Yellow metal remains unable to extend rally above $1,230/oz. Stronger US dollar during the US session pushed XAU/USD back to the $1,225 area. Gold is about to end the day flat, although consolidating most of the gains of last week and yesterday. Today peaked at $1,232/oz but after the beginning of the US session pulled back to the $1,225 area. The rally in gold that started last week...Read More
The above chart shows hourly price action. Key support is potentially at the confluence of factors including the central pivot level (P), the 38.2% Fibonacci retracement level and price congestion support (green rectangle). The stochastic is moving from buyer friendly levels (green ellipse). A pullback in XAUUSD may provide a “buy the dip in an uptrend” opportunity. Note: Al...Read More
• Rising diplomatic tensions continue to underpin safe-haven demand. • Subdued USD price-action remains supportive of a mildly positive tone. • A modest uptick in the US bond yields seemed to cap meaningful up-move. Gold traded with a mild positive bias on Tuesday and remained within striking distance of 2-1/2 month high,...Read More
Both precious metals have extended their recent gains with gold trading at $1230 and silver at $14.75 at the time of writing. Silver in particular is looking quite interesting from a bullish point of view. Although it has lagged behind gold, the grey metal could be about to outperform the yellow. Silver was grinding higher for the fourth consecutive session on Tuesday while gold was up for the sec...Read More
• The precious metal built on last week's bullish breakthrough near two-month-old trading range, albeit now seemed facing some resistance near 50% Fibonacci retracement level of the $1309.30-$1160.19 downfall. • Given that technical indicators on the daily chart have started gaining positive momentum, a follow-through move beyond 100-day SMA, for...Read More
Michael says cross your fingers because now is the time we see if there is truly a paradigm shift in the precious metals. Here are the details...by Michael Ballanger via Streetwise ReportsWhen asked about the dominant theme for the markets last January, I said that the one thing I looked forward to was a return of "VOLATILITY" as the Federal Reserve Board moved to "normalize" the interest rate str...Read More
Don't get fooled into thinking the best days are behind us. That claim is likely a person telling the number one lie about silver. Here are the details...by Matt from Silver Fortune via Silver FortuneDon't be fooled by those that claim the best days for silver are behind us, and that you should accept that it no longer has a role as financial asset, but only as a commodity. Read More
Base metals prices on the London Metal Exchange made mixed movements at the close of trading on Tuesday October 16, broadly supported by a weaker US dollar index and a marginal recovery in global equity markets.Continuing to outperform the rest of the complex, the three-month lead price remains elevated, closing above $2,050 per tonne and up more than 10% from its fresh 2018 low of $1,876 per tonn...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
Retail sales in the U.S. barely rose in September, with a bounce in motor vehicle purchases offset by the largest fall in expenditure on restaurants and bars in almost two years.Published 22 Hours AgoUpdated9 Hours AgoReuters Gold prices held steady on Tuesday near last session's 2-1/2-month high as risk-averse investors sought refuge in the metal amid rising political tensions and economic uncert...Read More
If the markets fall, some investors tend to flee to gold as a hedge in their portfolio.In this article I present five reasons why I will never invest in gold.I invite the readers to convince me of the worth of a gold investment.Introduction The markets are down considerably over the last few days. The typical reaction for some investors is to buy gold (GLD). I have had some comments from people ar...Read More
Seaborne iron ore prices were rangebound on Tuesday October 16, while premiums for Pilbara Blend fines were up slightly. MB 62% Fe Iron Ore Index: $71.50 per tonne cfr Qingdao, down by $0.16 per tonne.MB 62% Fe Pilbara Blend Fines Index: $70.53 per tonne cfr Qingdao, down by $0.16 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $76.70 per tonne cfr Qingdao, up by $0.36 per tonne.MB 58% Fe Premium...Read More
Peter KrauthOver the last month, gold prices have surged, tacking on over 3% in just the last two weeks.And it looks like silver prices are next.You see, I believe we're entering a sweet spot for the price of silver over the next few months.Market turmoil and a weaker U.S. dollar are setting the stage for a significant rally in the precious metal – one that will shrink the gold-to-silver rat...Read More
Silver has suffered massive consequences of the 2011 bubble.The current drop has decimated the bulls and metal is grinding along the bottom.We explain why Silver is a great option on inflation and monetary madness coming in the next recession and why you should be accumulating now.The silver bear market has carted off many bulls in bodybags. Since the 2011 peak iShares Silver Trust ETF (SLV) is do...Read More
Gold futures rose Monday to settle at their highest since late July as benchmark stock indexes mostly declined and a leading dollar index weakened. December gold GCZ8, -0.31% rose $8.30, or 0.7%, to settle at $1,230.30 an ounce. That was the highest finish for a most-active contract since July 31, according to FactSet data. Meanwhile, December SIZ8, -0.24% silver rose 9.2 cents, or 0.6%, to $14....Read More
I chimed in on the capriciousness of copper in the late spring (Mercenary Musing, May 28, 2018).Since then, copper prices hit a 3.5 year high at $3.29/lb in early June but then lagged over the summer months. Weakness continues unabated with Friday's close at $2.86 equating to a 13% loss from its ephemeral high in June:Strong demand from China includes an all-time record for concentrate imports in...Read More
The copper market is currently experiencing a squeeze on physical metal which is unexpected.The London Metal Exchange (LME) price is treading water just above the $6,000 level, struggling to fend off bearish macro funds.Mine supply is doing just fine with a conspicuous absence of disruption this year.Yet, all the tell-tale signs of physical market tightness are there.Global exchange stocks have be...Read More
World's No.2 miner Rio Tinto (ASX, LON, NYSE:RIO) said Tuesday it will likely have to delay first production from the $5.3 billion underground expansion of its Oyu Tolgoi copper-gold-silver mine in Mongolia, originally scheduled for early 2020.Delivering third-quarter results, the miner said that while capital costs for the project remained in line with the overall budget, shaft-sinking challenge...Read More
* Missing journalist case strains U.S.-Saudi ties* Iran exports 1.33 mln bpd of crude in Oct. 1-14: Refinitiv* U.S. shale output to hit record 7.7 mln bpd in Nov -EIA* U.S. crude inventories seen up for fourth week -Reuters poll* API reports U.S. crude stocks fall 2.1 mln bbls last week (Adds API data, price move)By Devika Krishna KumarNEW YORK, Oct 16 (Reuters) - Oil prices edged up in cautious t...Read More
* Co maintains annual revenue forecast of 6-8 pct* CEO says sees strong demand outlook* See spends coming back in North America - COO (Recasts, add execs' comments from news conference)By Sankalp Phartiyal and Krishna V KurupMUMBAI/BENGALURU, Oct 16 (Reuters) - Infosys Ltd INFY.NS retained its revenue forecast for the current financial year, with the chief of India's second largest IT firm sayin...Read More