The leading stock index on the Hong Kong stock exchange Hang Seng must accept a further decline today and is 3.3% in the red. Driven by the rumors that the meltdown of Evergrande could bring the Chinese financial world to faltering drives away investors at the moment. The Hang Seng had the last 6 months already to fight with 11.50% in the minus YTD.
The Evergrande concern has also reached Europe. Today, the German stock index DAX lost 2.23% and the British stock index FSTE 100 lost 0.78%.
The eyes are now on the U.S. stock indexes. At the beginning of the trading week, S&P 500 (-1.69%), DOW (-1.56%), and NASDAQ (-2.19%) are already in the red.
Even before the start of trading, the DOW futures had already fallen 545 points.
Gold, on the other hand, managed to break back above $1750 and is currently up 0.5% at $1763.50 per ounce at 10:40 PM (GMT+7). As investors worry about a collapse driven by the Evergrande crisis and Fed tapering rumors, they seek safe haven in gold.
Silver prices have yet to respond and are down 0.29% at $22.40 an ounce.
Experts around the topic of gold have for months already pointed out that the gold price will rise in the long term. The high inflation of officially over 5%, in addition, massive government debt, and negative real interest rates are all arguments for a rising gold price. More and more people now believe that it is part of the plan to lead the financial world to collapse to start “the Great Reset”. A few years ago still called conspiracy theorists, many of these conspiracy theories have now turned out to be true.
Oil prices have been dragged down today. Since investors can not yet assess the risk at the moment, the capital was turned into safer investments such as gold or the U.S. dollar. The U.S. dollar is also still in the plus, which makes oil traded in USD less attractive for holders of other currencies.
The Brent crude oil is today 0.41% in the minus at $74.51 per barrel.
WTI crude oil has so far made a setback of 1.58% to $70.83 per barrel.
Meanwhile, work continues in the Gulf of Mexico. The damage caused by Hurricane Ida still keeps more than 20% of oil production in the region offline. Shell has announced that the repair work is likely to continue until the end of 2021.
Uranium prices have now managed to cross the $50 mark and are now at $50.80, up 2.32%. This puts uranium prices up 70% YTD. Uranium-related equities are nevertheless down today due to the general uncertainty in the market. Shares of major producers JSC Kazatomprom NAC and Cameco (NYSE: CCJ) are well down today.
JSC Kazatomprom NAC shares minus 7.52%.
Cameco shares minus 7.20%.