Gold price extended its massive gains, after hitting a new record high at $1,980 per ounce in the early Asian trade. Furthermore, Silver also jumped 5%, reaching the $26 per ounce level for the first time after 7 years.

Precious metals continued their upward trend towards multi-year highs on the first trading day of the week, as the weaker US dollar, the rising coronavirus infections cases, the massive monetary stimulus, the falling US bond yields and the escalated US-China tensions, boosted the demand for safe-haven assets such as Gold and Silver.

OPEC expects demand for its crude oil to rebound in 2021, even surpassing pre-COVID-19 levels.
This sharp increase in demand for OPEC oil, surprisingly, will not be driven by an increase in world demand. Demand, in 2021 is expected to be around 97.7 million barrels a day, which is lower than what demand was in 2018.

Gold prices hit an all-time high of $1,945 per ounce this morning, while Silver price broke above $24 per ounce, as the escalation in the US-China tensions, the monetary stimulus, and the weaker US dollar; continue to bolster safe-haven demand.

A very interesting chart from Bloomberg shows that Facebook has a higher market cap than the entire Italian market. Is this realistic? The answer is yes. On the one hand, the market has decided it is, and on the other, Facebook’s appeal is not restricted to the US or any one country, but to the entire world. As such its market cap represents a company with truly global reach.

Chinese stock markets led losses in Asia with 2%, extending their downward trend after China’s Foreign Ministry canceled the license for the US consulate general in the southwestern city of Chengdu.