BTG/USD technical are strongly positive in the short-term. It is only a matter of time before the price steps above $18.00 and correct to $20.00. BTG/USD is among the biggest single digit gainers on Wednesday. Intraday charts show a formidable 4% increase in value on the day. Moreover, Bitcoin Gold is trading above both the 50 Simple Moving Average (SMA) and the 100 SMA 2-hour. The reaction to t...Read More
We are analyzing the activity of HFT algorithms in the Fx market today and note that Gold (XAUUSD) has already reached and bounced at the light HFT buying pressure zone which is noted at 1279.86 and below. The Master MACD indicator shifted from bearish to neutral (red to gray) and the FxTR CCI turned bullish from previously bearish. The 1278.00 - 1280.00 area where Gold rebounded is also intraday...Read More
The spot price of silver is currently trading at $14.83/oz, collapsing back down after briefly eclipsing $16/oz back in February.In a sub $15/oz silver environment, it will be tough for silver producers to turn profits, so risks are elevated, and thus for speculators, diversification is key for survival.SILJ provides speculators looking for silver exposure the added protection of diversification v...Read More
James HyerczykApr 30, 2019 11:40 PM GMTGold futures are trading lower early Wednesday on position-squaring ahead of the U.S. Federal Reserve interest rate and monetary policy decisions later today at 18:00 GMT. The price action suggests gold traders are leaning toward the hawkish side.Increased demand for risky assets could also be contributing to the selling pressure. Perhaps limiting losses is t...Read More
Fastmarkets' tin premiums in the United States fell this week, with an indefinite strike at the world's fifth-largest tin producer unlikely to alleviate pressure of poor demand and oversupply, while weak buying appetite and supply uncertainties in Indonesia are capping spot business in Asia and Europe. US premiums fall despite Minsur strike, demand in question European participants brace for...Read More
Ivanhoe Mines has appointed Tony Giardini as its new president, effective immediately. Giardini was most recently the executive vice president and CFO of Toronto-based Kinross Gold, a position which he held since December 2012.Tony Giardini, new president of Ivanhoe Mines. Image courtesy of Kinross Gold's Facebook page.Before joining Kinross, Giardini served as senior vice president and CFO at Ca...Read More
Ivanhoe Mines Ltd said on Wednesday its chief executive officer, Lars-Eric Johansson, would retire at the end of June after 12 years at the helm.Johansson, who held the position since May 2007, has led the company through its initial public offering in 2012 and was a part of the company's major transformation to become a producer of copper, zinc and nickel.The Canadian miner also said it appointed...Read More
The US economic growth in the Q1 2019 positively surprised. Indeed, on the upside. The doubting Thomasses were proven wrong. And The Socialist Party just won the snap elections in Spain. Is the left back in vogue in the Eurozone? But what does it all mean for the gold market? US GDP Surprises on the Upside On Friday, the government said that the US GDP expanded at a 3.2 percent annual pace in the...Read More
The World Bank launched the Climate-Smart Mining Facility on Friday, the first-ever fund dedicated to making mining for minerals climate-smart and sustainable.The fund will support the sustainable extraction and processing of minerals and metals used in clean energy technologies, such as wind, solar power, and batteries for energy storage and electric vehicles.The World Bank is targeting a total...Read More
One of the largest gold mining companies in the world has taken a shine to Chakana Copper (TSV: PERU) and its Soledad project in Peru. Gold Fields (NYSE: GFI) is spending C$8 million to buy 15.69 million Chakana shares at C$0.51 per share for a 16.14% stake in the junior.The proceeds will be used to advance exploration and development of the Soledad copper-gold-silver project, 260 km northwest of...Read More
Privately held industrial conglomerate GFG Alliance said on Wednesday it would spend up to A$100 million ($70.5 million) to get a controlling interest in a copper and iron ore developer to provide materials for its Australian copper and steel business.GFG is building up a South Australian franchise to its global steel and energy business after its purchase of the Whyalla Steelworks and an energy c...Read More
Ridgestone Mining (TSXV: RMI) issued a review of results from exploration on its Rebeico gold-copper project in Sonora, Mexico, and reported that two styles of mineralization were recognized at the site, both containing copper, gold and silver.In a press release, Ridgestone said the mineralization was identified at the over 1 kilometre-long north-south trending Alaska vein, and at the intensely al...Read More
Chile's Codelco, the world's No. 1 copper producer, has begun underground operations at its century-old Chuquicamata mine, ahead of schedule and with more than 8,000 tonnes of ore already extracted since early April.Block-caving, originally planned for May, began at the end of March, the state-owned miner said in a statement. Ore is being initially extracted by truck before starting commercial pro...Read More
Domestic prices for hollow steel sections in both Northern and Southern Europe moved down this week following continued feedstock price decreases and lackluster demand, sources told Fastmarkets on Wednesday May 1.The market has been quiet this week, largely due to the May 1 public holidays in many European countries, but also because of the previous slowdown for the Easter break across the co...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday May 1 that are worth another look.Vanadium producer Bushveld Minerals has agreed to buy multiple South African production assets for $68 million, it said on Wednesday May 1. The South Africa-based miner will acquire Duferco Vanadium Investment Holding's Vanchem plant, the ferro-vanadium business of its subsidiary South African...Read More
Canada's Cameco (TSX:CCO) (NYSE:CCJ), the world's largest publicly traded uranium miner, swung to a loss in the first three months of the year despite seeing growing support for nuclear energy.The Saskatoon, Saskatchewan-based company logged a C$18.3 million net loss in the first quarter of 2019, compared with a profit of C$57.8 million a year ago. That is equivalent to a decrease of five cents...Read More
Weak United States aluminium premiums and increased ocean shipping costs led to a continued narrowing of the estimated arbitrage between Southeast Asia warehouses and the US Midwest.Fastmarkets assessment for the average monthly midpoint of the P1020 US Midwest aluminium premium was at $418.87 per tonne in April, flat from March.Oversupply has created pressure on the US premium over the month, nar...Read More
Chinese nickel premiums diverged from those in Europe and the United States on Tuesday April 30, hitting a 13-month high on arbitrage-profit opportunities emanating from an open import window.All US nickel premiums slid on surplus stock, following an almost two-year low in the European nickel briquette premium.Chinese premiums surge to 13-month high on open import window Ample scrap supply f...Read More
Comex copper prices plummeted during the trading session on Wednesday May 1, with investors bearish before the US Federal Reserve rate decision expected later today.The copper price for July settlement on the Comex division of the New York Mercantile Exchange tumbled by 5.55 cents to $2.8485 per lb. "The Fed is widely expected to reiterate its dovish stance despite the fact that it is in a bit...Read More