Trick or treaty
Global News
Can you feel it too? Something ghoulish is looming over Europe this week. No, we’re not talking about Halloween, you guessed it, we’re talking about Brexit.
As negotiations continue to dominate the news, Prime Minister Boris Johnson’s “do-or-die” attitude takes centre stage as he rushes to make the twice-delayed deadline.
Meanwhile, Labour Party leader, Jeremy Corbyn still believes a general election may be the party’s last, best hope of blocking Brexit.
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setting the bar
Precious Metals News
Yesterday, 30th October, we had the October FOMC meeting, where the Fed decided to cut rates for a third time by 25bp to 1.75%. Chair Powell, in his post-meeting conference, concluded that ‘monetary policy is in a good place’, which some may consider as setting a high bar for future rate cuts.
The immediate reaction sent gold as low as $1,481/oz, but it subsequently recovered to trade in the high $1,490’s, less than an hour later. It is worth remembering that back in January the Fed did not see any need to cut rates this year, but here we are, three cuts later. Do we have more to follow?
This morning the gold price has been helped $5/oz higher by headlines that Chinese officials are casting doubts about being able to reach a comprehensive long-term trade deal with Trump. This comes on the back of Chile yesterday cancelling the APEC summit, where Trump and Xi were going to sign ‘phase 1’ of the trade deal.*
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chain reaction
Crypto News
An announcement that China is preparing for the launch of its own state-backed cryptocurrency sparked a lot of interest in the crypto community earlier this week, sending bitcoin prices towards $10,000 and prompting a publication in the People’s Daily warning against speculation.
However, are state-backed cryptocurrencies a good option? This IMF article shows how central banks could use digital currencies to set up a system that would make deeply negative interest rates a feasible option.*
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From the vault
Kinesis News
It’s been two weeks since the launch of The First 500, our biggest referral campaign to-date. The reception has been amazing. With well over 10,000+ sign-ups in the last few weeks, we’re excited to welcome so many new users to the Kinesis system.
We also wanted to let you know that we’re working on a roadmap section for the website, and will update everyone once this is live.
On to partnerships, as some of you will now be aware, the CoolWallet S now supports KAU and KAG, and we’ll be giving you the chance to purchase the Kinesis branded CoolWallet S from the site very soon.
Another partnership you may have noticed is Xceltrip, the worlds leading blockchain-powered travel platform. We’ll be offering Kinesis customers the chance to book via their platform using KAU and KAG, and don’t worry we’ve got an extra special treat we think you’ll enjoy. You could almost call it the golden age of travel.
In addition to this, we’ve secured a variety of new partnerships with companies around the world that can add value in areas such as healthcare, communications, and technology, we’ll have more on this over the coming weeks, but we can safely say there’s a lot in the works.
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HEART OF GOLD
Feel-good News
This month's Heart of Gold Award goes to:
‘Plant for the Planet’
Mexican villagers have been working to plant 5 million trees to ease the climate crisis. Over 100 plantation workers from the southeast town of Constitución have been planting native saplings across the region. With reforestation being hailed as one of the easiest natural strategies for combatting climate change.
Collectively, the organization has managed to plant 13.6 billion trees around the world since 2006, and they are now planting one more tree every 15 seconds.
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*Please note: Any opinions, news, research, analyses, prices or other information contained in this email is provided as general market commentary and does not constitute investment advice. Kinesis will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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© Kinesis AG 2019. All rights reserved.
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