JOHANNESBURG (Reuters) - South Africa said on Wednesday that the United States had granted some local steel and aluminum producers exemptions from tariffs imposed by U.S. President Donald Trump this year.Trump’s decision to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum riled metals producers worldwide, though some major exporting nations secured exemptions f...Read More
CloseGain/LossGold $1232.60+$2.50Silver$14.67-$0.06XAU68.04-2.10%HUI152.65-1.75%GDM552.92-0.94%JSE Gold1210.21-17.80USD96.37+0.44Euro113.98-0.73Yen89.00-0.14Oil$66.82+$0.3910-Year3.104%-0.066T-Bond139.09375+0.90625Dow24583.42-2.41%Nasdaq7108.40-4.43%S&P2656.10-3.09% The Metals: Gold gained $3.20 to $1233.30 in Asia before it dropped back to $1225.70 by a little after 8AM...Read More
By Ira EpsteinGold hold up in a day where it first broke down.https://www.iraepstein.com/ Read More
For the past few years, homeowners just about everywhere have been able to finesse life's problems by thinking "at least my house is going up." This home equity accretion allowed them to buy stuff on credit, safe in the knowledge that even as they maxed out yet another credit card their net worth continued to rise. They felt smart and confident, in other words, and so continued to behave in ways...Read More
Listen to the Podcast Audio: Click HereMike Gleason: It is my privilege now to welcome back David Smith, Senior Analyst at The Morgan Report and regular contributor to MoneyMetals.com. David, it's been too long. How are you my friend?David Smith: I'm very good. It's been a while since we've spoken Mike, and I'm really looking forward to chatting with you again.Mike Gleason: Well, David, the vola...Read More
Miles Franklin sponsored this article by Gary Christenson. The opinions are his. Part one is available here.Part one discussed the "what" and "why" of unpayable debt, an inevitable "reset" or the end of the current financial world. Part two addresses when.REVIEW FROM PART ONE:A risk/reward analysis for 2018 202? points toward gold and silver, not stocks, bonds, corporate debt, student loans or m...Read More
Gold rallied yesterday, right before its turning point, and reversed its course before the end of the session. Precisely, even before the US session started. Miners reversed as well, after failing to move back above the late-2016 bottom. With the critical situation in the USD Index, and gold miners' short-term underperformance (so far this week gold is up by $8.10, while the HUI Index is down by...Read More
By Avi GilburtWell, after calling for market tops weekly for the last three years while the market rallied from 1800 to 2940 (that is a 64% gain), the bears are now high-fiving themselves for "catching the top."Yes, many of them certainly caught the top with their weekly top calls after having missed the last 64% rally. But who's counting?In fact, I saw reports of how emergency rooms nationwide...Read More
By Steve St. AngeloWhile the U.S. Shale Industry produces a record amount of oil, it continues to be plagued by massive oil decline rates and debt. Moreover, even as the companies brag about lowering the break-even cost to produce shale oil, the industry still spends more than it makes. When we add up all the negative factors weighing down the shale oil industry, it should be no surprise th...Read More
- Palladium prices surge to an all-time nominal high over $1,150/oz- Russia is one of the top producers and growing tensions with the U.S. may result in a "supply crunch"- Palladium is widely used in the automotive industry and is experiencing significant demand and a "supply crunch"- Deep supply deficits in palladium are predicted by Citigroup and other analysts (see Bloomberg table)- Gold an...Read More
Gold and silver need to rise after tomorrow's European central bank meeting and Friday's third quarter GDP numbers due to zoom. I am against new short term investment in gold unless it trades over $1245.80 on Friday after the release of US GDP numbers. Long term, gold is still an excellent investment even at the current price of $1235. Asian prices of gold are near an all-time high. Buyers in As...Read More
* Plans to modestly increase holdings of JGBs after Y700 blnbuy * To shift from Treasuries to U.S. corp bonds, euro debt * Plan to raise holdings of foreign bonds without FX-hedging * Plans to increase holdings of foreign stocks, including PE (Adds details)By Tomo UetakeTOKYO, Oct 24 (Reuters) - Nippon Life Insurance Co plans to modestly increase its holdings of Japanesegovernment bonds in the six...Read More
South Korea continued to purchase heavy melting scrap this week on stable demand from a major steel mill.A 20,000-tonne cargo of HMS 1&2 (80:20) quality from New Zealand was transacted at $354 per tonne cfr South Korea this week, market sources said.Demand from South Korea has been regular in recent weeks, with South Korean steel mills entering the spot market again after bellwether Turkish import...Read More
10 years after the 2008 crisis the world's largest bank derivative holder STILL cannot recover. Deutsche Bank is down 5% on the news that they have missed guidance once again...will this be the Final Straw?Bix Weir has 30 years' experience in the financial industry with various fortune 500 companies. He is the creator of the "Road to Roota Theory" and his commentary is published at www.RoadtoRoota...Read More
Many minings stocks are undervalued more than they have been in the last 78 years, Fund Manager David Kranzler says. Trump may end up appointing 6 of the 7 Board of Governors of the Federal Reserve. Does this count as politicization of the Fed? The Fed has been politicized for a long time, Kranzler says.Dave Kranzler spent many years working in various Wall Street jobs. After business school, he p...Read More
Peter Schiff is an internationally recognized economist specializing in the foreign equity, currency and gold markets. Mr. Schiff 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 York Times, Barron's, BusinessWee...Read More
Turkey produced 27.981 million tonnes of crude steel in January-September 2018, a 0.86% increase on the 27.742 million tonnes produced in the corresponding period in 2017, according to the Turkish Steel Producers Association (T???oeD). In September, crude steel production was 2.80 million tonnes, a 5.90% year-on-year fall. The country produced 9.416 million tonnes of slab in January-September, up...Read More
Discussed in this interview:03:06 David Morgan's reaction to the Nixon Shock of 1971.06:31 Chances for the return of the Gold Standard.10:08 Stock market exuberance a mirage?12:07 More debt today than in 2008.17:46 Bottom priced in for silver price?22:11 Commercials now long in silver.27:09 $100 silver still on the table?30:07 What if we are on a Silver Standard?33:28 View on cryptocurrencies.35:4...Read More
"We are told how everything is great, and we are in a global recovery. There is no global recovery. We reflated a debt bubble around the world. You can't borrow your way into prosperity anywhere. This is what the illusion is and that is everything is okay, but it's not."Gregory Mannarino started his financial career working for the securities and trading arm of the now defunct Bear Stearns before...Read More
Barrick Gold Corp, which has agreed to a $6.1 billion deal to acquire Randgold Resources Ltd, reported a drop in third-quarter adjusted profit and revenue on Wednesday, hit by lower prices for gold and copper alongside higher fuel costs.As it readies for a November shareholder vote on its no-premium, all-stock transaction with African miner Randgold, Barrick made some modest changes to forecasts.B...Read More