Daily Gold News: Wednesday, August 10 – Gold Goes Sideways Ahead of Inflation Data

Gold Price Recap

The gold futures contract gained 0.39% on Tuesday, August 9, as it extended a short-term consolidation along the $1,800 price level. On Tuesday it was the highest since early July and this morning, gold is still trading above the $1,800 level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.1% lower this morning, as it is extending a consolidation ahead of the Consumer Inflation number release. What about the other precious metals? Silver is 0.4% lower, platinum is 0.1% lower and palladium is 1.0% lower. So the main precious metals’ prices are slightly lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Preliminary Nonfarm Productivity release has been as expected at -4.6%.

Today we will get the important CPI release at 8:30 a.m. and the Final Wholesale Inventories release at 10:00 a.m., among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Wednesday, August 10

  • 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
  • 10:00 a.m. U.S. – Final Wholesale Inventories m/m
  • 1:01 p.m. U.S. – 10-y Bond Auction
  • 2:00 p.m. U.S. – Federal Budget Balance
  • All Day, Japan – Bank Holiday

Thursday, August 11

  • 8:30 a.m. U.S. – PPI m/m, Core PPI m/m, Unemployment Claims
  • 1:01 p.m. U.S. – 30-y Bond Auction

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

Will U.S Inflation Data Make Or Break Gold’s Rally?

U.S. CPI and Next Fed Rate Hikes

With the Employment Report now in the rear-view mirror, U.S Consumer Price Inflation data is anticipated to be the next big market-moving event that traders will not want to miss.

Over the last 12 months, inflation has spread to every corner of the economy with primary Cost of Living Expenses from Food, Fuel, Housing, Clothing and Energy prices – rising at double-digit annual rates for the first time in over 40 years – further deepening the country’s cost-of-living crisis.

A string of recent much hotter-than-expected inflation readings have enviably spurred the Federal Reserve’s efforts to restore price stability, which intensified in June after officials abandoned previously-laid plans to deliver a half-point interest rate hike and instead dropped a bombshell on the markets by raising interest rates by a “super-sized” 75 basis points.

In July, the Federal Reserve raised interest rates by another super-sized 75 basis points for the second month in a row.

The latest rate hike means the central bank is in the throes of the most aggressive cycle of monetary tightening since 1981. It follows a 50 basis point rate hike in May and a 75 basis points rate hike in June – the first of that magnitude since 1994.

There’s no denying that we are in an environment, where the Federal Reserve is faced with a tough choice: high inflation or the risk of recession. Faced with that choice, the Fed’s recent actions clearly signal they have chosen a recession.

After raising interest rates by 200 basis points in the last 60 days, Fed Chairman Jerome Powell signalled that another super-sized hike could be on the cards for September – all, of course, depending on the upcoming inflation data.

With the Federal Reserve taking a data-dependent approach on rate hikes, traders are now carefully watching every economic release for clues on the markets next big move.

Just how aggressively the Fed will raise rates again next month will ultimately be determined by the central bank’s favourite measure of inflation – Consumer Price Index (CPI) data, due for release on Wednesday.

If the reading tops forecasts again for another straight month in a row, that will intensify pressure on the Fed to respond with yet another “super-sized” 75 basis points rate hike or maybe even an “historic” 100 basis point rate hike at their next policy meeting.

Gold Price Forecast Video for August 10, 2022

Right now, Gold remains a traders’ market packed with endless opportunities to capitalize on the short-term macro-driven volatility – And that’s the most profitable strategy right now!

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

For a look at all of today’s economic events, check out our economic calendar.

Daily Gold News: Tuesday, August 9 – Gold Price Going Sideways

Gold Price Recap

The gold futures contract gained 0.78% on Monday, August 8, as it retraced most of the Friday’s decline of 0.9%. Gold price extended its short-term consolidation along the $1,800 level. On Thursday it was the highest since early July on rallying stock markets, economic data releases, but Friday’s monthly jobs data announcement sent the price of gold lower. This morning gold is trading above the $1,800 level again, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.1% higher this morning, as it is still trading along the $1,800 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.3% lower and palladium is 1.8% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Today we will get the Preliminary Nonfarm Productivity number release at 8:30 a.m., among others. The market will be waiting for the tomorrow’s CPI release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Tuesday, August 9

  • 6:00 a.m. U.S. – NFIB Small Business Index
  • 8:30 a.m. U.S. – Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
  • Tentative, U.S. – IBD/TIPP Economic Optimism

Wednesday, August 10

  • 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
  • 10:00 a.m. U.S. – Final Wholesale Inventories m/m
  • 1:01 p.m. U.S. – 10-y Bond Auction
  • 2:00 p.m. U.S. – Federal Budget Balance
  • All Day, Japan – Bank Holiday

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

Daily Gold News: Monday, August 8 – Gold Price is Close to $1,800 Again

Gold Price Recap

The gold futures contract lost 0.87% on Friday, August 5, as it retraced a big chunk of its Thursday’s rally of 1.7%. On Thursday it was the highest since early July on rallying stock markets, economic data releases, but Friday’s monthly jobs data announcement sent the price of gold lower. This morning gold is trading slightly higher, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.3% higher this morning, as it is trading closer to the $1,800 level again. What about the other precious metals? Silver is 1.7% higher, platinum is 0.1% higher and palladium is 2.8% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Friday’s Nonfarm Payrolls release has been higher than expected at +528,000, but the Average Hourly Earnings release has also been higher than expected at +0.5% m/m. Today we won’t get any new important economic data releases. The market will be waiting for the Wednesday’s CPI number release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Monday, August 8

  • No important economic data announcements

Tuesday, August 9

  • 6:00 a.m. U.S. – NFIB Small Business Index
  • 8:30 a.m. U.S. – Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
  • Tentative, U.S. – IBD/TIPP Economic Optimism

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

What’s Next For Commodity Prices As Inflation Takes Centre Stage?

Latest Central Banks Rate Hikes

Last month, the European Central Bank finally joined the global “Rate-Hike Club”, by delivering its first interest rate increase since 2011.

And they definitely did it in style, by surprising the market with a larger-than-expected 50 basis point hike, in an attempt to play catch-up with the rest of its peers.

A week later, the U.S Federal Reserve raised interest rates by another “super-sized” 75 basis points for the second month in a row – verging on its most aggressive cycle of monetary tightening since 1981.

And then on Thursday – the Bank of England followed in the ECB’s and Federal Reserve’s aggressive footsteps by unleashing its first “super-sized” interest-rate hike since 1995.

IMF Warns About Incoming Recession

As traders know – every major central bank rate hike enviably pushes the global economy one step closer to a recession. Those odds increased last week with the International Monetary Fund warning that the worldwide race to raise interest rates poses a significant risk of a “double-dip” recession.

A double-dip occurs when two successive recessions happen relatively close to one another, and the second one happens because of compounded effects from the first.

The last time the global economy experienced a double-dip recession was in the 1980s.

Back in the early 1980’s, the global economy entered a short recession that lasted just six months, followed by a two-year downturn that stretched from the 1981 through to the fall of 1983.

According to Goldman Sachs, the parallels between then and now are strikingly identical.

A very short-lived recession in 2020, is now looking extremely likely to be followed by a severe and prolonged recession ahead.

Impact on Commodity Prices

If history has taught us anything, then the one thing that we do know for certain is both scenarios, whether that’s persistent Inflation or a Recession, ultimately present an extremely lucrative backdrop for commodity prices.

What’s Next?

Looking ahead, more big moves could be on the horizon this week with inflation continuing to dominate and drive the markets.

The biggest macro events that traders will not want to miss out on include U.S Consumer Price Inflation and Producer Price Inflation data. Both readings come out prior to the Federal Reserve’s highly anticipated Jackson Hole meeting this month – and as always have the potential to move the markets significantly.

If both Inflation reading come out hotter-than-expected, that will intensify pressure on the Fed to respond with yet another “super-sized” 75 basis points rate hike or maybe even an “historic” 100 basis point rate hike at their upcoming policy meeting in September.

Whichever way you look at it, the case for commodities in a well-diversified portfolio has never been more obvious than it is right now!

Commodity Price Forecast Video for the Week 8 – 12 August, 2022

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

Precious Metal Prices Surge As Global Economy Nears Double-Dip Recession – What’s Next?

Latest Central Bank Rate Hikes

Another week and another major central bank rate hike. That’s one of the most lucrative and predictable money making opportunities of the current financial climate that we find ourselves in right now.

Last month, the European Central Bank finally joined the global “Rate-Hike Club”, by delivering its first interest rate increase since 2011.

And they definitely did it in style, by surprising the market with a larger-than-expected 50 basis point hike, in an attempt to play catch-up with the rest of its peers.

A week later, the U.S Federal Reserve raised interest rates by another “super-sized” 75 basis points for the second month in a row – verging on its most aggressive cycle of monetary tightening since 1981.

Fast forward to this week – the Bank of England followed in the ECB’s and Federal Reserve’s aggressive footsteps by unleashing its first “super-sized” interest-rate hike since 1995.

On Thursday, the BoE pushed through its biggest rate hike in 27 years by raising its key interest rate by 50 basis points – as it desperately grapples to fight inflation, which is running at a four-decade high and the worst cost-of-living crisis seen in more than 60 years.

Significant Risk of Recession

As traders know – every major central bank rate hike enviably pushes the global economy one step closer to a recession. Those odds increased last week with the International Monetary Fund warning that the worldwide race to raise interest rates poses a significant risk of a “double-dip” recession..

A double-dip occurs when two successive recessions happen relatively close to one another, and the second one happens because of compounded effects from the first.

In 1980, the global economy had a short recession that lasted just six months, followed by a two-year downturn that stretched from the 1981 through to the fall of 1983.

According to Goldman Sachs, the parallels between then and now are strikingly identical. A very short-lived recession in 2020, is now looking extremely likely to be followed by a severe and prolonged recession ahead.

If history has taught us anything, then the one thing that we do know for certain is both scenarios, whether that’s persistent Inflation or a recession, ultimately present an extremely lucrative backdrop for precious metal prices.

Right now, this is a traders’ market packed with endless opportunities to capitalize on the short-term macro-driven volatility – And that’s the optimal strategy right now!

Commodity Price Forecast Video for August 5, 2022

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

Daily Gold News: Friday, August 5 – Gold Price Fluctuates Ahead of Monthly Jobs Release

Gold Price Recap

The gold futures contract gained 1.72% on Thursday, August 4, as it extended a short-term uptrend. It was the highest since early July on rallying stock markets, economic data releases. This morning gold is trading along the $1,800 price level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.4% lower this morning, as it retraces some of its yesterday’s advance ahead of the important monthly jobs data release. What about the other precious metals? Silver is 0.7% lower, platinum is 0.8% higher and palladium is 0.5% higher. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Unemployment Claims release has been as expected at 260,000. Today we will get the Non-Farm Employment Change, Unemployment Rate and Average Hourly Earnings releases at 8:30 a.m. We may see an increase in volatility following the monthly jobs data announcement.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Friday, August 5

Monday, August 8

  • No important economic data announcements

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Thursday, August 4 – Gold Price is Close to the $1,800 Level Again

Gold Price Recap

The gold futures contract lost 0.74% on Wednesday, August 3, as it retraced some of the recent advances. The market bounced from its Monday’s new local high of $1,805. The yellow metal’s price followed stock market’s rally, among other factors. This morning gold is trading close to the $1,800 price level again, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.8% higher this morning, as it is trading along the $1,800 level. What about the other precious metals? Silver is 1.2% higher, platinum is 0.8% higher and palladium is 2.1% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s ISM Services PMI release has been better than expected at 56.7. Today we will get the Unemployment Claims, Trade Balance releases and a speech from the FOMC Member Mester. The markets will be waiting for tomorrow’s monthly jobs data release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Thursday, August 4

  • 7:00 a.m. U.K. – BOE Monetary Policy Report, MPC Official Bank Rate Votes, Monetary Policy Summary, Official Bank Rate
  • 7:30 a.m. U.K. – BOE Governor Bailey Speech
  • 7:30 a.m. U.S. – Challenger Job Cuts y/y
  • 8:30 a.m. U.S. – Unemployment Claims, Trade Balance
  • 12:00 p.m. U.S. – FOMC Member Mester Speech
  • 9:30 p.m. Australia – RBA Monetary Policy Statement

Friday, August 5

  • 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 8:30 a.m. Canada – Employment Change, Unemployment Rate
  • 3:00 p.m. U.S. – Consumer Credit m/m

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Analysts slash platinum and palladium forecasts amid global slowdown: Reuters poll

By Ashitha Shivaprasad and Peter Hobson

(Reuters) – Analysts and traders have sharply lowered their price forecasts for platinum and palladium as a global economic slowdown reduces demand, a Reuters poll showed on Wednesday.

Both metals are used primarily by auto makers, which embed them in engine exhausts to reduce emissions. Platinum is also used in other industries, jewellery, and for investment.

Platinum prices have fallen from a 9-month high of $1,179.81 an ounce in March to around $900 and palladium from a record high of $3,440.76 an ounce in March to around $2,100.

The median forecasts from a survey of 27 analysts and traders were for platinum to average $900 an ounce in the third quarter of 2022, $914 in the fourth and $1,013 in 2023.

That is down from a forecast of $1,170 for 2023 returned by a similar poll three months ago.

For palladium, the poll forecast average prices of $1,950 an ounce in the third quarter, $1,975 in the fourth and $2,060 in 2023 — down from a forecast of $2,250 for 2023 in the poll in May.

GRAPHIC: Platinum and palladium prices (https://fingfx.thomsonreuters.com/gfx/ce/egpbkdknavq/PGM%20poll%20August%202022.JPG)

Prices surged early in 2022 as the in Ukraine raised the threat that sanctions would cut supply from Russia, a major producer.

So far Russian supply has continued to flow but high inflation, fast-rising interest rates and COVID-19 lockdowns in China have pushed to world economy towards recession.

“Sustained weakness in the auto sector is weighing on platinum autocatalyst demand (and) jewellery demand is suffering,” said analysts at ANZ bank.

On palladium, they said “a sustained price trend reversal would require auto sector growth to recover.”

Four analysts submitted supply-demand forecasts. All said platinum would be oversupplied this year but that the surplus would shrink in 2023. One predicted a deficit in 2023.

Three of the four predicted that palladium would be slightly oversupplied this year. For 2023, two predicted a small surplus, one a small deficit and one said the market would be balanced.

(Reporting by Ashitha Shivaprasad and Peter Hobson; editing by David Evans)

Daily Gold News: Wednesday, August 3 – Gold’s Short-Term Consolidation

Gold Price Recap

The gold futures contract gained 0.11% on Tuesday, August 2, as it continued to fluctuate following its recent advances. The market reached new local high of $1,805 yesterday, before retracing some of the intraday advance and going back below the $1,800 level. This morning gold is trading along yesterday’s daily low and below the $1,800 price level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.4% lower this morning, as it is trading along the $1,780 level. What about the other precious metals? Silver is 0.1% lower, platinum is unchanged and palladium is 0.1% higher. So the main precious metals’ prices are slightly lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s JOLTS Job Openings release has been slightly lower than expected at 10.70M vs. the expected 10.99M. Today we will get the Final Services PMI, ISM Services PMI and Factory Orders releases. The market will be waiting for Friday’s monthly jobs data announcement.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Wednesday, August 3

  • 9:45 a.m. U.S. – Final Services PMI
  • 10:00 a.m. U.S. – ISM Services PMI, Factory Orders m/m

Thursday, August 4

  • 7:00 a.m. U.K. – BOE Monetary Policy Report, MPC Official Bank Rate Votes, Monetary Policy Summary, Official Bank Rate
  • 7:30 a.m. U.K. – BOE Governor Bailey Speech
  • 7:30 a.m. U.S. – Challenger Job Cuts y/y
  • 8:30 a.m. U.S. – Unemployment Claims, Trade Balance
  • 12:00 p.m. U.S. – FOMC Member Mester Speech
  • 9:30 p.m. Australia – RBA Monetary Policy Statement

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Gold Prices Firm Ahead of BoE’s Biggest Rate Hike In 27 Years – What’s Next?

The great news is that trend is here to stay and set to continue throughout the second half of 2022 as Rapidly Surging Inflation, Rate Hikes and Recession Risk take front and centre stage.

Bank of England Meeting on Thursday

Looking ahead to this week, trader’s attention has now shifted to the Bank of England’s monetary policy meeting, scheduled for Thursday.

As one of the closely watched “Big 4 Central Banks”, this event is anticipated to be a major market mover and shaker – especially as the BoE is expected to follow in the Federal Reserve’s footsteps by unleashing its first “super-sized” interest-rate hike since 1995.

Expectations are running high, that the Bank of England will push through its biggest rate hike in 27 years by raising its key interest rate by 50 basis points to 1.75% – as it desperately grapples to fight record-high inflation that skyrocketed to a fresh 40-year high of 9.4% in June.

That’s way above the U.K government’s inflation target of 2%, and there are fears inflation could exceed 12% by October as Food, Fuel, Housing, Clothing and Energy prices continue to surge at record pace, deepening the country’s historic cost-of-living crisis.

The UK central bank also is concerned about falling behind peers, especially the U.S Federal Reserve, which has raised interest rates by a total of 200 basis points in the last 60 days – with Fed Chairman Jerome Powell signalled that yet another “super-sized” hike could be on the cards for September.

Other Central Banks and Impact on Global Economy

Europe’s central bank, in contrast, has been one of the slowest to react, waiting until last month to hike rates but with a bigger-than-expected half-point increase.

There’s no denying that a string of big rate rises by the Federal Reserve has now put pressure on central banks around the world to follow suit to counter soaring inflation and the strong dollar.

As traders very well know – every major central bank rate hike enviably pushes the global economy one step closer to a recession. Those odds, once again hardened last month with Economists warning that “central bank monetary policy makers pose the greatest risk of a recession starting this year”. While a growing number of Economists argue that the recession has already arrived.

Precious Metals Reaction

If history has taught us anything, then the one thing that we do know for certain is both scenarios, whether that’s persistent Inflation or a recession, ultimately present an extremely lucrative backdrop for precious metal prices.

Right now, this is a traders’ market packed with endless opportunities to capitalize on the short-term macro-driven volatility – And that’s the optimal strategy right now!

Gold Price Forecast Video for August 3, 2022

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

Nornickel reduces nickel, palladium sales in H1 as supply chains disrupted

MOSCOW (Reuters) – Russian metals producer Nornickel said on Tuesday that its sales of nickel, palladium and platinum fell in the first half of 2022 due to disrupted supply chains, while net profit rose by 18% to $5.1 billion due to a stronger rouble.

Nornickel, the world’s largest producer of palladium and high-grade nickel, has not been directly targeted by Western sanctions imposed on Moscow, but it is facing problems with logistics and supplies of imported equipment.

“Introduction of voluntary sanctions by some international suppliers of equipment, spare parts, materials and technologies, has posed serious challenges for the execution of our strategic investment programme,” said Vladimir Potanin, Nornickel’s chief executive and largest shareholder.

“We are applying our best efforts to mitigate their negative impact, but we do see risks that some of our strategic projects will have to be pushed back,” he added.

The miner said its January-June earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 16% to $4.8 billion, while revenue was flat at $9 billion, as higher production and higher base metal prices were offset by lower palladium prices.

Nornickel’s first-half sales of nickel fell by 6%, palladium – by 4% and platinum – by 18%, but sales of copper rose by 22%.

Nornickel said capital expenditure increased by 83% to $1.8 billion in the first half, while net debt doubled to $10.2 billion due to lower free cash flow and payment of dividends for 2021 totalling $6.2 billion.

The miner currently expects surplus in the global nickel market – mostly of low-grade nickel – to reach 75,000 tonnes in 2022 and then rise to 150,000 tonnes in 2023.

The global palladium market is expected to be balanced this year due to recovery of the auto industry, Nornickel added.

(Reporting by Reuters; Editing by Jane Merriman, David Holmes and Marguerita Choy)

Daily Gold News: Tuesday, August 2 – Gold Price Remains Close to Local Highs

Gold Price Recap

The gold futures contract gained 0.33% on Monday, August 1, as it further extended its short-term uptrend. On Thursday it broke above the recent trading range following Wednesday’s FOMC interest rate decision announcement and stock markets’ rally. This morning gold is trading slightly above its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.2% higher this morning, as it is trading above the $1,770 level. What about the other precious metals? Silver is unchanged, platinum is also unchanged and palladium is 1.0% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Yesterday’s ISM Manufacturing PMI release has been slightly better than expected at 52.8. Today we will get the JOLTS Job Openings release at 10:00 a.m., among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Tuesday, August 2

  • 12:30 a.m. Australia – Cash Rate, RBA Rate Statement
  • 10:00 a.m. U.S. – JOLTS Job Openings
  • All Day, U.S. – Wards Total Vehicle Sales

Wednesday, August 3

  • 9:45 a.m. U.S. – Final Services PMI
  • 10:00 a.m. U.S. – ISM Services PMI, Factory Orders m/m

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported.

The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

JPMorgan; The Wolf is Guarding The Golden Goose

Extensive exposés by Bloomberg and Reuters News covering the current trial of JPMorgan Chase & Co.’s gold traders revealed shocking details of how deep the rabbit hole went, and how massive the fraud was. It seems that for well over a decade the Wolf (JPMorgan) guarded the golden goose.

JPMorgan Chase & Co.’s Trial

The U.S. Justice Department has brought charges against three former JPMorgan employees charging them with conspiracy and racketeering charges for manipulating futures trading of precious metals between 2008 and 2016.

The U.S. Justice Department alleged that a deliberate plan to manipulate and profit from futures trading of gold, silver, platinum, and palladium was spearheaded by Michael Nowak, “the boss”.

According to Reuters, “The bank’s former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo are accused of conspiring to defraud market participants via a manipulative trading tactic known as spoofing.”

The trial has run its course and the jury has now gone into deliberation to reach a verdict. The trial uncovered some startling and alarming facts and details. The government’s prosecutor, Matthew Sullivan said during closing arguments on Thursday that Nowak and Smith taught the pair to spoof as part of a yearslong scheme. He told the jury, “The defendants had power and influence, and together they abused their positions and rigged the precious metals markets for their gain,”

JPMorgan Precious Metals Business

JPMorgan annual profits

Testimony and court documents revealed how profitable it was for the trading team at JPMorgan, estimated annual profits were between 109 million and 234 million per year between 2008 and 2018. The vast majority of these gains came from trading with an additional $30 million per year profit resulting from their trading and transporting physical precious metals. The profits disclosed in the trial were overshadowed by profits obtained in 2020 when J.P. Morgan made $1 billion from trading precious metals.

Well Compensated Employees

Bloomberg news reported that their top traders and employees were rewarded handsomely.

Salary of JPMorgan employees

“JPMorgan’s top precious metals employees on the desk were remunerated handsomely, and some jurors audibly gasped when the court was told how much the defendants had earned. Ruffo, the bank’s hedge fund salesman, was paid $10.5 million from 2008 to 2016. Smith, the top gold trader, got $9.9 million. Nowak, their boss, made the most of all: $23.7 million over the same period.

Their pay was linked to the profits they made for the bank. FBI agent Marc Troiano, citing internal JPMorgan data, told the court that the total profit allocated to Ruffo from 2008 to 2016 was $70.3 million. Smith generated about $117 million over the same period, while Nowak made the bank $186 million, including $44 million in 2016.”

Bottom Line

It will be interesting to hear the verdict of the jury once they conclude their deliberation. The actions by a handful of traders working for a corrupt corporation single-handedly removed any level of fairness to the tens of thousands of individual traders that use the same markets believing that government oversight and regulations will create a fair and level playing field. In the case of JPMorgan, the government clearly, completely and utterly failed to protect the individual investor.

For those who would like more information simply use this link.

Wishing you as always good trading,

Gary S. Wagner

Daily Gold News: Monday, August 1 – Gold Price is Closer to $1,800 Again

Gold Price Recap

The gold futures contract gained 0.72% on Friday, July 29, as it extended its Thursday’s advance of 2.9%. On Thursday it broke above the recent trading range following Wednesday’s FOMC interest rate decision announcement and stock markets’ rally. Gold price acelerated its short-term uptrend after the previous week’s Thursday’s-Friday’s rebound from the new medium-term low of $1,678.40. This morning gold is trading higher again, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.4% higher this morning, as it is trading above the $1,750 level. What about the other precious metals? Silver is 0.5% higher, platinum is 1.6% higher and palladium is 2.5% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Friday’s Core PCE Price Index release has been slightly higher than expected at +0.6%. Today we will get the ISM Manufacturing PMI release at 10:00 a.m., among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Monday, August 1

  • 9:45 a.m. U.S. – Final Manufacturing PMI
  • 10:00 a.m. U.S. – ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
  • Tentative, U.S. – Loan Officer Survey
  • All Day, Canada – Bank Holiday

Tuesday, August 2

  • 12:30 a.m. Australia – Cash Rate, RBA Rate Statement
  • 10:00 a.m. U.S. – JOLTS Job Openings
  • All Day, U.S. – Wards Total Vehicle Sales

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

What Does A Central Bank Induced Recession Mean For Commodity Prices?

Inflation and Latest Rate Hikes

There is no denying that the second half of 2022 has been monumental for monetary policy as central bankers across the world ramped up their fight against rapidly surging inflation while acknowledging that inflationary pressures could persist for years – exacerbated by the war in Ukraine, on-going supply chain shortages and the effects of surging energy prices.

In June, the Federal Reserve dropped a bombshell on the markets by raising interest rates by 75 basis points with Fed Chairman Jerome Powell signalling yet more “super-sized” rate hikes ahead.

And he definitely wasn’t kidding.

Last week, the Federal Reserve raised interest rates by another super-sized 75 basis points for the second month in a row.

The latest rate hike means the central bank is in the throes of the most aggressive cycle of monetary tightening since 1981. It follows a 50 basis point rate hike in May and a 75 basis points rate hike in June – the first of that magnitude since 1994.

After hiking rates by 200 basis points in the last 60 days, Jerome Powell signalled that another “super-sized” hike could be on the cards for September – all, of course, depending on the macro data.

Between now and the September FOMC meeting, there are two U.S. employment reports, two inflation data releases and the highly anticipated Jackson Hole Symposium – which all have the potential to move the markets significantly.

As the Federal Reserve continues to raise interest rates in its fight against the highest inflation in more than four decades, several key indicators have begun flashing warning signs of a slowdown in economic growth.

“Technical Recession” in the U.S.

On Thursday, the Bureau of Economic Analysis confirmed that the U.S economy has plunged into a “technical recession”, which is officially defined by two consecutive quarters of negative GDP growth.

According to economists at Goldman Sachs, since 1955 “the U.S economy has always experienced a recession within two years from every quarter in which inflation was above 4% and unemployment was below 5%, as it is today”.

If history has taught us anything, then the one thing that we do know for certain is both scenarios, whether that’s persistent Inflation or a recession, ultimately present an extremely lucrative backdrop for commodity prices.

Impact on Commodity Prices

Following last week’s Fed rate hike and GDP data – Gold prices posted their biggest weekly gain in five months, while Silver prices notched up a 9% weekly gain. The bullish momentum also split over into other commodities with Aluminium, Copper, Palladium, Platinum, Nickel, Zinc and Oil prices – soaring to fresh multi-month highs.

Commodity Price Forecast for the Week 1 – 5 August, 2022

Right now, Commodities remains a traders’ market packed with endless opportunities to capitalize on the short-term macro-driven volatility!

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

Miners’ profits face an unusual foe: extreme weather

(Reuters) – Heavy rainfalls, withering droughts and other extreme weather patterns across the globe are denting miners’ profits and crimping supply of iron ore, copper and other widely-used minerals as climate change roils yet another industry.

It is an unusual situation for companies that have experience operating anywhere in the world, include miles underground and at the tops of mountains and in places where temperatures often range from 100 degrees Fahrenheit (38°C) to 0F (minus 18°C).

But the first part of 2022 saw the mining industry – parts of which have long faced criticism for how coal production affects climate patterns – contend with a raft of weather-related incidents entirely outside its playbook. Executives detailed their weather-related troubles in earnings reports this week and warned they are likely to continue.

“We are reviewing a few different scenarios to adjust to the likelihood that there are further strange weather patterns,” said Lundin Mining Corp Chief Executive Peter Rockandel.

Lundin cut its 2022 copper production forecast after heavy rains dented production at its Chapada mine in Brazil, a facility that as recently as 2019 was contending with drought.

Anglo American Plc slashed its dividend nL1N2Z90D4 after torrid rains hurt its iron ore production in Brazil during the first half of the year, coal mining in Australia and platinum mining in South Africa.

“The extremes that we saw in quarter one of this year outpaced all reasonable forecasting ability that we had,” said Anglo CEO Duncan Wanbald.

Rio Tinto Ltd’s iron ore shipments from Australia’s Pilbara region fell 2% in the first half of the year compared with the same period in 2021, partly due to “significantly higher than average rainfall in May.”

Rio also said titanium dioxide production slipped in Madagascar amid one of the worst cyclone seasons in that country since 2008.

With inflation and high energy costs already biting into companies’ cash reserves, the disruptions caused by extreme weather are even more evident.

“When markets are tight, these things just become a lot more material … but there is not a lot you can do,” analyst Ben Davis at broker Liberum said.

The cost of weather extremes is also measured in human lives. In Burkina Faso, unexpectedly heavy rains during the dry season caused flash floods at Trevali Mining Corp’s zinc mine in April nL1N2Y71IL, killing eight miners who were trapped underground.

Brazil’s Vale SA, one of the world’s largest iron ore miners, said its output nL1N2Z93CO of the steel-producing mineral dropped in the first three months of the year due to torrential rains. Glencore warned nL1N2ZA0CB that flooding could dent its Australian coal production this year.

Sibanye Stillwater Ltd shuttered its Montana platinum mines last month after mountain snow rapidly melted amid unusually warm weather, causing runoff that took out several key roads and bridges.

ArcelorMittal SA said steel production at its South Africa’s unit fell nearly a third during the first half after severe flooding in the KwaZulu-Natal province damaged rail lines.

DROUGHT

In Chile, the world’s largest copper producer, miners have faced an ongoing water crisis due to historic drought that has lasted more than a decade and only grown worse this year. Antofagasta Plc, one of the country’s largest copper miners, expects its production of the red metal to fall this year due to that drought.

Water is essential in copper production, used abundantly to separate the mineral from its ore and in subsequent steps. To counter water shortages, many mining companies desalinate ocean water and use it in their processes.

Earthworks, an environmental group that tracks the mining industry, said mining companies must do more to fund infrastructure improvements amid the changing climate.

“Mining companies have been prioritizing their bottom line over investing in safety and resiliency for too long,” said Jan Morrill of Earthworks.

(Reporting by Clara Denina, Helen Reid, Nelson Banya, Gabriel Araujo, Ernest Scheyder and Praveen Menon; writing by Ernest Scheyder; Editing by Marguerita Choy)

Daily Gold News: Friday, July 29 – Gold Broke Higher After Fed, Stocks’ Rally

Gold Price Recap

The gold futures contract gained 2.91% on Thursday, July 28, as it broke above the recent trading range following Wednesday’s FOMC interest rate decision announcement and stock markets’ rally. Gold price aaccelerated a short-term uptrend after last week’s Thursday’s-Friday’s rebound from its new medium-term low of $1,678.40. This morning gold is trading slightly above yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.2% higher this morning, as it is trading above the $1,750 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.7% higher and palladium is 0.3% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Yesterday’s important Advance GDP release at 8:30 a.m. has been worse than expected at -0.9% q/q. Today we will get the Core PCE Price Index release, among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Friday, July 29

  • 5:00 a.m. Eurozone – CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 8:30 a.m. U.S. – Core PCE Price Index m/m, Employment Cost Index q/q, Personal Income m/m, Personal Spending m/m
  • 9:45 a.m. U.S. – Chicago PMI
  • 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations

Monday, August 1

  • 9:45 a.m. U.S. – Final Manufacturing PMI
  • 10:00 a.m. U.S. – ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
  • Tentative, U.S. – Loan Officer Survey
  • All Day, Canada – Bank Holiday

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Precious Metal Prices Soar As U.S Enters ‘Technical Recession’ – What’s Next?

Inflation and Rate Hike Details

Once again, the Federal Reserve raised interest rates by a “super-sized” 75 basis points for the second month in a row on Wednesday as it doubled down on its aggressive approach to taming rapidly surging inflation despite early signs the U.S economy is starting to lose steam.

The decision, which had unanimous support, extended a string of interest rate increases that began in March and have ratcheted up in size as the Fed’s battle to fight inflation intensifies.

The rate rise means the central bank is in the throes of the most aggressive cycle of monetary tightening since 1981. It follows a half-point rate hike in May and a 75 basis points rate hike last month – the first of that magnitude since 1994.

With inflation running at its fastest pace in more than four decades, further rate rises are expected well into the second half of 2022, but the pace of those increases is hotly debated.

However, it goes without saying that inflation remains the Fed’s number one priority and they’re willing to sacrifice anything to achieve it – even if it that comes at the cost of a recession.

Central bank policymakers want to see a string of decelerating monthly inflation readings but economists warn that might not happen for months.

Over the last 12 months, inflation has spread to every corner of the economy with primary Cost of Living Expenses from Food, Fuel, Rent, Clothing and Energy prices – rising at double-digit annual rates for the first time since the early 1980s. U.S CPI data released this month, once again showed a further surge in those unavoidable areas of spending with Consumer Price Inflation rising at its fastest pace in 41-years.

U.S. Economy Shrinks in Second Quarter

Elsewhere, data released on Thursday confirmed the U.S economy has plunged into a “technical recession” in a sign of things to come for the rest of the world.

The official measurement of a recession is two successive quarters of falling gross domestic product.

According to official figures from the commerce department U.S GDP fell 0.9% on an annualised basis in the second quarter. This follows first-quarter GDP data showing the U.S economy shrank 1.6% in the first three months of 2022.

The fresh figures illustrate the scale of damage historic high inflation is wreaking on the world’s biggest economy, whilst simultaneously eroding consumers’ purchasing power.

If history has taught us anything, then the one thing that we do know for certain is both scenarios, whether that’s persistent Inflation or a recession, ultimately present an extremely lucrative backdrop for precious metal prices.

Commodity Price Forecast Video for July 29, 2022

Right now, this is a traders’ market packed with endless opportunities to capitalize on the short-term macro-driven volatility – And that’s the optimal strategy right now!

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

Ex-JPMorgan traders’ racketeering trial draws to close

By Jody Godoy

(Reuters) -Three former JPMorgan Chase & Co employees began delivering their final defense against conspiracy and racketeering charges on Thursday, with an attorney telling jurors that ex-traders who cooperated in the case should not be trusted.

The bank’s former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo are accused of conspiring to defraud market participants via a manipulative trading tactic known as spoofing.

Their trial, which began July 8, is part of the U.S. Justice Department’s broader crackdown on spoofing: placing and then quickly canceling buy or sell orders to create the illusion of demand or supply.

The three men are accused of a scheme to use the tactic to manipulate futures on metals such as gold, silver, platinum and palladium between 2008 and 2016.

Former JPMorgan metals traders Christian Trunz and John Edmonds were key witnesses at trial. Both pleaded guilty to related charges and cooperated against their former colleagues.

Prosecutor Matthew Sullivan said during closing arguments on Thursday that Nowak and Smith taught the pair to spoof as part of a yearslong scheme.

“The defendants had power and influence, and together they abused their positions and rigged the precious metals markets for their own gain,” he said.

Smith’s attorney Matthew Menchel said during closing arguments on Thursday that Edmonds admitted various lies on the stand, and that Trunz went along with prosecutors’ version of the facts to receive leniency.

Attorneys for Nowak and Ruffo are expected to deliver closing arguments on Friday.

In addition to racketeering and conspiracy, Nowak faces 13 other charges including fraud, spoofing and attempted market manipulation, and Smith faces 11 additional charges.

All three defendants have pleaded not guilty. Attorneys for Nowak and Smith argued their orders were not fraudulent. Ruffo was not a trader, and there is no evidence that he understood others were using illicit tactics, his attorney said during opening arguments.

Christopher Jordan, a trader who left JPMorgan in 2009, has also been charged and will be tried separately.

Commodities manipulation and in particular spoofing have become a major focus of the Justice Department, which has brought several other cases in recent years, including against NatWest and former traders at Deutsche Bank and UBS.

JPMorgan also agreed in 2020 to pay more than $920 million and admitted to wrongdoing to settle with the DOJ and Commodity Futures Trading Commission over the conduct of the traders who have been charged.

(Reporting by Jody Godoy in New York; Editing by David Gregorio and Daniel Wallis)