Gold rose to a seven-week high on Friday and was headed for its first monthly gain in four monthsContinue...Read More
There is a widespread assumption that interest rates represent the cost of borrowing money. In the narrow sense that it Continue...Read More
* Negative-yielding euro zone govt bond pool at 48% in May * Highest share since Sept 2016 - Tradeweb data * Global pool of negative-yielding bonds over $10.5 trillion * Dutch 10-year bond yield negative for 1st time since 2016 (Updates first paragraph, adds par on Japan)By Dhara RanasingheLONDON, May 31 (Reuters) - The Netherlands on Friday becamethe latest euro zone state to see its 10-year yiel...Read More
Agnico Eagle Mines (TSX: AEM; NYSE: AEM) reported Friday Meliadine mine-its largest gold deposit in terms of resources - has achieved commercial production ahead of schedule and below the initial capital budget.With the gold price reaching a seven-week high, Agnico's shares were up 4.5% to C$59.20 in mid-morning trading on the TSX.Total project construction costs after crediting pre-commercial gol...Read More
The silver miners' stocks have been pummeled in recent months, plunging near major secular lows in late May. Sentiment in this tiny sector is miserable, reflecting silver prices continuing to languish relative to gold. This has forced traditional silver miners to increasingly diversify into gold, which has far-superior economics. The major silver miners' ongoing shift from silver is apparent...Read More
Canada's Pure Gold Mining (TSX-V: PGM), which recently listed in London, has started its 2019 exploration program at its 100%-owned Madsen Red Lake gold mine in Ontario.The Vancouver-based miner said it would focus on the Wedge, Fork, and Russet South satellite deposits with the purpose of converting and growing mineral resources used in the recently released preliminary economic assessment (PEA...Read More
Fidelity International, one of the largest shareholders in Acacia Mining, said on Friday Barrick Gold's low bid to buy the Acacia shares it does not already own showed a lack of judgment and it was a "no brainer" to reject it.The comments in an interview are the first public response from one of Acacia's top shareholders since Barrick's offer earlier this month to buy them out for $787 million.Bar...Read More
Global ferrous scrap prices showed different dynamics during the working week ended Friday May 31, with Turkish import prices declining on limited buying activity and Asian import prices rising or holding their ground on steady demand. Turkish import prices down on lackluster rebar sales US export prices up on weekly basis, but latest sale closed lower Vietnam prices flat, Taiwan prices rise on st...Read More
Gold jumped out of the gate on Friday, rising more than 1% in heavy volumes as investors seek a safe haven amid a widening trade war unleashed by US President Donald Trump.Gold for delivery in August, the most active futures contract, reached a high of $1,311.80 an ounce, the highest in seven weeks with 29m ounces changing hands in New York by lunchtime.Trump's plan to impose a 5% tariff on all Me...Read More
New export offers from CIS billet producers for July-rolling material appeared to be too high for customers to accept, which resulted in a lack of trading activity this week.Last week's successful sales of billet cargoes at $430-435 per tonne fob Black Sea to North Africa by several CIS mills inspired Russian and Ukrainian producers to increase their offers for July-rolling material to $...Read More
Gold premiums in top consumer China rose this week as investors bought the metal as a safe-haven due to rising trade tensions with the United States, while bullion demand moderated in India as local prices jumped to two-week highs.In China, premiums rose to about $14-$18 an ounce over the benchmark from $12-14 an ounce last week."Investment demand has been picking up, due to uncertainties on trade...Read More
Desert Gold Ventures (TSXV: DAU) announced this week that the Malian government approved the renewal of its permit to operate the Djimbala project in southern Mali.In a press release, Desert said the permit renewal is for an initial 3-year term, renewable for two additional 2-year terms, which gives the Canadian company control of Djimbala until May 2026.At present, the British Columbia-based mine...Read More
Safeguard measures against billet imported into Vietnam from Malaysia and Kazakhstan will be reinstated from June 13, according to an announcement by Vietnam's Ministry of Industry and Trade (MIT) on May 29.Vietnam's MIT previously granted Malaysia and Kazakhstan exemptions from the tariffs, which amount to 17.3%, in November 2018 after it found that the two countries' combined billet export volum...Read More
China's rebar prices resumed its downtrend on Friday May 31 amid declining futures, though the outlook for the market over the next week remains mixed.Domestic Eastern China (Shanghai): 3,940-3,980 yuan ($570-576) per tonne, down 50 yuan per tonneNorthern China (Beijing): 3,880-3,950 yuan per tonne, narrowed down 10-40 yuan per tonneTrading activity during the day was thinner than that on Thursday...Read More
An overview of the noble alloys markets and the reasons for any price moves.Read More
Transaction prices for grade-304 stainless steel sheet narrowed lower this week ahead of lower alloy surcharges officially taking effect from June 1, sources told Fastmarkets on Friday May 31. Fastmarkets' price assessment for grade-304 cold-rolled stainless steel sheet was ?,?2,200-2,260 ($2,449-2,516) per tonne delivered to Northern Europe on Friday, down by ?,?40 per tonne on the high side from...Read More
Hebei Steel, China's largest steel mill, has kept its purchase price for silico-manganese unchanged at 7,600 yuan ($1,099) per tonne for June delivery, with suppliers trying to maintain higher offers amid rebounding prices in both the spot and futures markets, market sources told Fastmarkets MB.Hebei Steel, as the majority of market participants had expected, initially bid at 7,500 yuan per tonne...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 194,463107,77562,206191,290301,244447,959471,225 Change from Prior Reporting Period -9,165-7,048-21,32723,46325,479-7,029-2,896 Traders 17874875253270179 Small Speculators LongShortOpen Interest 57,16733,901505,126 3,512-621-3,517 non reportable positions...Read More
By: Ira EpsteinThe US Dollar very strong near two-year highs. Metals went into a state of collapse. Precious metals higher - fear will be needed to move the price higher..Read More
Here we go again. The Fed evidently has begun "conditioning" our "expectations" for a new season of quantitative easing. Fed Would Consider Interest-Rate Cuts if Growth Outlook Darkens is the headline atop a news story concerning a NYC panel discussion moderated by the central bank's vice-chairman. This is just what Wall Street and other promiscuous abusers of credit have been praying for l...Read More