Welcome to Showdown 2020
(Kitco News) - Happy almost Thanksgiving!
Everything is winding down in New York City as the markets will be closed tomorrow and open half-day Friday. But despite the shorter trading week, it has been an eventful one.
On Wednesday, Gold prices remained under pressure falling slightly but still holding critical support above $1,450 an ounce as momentum in the U.S. manufacturing sector and third quarter GDP rose significantly last month.
On the US-China relations front, it looks like both countries are moving closer to a phase 1 trade deal. Earlier this week, CNBC's Jim Cramer noted that the mainstream media has got this ordeal all wrong. He noted that the U.S. mainstream media is incorrect in that Chinese premier Xi Jinping "is a great Chinese man with great democratic leanings" and that in the U.S., "we have a madman as president."
"China is the enemy, except for in the mainstream media that just loves Xi," the "Mad Money" host said about the ongoing negotiations regarding "Phase One" of a trade deal on CNBC's "Squawk Box."
Which brings us to the unveiling of our Outlook theme for 2020 – if you are interested in learning about the behind the scenes action that goes on for this event: every year the editorial team convenes to discuss possible themes that can encompass what the following year may hold.
This year, the team decided on SHOWDOWN since we anticipate next year to be a "showdown" of many sorts: US/CHINA, BREXIT, U.S. dollar versus gold, a race in central bank buying of gold….the list goes on. We will be launching on December 12 and will run for a month. Our Outlook is always a fan favorite, so be on the lookout for some outstanding content!
On the topic of central buying, while last week we saw Serbia buying gold, this week we see Poland wanting some of its gold back in its own backyard. The country repatriated 100 tons of gold from the Bank of England's storage in London- a move done to show the strength of the country's economy, the National Bank of Poland (NBP) on Monday.
In other news, we welcome back our globe-trotting journalist Neils Christensen who recently returned from Colombia where he learned about the nation's growing mining sector. Colombia is on the cusp of seeing its first new gold mine in decades. Neils talked to Continental Gold's regional executive about the hurdles the company had to overcome as they expect to see commercial production in the first quarter of 2020.
Wow! What a week full of news! We will leave you with that! For all our American friends, a very happy Thanksgiving filled with all the trimmings and stuffing!
See you next week!