It was supposed to make gold rally. We mean, of course, the quantitative tightening. But one year after it started, the yellow metal still does not shine. We invite you to read our detailed analysis of the Fed's balance sheet unwind and find out what does it imply for the gold market. Anniversaries, anniversaries everywhere. The analysts focus on the 10-year anniversary of the Lehman Bankruptc...Read More
Stocks fell hard Thursday, supposedly because of growing US-Saudi tensions over the gruesome murder of Jamal Khashoggi, a journalist who has been tough on the monarchy and easy on the Muslim Brotherhood. If such tensions did in fact push stocks lower, as a headline in the Wall Street Journal tried to suggest, then why didn't oil prices rise? After all, the Saudis, pressed to admit the murder...Read More
Here is our Friday digest of the important news, commentary, charts and videos we were informed by this week including our special podcast on Direct Access Gold.From our perspective, the most important developments were the IMF's financial warnings and the escalation in central bank gold buying with Hungary increasing its gold reserves by a whopping 1,000% due to increasing "safety concerns."For...Read More
LONDON (Reuters) - OPEC is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed, as an increase in Saudi Arabia was offset by declines in Iran, Venezuela and Angola.The Organization of the Petroleum Exporting Countries and allies agreed in June to boost supply as U.S. President Donald Trump urged producers to offset losses c...Read More
ROME, Oct 19 (Reuters) - Italy’s banking association head said on Friday the growing spread between Italian and German bond yields was worsening the outlook for public accounts and damaging investment prospects for businesses and families.“We hope for a more constructive dialogue between Italian and European authorities to overcome this situation which is damaging the economy,” A...Read More
* Italian 10- and 30-year yields hit four-year highs* Contagion flagged as Portugal, Spain yields rise* Money markets push back ECB rate hike bets* Italy/Germany spread widest in 5 1/2 years* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Updates prices)By Abhinav RamnarayanLONDON, Oct 19 (Reuters) - Italian government bond yields hit 4 1/2-year highs on Friday after the European Union...Read More
Former OMB Director David Stockman says the U.S. should stop propping up Saudi Arabia and that the stock market is overvalued.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 fou...Read More
(Adds quotes, details, share price)MOSCOW, Oct 19 (Reuters) - Russia's Severstal , oneof the country's largest steelmakers, reported a 25 percent risein third-quarter core earnings on Friday compared to the sameperiod the previous year, though slightly below analystforecasts.Earnings before interest, taxation, depreciation andamortisation (EBITDA) totalled $768 million, the company said.Analysts h...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
Topics Include:*Cyberwarfare Update - Chinese embedding hacking chips onto server mother boards used in American Industry and Department of Defense Systems at the factory level*Why infrastructure will be most likely targets for cyberwarfare*How cyber financial-warfare versus financial systems, stock markets, banks is an evolving and real threat*How physical gold is resilient versus cyber financial...Read More
(Adds comment from Chinese commerce ministry)By Trevor Hunnicutt and Nerijus AdomaitisWASHINGTON/OSLO, Oct 18 (Reuters) - The United States isrequesting that a World Trade Organization dispute resolutionpanel get involved in a clash over international retaliationover U.S. tariffs on steel and aluminium, according to a U.S.official familiar with the matter.The requests, filed on Thursday, cover tar...Read More
Pig iron suppliers to the United States have increased their offer prices amid a rebound in the price of hot-rolled coil (HRC) and a positive mood in the scrap market, sources told Fastmarkets on Friday October 19.Fastmarkets' price assessment for US imports of pig iron widened upward to $375-395 per tonne cfr on October 19, from $375-390 per tonne a week before."Russian suppliers are asking for a...Read More
Could a US recession have relatively few job losses?Mike "Mish" Shedlock a registered investment advisor, representative for Sitka Pacific Capital Management and he operates one of the most popular websites about the economy and investing online: MISH'S Global Economic Trend Analysis.Read More
NAIROBI, Oct 19 (Reuters) - Kenya plans to set up a gold refinery to help small scale miners in the west of the country, the Petroleum and Mining Ministry said on Friday, and the government is seeking consultants to advise on its construction.Kenya has proven deposits of titanium, gold and coal but its mining sector is a relatively small contributor to national output. However, revenues are expect...Read More
A group of girls said a male classmate sexually assaulted them. He was escorted from school in shackles, charged with crimes, spent an entire summer indoors with an ankle monitor. Continue...Read More
A key festival brought little activity to the physical gold market in India this week as purchases remained significantly lower than normal with domestic prices jumping to the highest in more than two years.Demand in India, the second biggest gold consumer after China, usually strengthens towards the end of the year during the traditional wedding season and major festivals including Diwali and Dus...Read More
The body representing the mining industry in Canada's Nova Scotia has released a report that recommends $19.5 million be invested in geophysical surveys to help find future mines and quarries."This needs assessment report is the first step toward building a minerals version of Play Fairway - a free, best-in-class database of geophysical knowledge that will help attract investment and job creation...Read More
Erik Townsend and Patrick Ceresna welcome Prof Steve Hanke to MacroVoices. Erik and Steve discuss the drivers of the recessions over the last 30 years and perspective on the Lehman Brothers failure. They further discuss the M4 Money Supply as the broadest measure, the dangers in quantitative tightening and commercial banks driving money supply. The further broadly discuss hyperinflation and emphas...Read More
I've been waiting for the recent spike in T-bonds in the U.S.A similar spike occurred in the early 1930s crash. Ten-year yields first jumped from 4.5% to 5.5% in 1931 and then fell all the way down to 2% - to the lowest level ever until recent years.Continue...Read More
Shandong Zhaojin Group , one of China's biggest gold miners, is scouring assets in South America as it looks to invest in its first overseas mining project, its general manager said on Friday.The company has set up a representative office in Machala, capital of Ecuador's El Oro province, historically a gold-producing region, and will use this as a base to participate in South American projects, Li...Read More