Domestic and export prices for coated-steel coil products in Turkey fell in the week to Friday December 7, with demand remaining limited. The local Turkish market has been slow for a long time and no significant improvement is expected in December, sources told Fastmarkets, because buyers usually postpone bookings towards the end of the year to avoid building up inventories. Domesti...Read More
CloseGain/LossOn WeekGold $1248.40+$10.10+2.19%Silver$14.63+$0.25+3.25%XAU67.94+2.40%+5.40%HUI153.93+2.58%+6.13%GDM560.05+2.34%+5.32%JSE Gold1201.13-0.09+9.31%USD96.60-0.14-0.61%Euro114.10+0.24+0.80%Yen88.80+0.01+0.67%Oil$52.61+$1.12+3.30%10-Year2.856%-0.031-4.86%Bond143.90625+0.34375+2.27%Dow24388.95-2.24%-4.50%Nasdaq6969.25-3.05%-4.93%S&P2633.08-2.33%-4.60% The Metals: ...Read More
By Gary TanashianThe macro has moved through a time of moderately rising inflationary concerns when economies were cycling up, many commodities were firm and risk was 'on'. Contrary to the views of inflation-oriented gold bugs, that was not the time to buy gold stocks.As I have belabored again and again, the right time is when the inflation view is on the outs, gold is rising vs. stock markets,...Read More
By David Brady, CFAUntil the arrest of Huawei's CFO in Canada at the request of the U.S., I was becoming more neutral to bullish on Gold. The G20 meeting was a complete waste of time in that nothing really changed. There was no agreement on the substantive issues, and certainly not in writing. However, the Chinese followed up the meeting by confirming the 90-day deadline to meet commitments they...Read More
By Jordan Roy-Byrne CMT, MFTA In recent days we've seen the beginnings of an inversion in the yield curve. The 2-year yield and the 5-year yield have inverted but not yet the the 2-year yield and the 10-year yield, the curve that is watched most. However, "2s and 10s" as bond traders would say appear headed for an inversion very soon. We know that an inversion of the yield curve precedes a r...Read More
The recent stock-market selloff is persisting, fueling mounting worries among investors. The intensifying volatility and lack of a quick rebound higher is strangling euphoric sentiment, spawning self-reinforcing selling pressure. Scoffed at a few months ago, the notions that a young bear market is underway and a recession looms are gaining traction. The great beneficiary of this ominous st...Read More
There are two ways of looking at the intersection of debt and population. One way says that if debt is rising population should also rise to allow future workers to pay for the retirement of today's. More people thus make debt easier to manage. The other point of view is that debt and population soaring simultaneously creates a negative feedback loop that eventually destroys a culture. Today's L...Read More
Trade wars and lax fiscal policy are negative for the US dollar and positive for gold. Myth or fact? We invite you to read our today's article about the effects of Trump's actions on the greenback and find out whether weak dollar will save gold. Let's look at the chart below. As one can see, the greenback has been in a bull market since February 2018. Yup, the chart does not lie. The US Congre...Read More
The Dow Industrials reversed 700 points yesterday, turning a morning disaster into an afternoon wilding spree that has the potential to end the week on a bullish note. The rally was purely technical, beginning as it did a millimeter beneath an important low recorded on November 23 that had served as a 'structural' support. As is the case so much of the time, the downtrend had to penetrate the su...Read More
- As Brexit looms, the Central Bank of Ireland has refused to discuss the location and value of Irish gold reserves- No date given for removal of "commercially sensitive" gold reserves from Bank of England vaults- Bank of England vaults in London believed to hold almost EUR200 million of Irish gold- Ireland's financial system & economy is hugely exposed to a Brexit downturnvia Irish Independen...Read More
CloseGain/LossOn WeekGold $1248.40+$10.10+2.19%Silver$14.63+$0.25+3.25%XAU67.94+2.40%+5.40%HUI153.93+2.58%+6.13%GDM560.05+2.34%+5.32%JSE Gold1201.13-0.09+9.31%USD96.60-0.14-0.61%Euro114.10+0.24+0.80%Yen88.80+0.01+0.67%Oil$52.61+$1.12+3.30%10-Year2.856%-0.031-4.86%Bond143.90625+0.34375+2.27%Dow24388.95-2.24%-4.50%Nasdaq6969.25-3.05%-4.93%S&P2633.08-2.33%-4.60% The Metals: ...Read More
Fastmarkets MB reviews the major stories that have affected the steel market during the week ended Friday December 7.Raw MaterialsIron ore producer Vale will use a 65% Fe iron ore index to price its pellets next year, moving away from using a 62% Fe iron ore index as the base price for such cargoes, executive director Peter Poppinga said.The world's largest iron ore miner also hailed the launch of...Read More
Prices for light iron scrap in the United Kingdom have held this week, but there are mounting pressures expected to drag down the market next week, sources told Fastmarkets on Friday December 7. The light iron market is under pressure amid indications of a likely ?20 ($25.50) per tonne drop in domestic delivery settlements to UK consumers for December shipments. The UK light iron market may fall...Read More
We are almost at the extreme below the mean for the E-mini S&P, which is a very good indication that prices or the volatility is beginning to increase.E-mini closes above 2,650, above 2,668, and above 2,571, would confirm that all three trends (daily, weekly and monthly) have bottomed - an excellent time to go long.The stock market and silver market appear to have reach harmonically driven lev...Read More
Import prices for containerized ferrous scrap in Taiwan and bulk ferrous scrap in Vietnam dropped again this week, after suppliers reduced their offers further and demand remained weak amid soft downstream long steel markets. Lower offers from Japan also continued to depress prices in the Asian scrap markets, sources told Fastmarkets. Vietnam Fastmarkets' import price assessment for heavy melting...Read More
How do bitcoin futures affect the price of bitcoin?This is a question worth examining. When looking at recent market trends through this lens, some interesting details emerge.The current crypto bear market began shortly after CBOE and CME futures launched in December of 2017 and right around the time that Bitmex volume started ramping up. Have future markets been a catalyst for the recent crypto...Read More
Pig iron exporters in southern Brazil cut their offers in the week to Friday December 7, due to low global demand for high-phosphorous pig iron, while suppliers in the north of the country were sold out and stayed out of the market.Fastmarkets' weekly price assessment for pig iron exports from the south-eastern Minas Gerais region was $345-350 per tonne fob on Friday December 7, down from $35...Read More
• Dismal headline NFP print prompts some USD selling and provides a lift. • Risk-on mood/goodish pickup in the US bond yields seemed to cap gains. Gold trimmed a part of the post-NFP spike, though remains within striking distance of fresh five-month tops touched in the last hour. The US Dollar held on the defensive, rather lost some additional g...Read More
Scrap prices continued to fall across all major markets except India during the week to Friday December 7.Demand from Turkish steel mills was sluggish this week, with only one deep-sea cargo traded, while a lack of demand in the Asian region pushed prices lower.But imported scrap prices in India increased this week because of stronger demand.Turkey importsTurkish steel producers made only one deep...Read More
Let's look at the chart below. As one can see, the greenback has been in a bull market since February 2018. Yup, the chart does not lie. The US Congress widened the fiscal deficit, while President Trump engaged in trade disputes. But despite these disturbing developments for long-run economic health, the broad trade weighted US dollar index increased from 115 to almost 130 now. But why –...Read More