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Taro Kono Has A Good Chance Of Being Elected As The President Of The Liberal Democratic Party / China Cracks Down On Cryptocurrency Again, So Silver Is Supported

Taro Kono Has A Good Chance Of Being Elected As The President Of The Liberal Democratic Party

The election for the president of Japan's ruling Liberal Democratic Party will be voted on Wednesday (29th). As of the past weekend (25th), the latest polls show that Taro Kono, the Minister of Administrative Reform, has the highest support rate of 47% among the party. It is almost certain that Taro Kono has a good chance of being elected. The market does not know much about Kono Taro's economic policies. He only said that he would vigorously develop renewable energy. But the market's most concern is whether he will continue to follow Abe's loose monetary policy. It is understood that Taro Kono said in an interview with a local TV station earlier this month that because the local area is still affected by the epidemic, the Bank of Japan has no choice but to continue to implement easing policies.

China Cracks Down On Cryptocurrency Again, So Silver Is Supported

Silver struggled to maintain a pullback from the annual low last Friday and is currently at a level where the US$22.42 is on the verge of breaking below key support. The Fed’s hawkish view of reducing the timetable for debt purchases still put pressure on the trend of precious metals and continued to provide strong support for the US dollar. However, because China once again cracked down on cryptocurrencies, precious metals have been boosted, and the Evergrande crisis has the risk of spreading, once again providing support for silver prices. Silver sellers are still pointing to the $22.16 to $22 position, which includes the latest low and is also the lowest point of the year, but the possibility of further weakness is small. If the price of silver falls below US$22 at the closing price of the day, the lows set in November 2020 and September 2020 will be around US$21.90 and US$21.65 respectively.

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