Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index.The INK Canadian Insider Index started the week with a successful test of 1100 before bounding as high as 1121.71 intraday. The Index finished the week at 1114.99 for a gain of 5.15 points. MACD improved 3.38 to 1.38, while RSI rose 20% or 7.7 points to 42.9.Support rests at 1100 an...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have decreased again over the past week, due to demand being limited by observance of the Islamic holy month of Ramadan, sources told Fastmarkets on Tuesday May 21.Observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials. The month began this year...Read More
Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil were down during the week to Tuesday May 21 after Chinese producers adjusted their offers to remain competitively priced amid declining domestic demand and the weakening Chinese currency, market sources said.The Chinese currency slid to 6.91 yuan to $1 on Tuesday May 21, compared with 6.73 yuan per $1 on Sunday May 6, one da...Read More
China's hot-rolled coil prices rose on Tuesday May 21 after trading turned more active following gains in the futures market.DomesticEastern China (Shanghai): 4,000-4,040 yuan ($578-584) per tonne, widening upward 30 yuan per tonneNorthern China (Tianjin): 3,900-3,920 yuan per tonne, widening upward 10 yuan per tonneWhile sellers started with prices of around 4,000 yuan per tonne in Shan...Read More
The import price for steel billet in the United Arab Emirates has widened upward in new deals over the past week, but the price of rebar has decreased, sources told Fastmarkets on Tuesday May 21.Domestic rebarLocal demand was weak in the country because of the Islamic holy month of Ramadan, which started earlier in May, and the expectation that prices could fall further.The observance of Ramadan i...Read More
UK steel trade unions have renewed their calls for the government and British Steel's owners Greybull Capital to reach an agreement to save the troubled long steel producer."It is vital now that cool heads prevail and Greybull and the [British] government continue to focus on finding a solution that maintains employment and keeps the business trading," Alasdair McDiarmid, operations director for U...Read More
China's domestic rebar prices moved up on Tuesday May 21 following futures gains, but demand was far from strong. Domestic Eastern China (Shanghai): 4,040-4,080 yuan ($584-590) per tonne, up 40 yuan per tonneNorthern China (Beijing): 3,950-4,000 yuan per tonne, narrowed up 10 yuan per tonneRebar futures increased steadily during the course of the day, leading to bullish sentiment am...Read More
The Turkish deep-sea scrap market remained quiet on Tuesday May 21, while steel mills continued to negotiate rebar sales to the United States and scrap merchants awaited signs of a clearer market direction.The US reduced its tariff on steel imports from Turkey to 25%, from 50%, on May 17, bringing the country back in line with other prospective suppliers to the US market.F...Read More
By: Ira EpsteinGold's Bias is down:Read More
We 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 tracking, add a lot to the price of e...Read More
StrengthsThe best performing precious metal this week was gold, down 0.65 percent. Gold bulls regained the upper hand this week in the Bloomberg survey of traders and analysts, as investors weigh U.S.-China trade tensions and the outlook for global growth. Bloomberg reports that open interest, a tally of outstanding futures contracts in bullion, surged the most since mid-2016 on Monday to the hi...Read More
By: Dave KranzlerTesla has been "done" for awhile but many of the Wall Street and investor "uber" bulls are finally starting to see this reality. Amusingly, Wedbush's Dan Ives issued a report in which he lowered his price target on Tesla stock from $270 to $235. He refers to Tesla's situation as a "code red situation." Quite frankly, a "code red situation" with regard to a company and it...Read More
Is it okay for Tesla bulls to come out of their bomb shelters? Perhaps, but only with caution. The stock bounced sharply on Monday from a low that was close to the 193.31 Hidden Pivot support we were using as a minimum downside target. On the hourly chart the selloff looks to have reversed an inch from where we'd expected. But I hesitate to declare the target achieved, since the tiny-lookin...Read More
Rob believes that trillions of dollars have been created in a run up to the eventual demise of the dollar. Foreigners are aware of this situation and are starting to cut their losses. The reality is that the American people have been lied to on a vast scale. Rob believes it's the source of most of the world's geo-political problems. If nothing is done the system will collapse and the question beco...Read More
Seaborne iron ore prices continued to strengthen on Tuesday May 21 after exceeding $100 per tonne cfr last Friday, thanks to gains in the futures and spot steel markets.MB 62% Fe Iron Ore Index: $102.03 per tonne cfr Qingdao, up by $0.32 per tonne.MB 62% Fe Pilbara Blend Fines Index: $100.22 per tonne cfr Qingdao, up by $0.32 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $105.76 per tonne cfr Qi...Read More
Gregory Mannarino shares his thoughts on the financial markets, the trade war and how monetary policy will impact investors.Gregory Mannarino started his financial career working for the securities and trading arm of the now defunct Bear Stearns before the dot-com bubble. He is an active trader of the capital markets and has published several books pertaining to finance, global economics, and equi...Read More
With the Brexit threatening to break up the Eurozone, and US/China trade wars escalating at the top of today's massive credit cycle, what will happen to the the ordinary person during the next downturn, as feverish central banks slash interest rates to zero or negative (ZIRP/NIRP)?Alasdair Macleod, head of research at GoldMoney.com, returns to Reluctant Preppers to weigh in on the true state of th...Read More
Here comes QE on steroids. Join Mike Maloney as he explains the Fed's latest plan to manipulate and distort the markets, and what the results are likely to be.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....Read More
Google just drive a spike through the heart of Huawei's hearth. No more Android phone operating system for them! Everyone spies, especially the US. Is it better to have Alexa spying on you or the US Government. Neither of them have any concern for your privacy or your rights. Privacy as we used to conceive of it is rapidly disappearing.John Rubino is the founder and manager of the popular financia...Read More
Rob Kirby is a financial commentator and former broker who worked on an institutional trading desk for most of the 1980s and right up until 1996. He also worked for 11 years at Prebon Yamane, an international inter-dealer broker of foreign exchange and interest rate products. He spent an additional year at another money/bond broker called Freedom Bond Brokers, then spent two years at Garban Inc.,...Read More