Seaborne iron ore prices were rangebound on Tuesday November 27 after a rapid drop below $65 per-tonne cfr on Monday.MB 62% Fe Iron Ore Index: $65.19 per tonne cfr Qingdao, up $0.94 per tonne.MB 62% Fe Pilbara Blend Fines Index: $64.46 per tonne cfr Qingdao, up $0.94 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $69.02 per tonne cfr Qingdao, up $0.05 per tonne.MB 58% Fe Premium Index: $57.06 per...Read More
The share of basic oxygen furnace (BOF)-based steel production in Asia may increase from 2019 onward, even as more integrated mills are commissioned in the region. There are at least six new BOF-based steelmaking projects in China and Southeast Asia which are either in development stages or will fire their blast furnaces between 2018 and 2023, according to World Steel Association head of technolog...Read More
CloseGain/LossGold $1215.00-$7.50Silver$14.14-$0.11XAU63.55-1.82%HUI143.71-1.99%GDM526.50-1.91%JSE Gold1105.78-21.46USD97.36+0.31Euro112.95-0.39Yen88.02-0.12Oil$51.56-$0.0710-Year3.053%-0.014T-Bond139.90625+0.125Dow24748.73+0.44%Nasdaq7082.70+0.01%S&P2682.20+0.33% The Metals: Gold edged up to $1225.20 by a little after 8AM EST before it fell back to $1212.00 in early afte...Read More
The argument over whether we're in for global warming or global cooling and whether what's coming is natural or human-made is fun but totally irrelevant from a financial perspective. The fact is that for whatever reason and in whatever direction, the climate is getting more aggressive. Monster snowstorms and apocalyptic fires are clearly becoming more common: Combine the rising number of bad thi...Read More
Graceland UpdatesBy Stewart Thomson 1. The next Fed meet (and rate hike) is December 19, and just weeks after that, US president Donald "The Golden Trumpster" Trump may be set to unleash a new round of inflationary and growth-crushing tariffs.2. It's not easy (to put it mildly) for American business to create new factories to replace the products made by highly productive Chinese fa...Read More
Dear Friend of GATA and Gold:The TF Metal Report's Craig Hemke, writing today at Sprott Money, does the math on the last year's worth of the use of the "exchange for physicals" mechanism of settling gold futures contracts on the New York Commodities Exchange. Hemke calculates that nearly 2.4 million Comex gold contracts have been settled this way since last November, totaling 7,442 tonnes of gol...Read More
By Craig HemkeIt has now been one full year since we began to monitor the daily totals of COMEX EFPs. The total amount of gold allegedly "exchanged for physical" over the past twelve months will astound you. Again, at Eric Sprott's urging, last November 24 we began to tabulate the daily reported EFPs in COMEX gold. We've since written about this ongoing sham on three occasions, with all three li...Read More
By Avi Gilburt First published Sat Nov 24 for members: Since I put out my last update on Thursday morning, I cannot say much has really changed. So, I am going to re-print my update here, and add a few new comments below:I am still struggling between the charts that still seem like they want run high (silver and ABX), and the others who are now hitting their resistances and can turn down....Read More
In an article titled "China's monetary policy must change" Alasdair Macleod discusses a path that China's government could take to make the Yuan gold-backed and thus bring about greater economic stability in China. Keith Weiner pointed out some flaws in the Macleod article, including the fact that the sort of Gold Standard that involves pegging a national currency to gold is just another governm...Read More
By Dave KranzlerWill GE be the proverbial "black swan?" - It had come to my attention that General Electric was locked out of the commercial paper market three weeks ago after Moody's downgraded GE's short term credit rating to a ratings level (P-2) that prevents prime money market funds from investing in commercial paper. Commercial paper (CP) is an important source of short term, low-cost, liq...Read More
AAPL has trampolined $4, or 2.4%, after bottoming an inch from the 170.78 'Hidden Pivot' target I've been drum-rolling here for the last week. The stock was trading near $190 at the time the target was first broached. Friday's low got close, hitting 171.85. But even when the stock opened higher on Monday, touching 175, I repeated a warning that AAPL would still have to fall to 170.78 before it...Read More
by John Mauldin via Forbes.comA Worldwide Debt Default Is A Real PossibilityIs debt good or bad? The answer is "Yes."Debt is future spending pulled forward in time. It lets you buy something now for which you otherwise don't have cash yet.Whether it's wise or not depends on what you buy. Debt to educate yourself so you can get a better job may be a good idea. Borrowing money to finance your vac...Read More
Most investors are cautious. Nothing is rising, be it stocks, commodities or bonds. Sitting on cash is the favorite pastime of traders and investors. There will be short term certain direction after the G20 meeting and US November nonfarm payrolls on 7th December. It is just keeping a hawk eye and making the right investment. Do invest with the herd. Herd trading can result in more losses than p...Read More
China's ferrous futures trended downward during morning trading on Tuesday November 27 with most contracts peaking the night earlier.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 3,576 yuan ($515) per tonne, down 53 yuan per tonneJanuary hot-rolled coil: 3,406 yuan per tonne, down 44 yuan per tonneDalian Commodity Exchange January iron ore: 466 yuan per tonne, d...Read More
Domestic and import rebar prices in the United Arab Emirates (UAE) were mostly stable this week but weak demand pressured billet import prices lower.Buying was weak again because of high stocks and the expectation of more price falls, sources told Fastmarkets MB on Tuesday November 27.Domestic rebarThe country's largest producer, Emirates Steel, is still offering rebar at 2,016 dirhams ($549) per...Read More
Mohamed discusses the possibility of the Fed raising hikes, the state of the U.S. economy and how U.S.-China trade tensions could end.Part 1 (part 2 below)Mohamed discusses the market volatility and what it means for the Fed's possibility of raising rates.Part 2Mohamed El-Erian is the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief I...Read More
China's rebar prices slid further on Tuesday November 27 amid pessimism over the futures market.Domestic Eastern China (Shanghai): 3,730-3,780 yuan ($537-544) per tonne, down 20 yuan per tonneNorthern China (Beijing): 3,470-3,500 yuan per tonne, down 50-60 yuan per tonneThe price of billet fell sharply amid weak demand, weighing on the rebar market.Rebar sellers lowered their prices to stimulate s...Read More
Link to Slides and Sources: https://www.itmtrading.com/blog/reces...Question 1. Richard M: In terms of inflation, what are the positive differences if only one currency existed instead of all?Question 2. Stephanos R: All I hear and about is that the bond yield will invert and when it does a recession is looming. Can this be manipulated and how?Question 3. Bobby B: In your opinion, in a monetary re...Read More
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 equity trading; His most recent book is titled Ultimate Guide To Money and The Markets (free ebook). Gregory currently hosts a b...Read More
Part 1 (parts 2 & 3 below)Part 2Part 3Peter Schiff is an internationally recognized ecoanomist specializing in the foreign equity, currency and gold markets. Mr. made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted often in the print media, including the Wall Street Journal, New Y...Read More