The U.S. and China struck a positive tone on trade after G-20 talks between Trump and XiA warm reception to this weekend's trade talks between U.S. President Donald Trump and China's President Xi Jinping on the sidelines of the G-20 meeting has Dow futures surging more than 200 points above fair value. The two nations decided they would hold off on imposing new tariffs in favor of moving forward w...Read More
Goldman Sachs cut its rating on ZM to "sell"Goldman Sachs downgraded Zoom Video Communications Inc (NASDAQ:ZM) to "sell" from "neutral," with analyst Heather Bellini saying the video conferencing's long-term potential is already priced in. However, given ZM stock's impressive run since its mid-April trading debut, the brokerage firm upped its price target to $66 from $53 -- still a major discount...Read More
June 28th, 2019(S14-E702)Featured GuestsWolf Richter& Bill MurphyPlease Listen Here - MP3Interview RecapBill Murphy of GATA.org returns to the show with fresh insights on the stunning PMs shares rally, which outperformed the key US equities markets.Gold may have built a final base in preparation for liftoff to $2,000+ in the coming years, as the "Gold Cartel" runs out of physical bullion to s...Read More
RambusThis is a condensed version of Rambus Weekend Report. There are over 20 individual PM stocks individually updated in the full version.I would like to start out this Weekend Report by looking at a long term monthly chart for the GDX. The multi year bear market actually began in September of 2011 at the head portion of the 3 1/2 year H&S top. The H&S top actually began to form in September...Read More
It has been a truly glorious month for gold, and the purpose of this update is to point out firstly that the gold breakout of the past week was genuine and secondly that any short term reaction back as far as $1380 or even $1370 will not negate the breakout - instead it should be seized upon as an opportunity to build positions across the sector, especially in trampled down undervalued silver st...Read More
StrengthsThe best performing metal for the week was platinum, which gained 3.02 percent. Both platinum and palladium seem to be playing catch up to gold's strong move last week. Gold extended its rally this week, pushing past $1,400 an ounce and fueling investors to pour cash into funds backed by the yellow...Read More
- Keith Weiner, Monetary MetalsLast week, we discussed the fundamental flaw in GDP. GDP is a perfect tool for central planning tools. But for measuring the economy, not so much. This is because it looks only at cash revenues. It does not look at the balance sheet. It does not take into account capital consumption or debt accumulation. Any Keynesian fool can add to GDP by borrowing to spend....Read More
The equities market was primed for a positive shock to the system after the G-20 meeting "The breakdown in Sino-U.S. talks and the latest targeting of Chinese companies by the White House has economists at investment banks increasingly pessimistic about the long-term outlook. Goldman Sachs Group Inc., Nomura Holdings Inc., and JPMorgan Chase and Co. are among those pricing-in a greater chance of a...Read More
By Avi GilburtI have to be honest and tell you that I am literally chuckling while I write some of my articles. My last gold article was one where I was certainly chuckling while writing it. Yet, I cannot tell you how many other "analysts" across the internet took me to task for something about which they thought I was being serious. I guess a sense of humor is not something that every reader po...Read More
- Jordan Roy-Byrne CMT, MFTAAs I pen this article, Gold is set to close the month and the quarter above $1400/oz and holding the majority of its recent gains. That does not necessitate continued strength but it is a good sign.The technicals and fundamentals are finally in place for Gold. It is outperforming all major currencies and the Federal Reserve is weeks away from beginning a new cycle of...Read More
Gold and silver can fall more after the US-China meeting at G20. Gold will crash if it trades below $1390. Silver will crash if it trades below $1505. Copper and crude oil should rise today. Traders will assess the US-China trade talk. Since details are not yet made public, reaction will be limited. I do not think North Korea will have any impact on currencies or bullion. Do not confuse that tr...Read More
The United Kingdom's state-owned railway infrastructure group Network Rail has made an 'indicative offer' for British Steel's rail services business.British Steel's UK assets comprise the Scunthorpe steelworks, which have a production capacity of 2.80 million tonnes per year; two mills in Teesside; an engineering workshop in Workington; and a design consultancy in York. The company also has a...Read More
Turkey imported 581,338 tonnes of flat steel in May 2019, down by 32.49% from the corresponding month in 2018, when 861,166 tonnes arrived in the country, according to the Turkish Statistical Institute (T?oeIK).Sources who spoke with Fastmarkets noted that demand for flat steel in Turkey was weak in January and February, before the local elections were held on March 31. So, import volumes decrease...Read More
ArcelorMittal finalized the sale of a number of its European steel assets to Liberty House Group on June 30, the world's biggest steelmaker said on Monday July 1.The sale was part of the divestment package agreed with the European Commission (EC) investigation into ArcelorMittal's acquisition of Italian flat steel producer Ilva.Assets in the sale to Liberty House include a steel pla...Read More
Nickel's three-month price on the London Metal Exchange was lower at the close of trading on Monday July 1, failing to sustain recent gains while poor data from China's manufacturing sector damped buying sentiment.Three-month nickel futures closed at $12,350 per tonne during the afternoon, down by a little less than 3% from an intraday high of $12,850 per tonne, its highest level since April.Marke...Read More
Import prices for flat-rolled steel products have shown broad increases in South America over the past week, with more expensive offers heard from China, although deals remained scarce because of the cautious stances adopted by importers in the region and by Chinese exporters.Fastmarkets' assessment of the South American import price for hot-rolled coil (HRC) was $535-545 per tonne cfr on June 28....Read More
CIS steel billet producers continued to increase their offer prices for foreign customers on Monday July 1, following the recent surge in import scrap prices in Turkey and iron ore prices in China.This pushed up Fastmarkets' daily CIS export billet index to $420 per tonne fob Black Sea on Monday, against $415 per tonne fob on June 28.Offers of Russian billet were heard in the market within the pri...Read More
Despite China's ban of low-quality copper scrap imports since the beginning of 2019, the volume of copper units contained in scrap imports has defied expectations by rising in the first five months of this year. Between January and May this year, China imported 682,508 gross tonnes of copper scrap, according to customs data. All of the imports are of the higher-grade category 6 scrap. This is down...Read More
Here are five Fastmarkets MB stories you might have missed on Monday July 1 that are worth another look.Nickel's three-month price on the London Metal Exchange fell at the close of trading on Monday July 1, failing to sustain recent gains while poor data from China's manufacturing sector damped buying sentiment.Vanadium producer Largo Resources "has adopted the conservative strategy" of...Read More
Spanish stainless steelmaker Acerinox has appointed Mark Davis chief executive officer of its Bahru Stainless joint venture in Malaysia, it said on Monday July 1.Davis replaces Oswald Wolfe, who becomes director of institutional relations at Acerinox's headquarters in Madrid, Spain. Wolfe had been CEO of...Read More