News, Commentary, Charts and Videos You May Have MissedHere is our Friday digest of the important news, commentary, charts and videos we were informed by this week.Market jitters and volatility have returned this week and the sell-off in US government bonds led to sharp falls on Wall Street centered on the very overvalued tech sector and the NASDAQ.(Bloomberg)Gold is 1.3% higher for the week as...Read More
BRUSSELS (Reuters) - Production at factories in the euro zone increased in August by more than forecast, reversing the negative trend of the previous two months in what could prove a boost for the bloc's economic growth in the third quarter, data released on Friday showed.The European Union statistics agency Eurostat said industry output in the 19-country currency bloc was up in August by 1.0 perc...Read More
China's domestic rebar prices remained flat on Friday October 12 despite futures moving higher. Domestic Eastern China (Shanghai): 4,540-4,580 yuan ($656-662) per tonne, unchangedNorthern China (Beijing): 4,340-4,370 yuan per tonne, unchangedHigher futures failed to push up spot prices amid high selling interest as stockists actively ran down their inventories due to lack of confidence in the outl...Read More
Ferrous scrap prices moved in different directions in the various global markets during the working week from Monday October 8 to Friday October 12, Fastmarkets has learnt.Import prices in Turkey and India inched upward week-on-week, while Taiwanese import prices slipped on poor demand. Offers from the United States to Turkey remained firm, but some US exporters lowered their buying prices in prep...Read More
* Stocks bounce pushes most euro zone bond yields up* Recovery in risk appetite benefits Italian market* IMF says Italy needs to respect EU budget rules* Moody’s to review Portugal ratings* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Updates with Draghi comments,)By Dhara RanasingheLONDON, Oct 12 (Reuters) - German government bonds were set for their best week since August on F...Read More
NUSA DUA, Indonesia (Reuters) - Just in case any of the global central bankers and finance ministers gathered in Indonesia missed the message delivered repeatedly this week, the host nation said it again on Friday: Everyone stands to lose if trade wars are allowed to escalate. Indonesian President Joko Widodo didn’t mention the United States or China, the world’s two largest econ...Read More
David Stockman is a former Republican congressman from Michigan and was President Reagan's budget director from 1981 to 1985. After leaving the White House, Stockman became a managing director at Salomon Brothers, and he later founded a private equity fund. David is the founder of David Stockman's Contra Corner, and he is the author of The Great Deformation: The Corruption of Capitalism in America...Read More
Stocks are selling off. Could this be the beginning of the end? Legendary investor Jim Rogers talks to Silver Doctors.How bad will the next crash be? Stocks will fall over 50%, he says, just as it has in previous bear markets. He predicts the next crisis will be the worst in his lifetime.While gold and silver have held up well during the sell-off over the last couple days, Rogers says the precious...Read More
"This is going to be a sequel to 2008."Peter 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...Read More
Eric Sprott has more than 40 years of experience in the investment industry. In 1981, he founded Sprott Securities (now called Cormark Securities Inc.), which today is one of Canada's largest independently owned securities firms. In 2001, Eric established Sprott Asset Management Inc. Over the years, Eric has personally been the recipient of numerous awards and honors, including one of Investor Dig...Read More
Fastmarkets' weekly prices assessments for alloy steel scrap imported into mainland Europe were unchanged this week amid 'very slow' market activity and relatively stable nickel prices.Demand has been below expectations since the end of the summer, when the usual post-holiday recovery failed to fully materialise. And it weakened further when stainless steel prices dropped sharply in October, with...Read More
BERLIN, Oct 12 (Reuters) - The German government will onlyassess Italy's budget plans once Rome has submitted them toBrussels, a spokeswoman for the German Finance Ministry said onFriday.The Italian government has already issued the financialtargets that will provide the framework for its budget, drawingfire from the European Commission for plans to triple theprevious fiscal deficit goal for 2019....Read More
* G20 can only provide platform for talks on trade -chairman * Adds members must resolve trade frictions themselves * Japan wants to put global imbalance on next year's G20agenda (Adds quotes, detail)By Leika Kihara and Yawen ChenNUSA DUA, Indonesia, Oct 12 (Reuters) - Trade tensionswithin the Group of 20 leading industrialised and emergingeconomies could only be solved by the countries directlyin...Read More
SANTIAGO, Oct 12 (Reuters) - Chile's environmental court on Friday ordered Canada's Barrick Gold Corp to definitively close the Chilean side of its stalled Pascua-Lama mining project, a final procedural step that draws a line under a long-running saga.The court, sitting in the northern Chilean city of Antofagasta, approved by two votes to one the closure of the polemical project that straddles the...Read More
MUMBAI/BENGALURU, Oct 12 (Reuters) - Physical gold demand in India was subdued this week as a rally in domestic prices curbed retail purchases going into a key festival season, while buying remained lacklustre in other major Asian hubs.In the Indian market, gold futures this week touched their highest since July 2016 at 32,014 rupees per 10 grams."Usually retail buying rises during Navratri (Dusse...Read More
(Bloomberg) - Gold Fields Ltd. shareholders getting impatient over the company's failure to stem losses at the huge South Deep deposit in South Africa shouldn't lose hope, said Chief Executive Officer Nick Holland.Gold Fields said in August it's embarking on yet another turnaround plan at the operation, its only one left in South Africa. South Deep's disappointing performance has been a drag on t...Read More
MOSCOW, Oct 12 (Reuters) - The Russian rouble firmed to itsten day high supported by a recovery in oil prices and weakerU.S. dollar that was pressed by declining U.S. treasury yieldsand a sell-off on the global markets.At 0756 GMT, the rouble was 0.46 percent stronger againstthe dollar at 65.96 , hitting its highest levelsince Oct. 3 at 65.85, and had gained 0.41 percent to trade at76.50 versus th...Read More
(Bloomberg) - Gold may have finally snapped out of its inertia.Prices largely held the biggest gain since June 2016, when the U.K. voted to exit the European Union, after a slump in global equity markets stoked demand for the metal as a store of value. Bullion received another shot in the arm during Thursday's surge after data showing weaker-than-expected U.S. inflation raised speculation that th...Read More
Canadian junior Rusoro Mining (TSX-V: RML), which in March scored a major victory in its international arbitration complaint against Venezuela, has accepted the almost $1.3 billion offered by the country's government as settlement for the seizure of the company's gold projects.The deal gives Venezuela Rusoro's mining data and forces it to fully release the arbitral award issued in favour of the mi...Read More
The investment sea change. Value is out, growth is in and passive keeps beating active. Financial thought leaders James Grant and Jason Zweig weigh in. James "Jim" Grant is an American writer and publisher and the founder of Grant's Interest Rate Observer, a twice-monthly journal of the financial markets. He is the author , most recently, of The Forgotten Depression: 1921: The Crash That Cured Its...Read More