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Gold futures closed up 0.3% on Tuesday, up slightly this month.
In the early morning of Beijing time on the 1st, gold futures closed higher on Tuesday, and prices rose slightly this month. Gold prices were supported by data released on Tuesday showing that US consumer confidence fell to its lowest level in six months. Jim Wyckoff, a senior analyst at Kitco.com, said gold rose on "pessimistic US economic data" because of weakness in consumer confidence and the Chicago Purchasing managers' Index (PMI) in July and August. The U.S. Economic Advisory Bureau reported Tuesday that the U.S. consumer confidence index fell to 113.8 in August from a revised 125.1 in July. Another number
Tesla, Inc. 's competitor wants to build a second factory. Musk insinuates that he wants to run if he doesn't know how to leave.
Tesla, Inc. CEO Elon Musk sent advice to Rivian, an electric car startup backed by Amazon.Com Inc and Ford: don't want to run without learning to walk, take care of your first factory before you rush to build a second factory. It was reported earlier this week that Rivian would invest at least $5 billion to build its second assembly plant near Fort worth, Texas. The new plant is expected to have an annual capacity of 200000 vehicles and will create at least 7500 jobs by 2027. The news prompted Musk to comment and suggested that Rivian should first make its first factory "up and running."
IHS Markit: oil prices will remain above $70 until OPEC+ increases supply.
Victor Shum, vice president of energy consulting at IHS Markit, said oil prices were likely to stay above $70 a barrel amid increased summer demand and current OPEC+ curbs on supply. Shum said in an email that this situation is expected to continue until Saudi Arabia, Russia, other OPEC+ members and possibly Iran increase production, when the upward pressure on prices will ease. "We also expect U.S. manufacturers to continue to repair their balance sheets and focus on returns to investors, only moderately increasing production," he said. " Shum says more production is needed to reach its full capacity.
Tesla cut his target price sharply because of concerns about the design of the new battery.
Jonathan (Jonathan Dorsheimer), an analyst at Canaccord, the investment bank, thanked (Jonathan Dorsheimer) for lowering his target price for Tesla by 17% on Monday, from $974 to $812, but maintained his "buy" rating on the stock. Although thanks to Mo, he is still bullish on Tesla, but he is cautious about Tesla's new battery. Especially for the larger 4680 battery design, Tesla promises that the battery will have shorter charging time, longer mileage and lower cost. Tesla recently began to deliver Model S Plaid, which is claimed to be the fastest mass production in history.
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