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Shale Productivity Is Reaching Its Limit

1. Gold prices surge

- Gold hit a new high this week, closing over $2,000 per troy ounce for the first time.

- While a specific reason for the latest rally is unclear, it is “probably the expectation of further stimulus measures on the part of governments and central banks that is driving prices ever further up,” Commerzbank wrote in a note.

- The weakening U.S. dollar is boosting gold. “Bond yields are also on a clear downward path, which is likewise lending tailwind to the gold price,” Commerzbank said.

- Some analysts like silver more – silver prices have soared too, and by more in percentage terms – because silver is used in industrial processes and is positioned to see demand rise as industrial activity rebounds. Analysts also see the prospect of a Biden presidency, and the potential for green stimulus, also boosts silver.

2. Mobility plateaus, questioning demand rebound

- Oil prices hit multi-month highs this week, on the back of strong inventory drawdowns.

- But refining margins have been squeezed by the rally in crude, JBC Energy wrote in a note.

- “Our global mobility indicator has trended flat since the second half of July with flare-ups of COVID-19 infections adding to worries, while the recent upside to PMIs largely came with the caveat of additional job cuts,” JBC said.

- “Gasoline demand in the US has so far remained above our initial estimates…





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