Agricultural commodities finally begin to show signs of having peaked while precious metals, crude oil, and fossil energies continue to rise.
Agricultural commodities such as Wheat and Corn finally seem to have peaked after their parabolic rises over recent days. Precious metals are performing strongly, with Gold trading very close its all-time high of $2,075 yesterday. Palladium rose strongly to hit a 6-month high, as 40% of global Palladium is mined in Russia.The Fitch ratings agency has reduced its rating of Russian government bonds to junk status and warned that Russia is probably close to defaulting. More multinational companies are announcing they will cease doing business in Russia, at least temporarily. The Russian government yesterday banned its residents from purchasing Forex with Rubles.Daily new coronavirus cases globally seem to have peaked six weeks ago, showing that the omicron variant wave is in strong decline almost everywhere.It is estimated that 63.4% of the world’s population has received at least one dose of a coronavirus vaccination.Total confirmed new coronavirus cases worldwide stand at over 450 million with an average case fatality rate of 1.34%.The rate of new coronavirus infections appears to now be increasing only in Bhutan, Brunei, China, South Korea, Liechtenstein, Malaysia, Mauritius, New Zealand, Thailand, Tonga, and Vietnam.
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