issued a statement, announcing that the United States will impose sanctions on 11 Chinese officials, including Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor. “The United States stands with the people of Hong Kong, and we will use our tools and power to fight those who undermine Hong Kong’s autonomy,” U.S. Treasury Secretary Steven Mnuchin said in a statement. The US Treasury said Mrs Lam had been sanctioned because she was “directly responsible for implementing Beijing’s policy of suppressing the freedom and democratic process” in Hong Kong.
On August 10, Chinese Foreign Ministry Spokesperson Zhao Lijian held a regular press conference. A reporter asked about the US sanctions against several officials of the Hong Kong Special Administrative Region. Zhao Lijian, said the state department and the Ministry of Finance on the grounds that the alleged damage Hong Kong’s autonomy, announced sanctions against 11 and the Hong Kong special administrative region of China’s central government, the relevant ACTS in Hong Kong affairs publicly, gross interference in China’s internal affairs, a serious violation of international law and basic principles in international relations, China is firmly opposed, strongly denounce.
He announced, in view of the us is wrong, we have decided to from now on, on the question of hong kong-related performance of bad U.S. senator rubio, cruz, Holly, cotton, rice, Congressman Smith, as well as the President of the national democratic foundation cashman, President of the national association of international affairs democracy mead wei, President of the international republican institute, crisis, human rights watch, executive chairman of Ross, freedom house executive sanctions Roman abramovich has’s race.
On Monday, Lai Zhi-ying, the Hong Kong media tycoon, became the most senior figure to be arrested under a Hong Kong security law on suspicion of colluding with foreign powers when about 200 police raided the offices of his Apple Daily newspaper. Hong Kong police confirmed the arrest of at least nine people, all male, aged between 23 and 72, on suspicion of “conspiring with foreign countries or forces outside the territory to endanger national security and conspiracy to commit fraud”, and did not rule out more arrests.
Mr Lai’s arrest has further raised concerns about the media and other freedoms promised when Hong Kong returned to Chinese rule in 1997. On June 30th China imposed a sweeping new security law on Hong Kong, drawing condemnation from western countries.
Us Secretary of State Mike Pompeo said on Monday he was “deeply disturbed” by reports that Mr Lai had been arrested “under Hong Kong’s strict national security laws”. This, he said, was further proof that the Communist Party had “hollowed out” Hong Kong’s freedoms and eroded the rights of its people. “This is further proof that the Chinese Communist Party has deprived Hong Kong of its freedom and eroded the rights of the People of Hong Kong,” Pompeo said on Twitter.
Pompeo later said he was not optimistic that China would reconsider its position on Hong Kong, especially after the arrest of media tycoon Lai Chi-ying under the territory’s new national security law. “Given what we’ve seen this morning and over the past week, I’m not optimistic that they’re going to change what they’re doing,” Pompeo told the Conservative Political Action Conference.
Trump again blamed China
U.S. President Donald Trump on Monday urged Americans to stop “novel Coronavirus” politicizing and blamed China for the U.S. outbreak.
“We must stop the virus politicized, on the contrary, we must unite as one, condemned the virus is how to come to the United States, how to come to the world,” trump coronavirus pandemic in the White House said at a news conference, “we will find the answer, we will find the answer, we are very angry.”
Moments later, Mr. Trump blamed China and discussed extending the moratorium on evictions due to the outbreak. Mr. Trump signed an executive order on Saturday that expands federal protections for deportations. “It’s not their fault. The virus originated in China. This is China’s fault.”
World real-time statistics show that in the United States, there have been more than 5.24 million confirmed cases of COVID-19 and more than 166,000 deaths.
Trump also said that nearly half of those who died of the “China virus” in the United States were in nursing homes and long-term care facilities.
Trump has repeatedly blamed China for the outbreak and its spread in the country. He said China had long concealed the extent of the outbreak.
However, public health experts say the Trump administration’s failure to act quickly to contain the virus, a lack of coordinated response between the federal government and the states, and poor early detection are the main reasons for so many cases in the United States.
The New York Times reported on August 10 that the Trump administration is proposing a new policy to temporarily block the entry of Americans suspected of having a novel Coronavirus.
In recent months, Mr. Trump has imposed sweeping rules barring foreigners from entering the United States, citing the potential for the virus to spread from overseas hotspots. But the rules exempt two categories of people who are trying to return to the United States: U.S. citizens and non-citizens who are already here legally. Now, a draft provision would expand the government’s power to block the entry of citizens and legal residents in limited individual cases. Federal agencies have been given until Tuesday to provide feedback to the White House on the proposal, but it was unclear when it might be approved or announced.
About two-thirds of Americans believe the United States is lagging behind other countries in its response to coVID-19, according to a national Public Radio/Ipsos poll released August 4. According to the poll, 41 percent of Americans think the U.S. response to coVID-19 is much worse than other countries, 25 percent think it is worse, and fewer than three in 10 think it is better.
The long-term outlook for gold remains bullish
In the longer term, most analysts see room for gold prices to rise further. Most of the main drivers of gold’s rise remain in place, including heavy central-bank money printing, low interest rates, rising geopolitical tensions and the looming US election.
Gold could go even higher, said Michael Cuggino, chief executive of the Permanent Portfolio Fund. In an interview, he said it was “not unreasonable” for gold to break through $4,000 an ounce. Gold could extend its gains as money is pumped into the U.S. economy, the dollar weakens and investors worry that inflation could return.
E.B. Tucker, director of Metalla Royalty and Streaming, sees gold continuing to rise to $2,500 an ounce by the end of the year. The current bull run is not out of control and gold will continue to advance at a steady pace. Tucker correctly predicted that gold would hit the $2,000 mark.
Edward Moya, senior market analyst at broker OANDA, said gold could rise to $2,300 by the end of the year.
“Despite the possibility of a short-term pullback, the medium – to long-term outlook for gold and other precious metals remains bullish amid a low interest rate environment and fiscal and monetary stimulus,” said Margaret Yang, strategist at DailyFx.
Eureka mining, the Report editor Richard Baker said: “domestic and geopolitical uncertainty remains: the us election, stagnant recovery plan, the United States congress to restrain the recovery of virus, potential civil unrest and u.s.-china tensions escalated rapidly (now because TikTok and limited WeChat exacerbated) continue to cause investors sought a safe haven.”
“The novel Coronavirus will not stop governments around the world from printing money anytime soon and gold will benefit from that,” said Bob Haberkorn, senior market strategist at RJO Futures. The next target price for gold is $2,090.”
“Technically, bulls have a strong overall near-term technical advantage,” said Jim Wyckoff, senior analyst at Kitco.com. Resistance to gold could be around $2,100 in the short term, he said.