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
Export prices for hot-rolled coil and cold-rolled coil from the Commonwealth of Independent States fell again despite expectations that prices had bottomed, sources told Fastmarkets on Tuesday October 15.Fastmarkets' price assessment for steel HRC export, fob Black Sea, CIS was $380-395 per tonne on October 15, down from $400-410 per tonne a week earlier."Scrap prices stopped falling and buye...Read More
The first house I ever bought was a 100-year-old row house for $75,000 in 1998. It sat halfway down a gray block with one tree in a Baltimore neighborhood on the edge of Federal Hill, which was quickly gentrifying.Shortly after I moved in, it became clear that the clean-cut 18-year-old kid next door was a drug dealer. Loud music shook the windows. People came and went at all hours. There were figh...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia fell this week on limited demand, sources told Fastmarkets on Tuesday October 15. Buyers were reluctant about booking large tonnages because of falling prices as well as weak end-user demand, they said. UAE Offer prices for hot-rolled coil (HRC) from China were heard in the UAE at $450-460 per tonne cfr this week, with...Read More
US President Donald Trump said on Monday October 14 that he will impose a 50% tariff on imports of steel from Turkey in response to that country's military actions in northeastern Syria.However, market participants believe such a move will have a minor impact on the Turkish steel sector, because Turkey's steel exports to the United States are already limited because of weak demand.BilletA trader f...Read More
Import prices for steel billet and rebar in the United Arab Emirates narrowed over the past week, with domestic rebar prices falling due to a lack of demand, sources said on Tuesday October 15. New domestic prices for rebar for the month were announced by the country's producers on September 26. Both Emirates Steel and Conares reduced their prices. Billet imports Billet bookings were made from Oma...Read More
Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK CIN put the brakes on its skid and rose 0.37 points to close at 1093.72.MACD climbed 4.3 points to -4.8. RSI rose 5.1 points or 14.4% to 40.4.Support is at 1085 and 1080. Resistance is at 1100 and 1120.Last week, the INK Canadian Insider Index trailed oil (+2.15%), the...Read More
Eastern China's rebar prices dropped on Tuesday October 15 due to subdued demand and weakening futures, while those in the north held steady. Domestic Eastern China (Shanghai): 3,670-3,700 yuan ($519-523) per tonne, down 30 yuan per tonneNorthern China (Beijing): 3,570-3,600 yuan per tonne, unchangedSome traders stopped restocking due to narrowing margins. This, coupled with weak futures, weighed...Read More
Turkish steelmakers have paused their deep-sea scrap purchases following the news that the United States government will double its Section 232 tariffs on the country, sources said on Tuesday October 15.Late on Monday October 14, US President Donald Trump said he will impose a 50% tariff on imports of steel from Turkey in response to that country's military actions in northeastern Syria."The steel...Read More
Seaborne iron ore prices strengthened on Tuesday October 15 thanks to gains in the derivatives markets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $93 per tonne, up by $1.51 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $92.04 per tonne, up by $0.01 per tonne.62% Fe low-alumina fines, cfr Qingdao: $91.60 per tonne, up by $1.43 per tonne.58% Fe fines high-premium, cfr Qingdao: $80.9...Read More
Steelmakers in Germany have settled their monthly scrap contracts for October with an average month-on-month fall of ?,?30 ($33) per tonne, sources told Fastmarkets this week.Fastmarkets' monthly price assessment for steel scrap No E3 (old thick steel scrap) domestic, delivered mill Germany, was ?,?225-235 ($215-226) per tonne in the middle of October, down by ?,?30 per tonne from ?,?225-235 per t...Read More
"Travel," Mahatma Gandhi once said, "is the language of peace."If that's the case and I happen to believe that it is then I'm extremely bullish about the future, especially with respect to U.S.-China relations. The trade war's days may be numbered as both sides of the skirmish reached a partial agreement last Friday, laying the groundwork for Presidents Donald Trump and Xi Jinping to sign a tr...Read More
US President Donald Trump said on Monday October 14 that he will impose a 50% tariff on imports of steel from Turkey in response to that country's military actions in northeastern Syria.However, market participants believe such a move will have a minor impact on the Turkish steel sector, because Turkey's steel exports to the United States are already limited because of weak demand.BilletA trader f...Read More
Clint Siegner, Money MetalsJerome Powell has something in common with Bagdad Bob, Saddam Hussein's infamous press secretary. They're both liars, suggests Money Metals podcast guest Craig Hemke of the TF Metals Report.Telling obvious lies with a straight face is part of Powell's job description. He hopes to maintain order even though anyone who is paying attention knows something extraordinary i...Read More
At present, there could be a number of positive developments for precious metals.Last Friday, the US Dollar cracked lower and could be at risk of lower levels into year end.Days earlier the Federal Reserve announced new "QE-like" measures just as they told us it was not really QE. In addition, the market is showing a nearly 68% chance of a rate cut later this month. Isn't all this bullish for...Read More
Stewart Thomson 1. For silver, all roads probably lead to the $22-$25 area. For gold, all roads likely lead to $1600-$1800. There could be significant bumps in these roads, probably involving time more than price.2. Please click here now. Double-click to enlarge this silver chart.3. Silver looks stronger than gold, but gold is also looking very solid, from b...Read More
By: Ira EpsteinGold swing lines: lower highs and lower lows. Bollinger support $1478, near swingline..Read More
CIS billet producers raised their export offer prices this week due to reduced availability and in response to rising scrap costs.The move came in response to last week's rise in imported scrap prices in Turkey, with billet harder to source in the absence of some Ukrainian mills.Some Russian producers also reported that they had filled their November order books last week and h...Read More
Eastern China's rebar prices dropped on Tuesday October 15 due to subdued demand and weakening futures, while those in the north held steady. Domestic Eastern China (Shanghai): 3,670-3,700 yuan ($519-523) per tonne, down 30 yuan per tonneNorthern China (Beijing): 3,570-3,600 yuan per tonne, unchangedSome traders stopped restocking due to narrowing margins. This, coupled with weak futures, weighed...Read More
Following a series of repurchase operations that were supposed to be temporary, last week Federal Reserve Chairman Jerome Powell apparently felt that the liquidity issue had not yet been solved. As he said "Indeed, my colleagues and I will soon announce measures to add to the supply of reserves over time." And sure enough, later in the week the Fed announced that it was going to start purchasing s...Read More
Michael Maloney is a precious metals investment expert and historian. He is the founder and owner of GoldSilver.com, a global leader in gold and silver sales/storage and one of the world's most highly regarded investment education companies. He is author of the highest selling precious metals investment book of all time, Rich Dad's Advisors: Guide to Investing In Gold and Silver. In addition, Mr....Read More