/KC back to $97, always fun to buy down there with a stop below $95.
- China has added more than 100 metric tons of gold to its reserves since it resumed buying in December, as the country continues to buy gold to diversify its reserve assets away from the dollar amid strained relations with the U.S.
- September's increase of 5.9 mt by the People's Bank of China follows the addition of 99.8 mt through August.
- Russia also has been adding substantial quantities of bullion; central banks worldwide have snapped up more than 450 mt during the first eight months of 2019, helping push total gold demand to a three-year high, the World Gold Council has said.
- Central banks have been major buyers of gold and likely will continue to do so as protectionist policies and geopolitical concerns add to demand, says Suki Cooper, precious metals analyst at Standard Chartered Bank.
- December Comex gold edges lower, -0.3% to $1,509/oz.
- The Trump administration says it will impose tariffs on bifacial solar panels (TAN -0.5%) beginning Oct. 28, the U.S. Trade Representative's office announces, eliminating a loophole granted in June for the product and will be subject to the 25% duties announced on imported equipment in early 2018.
- Bifacial panels are gaining traction since their double-sided nature means they absorb more power and are thus more efficient, but they are in the early stages of development and a relatively small part of the ecosystem, with Bloomberg estimating the panels comprised ~3% of the global market in 2018.
- "Most investors had expected some form of cap to be put in place and not an outright reversal of the policy," says Cowen analyst Jeffrey Osborne, and Goldman Sachs' Brian Lee warns to "expect significant volatility across solar equities near-term."
