(Kitco News) - Despite bitcoin falling below $5,000 on Monday, Ron Paul’s Twitter followers once again chose the popular cryptocurrency over gold in the former Republican Congressman’s annual Twitter poll.The conditions of the poll remained the same as last year: “A wealthy person gifts you $10,000. You get to choose in which form you’ll accept the gift.”The catch was...Read More
(Kitco News) - Although optimism is starting to grow among gold traders, one technical analyst warns that it is still a little too early to turn overly bullish on the precious metal.In a recent interview with Kitco News, Greg Harmon, founder of Dragonfly Capital, said while gold has bounced off recent support at $1,220 an ounce, prices need to push past their October highs above $1,246 an ounce, b...Read More
(Kitco News) - Gold and silver prices are near steady in quieter early-afternoon U.S. trading Monday. Some backing and filling on the daily charts was seen in gold following recent good gains. December gold futures were last up $0.70 an ounce at $1,223.80. December Comex silver was last up $0.003 at $14.385 an ounce. Global stock markets were mixed in subdued, pre-holiday trading overnight. U.S...Read More
Photo courtesy of kevin brine/Shutterstock.com (Kitco News) - Although the gold market has been unable to maintain October’s momentum, one Canadian bank is not ready to give up on the precious metals just yet.Analysts at Scotiabank said that they see further potential for the yellow metal as the bank sees a wave of risk-off sentiment sweep through financial markets and inflation pressur...Read More
(Kitco News) - Large speculators increased their bearish positioning in gold futures by 67% during the most recent reporting week for data compiled by the Commodity Futures Trading Commission, which analysts say accounts for much of the slide in prices during the early part of November. During the week-long period to Nov. 13 covered by the report, Comex December gold fell 2% to $1,201.40 an oun...Read More
Palladium, underpinned by demand from the auto sector, has hit a fresh record high of $1,179.40 an ounce for spot metal. “Pollution-limiting catalytic converter demand in China is boosting palladium consumption, drawing prices 9% higher this year,” says commodities brokerage SP Angel. “The Asian nation is on a mission to reduce smog emissions, with tougher standards meaning car m...Read More
Kirkland Lake Gold Ltd. (TSX, NYSE: KL; ASX: KLA) announces that David Soares is the new chief financial officer and Eric Kallio is senior vice president for exploration. Both appointments are effective immediately. The company also lists a number of internal management changes. Soares has 15 years of finance and management experience, reflecting progressively senior leadership roles with multinat...Read More
The countdown is on for the blastoff in gold. The churning pattern that we are seeing now means only one thing -- a big move is coming. We all know that the big move can go either way, but all signs point to higher rather than lower. The best way to play a pattern like this is to wait for a footprint confirming direction, since trying to play inside the churning pattern typically causes more frust...Read More
Nespresso will become the first company to use responsibly-sourced aluminium, provided by Rio Tinto, to produce its coffee capsules, marking yet another signal of customer-driven demand for sustainable products. The aluminium, which will be certified by the Aluminium Stewardship Initiative (ASI), is being supplied under a Memorandum of Understanding to work together with the Nestl?(C) unit's capsu...Read More
Prices for steel billet in most of the major global markets softened in the week ended Friday November 16, amid a downturn in scrap import costs, pessimism created by China's plummeting steel prices, and sluggish downstream sectors.Meanwhile, Iran has virtually exited the export market after a fresh round of sanctions were introduced by the United States in early November. No bookings were heard f...Read More
Prices for steel billet in most of the major global markets softened in the week ended Friday November 16, amid a downturn in scrap import costs, pessimism created by China's plummeting steel prices, and sluggish downstream sectors.Meanwhile, Iran has virtually exited the export market after a fresh round of sanctions were introduced by the United States in early November. No bookings were heard f...Read More
Prices for steel billet in most of the major global markets softened in the week ended Friday November 16, amid a downturn in scrap import costs, pessimism created by China's plummeting steel prices, and sluggish downstream sectors.Meanwhile, Iran has virtually exited the export market after a fresh round of sanctions were introduced by the United States in early November. No bookings were heard f...Read More
Nespresso will become the first company to use responsibly-sourced aluminium, provided by Rio Tinto, to produce its coffee capsules, marking yet another signal of customer-driven demand for sustainable products. The aluminium, which will be certified by the Aluminium Stewardship Initiative (ASI), is being supplied under a Memorandum of Understanding to work together with the Nestl?(C) unit's capsu...Read More
Disappointment that United States/China trade talks are not making progress has once again dampened sentiment in the London Metal Exchange's three-month base metals prices to the extent there has been little follow through to the strength seen at the end of last week. Nickel has taken the brunt of the disappointment this morning, Monday November 19, and is showing a drop of 1.1% to $11,265 pe...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade. Index futures responded to increasing trade tensions at the APEC summit between the U.S. and China.Apple dropped $3.53 to $190.00 after the company reported lowering production for its recently introduced iPhones. Helmrich & Payne (HP $62.59) is expected to open higher after SunTrust...Read More
Base metals futures on the London Metal Exchange rebounded at the close of trading on Friday November 16, led by a strong performance in the three-month lead price while a marked downturn in the US dollar index prompted follow-up buying. Trading for a time above $2,000 per tonne, the three-month lead price posted significant gains amid total LME lead stocks and remained at its lowest level since 2...Read More
Chile's Copper Commission, or Cochilco, has lowered its copper price estimates for 2018 and 2019, while expecting an increase in prices for 2020, the state-run board said on Thursday November 15.In its quarterly report on the copper market, average copper prices should be $2.97 (297 cents) per lb this year, according to Cochilco, down from a previous $3 per lb forecast in July. The commission expe...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsAntofagasta aims to increase copper capacity by 70,000 tonnes per year via a rebuild of its Los Pelambres mine in Chile at a cost of $1.3 billion, the Chilean copper producer said.The US Beer Institute has called on the United States government to scrutinize aluminium price...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More