In a recent webcam Congressional hearing, Texas Rep Louie Gohmert asked an associate deputy chief of the Forest Service if her agency could alter the moon's orbit to address climate change.Continue...Read More
China has mobilized its largest-ever number of military aircraft in a single day into the international airspace surrounding Taiwan, with the island nation Continue...Read More
The resulting report found that five masks were contaminated with bacteria, parasites, and fungi, including three with dangerous pathogenic and pneumonia-causing bacteria. Although Continue...Read More
Jim Wyckoff, senior analyst of Kitco News, called this week's drop in gold a "knee jerk reaction."In an interview with David Lin, anchor for Kitco News, Wyckoff said that the move came from the hawkish tone of the Federal Reserve, and that long-term, the price direction for gold and silver is still up.Follow David Lin on Twitter @davidlin_TV (https://twitter.com/davidlin_TV) Follow Jim Wyckoff on...Read More
Gold and silver paper prices were smashed again today on yesterday's false narrative that the Fed will hike interest rates 2 times in the next 18-24 months.While the probability of the actual rate hikes happening is very low for many reasons, the Fed's actual balance sheet increased by an enormous $112 billion in just the last week to $8.064 trillion!Track the Fed's balance sheet here: https://fre...Read More
Global scrap prices in the key markets diverged in the week to Friday June 18, with those in Asia moving upward, while Turkish scrap prices fell amid slow buying driven by uncertainty over finished steel sales.Turkish buyers had to pay a premium for US-origin shredded scrapUS export market reported new sales to TurkeySolid demand in Vietnam resulted in higher pricesChina reported stability in impo...Read More
Contact me at [email protected]David Moadel is a trader and investor of stocks and options. A former elementary school teacher, David has a master's degree in education and a unique ability to convey knowledge in the area of finance. He has coached many people and likes to combine fundamental and technical analysis to help people find their own trading style.Read More
The United States' pig iron import prices softened during the week to Friday June 18, with buyers having predominantly restocked while material for near-term shipment remained available in the market. Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US, was at $650-665 per tonne on Friday, down by 2.16% from $672 per tonne a week earlier."We have bought enough and do not nee...Read More
Prices for shredded steel scrap imported into India and Pakistan have risen on active purchasing that tailed off toward the end of the week, sources told Fastmarkets on Friday June 18.Fastmarkets' steel scrap shredded, index, import, cfr Nhava Sheva, India, was $533.93 per tonne on June 18, up from $516.47 per tonne on June 11.Offers heard this week were in the range of $520-540 per tonne cfr, whi...Read More
Brazilian slab export prices remained stable as buyers and sellers held their ground in negotiations for August-shipment batches amid high flat steel prices and raw material costs.Fastmarkets assessed the price for steel slab export, fob main port Brazil unchanged for the second consecutive week at $980-1,000 per tonne on Friday June 18.Sellers were holding offers at $1,000 per tonne fob to t...Read More
The EU member states have voted in favor of the proposed extension of the safeguard measures on imports of steel products, market sources told Fastmarkets on Friday June 18.The vote was supported by 17 member states, the sources said.The European Commission had not released an official statement at the time of publication.On June 11, the Commission sent a draft proposal to the World Trade Organiza...Read More
Prices for steel billet imported to China and Southeast Asia were largely unchanged during the week to Friday June 18, with bids falling but deals heard propping up prices across the week.Chinese buyers dropped their bid prices to $660-670 per tonne cfr China towards the end of this week, from $690 per tonne cfr on Monday, amid a downtrend in ferrous futures markets.Offers for Indonesia-origin 3sp...Read More
Gold had a remarkable 2020, gaining 22% for the calendar year on a “perfect storm” of factors, namely:Torrid safe haven demand driven by fear of the coronavirus and its economic fallout;Record-low sovereign bond yields, with many countries’ bonds actually offering negative returns. There is a strong correlation between the gold price and low yields, particularly the benchmark US...Read More
The US GDP has already recovered from the pandemic recession. What’s next for the economy and the gold market?Ladies and Gentlemen, the economic crisis has ended. Actually, not only is the recession over but so is the recovery! This is at least what the recent GDP readings are indicating. As the chart below shows, the US nominal GDP has already jumped above the pre-pandemic level . The real...Read More
European passenger car registrations in May 2021 increased by 53.4% year-on-year, yet remained significantly below the level seen two years ago in May 2019, the European Automobile Manufacturers Association (ACEA) said on Thursday June 17."In May 2021, passenger car registrations in the EU rose [to] 891,665 units. Nevertheless, last month's result is still far below the 1.2 million cars that were...Read More
The EU member states have voted in favor of the proposed extension of the safeguard measures on imports of steel products, market sources told Fastmarkets on Friday June 18.The vote was supported by 17 member states, the sources said.The European Commission had not released an official statement at the time of publication.On June 11, the Commission sent a draft proposal to the World Trade Organiza...Read More
China has started cautioning state-owned enterprises (SOEs) regarding overdependence on imported commodities and overexposure in commodity-based financial derivatives, market sources told Fastmarkets this week.In the past few days, there had been rampant market chatter the country's State-owned Assets Supervision & Administration Commission (Sasac) asking SOEs to report their positions in commodit...Read More
Brazilian apparent steel consumption soared by 83% year on year in May, according to figures from national steel institute, A??o Brasil.Apparent steel use reached 2.50 million tonnes in May compared with 1.37 million tonnes in the same month in 2020, the institute said on Thursday June 17.Consumption of flat-steel products rose 98.90% to 1.45 million tonnes from 730,000 tonnes in the same comparis...Read More
Brazilian slab export prices remained stable as buyers and sellers held their ground in negotiations for August-shipment batches amid high flat steel prices and raw material costs.Fastmarkets assessed the price for steel slab export, fob main port Brazil unchanged for the second consecutive week at $980-1,000 per tonne on Friday June 18.Sellers were holding offers at $1,000 per tonne fob to t...Read More
This article has been deprecated due to an external error The newest Fed’s statement and dot-plot indicated a much more hawkish tone among the FOMC members than the markets expected, and gold dropped. On Wednesday (June 16, 2021), the FOMC has published its newest statement on monetary policy . The statement was barely changed. The main alteration is that the Fed has ceased saying that &ldqu...Read More