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Silver hits $30, USD/JPY 105

The price of silver hit an 8-year high over $30 per oz as short-squeeze attention flipped from GameStop to precious metals. GME and other most-shorted stocks dropped sharply as data showed many shorts had already covered.

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DAX falls to 4-month low

Europe continues to lead a global slide in equity prices with the German Dax index hitting a 4-month low. Microsoft beat earnings estimates, Bitcoin has gained over $13,700 and UK testing shows antibodies fall rapidly after COVID infection.

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Record US virus cases

It’s the last full trading week before the US election. EUR/USD is at its highest in 7 weeks. Wall Street closed lower last week while stocks in Hong Kong rose to the highest since Sept 3.

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AAPL & AMZN pop before iPhone 12 & Prime Day

Monday was a big bullish day for global markets led by Chinese and US tech stocks in the lead up to the release of the new iPhone and Amazon Prime Day. Oil prices turned lower – as did the FTSE 100 after a new 3 tier lockdown was imposed in the UK.

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EUR/USD drops under 1.20

The US dollar pushes higher on Thursday after a bigger than expected fall in US jobless claims. That sent gold tumbling 2% while EUR/USD fell below 1.20. The BOE made negative rates an official policy tool. Today is non-farm payrolls day.

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Silver jumps in attempted short squeeze

The price of silver jumped nearly 5% in the beginning of what could be a larger short squeeze. Restrictions in the trading of stocks targeted by the WallStreetBets Reddit group saw calmer markets with US indices closing higher.

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