By: Ira EpsteinGold price action has tightened up, where next?Read More
[The following was contributed by Farmer, a subscriber from Nairobi who is active in the Rick's Picks chat room.] Of all the lies we read reported without question by the news media, one of the most egregious is that of China's GDP is still running hot at over 6% annually. It's an astonishing number for such a large economy and even more incredible during a global economic slowdown. With s...Read More
Turkish steel producers remained quiet in the deep-sea scrap markets, awaiting some signs of recovery in the finished steel sector, sources said on Tuesday July 16.The last verified scrap deal was on July 9 when a steel mill in the Iskenderun region booked a UK cargo at $288 per tonne cfr for HMS 1&2 (80:20).Since then, Turkish steel mills have stayed away from the deep-sea markets...Read More
A summary of base metals premiums from across the globe for the week to Tuesday July 16.Please click...Read More
Czech steelmaker Liberty Ostrava is increasing its steel prices by ?,?20 ($23) per tonne to partially offset an increase in production costs, the company told Fastmarkets on Tuesday July 16. "Recent increases in raw materials and energy costs and the prevailing steel prices in Europe necessitate an immediate response to avoid further margin squeezes for our steel business," the company said.O...Read More
The London Metal Exchange three-month nickel price rose 2.9% on Tuesday July 16 to close above the $14,000-per-tonne resistance level.The LME three-month nickel contract closed at $14,065 per tonne, up $400 per tonne from the $13,665-per-tonne close on Monday.This is the first time nickel futures have surpassed the $14,000 mark since August 2018, with approximately 15,000 lots traded by 5pm o...Read More
First Cobalt Corp has agreed on a term sheet with Glencore AG, outlining the framework for a phased approach to recommission a cobalt refinery in Ontario, Canada, in less than a year with an expansion to 55 tonnes per day in 2021. The framework remains subject to a number of conditions and outline the key milestones to a long-term strategic relationship that could bring a reliable source of domest...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday July 16 that are worth another look.United States President Donald Trump signed an executive order on Monday July 15 aimed at maximizing the use of American-made products and materials, the third pillar of his "Buy American, Hire American" plans.The London Metal Exchange will list Huayou's cobalt cut cathodes with imme...Read More
Orezone's Bombore project has an after-tax NPV(5%) of $434.7 million at the current gold price of $1,400/toz.The initial CAPEX is estimated only at $153 million.At a gold price of $1,400/toz, the mine should generate free cash flow around $140 million, during the first year of full operations (probably 2022).Obtaining financing shouldn't be a problem, the only question is the extent of sha...Read More
Marathon Gold continues to build a large base but is now beginning to hang out in the top half of that base.The fundamentals for the stock continue to improve, with more exceptional drill results out of Leprechaun last week.I believe the time for trading the stock has passed, and it's much wiser to hold onto the majority of one's position.With the mining indexes (NYSEARCA:GDX) finally waki...Read More
McDonald's Corp (MCD) looks overvalued at these levels. The stock is a good short sell candidate.Investors or traders comfortable with options exposure may consider selling call spreads to take advantage of elevated stock price levels.On a fundamental basis, MCD has been on a strong run and additional outperformance is unlikely.The stock price of McDonald's Corp (MCD) is up 20% so far in 2019....Read More
An overall bearish mood has prevailed in most of the noble alloys markets in the first half of the year with some prices now trading at multi-year lows in contrast to record highs hit last year. The vanadium market fell by the most in percentage terms out of the complex with both ferro-vanadium and vanadium pentoxide prices plummeting by more than 50% since the beginning of the year. Both prices h...Read More
Who is really the whale in the silver market?by Matt From Silver Fortune via Silver FortuneExcellent work by Alasdair Macleod regarding who the whale in the silver market really is.Tune-in for Matt's analysis below:Read More
Gold-backed currency provides a stable store of value and discipline when compared to fiat currencies.The price of gold at the end of 2000 was $272.65 per oz., as compared to $1,392.35 as of July 9, 2019, which represents an implied compound rate of inflation of about 9% per year, as compared with the average change in the CPI of 2.1% per year over that period.Given that world's economies are...Read More
Concerns about widening restrictions on imported coal at Chinese ports took center stage on Tuesday July 16, even as trading activity in the spot market remained subdued. A branded cargo changed hands at $180 per tonne fob Australia on the Global Coal platform, sources said during the day. The trade was not included in the calculation of Fastmarkets' fob DBCT index as it fell outside the eight-wee...Read More
Gold is consolidating above the breakout level.Lower rates favor the yellow metal.A weaker dollar is also bullish for gold.A triple-leveraged ETN product is only appropriate for short-term trades.DUST is on its way to another reverse split.When the US Federal Reserve told markets that they would be cutting the Fed Funds rate over the coming months at the June FOMC meeting, it lit a bullish fuse un...Read More
China's hot-rolled coil producers conceded to lower export prices on Tuesday July 16 despite some gains in the domestic market, with overseas buyers unwilling to pay too much for Chinese products.DomesticEastern China (Shanghai): 3,880-3,900 yuan ($564-567) per tonne, up 30 yuan per tonneNorthern China (Tianjin): 3,850-3,860 yuan per tonne, unchangedPrices picked up in Shanghai amid moderate tradi...Read More
China's domestic rebar prices picked up some strength on Tuesday July 16 on early gains in the futures market, but the export segment continued to soften on weak demand. Domestic Eastern China (Shanghai): 3,970-4,000 yuan ($577-582) per tonne, widened upward by 10 yuan per tonneNorthern China (Beijing): 3,890-3,920 yuan per tonne, up 20 yuan per tonneTraders raised prices during the day in respons...Read More
David BeckerJul 15, 2019 7:12 PM GMTGold prices moved sideways edging lower forming a bull flag continuation pattern which is a pause that refreshes higher. The dollar moved slightly higher on Monday after rallying most of last week. There were a combination of mixed issues creating both headwinds and tailwinds for market participants. US yields moved lower on Monday but yields in Europe fell fast...Read More
Gold futures edged higher on Monday, settling at their highest in almost two weeks as prices extended recent gains scored on the back of expectations for a U.S. Federal Reserve interest-rate cut at the end of the month. Gold for August delivery on Comex GCQ19, -0.28% added $1.30, or about 0.1%, to settle at $1,413.50 an ounce. That's the highest most-active contract settlement since July 3, which...Read More