Markets were consolidating during morning trading on Tuesday May 14 after the previous day's weakness that saw prices adjust to an escalation in the US-China trade war, with China retaliating by increasing tariffs on $60 billion worth of US imports. This saw risk-off and money move into haven assets, including gold.Investment money flows into gold, the yen and treasuries......while flowing out of...Read More
On Sunday I saw my mother. The rain was falling in waves from the sky and getting tossed back up from the truck tires on 695. A big blow rolling up the East Coast, some remnant of the disaster storms that flooded the Midwest, I supposed.The deluge had been going on for days, overflowing the gutters and rotting the soffits. Another chore I'd have to deal with at some point. Mother was today's duty....Read More
Pucara Resources is a privately held Canadian grassroots gold explorer and project generator company focused on Peru. At PDAC 2019, we learned from Steve Zuker, President & CEO of Pucara Resources, that they are primarily focused on the underexplored Ayacucho area of South-Central Peru, where they have 14 projects, of which 3 are ventured to tier-one mining companies. Two other properties are mult...Read More
Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. The team of proven mine-builders is advancing a portfolio of exploration and development projects, including the Mengapur Copper-Iron Project, in Pahang State of Malaysia, and the Murchison Gold Projects in Western Australia, towards becoming a mid-ti...Read More
The Tuesday Market Minute Global stocks mixed, with gains in Europe offsetting sharp declines in Asia, amid contradictory messages on trade from the While House.President Donald Trump plans to meet China's Xi Jinping at the G20 summit in Japan, but directs the U.S. Trade Representative to hold public hearings on new tariffs on a further $300 billion in China-made goods.European stocks bounce hig...Read More
Our latest Canadian Insider Insights newsletter explains how some insider trends are suggesting that global growth may be set to expand faster than the consensus thinks. Bamboo shoots anyone?Other topics include the latest INK Canadian Insider Index rebalancing highlights, and Bitcoin versus gold. Finally, our insider of the week has been on the job for less than a year, but his company stock has...Read More
As cobalt market participants head to Hong Kong for the Cobalt Institutes' annual conference on May 15-16, Fastmarkets summarizes the key talking points that are likely to dominate discussions at this year's event.How will cobalt prices fare over the summer? As it stands, standard-grade cobalt prices are up 22% since the end of March, but the rally has stalled over the past couple of weeks and the...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
Italian re-roller Marcegaglia has announced a price increase of ?,?20-30 per tonne to its hollow sections, coil and plate product, effective immediately, the company told Fastmarkets at the Made in Steel trade fair in Milan, Italy on Tuesday May 14. Although market sources have not confirmed the price increase, some market participants said they believed that more steelmakers will attempt to raise...Read More
Egypt's use of selective anti-dumping duties helped the country's biggest steelmaker, Ezz Steel, to report a 23% increase in earnings in 2018, the company said last week.Ezz Steel enjoyed strong demand for long and flat steel products in both the domestic and export markets, it said. This enabled it to show consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) of E ?...Read More
Italian re-roller Marcegaglia has announced a price increase of ?,?20-30 per tonne to its hollow sections, coil and plate product, effective immediately, the company told Fastmarkets at the Made in Steel trade fair in Milan, Italy on Tuesday May 14. Although market sources have not confirmed the price increase, some market participants said they believed that more steelmakers will attempt to raise...Read More
By: Michael J. Kosares, USA GoldThe Exter Inverted Pyramid of Global LiquidityCredit risk, liquidity and goldIn a recent edition of Credit Bubble Bulletin, Doug Noland, the long-time critic of contemporary monetary policy, writes about the odd times in which we live from a financial perspective. "Such a precarious time in history," he laments. "So much crazy talk has drowned out the reasona...Read More
By: Keith Weiner, Monetary MetalsWe have deviated, these past several weeks, from matters monetary. We have written a lot about a nonmonetary driver of higher prices mandatory useless ingredients. The government forces businesses to put ingredients into their products that consumers don't know about, and don't want. These useless ingredients, such as ADA-compliant bathrooms and supply chain trac...Read More
Before we get to looking at those three charts, let's talk about the trade war. On Friday the Trump administration made good on its threat to raise tariffs on as much as $200 billion worth of Chinese imports to 25 percent from the previous 10 percent. The president also said that a decision could be made soon on whether to impose the same 25 percent rate on an additional $325 billion of Chinese...Read More
Was it President Trump's intention all along that trade talks with China fail? That's the contention of 'Farmer,' a long-time subscriber who lives in Nairobi. He posted earlier today as follows in the Coffee House, a chat room that runs alongside the Rick's Picks Trading Room:"Just for perspective, the average dollar volume of imports being bought from Russia is only $18 billion during the pas...Read More
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
David Stockman appears on Cheddar TV Business (May 14, 2019)David Stockman is a former Republican congressman from Michigan and was President Reagan's budget director from 1981 to 1985. After leaving the White House, Stockman became a managing director at Salomon Brothers, and he later founded a private equity fund. David is the founder of David Stockman's Contra Corner, and he is the author of Th...Read More
Join Mike Maloney as he examines the latest moves in the US/China trade war, and visits some compelling arguments from the Foundation for Economic Education. To quote their article by Mark J Perry: "It's a scientifically and mathematically provable fact that all tariffs, at any time and in any country, will harm economic growth, eliminate net jobs, destroy prosperity, and lower the standard of liv...Read More