Stewart Thomsonemail: stewart@gracelandupdates.comemail: stewart@gracelandjuniors.comemail:stewart@gutrader.comOct 16, 2018 With a technical double bottom pattern as a launchpad, gold continues to move solidly higher while global stock markets get smashed.What comes next for these key markets and what are the main factors at play?Please click here now. Double click to enlarge this daily gold chart...Read More
(Reuters) - Wall Street’s top investment banks enjoyed a strong third quarter as strength in stock trading and equity underwriting added to the benefits from a strong U.S. economy and tax reforms.On Tuesday, Morgan Stanley (MS.N) showed gains from investment banking and trading businesses that outstripped those of traditional rival Goldman Sachs Group Inc (GS.N).However, Goldman’s equi...Read More
NEW YORK (Reuters) - Stocks bounced back on Tuesday across the world, supported by earnings expectations, while oil prices fell on evidence of higher U.S. oil production and increasing U.S. crude inventories.European shares rallied, pulling up from Monday’s 22-month lows, partly on expectations that the reporting season will deliver double-digit earnings growth. A rebound in Italian assets h...Read More
LONDON (Reuters) - There is still a one-in-four chance Britain and the European Union part ways in less than six months without reaching a deal, according to a Reuters poll taken as EU leaders prepare to meet in Brussels later this week.The stubborn problem of resolving the United Kingdom’s post-Brexit land border with Ireland thwarted an effort over the weekend to clinch a deal before this...Read More
(Kitco News) - Gold prices aremodestly up and not far below Monday’s 10-week high in early U.S. trading Tuesday.The near-term technical posture for the yellow metal has dramatically improvedthe past few sessions, which continues to invite the chart-based buyers. Also,the recent volatility in world stock markets and some heightened geopoliticaltensions are continuing to provide some demand f...Read More
Rio Tinto lowered its 2018 guidance for aluminium by more than 4% on Tuesday October 16, to reflect the impact of the ongoing lock-out at the Becancour smelter in Quebec, Canada.The company's guidance figure for aluminium production has been revised to 3.4-3.5 million tonnes from 3.5-3.7 million tonnes previously, excluding any potential adjustment from the completion of the sale of the Aluminium...Read More
Higher October tender prices for ferro-chrome in China have boosted prices for imported ore and alloy. Chinese mills' tender prices boost spot prices for imported ore, alloyDomestic spot prices stable in China Alloy prices steady in Japan, South Korea European alloy prices continue to slide Alloy prices stabilize in the United StatesChrome ore and ferro-chrome import spot markets strengthened agai...Read More
NEW YORK (Reuters) - Oil prices were little changed on Tuesday as concerns about tightening global supplies ahead of U.S. sanctions on Iran faced higher U.S. shale production and inventories.The disappearance of a Saudi Arabian journalist Jamal Khashoggi in Turkey has also strained U.S.-Saudi ties and provoked international outcry and fears that supplies from the world’s top crude exporter m...Read More
ROME (Reuters) - Italian Prime Minister Giuseppe Conte said on Tuesday he was proud of his government’s freshly approved expansionary budget while the European Commission warned it may run into opposition from euro zone partners.Italy’s governing coalition of the right-wing League party and anti-establishment 5-Star Movement vow not to backtrack, saying their big-spending plan is neede...Read More
CloseGain/LossGold $1224.90-$0.50Silver$14.66-$0.03XAU70.10-0.50%HUI155.32-0.36%GDM557.73-0.05%JSE Gold1214.12-37.98USD95.06-0.02Euro115.81UNCHYen89.32+0.11Oil$71.92+$0.1410-Year3.157%+0.003T-Bond138.53125+0.25Dow25798.42+2.17%Nasdaq7645.49+2.89%S&P2809.92+2.15% The Metals: Gold gained $7 to $1232.40 at about 9:30AM EST, but it then drifted back lower for most of the rest of trade and ende...Read More
(Reuters) - Poland raised its gold holdings to the highest in at least 35 years, data from the International Monetary Fund showed on Monday.The country increased its holdings by 4.4 tonnes from August to about 117 tonnes in September, a record, according to data going back to January 1983."We have a really exciting announcement coming this Thursday, learn more about it here...""While the exchang...Read More
Gold needs to trade over the $1225-$1230 zone to rise. Silver needs to break and trade over $14.90 to start another wave of rise. Copper and industrial metals will be very volatile. Crude oil will be very volatile. Brexit woes and political issues within the Eurozone have resulted in a firm US dollar. The Euro and cable have fallen slightly. Investor sentiment towards the euro and cable is shaky...Read More
Gold futures edged up Tuesday to mark another finish at their highest since July, but a rally in the U.S. stock market limited the gains for the precious metal. Against a backdrop of relatively stable trading for a leading dollar index, December gold GCZ8, -0.30% rose 70 cents, or less than 0.1%, to settle at $1,231 an ounce. Prices had pulled back from a high of $1,235.90, but the settlement was...Read More
The Turkish deep-sea scrap market remained silent again on Tuesday October 16, with volumes of billet being purchased instead of scrap, according to market participants.Appetite for scrap has been falling and demand remains low, with reports of mills choosing to purchase billet instead. Turkish domestic billet prices have been on a general downtrend since September 13.Many Turkish steel mills have...Read More
Here are eight key things Fastmarkets MB learned at the aluminium trade show in Dusseldorf on October 9-11 and during LME Week in London. Market cautious on spreads, Rusal Market participants are watching the developments in the aluminium market in the coming months with caution, due to uncertainty about spreads and the future of sanctions against UC Rusal. Should the United States remove sanction...Read More
WASHINGTON (Reuters) - U.S. job openings jumped to a record high in August, far outpacing a rise in hiring, suggesting that companies could be increasingly having difficulties finding qualified workers.The Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS, report on Tuesday that there were 7.14 million unfilled positions in the economy in August. That was the hi...Read More
The price of copper on the Comex exchange in the United States was slightly lower on the morning of Tuesday October 16, with the market unable to sustain the momentum it gained after LME Week in London earlier this month.The copper price for December settlement on the Comex division of the New York Mercantile Exchange dipped by 0.50 cents to $2.7880 per lb.Despite disruptions at key producing faci...Read More
NEW YORK (Reuters) - The U.S. dollar index dropped to more than two-week lows on Tuesday while emerging market currencies outperformed, as rising stock markets reflected improving risk appetite.U.S. stocks opened higher, led by technology stocks, as upbeat earnings from blue-chip companies helped ease jitters over the impact of an ongoing U.S.-China trade war and other global issues on corporate p...Read More
High quality emeralds recovered from Fura's Coscuez Mine in Colombia. Photos courtesy Fura Gems Inc.When Princess Eugenie wore an emerald tiara at the latest royal wedding on October 13, 2018, she briefly highlighted an aspect of mining that doesn't get much attention.Hoping that will change is Dev Shetty, President and CEO of Fura Gems Inc. [FURA-TSXV; FUGMF-OTC; BJ43-FRA], a company that is focu...Read More
B2Gold's Fekola gold mine in Mali, West Africa. Source: B2Gold Corp.B2Gold Corp. [BTO-TSX; BTG-NYSE] shares have rallied sharply in recent days as investors anticipate better than expected production numbers in 2018 following an impressive third quarter.On October 10, 2018, the day before the company announced its production results for the third quarter, B2Gold shares opened at $3.08. By Octobe...Read More