Garry Jones, former chief executive officer of the London Metal Exchange, has been appointed as independent non-executive director and remuneration committee chair at ICBC Standard Bank, Fastmarkets understands. Jones was appointed as CEO of the LME after its acquisition by the Hong Kong Exchanges & Clearing (HKEX) in 2012 and fulfilled the role until 2017, when current CEO Matthew Chamberlain...Read More
Our neutral stance on gold proved correct so far. We’ve forecasted a correction in the neighborhood of 5%-7% from the swing high, which ended in February 2018. Price action took us right into that area already. The overall result is that gold has not made any progress since Christmas 2018. We remain with our forecast that the current correction will bring an attractive entry opportunity. Gol...Read More
Investing.com - Gold prices were little changed on Wednesday in Asia, holding below the key $1,300 level, as global stocks recovered from a slump earlier this week triggered by escalating U.S.-China trade tensions.Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were at $1,295.95 per ounce by 12:30 AM ET (04:30 GMT).The precious metal broke above $1...Read More
The key executives behind Goldcorp's Coffee gold project in Yukon are back, this time leading a new junior miner called Tectonic Metals Inc. The company is seeking to raise C$5 million through a special warrant financing and pursuing a direct listing on the TSX Venture Exchange.Tectonic was founded nearly two years ago by Eira Thomas, Tony Reda and Rob Carpenter, who were key executive members of...Read More
Chris Vermeulen17 hours ago (May 15, 2019 7:58 AM GMT)Gold weekly chartWe issued both of these markets calls many months in advance of these dates/price levels targeting these moves. In both cases, we issued these market calls well over 60 days prior to the move actually taking place. The accuracy of these calls can be attributed to our proprietary price modeling solutions as well as t...Read More
Nickel's three-month price on the London Metal Exchange recovered at the close of trading on Wednesday May 15, climbing back above $12,000 per tonne while the metal's cash/three-month spread moved into backwardation for the first time since 2015.The metal's cash/three-month spread differential was recently seen in a backwardation of $9 per tonne, while its nearby June-July spread was now trading i...Read More
Pro Aurum and Philoro will be supplying the raw metals. The firm will also enable its users to swap services from metals to digital assets. Austria-based fintech Bitpanda has recently launched digital trading service for gold and silver along with digital assets. It was announced on May 13 that the digital trading backed by physically stored metals are securely kept in a vault in Switzerla...Read More
The possibility of another auction of indium stock held by the defunct Fanya Metal Exchange has weakened the buying appetite of consumers both in China and abroad. Word had circulated in the market since last week that around 20-100 tonnes of indium held in Fanya's warehouses could be auctioned by the end of May, market sources told Fastmarkets MB. Officials from the Alibaba online platform, where...Read More
Missed what caused the spike, don't understand the absurdity of taxing gold & silver, heard how brutal Google's attacks have become? Here's all that & more...Tyler Wall of SD Bullion and Half Dollar of Silver Doctors interviewed by Sean on SGTreportThe team from SD Bullion and Silver Doctors join Sean of SGTreport to discuss the news that caused precious metals sales to spike more than 700% on Mo...Read More
Seaborne iron ore prices picked up on Wednesday May 15 following gains in China's futures market, and amid concerns that BHP's mine maintenance could affect supply at a later date.MB 62% Fe Iron Ore Index: $96.95 per tonne cfr Qingdao, up by $2.61 per tonne.MB 62% Fe Pilbara Blend Fines Index: $95.63 per tonne cfr Qingdao, up by $2.61 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $98.53 per tonn...Read More
An overpriced coin, or a bet on a need for future liquidity?by Matt from Silver Fortune via Silver FortuneAn overpriced coin, or a bet on a need for future liquidity? Read More
Gold hit a 1-month high against the greenback during yesterday's risk-off session. But given gold's strength is broad-based, we suspect its corrective low could be in. It’s constructive to see that gold’s breakout was broad-based and not just limited to the USD. Having created a gold basket by taking a simple average of gold versus FX majors, we note that the retracement...Read More
Chair Powell claims that subdued inflation is caused by transitory factors. Does the recent data confirms his views? And just how transitory is the new tariff rate on $200bn Chinese imports? Will we see a creep higher in inflation about to lift the gold prices? CPI Edges Up At the post-FOMC press conference in May, Jerome Powell said that some transitory factors could be responsible for muted inf...Read More
Image by Brad Holt on FlickrElon Musk has no shortage of detractors - and judging by the tone struck by some of them, that's not nearly a strong enough word.Neither does the Tesla CEO have a shortage of short sellers and every so often long sellers get in on the action too. Bears turn bulls with gusto and bulls turn bears with alacrity.Musk frequently muddies the waters himself, making...Read More
State miner Codelco, the world's top copper producer, said on Wednesday that it had agreed on a new labor contract with the union of supervisors at its small Salvador mine in northern Chile.The union and company had entered into a government mediated negotiation earlier this month after supervisors rejected the company's previous offer and alleged that Codelco was putting undue pressure on its wor...Read More
The U.S. Interior Department on Wednesday renewed two mineral leases near the Boundary Waters Wilderness area in Minnesota, a key step in opening the popular wilderness and recreation area up to copper mining despite heavy opposition from local and national conservation groups.The department's Bureau of Land Management granted the hardrock mineral leases inside the Superior National Forest to Twin...Read More
Aurubis AG, Europe's largest copper producer, on Wednesday confirmed a reduced full-year earnings forecast on weak market environment and plant shutdowns, while posting a slump in its quarterly earnings.Aurubis expects operating pre-tax earnings (EBT) in its 2018/19 fiscal year to fall "significantly" by more than 15% compared with the previous year. The copper producer in February had forecast fu...Read More
Canada's Ivanhoe Mines (TSX:IVN) said Tuesday it's ready to start building its first two copper mines in the Democratic Republic of Congo and significantly advance a third project after partner Zijin Mining Group added an additional C$67 million (about $49m) into the Canadian company's coffers.Zijin, China's No.1 gold producer and Ivanhoe's partner in the now massive Kamoa-Kakula copper project...Read More
Feralpi Stahl will raise capacity at its rebar and wire rod rolling mill in Riesa in the Saxony region of Germany to 1.3 million tonnes per year, the German division of Italy-based steelmaker Feralpi Group said.The company will invest ?,?60 million ($67.33 million) over a two-year period to increase capacity at Riesa, it said on Wednesday May 15."The investment will strengthen the current producti...Read More
The export market for steel slab and billet in Iran was very slow in the seven-day period to May 15 after the United States imposed sanctions on the country's steel trade, sources told Fastmarkets.US president Donald Trump ordered new sanctions on Iranian metals - including steel, aluminium and copper - on Wednesday May 8."Today's action targets Iran's revenue from the export of industrial metals...Read More