Ukraine's largest producer of long steel, ArcelorMittal Kryvyi Rih, is performing hot tests of one of two new continuous casting machines, designated CCM No2 and CCM No3, the company announced on Thursday July 11."The machine will be put into operation in the third quarter of 2019," the company said in a recent release, adding that the second new CCM will be ready by the end of the year.The constr...Read More
Turkish rebar export prices increased slightly this week, while wire rod prices remained largely unchanged, sources said told Fastmarkets on Thursday July 11.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) export, fob main port Turkey, was $455-465 per tonne on an actual-weight basis on July 11, narrowing up from last week's $445-465 per tonne.Turkish steel mills...Read More
The Turkish domestic long steel markets have remained quiet over the past week amid sluggish summertime demand, sources told Fastmarkets on Thursday July 11.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was TRY3,100-3,130 ($542-547) per tonne on Thursday, widening upward slightly from last week's TRY3,100-3,120 per tonne.The...Read More
The Turkish steel producers have gone another day without making any deep-sea scrap bookings because of the slowdown in the finished and semi-finished steel markets, sources said on Thursday July 11.A steel mill in the Iskenderun region had booked a UK cargo on July 9 at $288 per tonne cfr for HMS 1&2 (80:20). The mills then went quiet in the deep-sea scrap markets.But market participants...Read More
- Dave Kranzler"You've assigned us the job of two direct, real-economy objectives: maximum employment, stable prices. If you assigned us [to] stabilize the dollar price of gold, monetary policy could do that, but the other things would fluctuate and we wouldn't care," Powell said from Capitol Hill. "We wouldn't care if unemployment went up or down. That wouldn't be our job anymore." - Jerome...Read More
- SRSrocco In June, the gold price finally broke above the $1,400 level after five long years. So, who was responsible for pushing the gold price to a new high since 2013? Well, if we look at the data, it most certainly wasn't the physical gold investor. And, according to several dealers I spoke with, physical gold retail investors took advantage of the $1,400+ price to sell metal rathe...Read More
By Avi GilburtSince this article is being addressed to longer term investors, I think you will likely appreciate the message within this write up.While I analyze the metals markets on many time frames, this perspective is based upon a daily chart which has months to still play out.But, before I move into my perspective of the market, allow me to summarize how I view the metals market in general...Read More
Dear Friend of GATA and Gold:Citing a confession to gold market manipulation in the United States, a member of Parliament this week urged the British government to investigate possible manipulation of the gold market in London.The member, Jeremy Lefroy, Conservative for Stafford, prompted a discussion of manipulation during a speech Monday in the House of Commons. Lefroy questioned the economic...Read More
By: Ira EpsteinGold in an up-thrust but in a congestion area:Read More
Fed Chief Powell supposedly has strong support inside Congress to fend off Trump's calls for lower interest rates. How do we know this? Well, there was this headline atop the lead story in Wednesday's Wall Street Journal: 'Powell's Support Inside Congress Is Deep'. And here was the sub-hed, in case you missed the point: 'Lawmakers on both sides say they would oppose any bid to oust the Fed chai...Read More
Seaborne iron ore prices fell on Thursday July 11, with demand weakening because of steel production restrictions in north China. Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $119.37 per tonne, down $1.59 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $119.29 per tonne, down $1.59 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina fines...Read More
Trend for gold and silver is bullish. Interest rate cut towards the end of the month has been confirmed by the Federal Reserve chairman. If gold rises very sharply till Monday, then value based buying in silver should catch and there can be some rise. I am quite confident that silver will break free from the recent consolidation phase by next week. Tensions in the Persian Gulf can result in hi...Read More
Deutsche Bank had a big restructure over the weekend, leaving many concerned that a potential failure could be the spark to crash the markets. Given their massive derivative position, a Deutsche Bank failure could also potentially be the break point in the precious metals manipulation. Which means we were fortunate to have Dave Kranzler of Investment Research Dynamics (http://investmentresearchdyn...Read More
Poland is the latest country to withdraw its gold from the UK. Peter Schiff, CEO of Euro Pacific Capital joins Rick Sanchez to discuss the risks that countries take by storing their gold abroad. He argues that the US is a particularly dangerous place to keep gold given the expected collapse of the US dollar as the world's reserve currency and the US has a history of confiscating gold in times of e...Read More
No resolution is in sight for the trade war with China and relations may even worsen, this according to Steve Hanke, professor of applied economics at Johns Hopkins University.U.S. President Donald Trump has been unwillingly to budge on his trade policies with China, but the Chinese communist regime is unlikely to make compromises either, Hanke told Kitco News. "The U.S. thinking on this thing is...Read More
Max and Stacy talk to professor Steve Keen about the problem of declining incomes and rising costs, and why MMT (Modern Monetary Theory) is not the right solution.Max Keiser is an American broadcaster and film-maker. He hosts Keiser Report, a financial program broadcast on RT. He presents a weekly show about finance and markets on London's Resonance FM, and writes for The Huffington Post. Keiser i...Read More
"If they (tourists from mainland) watch what Hong Kong people are doing, they make copies and bring back to China," she said. "We'll all have democracy in Hong Kong and in China."Continue...Read More
"All a bank is relegated to is a dumb node that holds fiat currency in electronic form at a central bank." Continue...Read More
Both the DOW and the S&P 500 achieved records today (Thursday). Why is this happening?Fed chair cements case for cut in interest rates: https://news-flash.info/fed-chair-cem...Wall St claims that S&P500 at 3k is fundamentally justified: https://finance.yahoo.com/news/hardly...Jason Burack is an investor, entrepreneur, financial historian, Austrian School economist, and contrarian. Jason co-founded...Read More
Bank of Japan (BOJ) Governor Haruhiko Kuroda publicly stated that it may maintain ultra-low rates for a further period of well over a year. However, he also warned againstContinue...Read More