Tuesday's U.S. elections took place and the results were as expected; the House turned blue and Republicans added a couple of seats in the Senate. Gold had a very active night as well with a big rally on fear, sell-off on relief and now a rally towards the overnight highs on relief. How do these results affect the price of gold? The simple answer is they don't. Asset classes may react to the news,...Read More
Tahoe Resources Inc. (TSX: THO, NYSE: TAHO) lists a third-quarter loss as results continue to be hurt by suspension of operations at the giant Escobal silver mine in Guatemala. The Supreme Court shut down the mine last year over a dispute on whether the Ministry of Energy and Mines properly consulted surrounding indigenous communities on the project. Tahoe’s July-September net loss was $19...Read More
The following Fastmarkets noble alloys and ores prices changed on Wednesday November 7:Noble alloysMolybdenum Europe drummed molybdic oxide, $/lb: $11.80-12.00 per lb from $12.00-12.15Ferro-molybdenum basis...Read More
(Kitco News) - First Majestic Silver Corp. (NYSE: AG; TSX: FR) posted record production in the second quarter, although the company ended with an adjusted loss as silver prices fell, the company said Wednesday.Net earnings were $5.9 million, or 3 cents per share, compared to a loss of $1.3 million, or a penny, in the same quarter of 2017. The increase was primarily due to a $15.5 million increase...Read More
Fastmarkets has today discontinued the weekly price assessment for molybdenum concentrate, 45% Mo, in China's domestic market. Following a one-month consultation period, Fastmarkets decided to discontinue on Wednesday November 7 the assessment of its molybdenum concentrate, 45% Mo, on an in-warehouse China basis, specification below. Description: Molybdenum concentrate 45% Mo in-warehouse China Pr...Read More
China's largest steel mill, Hebei Steel, has raised its monthly purchase price for silico-manganese, reversing the cut in last month's tender.The mill has offered to buy silico-manganese at 9,100 yuan ($1,315.78) per tonne for November delivery. The price includes delivery costs and payment through an acceptance draft, according to market sources in China.The latest tender is about 100 yuan higher...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points in pre-opening trade. The cannabis ETF (HMMJ $20.53 Cdn) is expected to open higher after Michigan voted to approve recreational use of cannabis and several states voted to legalize use of cannabis for medical use. Michael Kors dropped $6.58 to $50.87 after reporting less than consensus third quarter revenues...Read More
The stainless scrap market is limping along in the United States, with little to no improvement in sight while participants remain cautious heading into year-end."The stainless scrap market continues to be sleepy and not waking up anytime soon," one major US processor said. "Most dealers and processors are just trying to get to the end of the year with the least amount of damage [to their earnings...Read More
Ferrous scrap export prices for shipments from the United States to Turkey have held above $340 per tonne cfr, but East Coast exporters were seen holding the line on dock buying prices despite gains in the export and domestic markets.Two cargoes were sold from the US to Turkey over the past seven days.An East Coast cargo reported on Thursday November 1 concluded up $7 per tonne compared with the p...Read More
Turkish steel producers continued their deep-sea scrap purchases on Wednesday November 7, with prices remaining largely stable, according to market sources.A steel mill in the Iskenderun region booked a European cargo, comprising 15,000 tonnes of HMS 1&2 (75:25) at $330 per tonne, 3,000 tonnes of shredded at $340 per tonne and 7,000 tonnes of bonus at $345 per tonne cfr.Another steel producer in t...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials.Latest transaction: iron oreIron oreVale, tender, 176,924 tonnes of 62.29% Fe Standard Sinter Feed Guaiba, traded at the December average of the MB 62%...Read More
"Don't vote," argues political satirist P.J. O'Rourke - "it only encourages the bastards."On this Election Day, here we have a timely, if controversial proposal.It is a heresy upon the civic religion… and a slander against all crusaders who fought for the franchise through American history.Yet The Daily Reckoning blesses this undemocratic blasphemy with a wry, seditious wink.And, if we may s...Read More
Iron ore prices weakened on Wednesday November 7 amid steel market falls, while supply issues in Australia supported premiums for index-linked cargoes.MB 62% Fe Iron Ore Index: $75.27 per tonne cfr Qingdao, down $0.47 per tonne.MB 62% Fe Pilbara Blend Fines Index: $74.30 per tonne cfr Qingdao, down $0.47 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $78.38 per tonne cfr Qingdao, down $0.92 per t...Read More
Trading activity in the seaborne coking coal market was muted on Wednesday November 7, with participants awaiting a firmer direction to emerge."We have not heard of any aggressive bids in recent days and it seems $220-222 per tonne cfr China for premium low-vol materials is the ceiling," a trader source said.The source added that the presence of opposing factors - robust domestic coking coal price...Read More
Good morning and welcome to post-election America!With all of the hype and drama leading up to yesterday’s midterm election, you might think that the sun wasn’t going to come up this morning...But despite the dire warnings from both sides of the aisle, life continues. And for most of us, it’s simply “business as usual” this morning.But what should we expect as investo...Read More
QUESTION: Mr. Armstrong; I really encountered an insane goldbug who claimed you were paid off by the gold cartel to keep the price down. These people cannot open their eyes and see anything but gold or bitcoin. Then they argue the age of knowledge and bitcoin will become the new reserve currency. You really have to wonder if these people are on drugs. Will you be doing a gold report soon? Is...Read More
Jared Kushner paid no federal income tax for years. A couple weeks ago, New York Times reported that Jared Kushner "paid little or no income tax from 2009 to 2016."Gasp!President Trump's son-in-law and his family company have spent billions of dollars buying real estate. His net worth is reported to be almost $324 million. But yet, they have paid almost no federal income taxes."In 2015, for exampl...Read More
Japanese ferrous scrap export prices are leading the downtrend in regional scrap values so far this week.A major regional buyer was bidding for Japanese H2 scrap exports at ?34,000 ($300) per tonne as of Wednesday November 7, while sellers were offering similar materials at ?35,000 per tonne."Japanese H2 prices are coming off and should reach a bottom soon," a Japanese trader told Fastmarkets MB...Read More
If I had to choose between having my debit card declined at the grocery store or seeing an overdraft fee come up on my online statement - I'd take the embarrassment over the fee any day.Here's why…The average overdraft protection fee in the US is $34. Although it doesn't sound like much, it typically happens on transactions $24 or less.What's worse, the Consumer Financial Protection Bureau (...Read More
SHANGHAI - China's exports of alumina last month were roughly equal to September's bumper volumes, the president of Aluminum Corp of China Ltd, said on Wednesday."I estimate that October was more or less the same as September," Lu Dongliang told Reuters on the sidelines of a signing ceremony at the China International Import Expo in Shanghai. The Chinese company, also known as Chalco, is one of th...Read More