Gold was down a couple of dollars to US$1,323 an ounce earlier, while palladium was worth $1,306/oz on the spot market, as macro uncertainties continue.In London, SolGold (LSE: SOLG) has recovered about half the value shed last week, having tumbled on local media reporting Ecuador was moving towards holding a referendum on mining in some areas.SolGold has said there was no indication its tenure wa...Read More
Markets remain nervous about the trade wars and the impact these are having on global economic growth with recent manufacturing purchasing managers' index (PMI) data showing a combination of manufacturing contraction, stable but low growth, or slowing growth.Equites continue to show weakness while gold and the Japanese yen attract haven demandLow treasury yields and US President Donald Trump's age...Read More
The Tuesday Market Minute Global stocks traded mixed Tuesday, with weakness ini Asia offset by modest optimism in Europe and the US following signals of a near-term Fed rate cut.St. Louis Fed President James Bullard said a "darkened" global trade narrative could lead to easing, with investors now waiting a mid-morning speech from Chairman Jerome Powell today in Chicago.European stocks edge highe...Read More
China's domestic hot-rolled coil prices continued to weaken on Tuesday June 4, which led exporters to lower their offers as well.DomesticEastern China (Shanghai): 3,880-3,890 yuan ($562-563) per tonne, down 20-30 yuan per tonneNorthern China (Tianjin): 3,800-3,820 yuan per tonne, down 30 yuan per tonnePrices continued to drop with thin trading reported in eastern China. Mills kept their offers sta...Read More
As I write this, the price of gold is trading at $1,330.40 an ounce. This is a big deal.Check out yesterday's high volume action on the SPDR Gold ETF (NYSE: GLD):Gold has been bouncing around $1,300.00 an ounce for the past five years after peaking in 2011. If it can hold this breakout above that resistance, there is a lot of upside.Markets that consolidate for a long time act like a coiled spring...Read More
For Canadian investors who have had to endure years of underperformance versus US stocks, there has been a surprising twist over the past few months. Canadian stocks are broadly beating US stocks as the Sino-American trade war heats up. We discuss this development and more in our latest edition of Insights. You can read the newsletter here and no registration is required. Read More
European steelmakers have called on the region's policy-makers to take immediate action to strengthen the safeguard measures for the steel industry, with effect from July 1.The call was made in an open letter signed by the chief executive officers of 45 EU steel companies, and was dated Monday June 3."Europe's steel industry is in crisis because of external factors, yet as a strategic sector it un...Read More
China's rebar prices fell further on Tuesday June 4 in both the domestic and export markets amid attempts by sellers to secure orders.Domestic Eastern China (Shanghai): 3,900-3,950 yuan ($565-572) per tonne, down 30-40 yuan per tonneNorthern China (Beijing): 3,820-3,870 yuan per tonne, down 30 yuan per tonneStockists are mostly pessimistic about demand in the spot market over the next month or two...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products.Latest transaction: rebar, wire rodRebar East China, domestic, grade III 16-25mm...Read More
The Turkish deep-sea scrap markets remained quiet on Tuesday June 4 with participants still absent because of the week-long Eid al-Fitr public holiday, sources told Fastmarkets.This lack of market activity was expected and was likely to continue for the rest of the week, with Turkey being on public holiday from June 3 until June 7. The holiday marks the end of the period of...Read More
Iron ore prices rebounded above $100 per tonne cfr China on Tuesday June 4 after declining for several days straight.MB 62% Fe Iron Ore Index: $100.38 per tonne cfr Qingdao, up $1.26 per tonne. MB 62% Fe Pilbara Blend Fines Index: $98.86 per tonne cfr Qingdao, up $1.26 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $104.50 per tonne cfr Qingdao, up $1.93 per tonne. MB 58% Fe Premium Index: $94.4...Read More
China's rebar prices fell further on Tuesday June 4 in both the domestic and export markets amid attempts by sellers to secure orders.Domestic Eastern China (Shanghai): 3,900-3,950 yuan ($565-572) per tonne, down 30-40 yuan per tonneNorthern China (Beijing): 3,820-3,870 yuan per tonne, down 30 yuan per tonneStockists are mostly pessimistic about demand in the spot market over the next month or two...Read More
The Precious Metals sector has broken strongly higher in recent days, with silver breaking out of its downtrend just yesterday, when the fundamental reason for this move emerged - the Fed has let it be known, via the St Louis Fed governor, that they are going to drop rates soon. This is clearly a panic move triggered by the stockmarket breaking down below key support - the intention is to head...Read More
"Markets are constantly in a state of uncertainty and flux and money is made discounting the obvious and betting on the unexpected." George Soros, financier, philanthropist, political activist, author and philosopher, b. 1930 "Regardless of current economic conditions, it's always best to remember that the stock market is a barometer and not a thermometer." Yale Hirsch, creator of the Stock Tra...Read More
By: Ira EpsteinGold is honing on $1,329.20 area resistance. August gold is looking impressive. $1,336 is the next objective. This market is possibly showing an important, watershed moment -- this has an energy that it has not had in a very long time. Is the market overbought? Yes:Read More
London 4th June, 2019: Today, Kinesis Money announces the initiation of its UK and EU debit card program with Contis Group, the award-winning platform as a service (PAAS) that provides end-to-end banking and payments solutions. Kinesis has selected Contis for its European and UK debit card solutions and has officially started developments, scheduled for release in Q4. The release of these EUR a...Read More
By: Clint Siegner, Money MetalsU.S. leaders are demanding the rest of the world recognize economic sanctions and stop buying Iranian oil. The U.K., Germany, France, Russia, China, and India are among the nations who don't fully support the sanctions and would rather not pay higher prices for oil elsewhere.American officials more and more often resort to delivering ultimatums, both to adversaries...Read More
- Richard (Rick) Mills The ongoing battle between the United States and China for economic supremacy isn't only being fought in the gilded ballrooms of Washington, as trade negotiators from either side parry over automobile parts content, intellectual property rights, government subsidies and the like. Casualties and victories are also borne out over the decks of hulking freighters that carr...Read More
By: Avi GilburtWhile I will let the "real" analysts debate about how we should handle our trade deal regarding China, I am only here to discuss the sentiment around the China deal.This past week, I have seen many posts like this one:"We wouldn't be down at these relatively low levels had China settled with Trump. Guaranteed."The posters' logic works like this: The market has been dropping ever s...Read More
StrengthsThe best performing metal this week was gold, up 1.61 percent. Gold traders are neutral on the yellow metal this week; however, the weekly Bloomberg survey was conducted on Thursday before gold shot above $1,300 on Friday morning. Gold saw its first monthly gain in May, breaking a streak of three st...Read More