Spot silver was at $18.178 an ounce in Asian trading on Monday. Silver rose sharply on the day, hitting an intraday high of $18.206 an ounce, but remained steady, up 1.88 percent on the day.
The violent law enforcement death of a black man in the United States has sparked widespread violent protests that have led to curfews in at least 40 cities across the country. Meanwhile, about 5,000 members of the national guard have been activated in 15 states and Washington, d.c., as of Monday morning local time, and another 2,000 will be activated if necessary.
According to the New York times, the unrest in Minnesota has spread to more than 70 cities across the United States, and at least eight states and Washington, d.c. have mobilized the national guard in response to the demonstrations.
At least 40 cities, the state of Arizona and Washington, d.c., have announced curfews for the night in response to recent protests across the country, CNN reported. States of emergency were declared in Arizona, Texas and Virginia.
Meanwhile, New York mayor bill DE blasio’s daughter, Chiara, was arrested during a protest in Manhattan on May 30, according to media reports on May 31. Mr. Chiara, 25, was arrested around 10:30 p.m. after police declared the protests on 12th street and Broadway in lower Manhattan to be illegal gatherings, the sources said. Reports say she did not tell police she was the mayor’s daughter when she was arrested. An hour after the incident, Mr. DE blasio called on protesters to “go home.”
US President Donald trump will hold a video conference with state governors on community safety at 11:00 am local time (23:00 PM Monday, Beijing time), according to media updates. Before that, trump will meet with U.S. attorney general Bob barr at 10:30 a.m. Monday local time (22:30 a.m. Monday Beijing time).
On the silver outlook, prices rose sharply in May on a rebound in industrial demand and strong investment from exchange-traded funds. Investors in the ETF market have been aggressive in increasing their holdings as industrial demand recovers and silver is invested in the same macro way as gold, mitsubishi said. Some of silver’s recovery is due to overdue technical action, while others are due to the effect of the gold/silver ratio.
As the world emerges from the first wave of the epidemic, it is important to remember that silver is not only a diversified portfolio product other than gold, but also an important industrial commodity in its own right, mitsubishi said. The role of men as catalysts for silver was greatly underplayed.
On the daily chart, the U.S. dollar index maintained its downward retreat under pressure, the MACD green momentum column extended, and the KDJ random index fell further sharply, indicating dollar short momentum intensified.
On the four-hour chart, the U.S. dollar index also maintained a volatile decline, MACD green momentum column held steady, KDJ random index turned lower, indicating that the dollar will further volatile short – term decline.
On the daily chart, silver prices held the trend of a steady rebound, MACD red kinetic energy column held steady, KDJ random index turned higher, indicating that silver upward momentum to strengthen, the next expected to continue to extend the recent rally.
On the 4 hour chart, silver prices also maintained a rising trend, the MACD red kinetic energy column expanded, KDJ random index moderately higher, indicating that gold short term will further expand the space to rise.
Fundamental positive factors:
- Worldometers world real-time statistics show that as of June 1, Beijing time, the global total number of confirmed covid-19 cases has exceeded 6.24 million, and the total number of deaths has exceeded 373,000. The us has the world’s largest number of confirmed covid-19 cases, with more than 1.83 million cases and more than 106,000 deaths.
- US President Donald trump said on Friday that Hong Kong no longer has enough autonomy to enjoy the special treatment granted by the us and that his administration will begin the process of removing the policy exemptions that give Hong Kong special treatment. Mr. Trump also announced several other measures aimed at Hong Kong and China. Mr. Trump said the United States would take measures against Hong Kong officials involved in undermining the territory’s autonomy. Meanwhile, Mr Trump said on Friday that he would end the us’s relationship with the world health organisation.
- According to the New York times, the unrest in Minnesota has spread to more than 70 cities across the United States, and at least eight states and Washington, d.c., have mobilized the national guard in response to the demonstrations.
- At least 40 cities, the state of Arizona and Washington, d.c., have announced curfews for the night in response to recent protests across the country, according to CNN. States of emergency were declared in Arizona, Texas and Virginia.
- Mr Trump has announced the postponement of next month’s planned G7 summit to September and wants to invite Russia, Australia, India and South Korea to the summit.
Fundamental negative factors:
The number of americans continuing to file for state unemployment benefits fell to 21.052 million in the week ended May 16 from 2.053 million, labor department data showed on Friday. The number of people renewing unemployment benefits fell by 4 million, the first drop since the coronavirus outbreak began.
- New data from the redesivir trial suggest that, for most patients at least, the five-day treatment is as effective as the 10-day treatment. This means that a limited supply of experimental drugs can go further, treating more patients with fewer doses. The findings were published Wednesday in the New England journal of medicine.
- As of Wednesday, every state in the United States will begin unwinding measures put in place weeks ago to contain the spread of the coronavirus, even as the daily rate of new cases continues to rise in some parts of the country. The last state to lift some restrictions is Connecticut, which will allow outdoor dining venues, offices, retail stores and malls, museums and zoos to reopen with restrictions on Wednesday.
- Us biotech company Moderna says the vaccine mrna-1273 for covid-19 is safe and well tolerated; The final phase of vaccine trials is expected to begin in July. Dynavax, an American biopharmaceutical company, followed with good news. A novel coronavirus vaccine trial could take place as early as July, the company said.