The biotech ETF finally conquered its 200-day moving average last weekThe technical breakout last week in the SPDR S&P Biotech ETF (XBI) was remarkable, by any number of measures. After a 3% opening gap to start Monday's session, the small-cap biotech-focused exchange-traded fund (ETF) went on to close above its 200-day moving average for the first time since Oct. 3, 2018. And then, to drive home...Read More
The shares are higher today on a positive drug developmentThe shares of Clovis Oncology Inc (NASDAQ:CLVS) are up 1.3% in electronic trading, on news the pharmaceutical firm's ovarian cancer treatment, rucaparib, is now available in Germany for women with relapsed ovarian cancer. CLVS also plans to launch the drug in other European countries later this year and in 2020.It's already been a blowout s...Read More
Amazon has been consolidating on the charts so far this calendar year, but analysts see more upside aheadShares of e-commerce giant Amazon.com, Inc. (NASDAQ:AMZN) are moving higher in pre-market trading,up 0.9% at $1,686.10, after Evercore ISI hiked its price target on the FAANG stock to $1,965 from $1,800. The brokerage cited gross profit as a "more important indicator" than revenue growth, not...Read More
Tesla will unveil its new SUV on March 14Dow Jones Industrial Average (DJI) futures are pointed confidently higher this morning, thanks to more optimistic U.S.-China trade headlines. More specifically, a Wall Street Journal report on Sunday indicated that trade negotiations between the two countries were in their final stages, and a deal could be signed by the end of the month. The report also su...Read More
This formidable S&P price point may have just flipped the supply-demand equation back in the bears' favor"...the SPX's 2,800 level is on the radar of many chartists as a potential resistance area -- a level that is now very much in view. This is an important level, as it is a round number and the site of the past highs as I mentioned last week. But if indeed a short-term top or a hesitation in the...Read More
Ahead of Fastmarkets' Battery Materials 2019 conference in Shanghai, Fastmarkets looks at use of lithium in next-generation vehicles and other battery uses, as well as soaring prices, which have spurred interest in lithium and boosted its importance in recent years as a battery material. In June 2016, the spot price in China peaked at $27 per kg, more than three times the global contract price, ac...Read More
StrengthsThe best performing metal this week was palladium, up 2.81 percent with continued price strength. Gold traders were split between bullish, bearish and neutral on the yellow metal this week as prices struggled to recover and posted a monthly loss for February. Lawmakers in Romania are drafting legislation aiming to repatriate the country's gold stored in the United Kingdom. The bill is t...Read More
"A generation from now, Americans may marvel at the complacency that assumed the dollar's dominance would never end." Floyd Norris, chief financial correspondent, New York Times, 2/2/2007 "Capitalism without bankruptcy is like Christianity without hell." Frank Borman, NASA Astronaut Gemini 7, CDR Apollo, CEO Eastern Airlines, April 1986 "The generally accepted view is that markets are always r...Read More
By: Keith WeinerWe have written numerous articles about capital consumption. Our monetary system has a falling interest rate, which causes both capital churn and conversion of one party's wealth into another's income. It also has too-low interest, which encourages borrowing to consume (which, as everyone knows, adds to Gross Domestic Product GDP).What Is CapitalAt the same time, of course entre...Read More
By: IRA EPSTEINGold market -- weekly chart, sideways action galore. Upside momentum lost, higher highs and higher lows is lost:Read More
In contrast to the clear skies outside, a cloud hung over discussions among Indian scrap traders attending the opening session of the annual conference of the Material Recycling Association of India (MRAI) earlier this month in Kochi, southern India.Secretary-general Amar Singh praised the superior air quality in the host city, compared with the metropolises of New Delhi and Mumbai. But delegates...Read More
Section 232 tariffs on aluminium and steel raised $3.6 billion in their first nine months, and revenues for the last two months are likely to push that figure up by around another $1 billion, US government data shows.That figure would be enough to cover the shortfall in funding sought by United States President Donald Trump for border security. In other words, aluminium and steel tariffs could fun...Read More
Platinum surged to 6-month highs last week on concerns over a supply deficit, meanwhile gold prices fell more than 1% to the lowest level since January, heading for the biggest weekly decline in more than 1-year as the dollar strengthend and global stocks advanced. Oil prices came under pressure last week, down 2% on Friday after weak U.S. manufacturing data overshadowed OPEC-l...Read More
Australia's gold production hit an all-time high of 317 tonnes in 2018, breaking the previous record of 314.5 tonnes, which stood for 21 years, consultancy Surbiton Associates says.In the third quarter that ended Sept. 30, the country's gold output totalled 81 tonnes, making it the third consecutive quarter where it exceeded 80 tonnes, they say in their latest report.The country's gold production...Read More
Gold, silver and mining stocks plunged on Friday and the yellow metal closed the week below the $1,300 barrier. The gold-silver ratio soared once again and it all happened in tune with our expectations, and despite the recent dovish comments from the Fed. And – believe it or not – we have something much more important and exciting about the precious metals sector to tell you today. &nb...Read More
Aluminium's three-month price on the London Metal Exchange was down by more than 2% at the close of trading on Monday March 4, with the broad strength in the US dollar deterring commodity investment.Volumes in both aluminium and copper futures were high over the day's trading, with more than 22,000 lots traded in both by the close. While open interest in aluminium has fallen by over 48,000 positio...Read More
As long time readers know, over the past year or so, we have often pointed out that the macroeconomic drivers of the gold price were not exactly bullishly aligned yet, but seemed to be on the cusp of getting there.Apart from signals we get from market indicators, one would also do well to ponder a number of recent events and their likely impact on gold prices down the road.Despite the fact that go...Read More
Stocks were gaining on Friday, as investors' sentiment improved once again. However, the S&P 500 index remained close the 2,800 resistance level. So is this a topping pattern or just a pause before another leg up?The U.S. stock market indexes gained between 0.4% and 0.8% on Friday, as investors' sentiment improved once again. The S&P 500 index retraced more of its October-December downward...Read More
The Indonesia Commodities & Derivatives Exchange (ICDX) has ended the suspension of key smelter inspector PT Surveyor Indonesia in connection with the launch of its new physical tin contract, which is set to transfer tin exports to bonded warehouses for the first time in the exchange's history, ICDX chief executive officer Lamon Rutten said on Monday March 4. PT Surveyor was ordered to suspend ope...Read More
The stock markets have slumped today. For once, investors have not bought the “close” headlines in reference to US-China trade deal. However, the dollar has remained supported for now, despite US President Donald Trump’s latest criticism of the Fed’s Chairman Jay Powell. As a result, safe-haven gold has not been able to benefit in a meaningful way yet. However, the precious...Read More