Day: November 27, 2024

Goldman Sachs has warned of “significant consequences” for US consumers if President-elect Donald Trump moves forward with proposed tariffs on imports from Canada, casting doubt on whether the plan will ultimately be implemented. Reuters reported on Tuesday that Trump’s proposed 25% tariff on Canadian and Mexican imports would include crude oil, a key resource for US refineries. The oil industry has raised concerns that such a policy could harm consumers, the energy sector, and even national security. Canada and Mexico together supply approximately 25% of the crude oil refined in the United States, which is turned into products such as gasoline and heating oil, according to data from the US Department of Energy. Many US refineries are configured specifically to process crude from these two countries, leading industry experts to hope that oil might be excluded from any protectionist trade measures. However, according to Reuters, citing sources familiar with the matter, oil would not be exempt from the tariffs. Daan Struyven, head of commodities research at Goldman Sachs, noted that a 25% tariff on Canadian imports would likely drive up fuel prices in the US. Tariffs “could in theory lead to some pretty significant consequences for three groups of people: US consumers, US refiners, and Canadian producers,” Struyven said during a roundtable discussion. Yet, he expressed skepticism about the likelihood of such tariffs, given Trump’s focus on keeping energy costs low. The US currently imports nearly 4 million barrels of Canadian crude oil per day, a reliance that enables domestic producers to export more of their own oil. The Canadian Association of Petroleum Producers’ CEO warned that imposing tariffs would increase energy and gasoline costs for US consumers. The leading oil trade groups in the United States have voiced opposition to the proposed tariffs, marking an unusual divergence from Trump. “Across-the-board trade policies that could inflate the cost of imports, reduce accessible supplies of oil feedstocks and products, or provoke retaliatory tariffs have potential to impact consumers and undercut our advantage as the world’s leading maker of liquid fuels,” said a representative for the American Fuel and Petrochemical Manufacturers (AFPM), an organization representing oil refiners. The AFPM emphasized that it would “continue urging officials to veer clear of any policies that could disrupt America’s energy advantage.” submitted by /u/Pllover12 [link] [comments]

The UK government is urged to create a bitcoin reserve as Trump’s pro-crypto policies drive global competition in the race for digital economic dominance. https://preview.redd.it/vf1hyfiz7f3e1.png?width=1280&format=png&auto=webp&s=d930b5213ef38f7c1aba70c4047e49608b3d8794 Bitcoin Reserve in UK Sparks Debate as Trump Drives Global Crypto Shift Nigel Green, CEO of Devere Group, an independent wealth management and financial advisory organization, has called on the UK government to develop a national bitcoin reserve, likening the move to recent cryptocurrency initiatives seen in the U.S. under the incoming administration of President-elect Donald Trump. On Monday, Green underscored bitcoin’s potential to fortify the UK’s economic standing as its market value inches toward $100,000. He described the opportunity for Prime Minister Keir Starmer to spearhead a revolutionary financial strategy, remarking: “His administration has catalyzed conversations around bitcoin’s role as a strategic asset, recognizing its potential to safeguard and enhance a nation’s economic power in an increasingly digitized global economy,” the Devere executive elaborated. “Senator Cynthia Lummis of Wyoming has laid out a bold vision, proposing that the US Treasury and Federal Reserve acquire one million bitcoins over five years to hold as part of a strategic reserve.” Green cautioned that the UK cannot afford complacency in the race for economic innovation and autonomy. He contended that bitcoin’s unique traits, including its decentralized framework, finite supply, and resistance to inflation, establish it as a distinctive asset. “Holding Bitcoin as a strategic reserve could transform the UK’s fiscal strategy, offering a hedge against traditional market volatility and currency devaluation,” he stated. Highlighting the chance for Prime Minister Starmer to cement a legacy in digital finance leadership, Green declared: “The establishment of a strategic Bitcoin reserve would be a bold, visionary step that aligns with the growing momentum in digital finance worldwide.” Discussing the broader implications of a bitcoin reserve, Green detailed: “Imagine a future where a fraction of the nation’s debt could be offset by the meteoric rise of its bitcoin holdings. This is not just a hedge but a proactive step toward economic resilience,” Green opined. “It would attract crypto entrepreneurs, blockchain innovators, and digital asset investors to Britain, creating jobs and promoting growth in one of the most dynamic sectors of the global economy.” Green concluded by warning: “Global competition for tech leadership is fiercer than ever, the UK cannot afford to be a spectator. The US is already seemingly moving forward, and other nations are exploring similar strategies. If the UK fails to consider this, it risks being left behind in a financial landscape that is rapidly becoming digital-first.” submitted by /u/Pllover12 [link] [comments]

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“He’s so lucky”…What people dont see in profitable traders submitted by /u/glira31 [link] [comments]

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How to enter: ❗️ Drop a comment on this post – bonus points if you mention the indicators you actually use. You’re not just throwing darts in the dark, right? Though let’s be real, some of you trust Tarot cards more than tech analysis. ❗️ Join here and follow TrendSpider 👉 on YouTube. 📅 One lucky winner will be randomly selected TODAY, Wednesday, November 27 and announced on Friday. The winner will be picked directly by TrendSpider. r/XGramatikInsights has no part in the selection process – we just want to treat you right. Good luck, traders! P.S. You can still catch TrendSpider’s Black Friday sale through November 29 – save up to 65%! More about TrendSpider’s features here 👉 TrendSpider AI Strategy Lab. submitted by /u/XGramatik [link] [comments]

📊💡🤓 XAU/USD 📉 Gold is poised to drop 4000 points after retesting 38.2 Fibonacci. Price has crossed the upper Bollinger line and is testing the MA200, while the %R shows major overbought. Interesting 🤔 submitted by /u/Yuriy_UK [link] [comments]

Gold price bulls await acceptance above 100-period SMA on 4-hour before placing fresh bets From a technical perspective, Tuesday’s goodish rebound from the 61.8% Fibonacci retracement level of the recent recovery and the subsequent strength favor bullish traders. That said, oscillators on the daily chart are yet to confirm a positive bias and suggest that the move up is more likely to confront stiff resistance near the 100-period Simple Moving Average (SMA) on the 4-hour chart. The said barrier is pegged near the $2,645 region, above which the Gold price could climb further towards the $2,665 area en route to the $2,677-2,678 hurdle before aiming to reclaim the $2,700 round figure. On the flip side, the $2,624-2,622 region could offer some support ahead of the $2,600 mark. A convincing break below the latter will be seen as a fresh trigger for bearish traders and expose the 100-day SMA, around the $2,569-2,568 zone. This is followed by the monthly swing low, around the $2,537-2,536 area. Failure to defend the said support levels will be seen as a fresh trigger for bearish traders and set the stage for the resumption of the corrective decline from the $2,800 neighborhood, or the all-time peak touched in October. submitted by /u/Denchock [link] [comments]

The American cryptocurrency exchange Gemini began offering its products and services in France – just a month and a half before the EU Cryptocurrency Act (MiCA) came into force. French traders will be able to open an account on Gemini for making deposits, as well as for trading and storing over 70 crypto assets, the exchange announced. Gemini customers in France will be able to fund their accounts using debit cards, bank transfers and Apple Pay, in Euros and British Pounds. Advanced trading functions will be available for large legal entities, in particular, the ActiveTrader Gemini platform and over-the-counter (OTC) trading. submitted by /u/Yuriy_UK [link] [comments]

🇳🇿 New Zealand’s central bank cut its rate to 4.25% (from 5.25%) as expected, citing a slowing economy and leaving room for further cuts — CNBC. NZDUSD rises to 0.5860. 🛢 Key OPEC+ members discuss delaying the planned January oil production increase by several months, citing market conditions — BBG. XBRUSD trades at 72.28. 🤝 Israel and Hezbollah have agreed to a ceasefire in Lebanon. Following this, Hamas is prepared to halt fire in Gaza — AFP. 🇨🇳 CNBC reports China’s industrial profits fell 10% YoY amid deflation risks, signaling government stimulus has yet to reverse declining corporate earnings. HK50 corrected to 19 449. 🌐 Deutsche Bank forecasts the S&P 500 to reach 7,000 points in 2025, with a 17% upside from current levels and company earnings projected to grow by 11.6%. S&P 500 trades at 6,021.64. submitted by /u/Yuriy_UK [link] [comments]

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