CloseGain/LossGold $1242.00-$7.30Silver$14.58-$0.06XAU66.61-5.67%HUI150.99-5.83%GDM558.39-4.33%JSE Gold1355.53+27.10USD97.06UNCHEuro113.72+0.08Yen89.30+0.12Oil$47.20+$0.9610-Year2.780%-0.043T-Bond144.84375+0.375Dow23323.66-1.49%Nasdaq6636.83-2.17%S&P2506.96-1.54% The Metals: Gold edged up to $1251.40 in Asia before it dropped back to $1246.80 in London and then jumped up...Read More
Mnuchin said the U.S. and China will begin face-to-face negotiations in JanuaryIt's set to be another positive session on Wall Street today, with Dow Jones Industrial Average (DJI) futures trading above fair value this morning. Traders are reacting to new U.S.-China trade headlines, with Treasury Secretary Steven Mnuchin telling Bloomberg News that the two countries will meet next month to restart...Read More
CloseGain/LossGold $1242.00-$7.30Silver$14.58-$0.06XAU66.61-5.67%HUI150.99-5.83%GDM558.39-4.33%JSE Gold1355.53+27.10USD97.06UNCHEuro113.72+0.08Yen89.30+0.12Oil$47.20+$0.9610-Year2.780%-0.043T-Bond144.84375+0.375Dow23323.66-1.49%Nasdaq6636.83-2.17%S&P2506.96-1.54% The Metals: Gold edged up to $1251.40 in Asia before it dropped back to $1246.80 in London and then jumped up...Read More
By Craig HemkeLast week, we succinctly laid out for you what to expect for the end of this year and into 2019. Though, there are many reasons for optimism regarding higher precious metal prices next year, understand that The Banks are already taking steps to fight us every step of the way. In case you missed it, here is the post from last week. The key takeaway is that Comex precious metal price...Read More
By David SmithOver a year ago in this space, you may have read my rationale for not closing out core metals and mining stock positions after the May 2011 intermediate top (which turned out to be a longer term!) in the resource sector. (By the way, David Morgan called that top to his subscribers -- to the day.)I held those positions in spite of having written down on paper a decade earlier my int...Read More
As part of Merk's in-house research we regularly evaluate a consistent set of charts covering the economy, equities, fixed income, commodities and currencies. The aim is to keep our eyes open and to look through the noise of the headlines, avoiding the distractions of sensationalized click-bait. In sharing this content, we offer a cross-check to your own thinking and aim to add value to your own...Read More
I'm prone to remind readers from time to time that I don't have a crystal ball. Although I hit forecasting bullseyes often enough, this feat is just a cheap parlor trick for anyone even a little bit familiar with the Hidden Pivot Method. Under the circumstances, I probably shouldn't be too disappointed when the crystal ball I insist that I don't have fails me.Or has it? Yesterday I wrote that...Read More
By George SmithThe Christmas Truce of 1914 is remembered today as something of a miracle, and based on letters the soldiers had written home it struck them much the same way.How could it be that men can stop killing each other for a day after five months of mutual slaughter on the battlefield? Nor did they merely take a time out, but fraternized, much to the displeasure of their high command....Read More
- Review of 2018: 'Everything bubble' started bursting- International stock market indices and many property markets have fallen sharply- S&P 500 -4.5%, Nikkei -8%, EuroStoxx 50 -12.5%, FTSE -13%, DAX -16.5%- Of 54 major international stock market indices, only 6 are higher (see table below)- Global property bubble bursting - London, Sydney and Vancouver fall nearly 10%- Crypto bubble burst a...Read More
There is ample room for a further shift in sentiment toward MUThe shares of Micron Technology, Inc. (NASDAQ:MU) are down 8.5% in electronic trading after the chipmaker's quarterly report. Micron revealed weaker-than-expected sales for its fiscal first-quarter, but more importantly gave a cautious outlook for 2019, with CEO Sanjay Mehrotra citing weak industry trends. In response, Needham and RBC d...Read More
How the S&P 500 has historically performed over the next two holiday weeks Before the month started, I had an article showing the typical December returns over different time frames. The chart is below with the current December return. It completely distorts the axis but it's clear that things have not gone as expected. It's the worst start to December since 1931, which was early in the Great Depr...Read More
A steel trade group argued that the statute under which the US Section 232 tariffs on steel and aluminum imports were issued was unconstitutional, according to oral arguments during a US Court of International Trade (CIT) hearing on Wednesday December 19. The American Institute for International Steel (AIIS) alleged that the statute violates the constitutional prohibition against Congress delegati...Read More
Full Article: The New Safe Haven: Gold Stocks!By: Stewart Thomson1. The US stock market continues to implode. At the same time, precious metals, bitcoin, and the Indian stock market are acting as superb safe havens.2. Please click here now. Double-click to enlarge this great short term gold chart.Full Article: The New Safe Haven: Gold Stocks!By: Stewart ThomsonDisclaimer (C) 2010 Junior Gold Re...Read More
Ferrous scrap export prices continued to lose ground despite the lack of bulk trades from the United States, with East Coast exporters located South of New England again reducing prices at the port while price expectations for the next bulk sale to Turkey soured further. No cargoes were sold off either US coast in the past seven days. Still, the increasingly gloomy global scrap market outlook caus...Read More
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) plans to remove sanctions against UC Rusal and En+ Group in 30 days due to significant restructuring and corporate governance changes, it said in a notice.Russian oligarch Oleg Deripaska will remain sanctioned, however, and his property will remain blocked."Treasury sanctioned these companies because of their ownership and...Read More
Domestic prices for hot-rolled coil (HRC) in the European Union are expected to continue their gradual decline after the market recovers from the Christmas holiday period lull, sources told Fastmarkets on Wednesday December 19. The prices are expected to stabilize for a couple of weeks due to the lack of market activity over the Christmas holiday period in Europe, according to market par...Read More
The latest news and price moves to start the Asian day on Thursday December 20.Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Wednesday December 19, reflecting a continued retreat in the dollar index. Read more in our live futures report.Here are how prices looked at the close of trading:Leading pig iron exporter Metalloinvest is to modernize two of i...Read More
The latest metal markets news and price moves to start the North American day on Wednesday December 19.Base metals prices on the London Metal Exchange were mixed during morning trading, with moderate volumes facilitating a broadly upward trend while commodity investors continued to be cautious ahead of expected interest rate rises in the United States.Trading above $6,000 per tonne, the three-mont...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Wednesday December 19. Base metals traded on the Shanghai Futures Exchange were mostly down during Asian morning trading on Wednesday following Chinese President Xi Jinping's speech on Tuesday, which lacked concrete steps to improve the economy and diffuse trade tensions with the United States...Read More
Years ago, the idea that machines would replace humans on the trading floor seemed far-fetched and the suggestion that algorithms might replace humans entirely ridiculous.But both have happened in some shape or form, making the advent of blockchain - now being vaunted as the next game-changer in technology - a lot more realistic than naysayers might initially think.Dozens of trials and projec...Read More