Gold has big year in 2020 and outlook for this year robust. Learn about monetary expansion and gold future prices.Read More
The gold futures price reached US$1,767/ounce this week before retreating, which was the second time it has surpassed US$1,760 in the past two months, marking some of gold's highest levels in several years.Read More
- Keith WeinerSomething happened in the credit market this week. A Barron's article about it began:"There have been disruptions in the plumbing of U.S. markets this week. While the process of fixing them was bumpy, it was more of a technical mishap than a cause for investor concern."Keep Calm and Carry OnSo, before they tell us what happened, they tell us it's just plumbing, it's been fixed,...Read More
David HaggithWell, that didn't take long! Four days ago, I stated the following in an article titled "Why are Bonds Going for Broke?":Central banks are losing control, and are admitting they don't even understand what is happening.I quoted St. Louis Reserve Bank president, James Bullard, who commented"Something is going on, and that's causing I think a total rethink of central banking and all...Read More
Dear Friend of GATA and Gold:Why did the London Bullion Market Association drop JPMorganChase commodity trading desk chief Michael Nowak from its board of directors this week?Probably not because Nowak was indicted by the U.S Justice Department, accused of racketeering with other Morgan traders in part of the longstanding manipulation of the monetary metals markets. For the indictment was anno...Read More
StrengthsThe best performing metal this week was silver, up 3.16 percent, as gold rebounded this week. As gold was set for a small weekly gain for the first week in four, traders were mostly bullish or neutral on bullion's trajectory in the weekly Bloomberg survey. Palladium, however, rallied as much as 1.8 percent to a record $1,648.65 an ounce for its best run since 2012 with seven weeks of...Read More
We anticipate using further setbacks as an opportunity to re-establish full positions using 5,000 COMEX silver options.The first thing one notices when looking at a weekly gold chart is how much further along it is than its poorer cousin.Sugar, coffee and cotton are all within striking distance of ten-year lows.We knew it was coming... The correction in the precious metals we talked about in our l...Read More
With the price coming back above the average price of $1508, it activated a S1 target of $1524 to a S2 of $1548.A second close below $1508 will activate the B1 of $1484 to B2 of $1468.Traders who go long, use $1508 as your protective level on a close below using the 15-minute bar.Gold: Looking Forward If we look at the weekly indicators, the market after the Fed rate-cut announcement collapsed to...Read More
The Gold Shares ETF stayed above its monthly pivot at $138.57 last week as the weekly chart remains positive but overbought.The Commodities ETF broke out above its "reversion to the mean" at $15.41, which then held on weakness after trading as high as $16.26 last week.The Long Dollar ETF failed at its monthly risky level at $26.99 at the Sept. 3 high, but remains well above its annual an...Read More
Faced with high and increasing emissions costs during a period of challenging market conditions, the steel industry is driving a change toward carbon neutral and fossil-fuel-free steel production in a bid to evolve and stay afloat.Many European steel producers have reported significant falls in profits in recent results due to weaker demand for steel during an economic downturn, the disruption of...Read More
Gold prices finished higher Friday to end the week with a gain for the first time in about a month, as President Donald Trump announced more sanctions on Iran and China reportedly cut short its trade negotiations with the U.S., fueling haven demand for the precious metal. "The confrontation with Iran [is] still very real," said Jeff Wright, executive vice president of GoldMining Inc. "So you have...Read More
The three-month zinc price on the London Metal Exchange was higher at the close of trading on Monday September 23, closing above the $2.300 per tonne threshold and topping the gains in the base metals complex, while sister-metal lead fell furthest over the afternoon.Zinc futures closed at $2,331 per tonne in the afternoon, breaching nearby resistance despite moderately thin turnover, with just ove...Read More
China's domestic hot-rolled coil prices rebounded on Monday September 23 with market participants expecting a supply drop due to production cuts, while exporters remained relatively conservative amid fierce competition from abroad.DomesticEastern China (Shanghai): 3,650-3,670 yuan ($515-517) per tonne, up 50-60 yuan per tonneNorthern China (Tangshan): 3,600 yuan per tonne, up 40-60 yuan per tonneB...Read More
Trading activity for seaborne coking coal was muted on Monday September 23, with market participants awaiting fresh offers.Premium hard coking coal, fob DBCT: $128.19 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $154.98 per tonne, unchangedHard coking coal, fob DBCT: $122.50 per tonne, unchangedHard coking coal, cfr Jingtang: $132.76 per tonne, unchangedLow-vol PCI, fob DBCT: $98.94...Read More
Turkey produced 22.55 million tonnes of crude steel in January-August 2019, down by 10.46% from 25.19 million tonnes in the corresponding eight-month period of last year, the Turkish Steel Producers Association (T???oeD) said last week.The drop in output was largely attributed to subdued end-user demand and weakening export markets for Turkish steel.The European Commission (EC) imposed definitive...Read More
Turkish steel mills were still booking deep-sea scrap at stable prices at the start of the week while negotiations for further transactions continued, sources said on Monday September 23.A steel producer in the Iskenderun region booked a US cargo, comprising 22,000 tonnes of HMS 1&2 (80:20) at $233 per tonne, 4,000 tonnes of shredded at $238 per tonne and 4,000 tonnes of bonus at $243 per tonne cf...Read More
Here are five Fastmarkets MB stories from Monday September 23 that are worth another look.China has announced a fourth round of copper scrap import quotas to allow an extra 31,658 tonnes of copper scrap into the country by the end of 2019, the environmental ministry said on September 23.Faced with high and increasing emissions costs during a period of challenging market conditions, the steel indus...Read More
China has announced a fourth round of copper scrap import quotas to allow an extra 31,658 tonnes of copper scrap into the country by the end of 2019, the environmental ministry said on Monday September 23. The latest quota, permitting less shipments than in the previous three releases, brings the total volume of copper scrap imports allowed into the country in the second half of 2019 to 484,767 to...Read More
First Quantum, owner of Kansanshi copper mine, is in discussions to sell part of its stake in Zambian copper assets to leading Chinese copper producer Jiangxi Copper, the miner said on Monday September 23. The Toronto-listed miner said the potential sale of a minority interest in its Zambian copper asset is ongoing and no transaction has been agreed at this stage. It did not disclose which asset i...Read More
The spot copper concentrates treatment and refining charge (TC/RC) index rose for the third week in a row on Friday September 20 after extra Grasberg tonnages were offered in the market amid limited smelter appetite, with the market viewing this as a potential turning point for spot terms ahead of annual benchmark negotiations. Fastmarkets' benchmark copper TC/RC index cif Asia Pacific rose t...Read More
The three-month nickel price on the London Metal Exchange rose by 1.8% during morning trading on Monday September 23 after more than 19,000 tonnes of material was freshly canceled out of LME-listed warehouses. The nickel futures price recently traded at $17,690 per tonne, rising from Friday's closing price of $17,455 per tonne. One driver of the uptick was the fresh cancellation of 19,650 tonnes o...Read More
Base metals prices on the Shanghai Futures Exchange were largely down during the morning trading session on Monday September 23, with risk sentiment deteriorating following negative developments in United States-China trade negotiations.The latest face-to-face talks in Washington between trade negotiators from both the US and China at the end of last week seem to have failed to yield any fruitful...Read More