Declining raw material costs, weakening demand from the automotive end market and competitively priced imported material have driven down prices for cold-heading quality (CHQ) and high-carbon wire rod in the United States. Fastmarkets AMM's monthly pricing assessment for cold-heading quality wire rod dropped to $41.50 per hundredweight ($830 per short ton) North American delivered duty p...Read More
Intense competition between suppliers of Qatari and Turkish rebar led import prices for the long steel product in Singapore to fall further over the past week.The weekly Fastmarkets MB import price assessment for rebar in Southeast Asia - which mainly looks at cargoes sold into Singapore on a theoretical-weight basis - was $475-480 per tonne cfr for the week to Monday June 24, down $ 7-11 per tonn...Read More
China's rebar market regained some upward momentum on Monday June 24 amid fresh production cuts in the country's steelmaking hub of Tangshan. Domestic Eastern China (Shanghai): 3,900-3,950 yuan ($568-575) per tonne, up 70-80 yuan per tonneNorthern China (Beijing): 3,730-3,770 yuan per tonne, up 40-50 yuan per tonneAll steelmakers in Tangshan have been instructed to lower their production by at lea...Read More
Fastmarkets MB's World DRI and Pellet conference, held in Dubai last week, took place against a backdrop of challenging circumstances for the steel industry.Finished steel prices, both in the Middle East region and beyond, have trended down over recent months, while certain raw materials prices - such as for iron ore-derived products - continue to soar, heaping pressure on margins.The best way to...Read More
Turkish steel producers remained out of the deep-sea scrap markets at the beginning of the week, while suppliers were trying to keep offers firm, sources said on Monday June 24.Mills slowed their bookings last week, with almost 80% of all their July requirements booked. Although, this means they still need to book scrap, sources told Fastmarkets.As a result, suppliers were keeping their offers as...Read More
- Michael J. Kosares"For twelve consecutive years, gold was up every single year whether there were inflation fears, deflation fears; strong dollar, weak dollar; political stability, political instability. It didn't matter - strong oil, weak oil. . . Gold went up for twelve years. . . When gold embarks upon its next move, I believe that you will see that long wave take gold relatively quickly, b...Read More
- Keith Weiner, Monetary MetalsLet's start with Frederic Bastiat's 170-year old parable of the broken window. A shopkeeper has a broken window. The shopkeeper is, of course, upset at the loss of six francs (0.06oz gold, or about $75). Bastiat discusses a then-popular facile argument: the glass guy is making money (to which all we can say is, "plus ?a change, plus c'est la m?me chose"). Basti...Read More
- SRSrocco What happens to the gold price this week will likely set the trend for the foreseeable future. While many precious metals investors disregard technical analysis and key chart formations, you can bet your bottom dollar that large traders and institutions are watching the price action of the yellow metal quite carefully. And if you think that these large traders and institutions...Read More
By: Ira EpsteinUS Dollar took a beating, FOMC leaning on cutting interest rates. One of the board members wants a 50bps cut already. If China and US get together at the G20 then things can change:Read More
Here are three numbers to jot down to get an accurate and potentially useful 'read' on the aging bull market: 27,436, 28,738 and 33,161. These are 'Hidden Pivot' resistance targets for the Dow Industrials, and any one of them could stop the bull in its tracks. Each is a good place to attempt getting short with a tight stop-loss, but if the stop gets pulped, assume that the next-higher target...Read More
The Turkish domestic scrap prices continued to weaken over the past week in line with falling imported scrap values, sources told Fastmarkets on Monday June 24.Several steel producers in Turkey have reduced their buy prices for local auto bundle scrap by around TRY30-85 ($5-15) per tonne over the past seven days.Long and flat steel mill ??olakoglu cut its buy price for auto bundle scrap to TRY1,83...Read More
If you buy gold in US dollars, you're in luck, because whether you realize it or not, you have made a killing against almost every other currency in the world. It may be hard to believe with gold about 25% below its all-time US-dollar high, but 72 different countries have seen gold hit an all-time high in their currencies this year. Like in Canada. Live north of the United States border, and this...Read More
Danielle DiMartino Booth spent nine years as an advisor to Richard W. Fisher at the Federal Reserve Bank of Dallas. Danielle left the Fed in 2015 to found Money Strong, LLC, an economic consulting firm and launched a weekly economic newsletter She is the author of Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America. DiMartino Booth began her career in New York at Donaldson, Luf...Read More
You've been listening to John Rubino and myself talk about this inevitable event for over 7 years. Now here it is. Sometimes inevitability takes longer to happen than others. But that now that it has, where do we go from here? $1500, 2000, 2500 gold. Silver $50, 75, 150. The skies the limit baby, so get ready now. It's happening!John Rubino is the founder and manager of the popular financial websi...Read More
The Fed has already accomplished more with its verbiage so far this year than it had in the past when it cut rates multiple times, all the way down to near-zero, and did trillions of dollars of QE. And we're seeing the first results.Wolf Richter is the founder of Wolf Street Corp and the publisher of WolfStreet.com. Wolf has over twenty years of C-level operations experience, including turnarounds...Read More
Chris Hedges is a Truthdig columnist, a Pulitzer Prize-winning journalist, a New York Times best-selling author, a professor in the college degree program offeredContinue...Read More
It's been a pretty good couple of months for precious metals, but more so for gold than silver. Both are up but gold is up more, and the imbalance that this creates Continue...Read More
At long last the gold bull market has resumed. With gusto! After breaking through the so-called $1363 resistance point, how much longer will $1500 take? Probably by the end of the year at the latest. Crypto's have gone full blown exponential. Where do they stop? And Trump, can you spell re-elect 2020. But there's plenty of challenges out there, not the least of which is exploding global debt. No o...Read More
President Trump did the smart thing last week by calling off a US airstrike on Iran over the downing of an American spy drone near or within Iranian territorial waters. According to press reports, the president over-ruled virtually all his top advisors - Bolton, Pompeo, and Haspel - who all wanted another undeclared and unauthorized US war in the Middle East.Is Iran really the aggressive one? When...Read More
Bitcoin rose above $11,000 on Monday scoring its highest level since March 5, 2018. Continue...Read More