Sunday, October 20, 2019

Iran to Ease Currency Exchange Regulations Ahead of US Sanctions

from Sputnik News:

The new rules will allow exchange offices to buy and sell hard currencies, among other assets.

Iran has announced a relaxation of foreign exchange rules ahead of US sanctions targeting Iran’s purchase of US dollars, trade in gold and precious metals, coal, cars and industrial-related software, according to media reports.

New US sanctions against Tehran will come into effect Monday.

The Central Bank of Iran announced Sunday that it will open currency markets, allowing exchange offices to buy and sell hard currencies for purposes such as foreign trade.

Thursday Conversation – Steve St. Angelo

by Turd Ferguson, TF Metals Report:

Longtime friend of TFMR, Steve St. Angelo of the SRSrocco Report, joins us today for an insightful and informative Thursday Conversation.

As is the usual format, I primarily asked Steve to address three specific concerns:

  1. The crude oil market and how this current price plunge may impact not only inflation expectations but the entire US economy.
  2. The input costs of the average gold and silver miner and how falling energy prices can impact production costs and quarterly earnings.
  3. Global retail precious metal demand trends and how prices impact physical demand.

I think you’ll find this podcast to be quite interesting and I encourage you to give it a thorough listen.

Click HERE to listen

Friday Hasn’t Even Started Yet, But It’s Already Ugly

by Wolf Richter, Wolf Street:

The FANGMAN stocks went to heck afterhours.

Just a note to show how decrepit and ephemeral the enthusiasm for stocks is.

So far in October, the S&P 500 has booked 13 losing days, including October 10, when the index dropped 3.3%, and October 24, when it dropped 3.1%. Then came today, with the feel-good moment of a boisterous 1.9% gain. And then came after-hours trading, and nearly everything went to heck, particularly the FANGMAN stocks that weigh so heavily on the index with their $4-trillion market cap. And Friday morning looks already ugly. All of the FANGMAN stocks were in the red in late trading: