GameStop just reported a first-quarter revenue disappointment, and halted its quarterly dividend The video game retailer GameStop Corp (NYSE:GME) took a massive hit today, after its first-quarter earnings report sparked a major sell-off in early morning trading. While the firm reported earnings that beat analysts' expectations, GME's revenue of $1.55 billion came in lower than the estimated $1.64...Read More
This morning's jobs data badly missed expectationsFutures on the Dow Jones Industrial Average (DJI) are trading above fair value, as stocks try to build off their best day in months on Tuesday. However, investors this morning were greeted by a bad miss in the ADP employment report, with just 27,000 private payrolls added in May, compared to 173,000 expected -- potentially adding to recent fears of...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday June 5 that are worth another look.Nickel market analysts were resolutely bearish during a pricing panel at Fastmarkets' seventh International Nickel conference in Amsterdam on Wednesday June 5, forecasting that the London Metal Exchange three-month nickel price is unlikely to breach $13,000 per tonne this year. ArcelorMittal...Read More
When the next downturn will occur?Why does this recovery diverges from the historical pattern?What it all means for the gold prices?We are just a few weeks from breaking the record. If the current US economic expansion lasts until July 2019, it will reach 121 months, becoming the longest ever. The extended duration of the prosperity begs the question of when the next downturn will occur. We invite...Read More
Gold shines again following the dovish rhetoric from the Fed.Gold's spec positioning is not heavily long, suggesting plenty of dry powder on the long side to deploy.ETF investors bought gold at a remarkable rate at the start of the week, highlighting a potentially positive swift in sentiment.We see GLDM at $13.50/share by Q2-end.Introduction Welcome to Orchid's Gold Weekly report. We discuss gold...Read More
The Midas Metal has spent the last 6 years putting traders and investors to sleep.Investors normally want a better return for tying up their money for longer periods.Our biggest concern is overall investor complacency.Unfortunately, for the bulls, gold has been anything but good. The Midas Metal has spent the last 6 years putting traders and investors to sleep. It has oscillated between a high of...Read More
Low bond yields and the languished equity markets will make gold an attractive investment.Projected Fed rate cuts will weaken the dollar, subsequently increasing the value of gold.JNUG's 3x leverage provides an adequate tool for investors to profit on the a short-term price movement in gold.Intro: After gold hit its year-to-date bottom of 1266.65 on May 2nd, gold has rallied 5.2% to $1323 in t...Read More
The GFG Alliance, owner of global steelmaker Liberty House, has appointed Neil Barrell global head of integration and performance, it said on Wednesday June 5.Barrell will begin his new role on July 1 and will have "a remit to optimize GFG's growing network of manufacturing operations," GFG Alliance said.Liberty House owns several steel mills across the...Read More
The global alumina market has become more sentiment-driven over the past year and knee-jerk reactions have become more common, market sources told Fastmarkets.A significant part of this change was a consequence of the chaos that developed in the market after producer Norsk Hydro was compelled to declare force majeure at its Alunorte alumina refinery in Brazil in March 2018."If I look back, this is...Read More
Troubled UK long steel producer British Steel entered compulsory liquidation on May 22. Fastmarkets examines the reasons behind the company's recent struggles, from uncertainty about Brexit and a slump in orders, to rising costs for raw materials.Brexit uncertaintyThe future of British Steel remains uncertain, with the UK's Insolvency Service approaching "more than 80 potential trade purchasers" t...Read More
SD Midweek Update: Silver's price is about to get a boost that will drop the naysayers' jaws to the floor with shock and dis-belief. Here's why...This is important to understand.What is?This is: Once the classic muscle-car, gold, takes off from the line, It's a roaring, beautiful display of strength and power, but once the sleek sports-car, silver, takes off from the line, it begins with excitemen...Read More
Keith says we have interesting data in the gold-to-silver ratio, and would be silver buyers are coming under pressure. Here's why...by Keith Weiner of Monetary-MetalsWe have been discussing the impossibility of China nuking the Treasury bond market. We covered a list of challenges China would face. Then last week we showed that there cannot be such a thing as a bond vigilante in an irredeemable...Read More
Because nothing could be more serious than if prices of important commodities are being set artificially...by Ted Butler of Butler Research via Silver SeekAbout 30 years ago, my wife arranged for our then ten-year old son to attend a sleep-away YMCA summer camp in Tallulah Falls, in the Georgia Mountains. While Ross wound up going back to the same camp for several years, eventually serving as a c...Read More
The benchmark copper price London Metal Exchange ended 1.5% lower on Wednesday June 5, leading the rest of the base metals lower.The three-month copper price closed at $5,807 per tonne, not far above its 2019-to-date low of $5,725 per tonne. "Our technical indicators suggest LME copper is still in a prevailing downtrend. We would not be surprised by renewed selling pressure," Fastmarkets base...Read More
Indians are purchasing silver hand-over-fist, and while this demand hasn't affected price just yet, SRSrocco says wait until this happens...by Steve St Angelo of SRSrocco ReportWhile silver investment demand in the West continues to remain weak, Indians are purchasing the white shiny metal hand over fist. In just the past six months, U.S. silver exports to India have exploded to record highs....Read More
Nickel market analysts were resolutely bearish during a pricing panel at the Fastmarkets' seventh International Nickel conference in Amsterdam on Wednesday June 5, forecasting that the London Metal Exchange three-month nickel price is unlikely to breach $13,000 per tonne this year. The LME three-month price is currently trading below $12,000 per tonne, hitting an intraday high of $11,860 per...Read More
China's hot-rolled coil prices slid further on Wednesday June 5 amid persistently thin trading, though some exporters showed little willingness to sell any lower.DomesticEastern China (Shanghai): 3,870-3,880 yuan ($561-562) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 3,800-3,810 yuan per tonne, narrowing downward 10 yuan per tonnePrices continued to drop, with trading being thinner...Read More
Is Gold finally about to break out from a 5-year bullish ascending triangle pattern? We will find out very soon!The price action of Gold since 2014 looks to be a series of flat tops and rising bottoms. It could be forming what is called a "Bullish Ascending Triangle" which is highlighted in blue at (1). Two-thirds of this time this pattern leads to an upside breakout.The top of the pattern comes i...Read More
The price of copper was hammered on Wednesday amid mounting worries about the impact of a trade war between the world's two largest economies and a global slowdown in manufacturing.In early afternoon trading in New York, copper for delivery in July touched a low of $2.62 a pound ($5,775 a tonne), down nearly 2% from Tuesday's settlement. Copper is now trading more than 20% below levels seen this t...Read More
The world's 40 largest mining companies showed steady growth in 2018 and consolidated the positive performance they had over the past several years, a new report by PwC revealed.In its Mine 2019: Resourcing the future report, the multinational professional services network states that, as a group, the top 40 mining firms increased revenue by 8% to $683 billion, buoyed by higher commodity prices an...Read More