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James and Cavaliers Win Thrilling NBA Finals Game 7, 93-89

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LeBron James

Oakland, Calif. (AP) — LeBron James cradled the shiny gold trophy and struggled to sum up what might be his sweetest championship yet, the one he is so proudly bringing home to his native northeast Ohio just as he promised to do when he returned to the Cavaliers two summers ago.

Later, flanked by his three children on Father’s Day, a cigar between his lips and winning net as a necklace with the lingering stench of champagne, James began to understand the magnitude of his accomplishment for Cleveland after a half-century wait.

“I’m coming home with what I said I was going to do,” he said, adding, “I can’t wait to get off that plane, hold that trophy up and see all our fans at the terminal.”

James and his relentless, never-count-them-out Cavs pulled off an improbable NBA Finals comeback, and Cleveland is title town again at long last.

James delivered on a vow to his home state and brought the Cavs back from the brink as they became the first team to rally from a 3-1 finals deficit, beating the defending champion Golden State Warriors 93-89 on Sunday night to end a 52-year major sports championship drought in Cleveland.

“I’ve never seen a man in my life tell an entire state: ‘Get on my back, I got you. Get on my back and I’m going to carry you. I don’t care if we fail, I’m going to wake up the next morning and I’m going to start working out and prepare for the next year,'” Richard Jefferson said. “… He was like, ‘I’m going to come back home because I promised them that I would do something.’ And he carried us the whole way.”

In a testy series of blowouts — and a few blowups — the winner-take-all Game 7 provided the thrilling finale with James as the finals MVP disarming two-time reigning MVP Stephen Curry and his record-setting Warriors.

The native of Akron rattled off moments from the lengthy list of Cleveland sports heartbreak and said what it meant for him to personally bring the Cavaliers their first championship.

Playing his sixth straight finals, James almost single-handedly carried the Cavs back into this series and finished with 27 points, 11 assists and 11 rebounds as the Cavs gave their city its first major sports winner since the Browns won the NFL title in 1964. He also had three blocked shots, including a key one of Andre Iguodala on a fast break in the final minutes.

An emotional James fell to the floor when this one ended with a second win in a week on Golden State’s imposing home floor, surrounded by his teammates. Only moments earlier, he went down in pain with 10.6 seconds left after being fouled by Draymond Green while going for a dunk, then came back out to make the second of two free throws.

After four successful seasons in Miami and two titles with the Heat, James came back to the Cavs in hopes of winning the title this franchise and championship-starved city so coveted. It took a second try against Golden State after Cleveland lost to the Warriors in six games last year.

“I was calm. I was focused. I was locked in,” James said.
Cleveland did it after a coaching change, with Tyronn Lue taking over in January for the fired David Blatt.

“We made history tonight,” Lue said. “Cleveland, Ohio, we’re coming back, baby!”
Kyrie Irving scored 26 points to cap his brilliant finals, including a 3-pointer over Curry with 53 seconds left.

Curry sat briefly on the bench to take in the scene after the Warriors made their last basket with 4:39 left.

“It hurts, man,” Curry said. “Just proud of every single guy that stepped foot on the floor for our team this year. … Hopefully we’ll have many more opportunities to fight for championships and be on this stage because this is what it’s all about.”

Green had 32 points, 15 rebounds and nine assists, but the Warriors’ record-setting season ended without the only prize this close-knit “Strength In Numbers” crew cared about from way back in the beginning — through the record 24-0 start as Coach of the Year Steve Kerr was out, Curry’s second consecutive MVP campaign, and the 73 regular-season wins to break the 1995-96 Chicago Bulls’ mark.

As Cleveland celebrated in the trophy ceremony, Green returned to the floor to congratulate the Cavs. He stopped by the winning locker room, too, and Warriors general manager Bob Myers brought in the freshly cut nets.

Golden State might always be remembered as one of the best teams ever that couldn’t close it out, and Green is taking at least a good share of the blame after he sat out Game 5 on Monday night suspended for flagrant fouls.

The Cavs staved off elimination twice to force Game 7 back at Oracle Arena, where the Warriors went up 2-0 with a pair of lopsided wins to start this series.

Cleveland became just the fourth team to win an NBA Finals Game 7 on the road.

Curry — who said beforehand he needed the best game of his career — scored 17 points on 6-for-19 shooting, while Splash Brother Klay Thompson added 14 points while making 6 of 17 shots.

“I didn’t do enough to help my team win,” Curry said. “It will haunt me for a while.”
President Barack Obama, an avid basketball fan, returned to Washington aboard Air Force One late Sunday as the game entered its final, tense minutes. He watched until the end and did not come down the stairs until moments after the Cavs won.

This time, it will be Cleveland hosting the victory parade on Wednesday. A year ago at home, the Cavs had to watch Golden State win its first title in 40 years.

“Now we have our own parade,” Irving said, “and we’ll celebrate it the way it’s supposed to be celebrated in Cleveland.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Gold

Gold Prices Rise as Soft Dollar Supports Safe-haven Appeal

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gold bars - Investors King

Gold prices firmed on Monday, propped up by a subdued dollar and slight retreat in the U.S. Treasury yields, with investors gearing up for a week of speeches from U.S. Federal Reserve policymakers for cues on the central bank’s rate hike path.

Spot gold was up 0.5% at $1,759.06 per ounce, as of 0400 GMT, while U.S. gold futures were up 0.4% at $1,759.00.

While the dollar index softened, the benchmark 10-year Treasury yields eased after hitting their highest since early-July. A weaker dollar offered support to gold prices, making bullion cheaper for holders of other currencies.

“Gold is still looking slightly precarious where it is right now, and it’s probably bouncing off key technical level around $1,750,” IG Market analyst Kyle Rodda said.

“Gold remains an yield story and that yield story is very much tied back to the tapering story.”

A slew of Fed officials are due to speak this week including Chairman Jerome Powell, who will testify this week before Congress on the central bank’s policy response to the pandemic.

“There’ll be a lot of questions being put to Fed speakers about what the dot plots implied last week and weather there is higher risk of heightened inflation going forward and that rate hikes could be coming in the first half of 2022,” Rodda added.

A pair of Federal Reserve policymakers said on Friday they felt the U.S. economy is already in good enough shape for the central bank to begin to withdraw support for the economy.

Gold is often considered a hedge against higher inflation, but a Fed rate hike would increase the opportunity cost of holding gold, which pays no interest.

Investors also kept a close watch on developments in debt-laden property giant China Evergrande saga as the firm missed a payment on offshore bonds last week, with further payment due this week.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, increased 0.1% to 993.52 tonnes on Friday from 992.65 tonnes in the prior session.

Silver rose 0.9% to $22.61 per ounce.

Platinum climbed 1.3% to $994.91, while palladium gained 0.7% to $1,985.32.

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Crude Oil

Brent Crude Oil Near $80 Per Barrel Amid Supply Constraints

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Brent crude oil - Investors King

Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.

Brent crude was up $1.14 or 1.5% at $79.23 a barrel by 0208 GMT, having risen a third consecutive week through Friday. U.S. Oil added $1.11 or 1.5% to $75.09, its highest since July, after rising for a fifth straight week last week.

“Supply tightness continues to draw on inventories across all regions,” ANZ Research said in a note.

Rising gas prices as also helping drive oil higher as the liquid becomes relatively cheaper for power generation, ANZ analysts said in the note.

Caught short by the demand rebound, members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have had difficulty raising output as under-investment or maintenance delays persist from the pandemic.

China’s first public sale of state oil reserves has barely acted to cap gains as PetroChina and Hengli Petrochemical bought four cargoes totalling about 4.43 million barrels.

India’s oil imports hit a three-month peak in August, rebounding from nearly one-year lows reached in July, as refiners in the second-biggest importer of crude stocked up in anticipation of higher demand.

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Crude Oil

Oil Holds Near Highest Since 2018 With Global Markets Tightening

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Crude Oil - Investors King

Oil held steady near the highest close since 2018, with the global energy crunch set to increase demand for crude as stockpiles fall from the U.S. to China.

Futures in London headed for a third weekly gain. Global onshore crude stocks sank by almost 21 million barrels last week, led by China, according to data analytics firm Kayrros, while U.S. inventories are near a three-year low. The surge in natural gas prices is expected to force some consumers to switch to oil, tightening the market further ahead of the northern hemisphere winter.

China on Friday sold oil to Hengli Petrochemical Co. and a unit of PetroChina Co. in the first auction of crude from its strategic reserves said traders with the knowledge of the matter. Grades sold included Oman, Upper Zakum and Forties.

Oil has rallied recently after a period of Covid-induced demand uncertainty, with some of the world’s largest traders and banks predicting prices may climb further amid the energy crisis. Global crude consumption could rise by an additional 370,000 barrels a day if natural gas costs stay high, according to the Organization of Petroleum Exporting Countries.

“Underpinning the latest bout of price strength is a tightening supply backdrop,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd.

Various underlying oil market gauges are also pointing to a strengthening market. The key spread between Brent futures for December and a year later is near $7, the strongest since 2019. That’s a sign traders are positive about the market outlook.

At the same time, the premium options traders are paying for bearish put options is the smallest since January 2020, another indication that traders are less concerned about a pullback in prices.

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