Usiminas, Brazil's largest flat steel producer, focused on the domestic market during the third quarter and achieved its highest steel sales volume since the fourth quarter of 2015, its earnings report shows.Steel shipments rose by 8.96% to 1.11 million tonnes from 1.02 million tonnes a year before, the company reported on Friday October 26. The steelmaker sold 992,000 tonnes to Brazilian customer...Read More
JOHANNESBURG (Reuters) - South African President Cyril Ramaphosa declared himself in economic “repair mode” at a major investment conference on Friday as the country raised a total of $55 billion from investors to help haul itself out of recession.The former union leader, who inherited a mismanaged economy from the scandal-plagued Jacob Zuma earlier this year, wants $100 billion of new...Read More
Domestic prices for coated steel coil products in Turkey decreased in the week ended Friday October 26, with demand remaining poor in the local market.Market participants were not expecting much improvement in local demand until the end of 2018, because of the low end-user requirements and the recent economic problems in the country.The Turkish lira lost significant value in August and September,...Read More
PARIS (Reuters) - Airbus (AIR.PA) is close to naming an outsider to replace finance chief Harald Wilhelm after board moves to overhaul top management in response to a corruption probe hastened his surprise resignation in May, people close to the matter said.British and French authorities are investigating the use of middlemen in jetliner sales and the European planemaker says it is also supplying...Read More
(Reuters) - Two Sears Holdings Corp SHLDQ.PK board directors have hired investment bank Evercore Inc (EVR.N) to scrutinize deals that were led by former Sears Chief Executive Eddie Lampert with the U.S. retailer before it filed for bankruptcy protection, people familiar with the matter said on Friday.The deals, including separations of Sears’ businesses and real estate, may come under examin...Read More
LONDON (Reuters) - A High Court judge has denied a Serious Fraud Office application to charge Barclays (BARC.L) over its 2008 capital raising, potentially ending the biggest remaining legal headache facing the British bank over its conduct during the financial crisis.A British court dismissed the charges against the bank last May in a decision that the SFO, which prosecutes financial crimes, said...Read More
Sentiment in Turkey's flat steel market remained negative in the week ended Friday October 26, with prices going down, sources told Fastmarkets.Market participants did not expect local demand to improve until at least the end of 2018, because of the unwillingness to restock before the year-end. But they were uncertain about further price falls because of high costs for scrap and other raw material...Read More
BRUSSELS/PARIS/BERLIN (Reuters) - Pressure is growing for the European Union to consider an arms embargo on Saudi Arabia after Germany, Austria and the European Parliament called for an end to weapons sales over the killing of Saudi journalist Jamal Khashoggi.In the space of a few hours that highlighted tensions over the matter, Germany’s Angela Merkel on Friday reaffirmed that her country w...Read More
MANAMA (Reuters) - Defence Secretary Jim Mattis will stress the U.S. commitment to Middle East security at the weekend, officials said, amid Western concern that any loosening of U.S. ties to Riyadh after Jamal Khashoggi’s murder could allow Russia to fill the vacuum.Mattis will give a speech at the annual Manama Dialogue security conference in Bahrain on Saturday on the United States’...Read More
Metal Bulletin reviews the major stories that have affected the steel market during the week ended October 26.Raw Materials The Singapore Exchange's high-grade iron ore derivative contract will promote efficiency and transparency in price discovery and risk management related to this segment of the steelmaking raw material, market participants say.Global miner Vale has room to replace sales of low...Read More
CHICAGO (Reuters) - The U.S. pork trade to China is “not viable” after Beijing imposed tariffs on imports of American pork amid the trade war between the world’s two largest economies, said Ken Sullivan, chief executive Smithfield Foods.“Certainly in the short term here as this trade war has heated up, it’s made the trade with China very difficult - to even stopping a...Read More
CloseGain/LossOn WeekGold $1234.00+$3.70+0.62%Silver$14.70+$0.08+0.48%XAU65.17+0.68%-7.02%HUI144.65+0.86%-7.03%GDM530.73+0.31%-5.03%JSE Gold1213.58+13.07+1.56%USD96.35-0.28+0.66%Euro114.20+0.45-0.78%Yen89.42+0.40+0.34%Oil$67.59+$0.26-4.82%10-Year3.079%-0.045-3.66%Bond139.375+0.65625+1.11%Dow24688.31-1.19%-2.97%Nasdaq7167.21-2.07%-3.78%S&P2658.69-1.73%-3.94% The Metals: Go...Read More
By Ira EpsteinGold continues to shine due to stinking stock market.https://www.iraepstein.com/ Read More
Gold COT Report - FuturesLarge SpeculatorsCommercialTotalLongShortSpreadingLongShortLongShort192,578163,19073,950163,414209,934429,942447,074Change from Prior Reporting Period 3,378-8,3432,672-2,72911,7953,3216,124Traders19187935454288197 Small Speculators (C) GoldSeek.com LongShortOpen Interest 47,89030,758477,832 93-2,7103,414 non reportable positionsChange from the...Read More
Gold and its miners' stocks have proven rare bastions of strength during recent weeks' market carnage. They are powering considerably higher while nearly everything else burns. The markets' major sentiment shift is accelerating a young gold upleg, which ought to grow much larger as speculators and investors continue returning. Their collective gold positioning remains very low, making for...Read More
By Darryl Robert Schoon In January 2009, when bitcoin was released, its value was "basically nothing" ~wikipedia. Eight years later in January 2017, bitcoin was at $986 and in December reached $19,783, an astounding one-year rise of 1,900 %, outperforming the 1,500 % historic increase in the Dow from 1982 - 2000. In 2018, bitcoin lost 66 % of its value. Bitcoin's spectacular rise and fall w...Read More
By Avi GilburtThey say that when the former bears turn bullish, that is often the sign of a top.Source: Caters/Legion MediaFor the last three years and during the 64% rally in the S&P 500 from 1800 to 2940, many analysts were quite bearish, expecting the market to top out each and every week. They continued to point towards the "risks" in the market, all the while helping develop that wall of wo...Read More
DEEPCASTER LLCFORTRESS ASSETS PORTFOLIO | LETTERS, ALERTS & ARTICLESHIGH POTENTIAL SPECULATOR | HIGH YIELD PORTFOLIOPreserve & Enhance WealthInvestment & Geopolitical Intelligence "As seen from the outside, the Massive Upheaval in Western Society is approaching the limit beyond which it will become Meta-Stable and Collapse." Solzhenitsyn as quoted in The Camp of the Saints by Jean Raspail, 1974...Read More
Wait, what?! Isn't the inverse head-and-shoulders a bullish pattern that was supposed to take gold miners much higher? Indeed, it is. But it didn't take gold miners much higher and all that the completion of the above-mentioned pattern generated was a corrective upswing that didn't even take gold stocks back above their December 2016 lows. And we warned that this is the likely outcome as the mor...Read More
Dear Friend of GATA and Gold:Silver market analyst Ted Butler today marvels at the frantic movement of huge amounts of silver among the vaults of the New York Commodity Exchange, and wonders why it is happening and why it gets no notice from other market analysts.Butler speculates that the cause is physical demand by JPMorganChase, which seems to have become the master of the silver and gold mar...Read More