China's rebar prices were flat on Wednesday July 10, but pessimism was the order of the day during what is considered a weak time of the year for the country's steel market.Domestic Eastern China (Shanghai): 3,980-4,000 yuan ($578-581) per tonne, unchangedNorthern China (Beijing): 3,880-3,910 yuan per tonne, unchangedTraders in the spot market kept prices unchanged, at least for the time being, am...Read More
Meanwhile, elsewhere on the property, the Canadian company continues exploration. Pretium's Brucejack MinePretium Resources Inc. (PVG:TSX; PVG:NYSE) announced in a news release that the ramp-up at Brucejack is advancing on schedule. The gold producer reported that it continues to accelerate underground development at a targeted 1,000 meters (1,000m) per month, a schedule likely to be maintained t...Read More
Intercepts are released for two more holes from this current exploration phase. Kerr Mines Inc. (KER:TSX; KERMF:OTC; 7AZ1:FRA) announced in a news release that further drill results from the resource expansion program at its Copperstone gold project in Arizona demonstrated 6.1 meters (6.1m) of 15.02 grams per ton (15.02 g/t) gold.This intercept came from hole 18-21A-05, an exploration step-out ho...Read More
Bob Moriarty of 321 Gold explains why he is a fan of this PGE explorer with a project in Montana. A couple of weeks back I was calling for a correction in gold. All of a sudden everyone was talking about gold and how high it was going to go. Bullish sentiment hit an absurd extreme. I got it right; the correction began the next day.Investors tend to forget that even in the most bullish of markets,...Read More
In a rare move, Japan has started selling steel billet to Southeast Asia amid diving scrap prices in the country's domestic market.Steel mills in the Tokyo area have started channeling shipments of the semi-finished product to Southeast Asia, where buyers are prepared to pay higher prices than Japanese re-rollers, market sources said.While the sale of Japanese billet to Southeast Asia is not unpre...Read More
The head of the U.S. central bank struck a dovish tone in his congressional testimonyStocks sailed to fresh highs today, as Wall Street cheered congressional testimony from Fed Chair Jerome Powell, which indicated the central bank could be ready to cut interest rates at its July meeting. In front of the House Financial Services Committee , Powell cited concerns over a slowing global economy -- a t...Read More
Domestic price ranges for hollow steel sections in Northern and Southern Europe widened further this week following pressure from decreased feedstock costs and increased import volumes, sources told Fastmarkets on Wednesday July 10.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?625-640 ($700-717) per tonne on Wednesday, down from ?,?630-640 p...Read More
SunPower options are attractively priced at the moment, tooWhen we last checked in with SunPower Corporation (NASDAQ:SPWR), the solar stock was fresh off its best day since 2013. Now, three weeks later, SPWR is flashing another signal that indicates its recent surge could be far from over. Yesterday, SunPower stock nabbed a three-year high of $12.79, and has more than doubled in 2019 alone. Even...Read More
One stock is up over 300%The Dow hit record highs today following dovish comments from Fed Chair Jerome Powell. Three names in particular making moves are communications solutions provider Vislink Technologies Inc (NASDAQ:VISL), offshore drilling issue McDermott International (NYSE:MDR), and drugmaker Amneal Pharmaceuticals Inc (NYSE:AMRX). Here's what's moving the shares of VISL, MDR, and AMRX....Read More
American Airlines' update has drawn attention to the sector todayAmerican Airlines Group Inc (NASDAQ:AAL) shares are popping today after the company raised its unit revenue forecast. Also helping is a price-target hike to $38 from $35 at Evercore ISI. It would seem options traders are betting on more upside, too, with call volume already flirting with the daily average. Buy-to-open activity seems...Read More
Oil prices are surging today on supply concernsThe Dow Jones Industrial Average (DJI) is on the mend today, and earlier touched an all-time high, thanks to renewed rate cut optimism. At his testimony before the House Financial Services Committee, Fed Chair Jerome Powell suggested that Friday's strong jobs report has not altered the Fed's outlook. Despite the dovish remarks, the Dow has pared some...Read More
Credit Suisse just initiated coverage on Unum with an "underperform" rating and a $19 price targetThe shares of disability insurance concern Unum Group (NYSE:UNM) are slipping today, after Credit Suisse initiated coverage with an "underperform" rating and a $19 price target -- roughly half of last night's close. The analyst said the stock could face a rough patch based on a possible $5.7 billion a...Read More
- Ed SteerYESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUMThe gold price was sold lower just a few minutes after trading began at 6:00 p.m. EDT on Sunday evening in New York. It began to recover about fifteen minutes later -- and managed to crawl higher...back above the $1,400 spot mark. The high tick was set a few minutes after the London open -- and it didn't do much from there until 'd...Read More
Legendary investor Jim Sinclair and his business partner Bill Holter say Gold is going much higher. It's a mathematical certainty. Sinclair says, "You need to look at gold, not a speculation, but as a savings account. If the dollar gets sliced in half, you basically double the value (of your gold) if not more. I think much more. . . . In the second reset, that will take gold to a price where it...Read More
Stewart Thomson, Graceland Updates 1. While some gold stocks (the South Africans in particular) continue to rally, bullion and most miners are staging a classic pullback after a major upside breakout. 2. Please click here now. Double-click to enlarge this important monthly gold chart. The bottom line:3. Breakouts are fun. Pullbacks are not!4. My advice to investors:...Read More
The second half of the year is setting up favorably for the precious metals sector, which was led in the first half by gold and gold mining stocks.Of course, the Wall Street-beholden financial media is largely ignoring metals and mining - preferring instead to give celebratory coverage to every move toward new highs in the Dow and S&P 500."The Dow Jones Industrial Average rallied 7.2% this month...Read More
By: Ira EpsteinGold right at 18-DMA support, battleground. Completed leg to the downside, battle underway. Gold not overbought anymore:Read More
By Avi GilburtThere is an old adage that bulls get fat, bears get fat, but pigs get slaughtered. I guess that is another way of saying to not overstay your welcome on one side of the market and to know when to take profits.This is how I felt about bonds last week.But, before I explain, let me take a moment to recap our history and perspective on bonds. For those that followed our work over the y...Read More
The shares have outperformed the SPX for nine straight daysZillow Group Inc (NASDAQ:Z) stock is pacing for its 10th straight gain, and its highest close of 2019, thanks to some upbeat analyst attention. Specifically, SunTrust started coverage of Zillow Group (ZG) with a "buy" rating and a Street-high $58 price target, with the analysts calling the company's Homes segment "underappreciated." What's...Read More
Charts show us the golden brick road to high prices.GLD Gann Angle has been working since 2016. Higher prices are expected. Who would say anything different, and why and how? The GLD very wide channel shows us the way.- Conservative: Tag the 10 year rally starting in 2001 to 2019 and it forecasts $750 GLD (or $7500 USD Gold Futures) in 10 years.- Aggressive: Tag the 5 year rally starting in 1976 t...Read More