Key Gold and Precious Metals News, Commentary and Charts This WeekGold and silver traded sideways this week as we saw stock markets take some heat and undo most of the recent recovery from the October sell off. Oil has sold off and is now at levels that we haven't seen since 2017.Credit: Weekly relative performance (Finviz.com)While the US markets are quiet due to Thanksgiving all eyes are focus...Read More
FAANG stocks are dragging the tech sector down again todayThe broader stock market has resumed its sharp sell-off today, led by the spiraling tech sector. More specifically, FAANG stocks are significantly lower today, with Facebook, Inc. (NASDAQ:FB) and Apple Inc. (NASDAQ:AAPL) under pressure amid some negative headlines.Facebook Under More Public Pressure From SorosFor Facebook, the social medi...Read More
European stainless steel market participants were losing confidence that the market will recover early in the New Year, they told Fastmarkets on Friday November 9, with transaction prices falling further this week.Transaction prices for grade-304 cold-rolled (CR) stainless sheets were assessed at ?,?2,150-2,200 ($2,454-2,511) per tonne delivered on Friday, down by ?,?30-60 per tonne from ?,?2,180-...Read More
Some penny stock news for this Black Friday on Wall StreetTwo low-dollar stocks making notable pre-market moves are Auris Medical Holding AG (NASDAQ:EARS) and Orchids Paper Products (NYSE:TIS). The shares of both EARS and TIS are set to rise at the open, so we'll take a closer look at the stocks below. For EARS, the security is set to rise almost 23% at the open, following news the company's CEO T...Read More
II bulls haven't been this prevalent in yearsBack in September, when the major stock market indexes were still flirting with new highs, optimism on Wall Street was unsurprisingly elevated. Specifically, the number of bullish newsletter advisors surveyed in theInvestors Intelligence (II) poll was at its highest point since January. However, unless you've been hiding under a rock, you're aware that...Read More
Full Article: Unthinkable!By: Gary ChristensonMiles Franklin sponsored this article by Gary Christenson. The opinions are his.Sometimes we must consider the unthinkable.Official US national debt is $21.6 trillion. Unfunded liabilities are five to ten times higher. Global debt is about $250 trillion. US national debt has doubled every eight to nine years for decades.Full Article: Unthinkable!By...Read More
All three benchmarks are heading toward steep weekly lossesFutures on the Dow Jones Industrial Average (DJI) are down more than 100 points on Black Friday, set to continue the slide that defined Wednesday's last-minute pivot lower. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are in the red as well, as tech shares -- and, more specifically, FAANG names -- appear set to resume their se...Read More
Is a "Blue Wave" building?Something strange is happening in America.Millions of Americans are furious - and this time, they're taking their anger out on Republicans.All across America, 45 Republicans have lost elections during Trump's presidency in places they shouldn't have possibly been able to lose... even in districts where Trump won in a landslide and remains popular.In the last few months al...Read More
Global ferrous scrap prices continued to move downward in the week ending Friday November 23, with persistently weak finished steel sales and fears about renewed Chinese exports.Cargoes booked in Turkey were at lower prices due to fears of increased volumes of rebar being exported from China. The market in India was dragged down by the negative sentiment in Turkey, with prices falling by $8 per to...Read More
There is uncertainty in the United States pig iron market because the markets for scrap and hot-rolled coil (HRC), the key indicators, are moving in opposite directions, Fastmarkets was told on Friday November 23.Fastmarkets' price assessment for US imports of pig iron was $378-385 per tonne cfr on Friday, narrowing upward from $370-385 per tonne last week.One deal for high-phosphorous pig iron fo...Read More
Indian importers are considering imports of hot-rolled coil (HRC) from China because South Korean suppliers have exited the Indian market due to falling prices.China-origin commercial grade HRC was offered earlier this week to Indian importers at $505-510 per tonne cfr Mumbai for late January-early February shipments.But there had been no Chinese HRC import bookings by Indian importers by Friday N...Read More
Base metals prices on the London Metal Exchange were predominantly lower at the close of trading on Friday November 23, with zinc's three-month price worst hit over the afternoon amid a sharp sell-off across the base metals complex. Despite thin spot activity due to national holidays in the United States, volumes traded on the exchange were moderate after European markets opened in quiet fashion,...Read More
The latest metal markets news and price moves to start the North American day on Friday November 23. The London Metal Exchange three-month nickel price hit a fresh 2018 low in morning trading, with the rest of the complex following lower. Here's how base metals prices look at 12:30pm London time:Read our live futures report here. "The underlying trend in the base...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Friday November 23.Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Friday, with the complex benefitting from a slightly weaker dollar. Tin and nickel fell however, with the former coming under pressure from fears over slowing demand and a bui...Read More
Fastmarkets reviews the major stories that have affected the steel market during the week ended Friday November 23.Raw materialsThe price of pig iron exports from the Commonwealth of Independent States has fallen over the past seven days due to weak prices both for raw materials and for finished steel products.High-grade iron ore producer Carpentaria Resources sees a strong need for a high-grade i...Read More
New mining projects, particularly in the gold sector, are expected to drive strong economic growth in Canada's far north, with Yukon and Nunavut surpassing the rest of Canada by 2010, a new report shows.According to The Conference Board of Canada's latest Territorial Outlook, the nearby Northwest Territories (N.W.T.), however, face challenging times as the diamond industry there matures and prod...Read More
SD Friday Wrap: Light market wrap plus 6 observations about Black Friday you can use to argue your way out of a trip to Wal Mart or the mall... Oh Canada, you're so civil on Black Friday:#MeanwhileinCanada, this is literally a "door crasher" #BlackFriday sale in Canada.#BlackFriday2018 #VendrediFou #FridayFeeling pic.twitter.com/csyRv4GZgx- Meanwhile in Canada (@MeanwhileinCana) November 23, 2018...Read More
Alumina traders in China have responded with skepticism to Qianhai Mercantile Exchange's (QME) plans to internationalize its yuan-denominated prices and list them on foreign exchanges such as Hong Kong Exchanges & Clearing Market (HKEX), Fastmarkets has learned. QME made its debut in October this year when it launched a spot domestic alumina price. But liquidity has been slow to build up and few a...Read More
Base metals prices on the London Metal Exchange were predominantly lower at the close of trading on Friday November 23, with zinc's three-month price worst hit over the afternoon amid a sharp sell-off across the base metals complex. Despite thin spot activity due to national holidays in the United States, volumes traded on the exchange were moderate after European markets opened in quiet fashion,...Read More
Alumina traders in China have responded with skepticism to Qianhai Mercantile Exchange's (QME) plans to internationalize its yuan-denominated prices and list them on foreign exchanges such as Hong Kong Exchanges & Clearing Market (HKEX), Fastmarkets has learned. QME made its debut in October this year when it launched a spot domestic alumina price. But liquidity has been slow to build up and few a...Read More