By: Dave KranzlerThe price of gold soared over $13 Monday as flight-to-safety money flowed into the precious metals sector while the stock market went into a downward spiral. I see Monday's market action as a preview of what's in store going forward as price discovery once again engulfs the stock market and causes the most extreme stock bubble in U.S. history to deflate.Despite the fact that it...Read More
By: Ira EpsteinGold's move yesterday really kicked it up into a new trend? Gold's strange chart:Read More
Brazilian miner Vale is considering whether to increase the production capacity at its Caraj??s Serra Sul iron-ore complex over the next decade to 150 million tonnes per year from 90 million tpy currently, the company said in a presentation on Tuesday May 14.The goals of the project include working more with dry processing, improving the operational and logistic flexibility of premium products and...Read More
Why Does Steve Eisman Plan to Short the North?"We're going to make the big banks hurt," Mark Baum, The Big ShortIf you've seen the movie, The Big Short, you know the sort of shenanigans that helped lead to the big financial crisis of 2008. Millions lost their homes, their jobs, their savings in the giant tornado of financial devastation spurred on by the Wall Street scions who hugely profited of...Read More
China will impose tariffs of up to 25% on carbon and stainless steel imports from the United States beginning in June amid escalating trade tensions between the two countries.These form part of $60 billion worth of US products that China imports. The bulk of the steel products listed by China's Ministry of Finance face the heftiest tariffs of 20-25% from June 1. These include billet, hot-rolled co...Read More
A summary of base metals premiums from across the globe for the week to Tuesday May 14.Click on...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have decreased over the past week due to demand being limited by observance of the Islamic holy month of Ramadan, which started last week, sources told Fastmarkets on Tuesday May 14.Observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials.End-user...Read More
German steelmaker ThyssenKrupp expects the global steel market environment to remain challenging in 2019, amid "continuing global overcapacities, ongoing risks from trade uncertainties, [and] sharply rising iron ore prices," the company said on May 14.Fastmarkets' 62% Fe iron ore index averaged $82.41 per tonne cfr Qingdao over the first quarter of 2019, compared with $74.39 per tonne cfr in the f...Read More
Prices in the London Metal Exchange base metals complex became firmer on Tuesday May 14 when it was realized that the effects of proposed Chinese tariffs side-stepped the base metals to focus on imports of minor metals and ferro-alloys.The duties would be imposed by China on materials from the United States from June 1, in retaliation for increased US import duties on Chinese goods in the two coun...Read More
With global stocks staging a short-covering bounce today, gold has given back some of its sharp gains made yesterday. Unsurprisingly, so too have safe-haven yen and franc. Clearly, gold, like equity indices, has become a headline-driven market. Investors must remain vigilant. Incoming headlines regarding the ongoing US-China trade dispute, and specifically Donald Trump’s tweets, have led to...Read More
A long history for the spread.The highest level in a quarter of a century.Silver has been stubborn, and the trend is bearish.Is the ratio telling us a rally in silver is coming and mean reversion in the spread is on the horizon?USLV turbocharged silver volatility if a correction is on the horizon.Last Friday, on May 10, the trade dispute between the US and China escalated with sent a wave of uncer...Read More
China decides to retaliate against the US on tariffs.S&P sells off by almost 70 handles.Gold though rallies over 1% on the announcement sending the yellow metal above $1300 an ounce.Yesterday's market action in US equity markets once more demonstrated why it is so important to have a diversified portfolio in order to realize above-average gains. The S&P 500 dropped by 70 handles to finish...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday May 14 that are worth another look.German steelmaker ThyssenKrupp remains open to consolidation in the European steel sector, chief executive officer Guido Kerkhoff said in a conference call with analysts on Tuesday May 14.Increased hydroxide supply over the past year has meant diverging fundamentals between cobalt int...Read More
Highlights: Confirming Evidence of a continued rally: ECRI WLI is up 0.82% year over year. US stocks are in a positive trend relative to Gold (intermediate). Global stocks (FTSE all World with US) are in a positive trend relative to the risk free asset. Lumber rallied last week. Non-Confirming evidence of a continued rally: The ECRI four week average is still negative year over year (-1....Read More
Source: Michael Ballanger for Streetwise Reports 05/13/2019Sector expert Michael Ballanger muses on the effects of Twitter and political maneuvers on the markets, and specifically on a favorite gold explorer.I have a confession to make: There are no free markets anymore; there are only interventions. Of course, I bow to Gold Anti-Trust Action Committee (GATA) cofounder Chris Powell, who coined...Read More
Gold retreated from its biggest one day move in 3-months on Tuesday as equity markets bounced after the United States and China adopted a more optimistic tone on their trade dispute. On Monday, gold rose 1.1% after China announced it would impose higher tariffs on a range of U.S. goods, which followed Washington's decision last week to hike its own levies on $200 billion in Chi...Read More
Position update Yesterday after China raised tariffs to US, the short position of Gold Futures was directly stopped out.Considering the market reaction of September 24, 2018, when US raised tariffs to China, we closed Oil long positions at 62.8 and NZDUSD long position at cost.No new trade idea today. Click on the image to enlarge EURUSD Holding above 1.1215, the trend is still pointing higher...Read More
Investing.com - Prices of safe-haven gold dipped below the psychologically important $1,300 level on Tuesday in Asia despite escalating trade tensions between the U.S. and China.Gold Futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were down 0.1% to $1,299.95 by 1:28 AM ET (05:28 GMT).The move lower in gold prices came even as the trade war between China...Read More
Fastmarkets reporters present 12 key things we learned at LME Asia Week 2019 in Hong Kong during May 6-9. 1. LME is in talks with Guangdong local authority to establish warehouses in China Charles Li, chief executive officer of Hong Kong Exchanges & Clearing (HKEX), said the London Metals Exchange is in talks with the Guangdong government to pilot establishing LME warehouses in mainland China. Li...Read More
Prices in the London Metal Exchange base metals complex became firmer on Tuesday May 14 when it was realized that the effects of proposed Chinese tariffs side-stepped the base metals to focus on imports of minor metals and ferro-alloys.The duties would be imposed by China on materials from the United States from June 1, in retaliation for increased US import duties on Chinese goods in the two coun...Read More