The price of silicon in the United States fell for a seventh consecutive month in the latest monthly assessment on Wednesday October 10, reaching its lowest level in nearly a year, with buyers keeping their distance from the spot market.The grade-553 silicon price declined to $1.24-1.27 per lb on Wednesday, down by $0.03 on the low end and by $0.02 on the high end compared with the previous r...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday October 10:Aluminium scrap Group 1 pure 99% & litho: ?1,410-1,460 per tonne from ?1,420-1,470 Commercial pure cuttings: ?1,110-1,160 per tonne from ?1,120-1,170 Clean HE9 extrusions:...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade. Index futures moved sharply higher following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was an increase to 210,000 from 207,000 last week. Actual was 214,000. Consensus for the September Consumer Price Index was a gain of 0.2% versus an increase of 0.2% i...Read More
Today, U.S stocks experienced their worst performance since February. Compared to the most significant single-day drop, the Dow's performance today was still no walk in the park. In February, the Dow Jones Industrial Average plunged 1,175 points for a net decline of 4.6% on the day. Today the Dow scored its second worst day of the year by closing down 831 points, a net decline of 3.6%.The tech-hea...Read More
Editor's Note: The article was updated to reflect further weakness in equity markets, which are down more than 3% across the board (Kitco News) - Equity markets are breaking down and that could be the catalyst needed to light a fire under the gold market, according to some analysts.Ahead of the close, the S&P 500 and Dow Jones Industrial Average have dropped significantly with both falling 3%...Read More
(Reuters) - Wall Street tumbled on Wednesday as investors dumped high-growth names such as technology and FAANG stocks, with rising Treasury yields and trade-related worries sapping risk appetite.The S&P 500 and the Dow Jones Industrial Average fell about 1.5 percent and, at the day’s low, had retreated 3.8 percent and 3.6 percent, respectively, from all-time highs. The Nasdaq’s ne...Read More
(Kitco News) - Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term. Create your own user feedback survey Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12 PM EDT) along with the results from our...Read More
(Kitco News) - Gold is seeing some mild safe-haven demand in afternoon U.S. trading Wednesday, as the U.S. stock market is seeing strong losses and is at its daily low. The Dow Jones Industrial Average is down around 500 points. The U.S. 10-year Treasury note yield hit a 10-year high today, to spook the stock market bulls. December gold was last up $3.10 an ounce at $1,194.80. By Jim Wyckoff For...Read More
(Kitco News) - Gold investors don’t have to fear rising bond yields as bullish factors are growing in the marketplace, according to one market analyst. Maxwell Gold, director of investment strategy at ETF Securities by Aberdeen Standard Investments In a telephone interview with Kitco News, Maxwell Gold, director of investment strategy at ETF Securities by Aberdeen Standard Investments...Read More
Toronto-based junior miner RNC Minerals (TSX: RNX), which discovered more than 9,250 ounces of gold valued around $11 million last month, is announcing the successful recovery of the first specimen slab from the top of the Father's Day Vein at the Beta Hunt Mine in Western Australia (WA). “The slab was cut in the field, revealing impressive visible gold and quartz structures. The slab, weigh...Read More
(Kitco News) - U.S. bond yields could be capped for now at their recent seven-year high, but that doesn’t mean that gold is out of the woods just yet.Analysts note that higher bond yields are keeping a lid on gold as prices remain below $1,200 an ounce. December gold futures last traded at $1,192, relatively flat on the day. Meanwhile, the U.S. 10-year bond yield last traded at 3.22%. In an...Read More
Globally, a trade war likely will have limited impact on the industrial use of silver, says the consultancy Metals Focus. Analysts offered the assessment after the International Monetary Fund this week downwardly revised its forecast for global economic growth in 2018 and 2019 due mainly to the U.S.-China trade war. Generally, investors have shrugged off trade-war fears, as reflected by a strong s...Read More
(Kitco News) - Coeur Mining, Inc. (NYSE: CDE) late Tuesday reported that a number of factors hurt silver production at the Palmarejo Mine in Mexico, although officials reiterated previously revised company-wide guidance for full-year 2018.The company listed third-quarter consolidated production of 2.9 million ounces of silver, 88,833 ounces of gold, 2.2 million pounds of zinc and 1.2 million pound...Read More
There is one thing we should all know as traders and investors -- there are no guarantees when it comes to markets. We should also be aware that trading is a game of odds and probabilities, and our job is to make sure that the trades we enter give us the highest chance for success. As we look at the pattern in gold and the footprint it has been leaving, indications are that there is a big move com...Read More
A summary of base metals premiums from across the globe for the week to Tuesday October 9.Please click on the thumbnail to view the complete table.Due...Read More
Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Tuesday October 9, supported by a marginal downturn in the dollar index, with nickel prices rocketing more than 3%. Closing above $13,000 per tonne for the first time since September 21, the three-month nickel price topped complex gains this afternoon, buoyed largely by a persistent drawdown in LME...Read More
Major annual copper premium increases are coming as a result of booming demand for refined metal, Aurubis chief executive J? 1/4 rgen Schachler told Fastmarkets. Refined copper demand, driven by a global shift to increased electric connectivity is maintaining growth while higher environmental regulations pile pressure on smelter supply, he said in an interview during LME Week in London. "We see mu...Read More
Low-grade manganese ore prices rose again on Friday October 5 on higher offers, while the high-grade market paused. Low-grade manganese ore indices rise, high-grade pauses Chinese markets quiet on National Day holiday Indian alloy prices hold European alloy prices stable US alloys soften on continued low demand Trades indicated low-grade manganese ore prices edged up in Ch...Read More
The European standard grade ferro-silicon spot price was stable for the second consecutive week on Friday October 5 after suppliers held their offer prices following a few weeks of steady falls; US prices stabilized while the Chinese ferro-silicon price was rolled over due to the National Day holiday. Europe market extends stability after run of losses Chinese market unchanged on inactivity&n...Read More
Major annual copper premium increases are coming as a result of booming demand for refined metal, Aurubis chief executive J? 1/4 rgen Schachler told Fastmarkets. Refined copper demand, driven by a global shift to increased electric connectivity is maintaining growth while higher environmental regulations pile pressure on smelter supply, he said in an interview during LME Week in London. "We see mu...Read More