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
The majority of London Metal Exchange base metals prices continued to trade up during the afternoon session on Tuesday May 21, with the complex largely following the equities markets on their upward trajectory.LME base metals prices largely ignored relatively thin trading volumes, shrugging off the potential suppressing influence of a strengthening US dollar, with the Dow Jones index climbed...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
GLDM does not enjoy significant upward pressure from the escalating US-China trade/tech dispute due to contradictory consequences.Gold's positioning has improved markedly since mid-May, predominantly due to speculative demand.The technical picture deteriorates.We revise our month-end forecast for GLDM from $13.45/share to $13.00/share.Introduction Welcome to Orchid's Gold Weekly report. We discuss...Read More
News that Hydro's Alunorte alumina refinery will return to full capacity, after the production embargo was removed, did little to stop the recent increase in alumina prices.Fastmarkets' benchmark alumina price settled at $366.25 per tonne on May 21, up from $362.88 per tonne day on day and a 6% increase from $345.01 per tonne on May 10 when the index fell to its lowest since August 24, 2017. "Alun...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday May 21 that are worth another look.The United States' removal of Section 232 tariffs on Mexican steel products is likely to underpin a slow recovery in Mexico's ferrous scrap market, market participants said. News that Hydro's Alunorte alumina refinery will return to full capacity, after the production embargo was removed, did l...Read More
The recent round of tariffs on Chinese importswill hit the Chinese economy hard. The repercussions of this will not befavorable for anyone.Volatility has skyrocketed amidst the backdropof increasing geopolitical tensions worldwide.The march toward US invasions of Iran andVenezuela signals a potential surge in geopolitical risks in 2019. The Impact of Tariffs on China's EconomyTo begin, one of the...Read More
Last week's Commitments of Traders report revealed that commercial traders had gone massively short, while speculators went aggressively long.On Thursday and Friday, gold fell from $1,294 to $1,277.Meanwhile, gold seasonality has another couple of negative months to run.Just when it looked like gold futures - which still, unfortunately, dictate the price of physical precious metals - were read...Read More
Scientists at Northwestern University have experimentally replicated a medieval gold purification method employed by West Africans in the 10th and 11th centuries.The researchers followed a technique initially described in a 2014 paper by archaeologist Sam Nixon, in consultation with Thilo Rehren, a specialist on ancient materials and technologies. Their description of the method was based on a ser...Read More
Canada's Pure Gold Mining (TSX-V: PGM) has begun trading on the main market of the London Stock Exchange under the ticker PUR, in a move aimed at lifting the company's international profile ahead of its transition to producer from developer.The Vancouver-based miner, which is advancing a high-grade gold project in Ontario, believes a dual listing will give it access to a much broader pool of inte...Read More
The rallying speed of the global alumina price may slow following breaking news that Norsk Hydro's Alunorte alumina refinery's production embargo was repealed on Monday, market participants told Fastmarkets on Tuesday May 21."Hydro's return may not stop the rising trend in both domestic and global alumina prices for a short period because the resumed production may not come to the market instantly...Read More
The majority of London Metal Exchange base metals prices continued to trade up during the afternoon session on Tuesday May 21, with the complex largely following the equities markets on their upward trajectory.LME base metals prices largely ignored relatively thin trading volumes, shrugging off the potential suppressing influence of a strengthening US dollar, with the Dow Jones index climbed...Read More
Base metals prices on the London Metal Exchange were predominantly higher during morning trading on Tuesday May 21, ignoring an uptick in the dollar index, while trade war concerns continue to keep liquidity levels low. The three-month nickel price climbed by 0.5% this morning to edge back above the nearby $12,000 per tonne resistance level after settling below the mark at Monday's close. The pric...Read More
Physical iron ore markets continued to strengthen on Friday May 17, with the seaborne price breaching $100 per tonne cfr China for the first time in five years amid bullish futures.MB 62% Fe Iron Ore Index: $101.71 per tonne cfr Qingdao, up by $2.50 per tonne.MB 62% Fe Pilbara Blend Fines Index: $99.90 per tonne cfr Qingdao, up by $2.50 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $104.48 per t...Read More
Ole Hansen16 hours ago (May 21, 2019 8:27 AM GMT)Last week was another very frustrating week for gold traders. From a bullish perspective, the week began on a promising note with stock market weakness and the US-China trade war concerns lifting the price above previous resistance. This situation, combined with the break above $1,300/oz, helped trigger the biggest one-week accumulation of longs by...Read More
Top miners are really struggling as they sell silver at a loss. Something doesn't compute as we are essentially getting paid $2 per ounce to buy silver...Editor's Note: We hit on this "cost of production" topic in a recent Silver Doctors Live, which we live-stream on Wednesdays at 12:00 p.m. EST. Specifically, we discuss the question of "what is a reason a person would want to invest in gold or si...Read More
Gold prices finished Monday with a modest gain after settling at a two-week low in the previous session, with the dollar showing some weakness and U.S. stocks on the decline. June gold GCM19, +0.03% on Comex added $1.60, or 0.1%, to settle at $1,277.30 an ounce. It ended Friday at $1,275.70, the lowest most-active contract finish since May 2, according to FactSet data. Gold futures logged a weekl...Read More
ATAC Resources of Vancouver is starting the first phase of exploration at its Rau project, at the western edge of the Rackla gold property 55 km northeast of Keno City. The current program will follow up on high grade gold-copper-silver results from last year.Phase one at Rau includes ground based induced polarization (IP) and magnetic surveys over a 12 km2 area including the Bobcat target and the...Read More
Hudbay Minerals Inc. is preparing a sale of a stake in one of the largest copper mines under development in the U.S. as an investor pushes the company to review its portfolio, people familiar with the matter said.The Toronto-based base metals miner has interviewed potential advisers about selling a 30% stake in the Arizona Rosemont project and is planning to kick off a process in the coming months...Read More