(Recasts after Fed statement, adds quotes, updates prices)* Fed says it will begin taper later this month* Gold hits lowest level since Oct. 13* Upbeat payrolls data adds to pressure on goldNov 3 (Reuters) - Gold prices held near their weakest level since mid-October on Wednesday after the U.S. Federal Reserve announced tapering of its pandemic-era stimulus measures in a widely expected move.The F...Read More
One thing we can take away from therecent trade in gold, silver and platinum, it sucks. The price action has beenabout as bad as it gets. The metals, although in an uptrend, have wanderedaround the mean as if they were lost.Understanding markets and how theytrade is an important asset for traders and investors. The current actioncreates frustration, impatience and bad decision-making. Traders want...Read More
Bob Moriarty ArchivesNov 3, 2021The last time I talked to Tom Larsen of Eloro, the company had 8,000 assays outstanding. They can look at the core and know they are in mineralization but don’t have hard numbers. Progress on the assays are being made and they are down to 3,000 assays outstanding.On November 2, 2021Eloro put out a press releaseagain showing outstanding numbers. They highlight...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - TheECB have backed themselves into a corner it seems. ECB president Lagarde saidthat "conditions are unlikely to be met next year" and this comesdespite money markets betting otherwise. With Chinese CO...Read More
WASHINGTON, Nov 3 (Reuters) - The Federal Reserve on Wednesday is expected to detail plans to end its pandemic-era bond purchases by mid-2022 as policymakers shift their focus towards what, if anything, to do about a surge in inflation that is lasting longer than anticipated.U.S. central bankers, in the minutes of their Sept. 21-22 meeting, signaled that a "taper" of the $120 billion in monthly as...Read More
Chilean copper production decreased by 6.75% in September, compared to the same month in 2020, with all major mines in the country reporting lower figures, copper commission Cochilco said on Wednesday November 3.In September, some Chilean producers like Codelco faced workers' strikes, while a few also had drought issues and reported lower content in mined ore. These caused lower output during the...Read More
Its US$120 billion in purchases, announced in December 2020, would be reduced by $15 billion this month, chairman Jerome Powell said.Meanwhile the bank could "be patient" regarding a rise in interest rates, he told reporters.Gold had earlier dipped towards $1,760 an ounce on the spot market and was at $1,776/oz at the time of writing.Red Lake Gold (CSE: RGLD) was the standout in Toronto, closing u...Read More
An increase in the latest ferro-chrome tender price has supported the imported charge chrome market and strengthened sentiment among some participants in the chrome ore sector.China's Tsingshan Group announced its tender price for November-delivery high-carbon ferro-chrome at 10,495 yuan ($1,640) per tonne on Friday October 29. This is up by 500 yuan per tonne from its October tender price.The lat...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Teck Resources (TSX: TECK.Aand TECK.B, NYSE: TECK) today announced it has committed to the Copper Mark, avoluntary assurance framework to promote responsible production practices anddemonstrate the ind...Read More
A summary of Peru-based metals producer Volcan's production figures and financial results for the third quarter of 2021, as stated in its earnings report published on Tuesday November 2.In brief Volcan's zinc and lead output growth in the quarter was spearheaded by higher mined and treated ore at the Yauli mine, in the Peruvian central Jun?-n region, although this was partially offset by a decreas...Read More
NEW YORK (Reuters) - The Federal Reserve on Wednesday said it will begin trimming its monthly bond purchases in November with plans to end them in 2022, but held to its belief that high inflation would prove 'transitory" and likely not require a fast rise in interest rates.However, the U.S. central bank nodded to global supply difficulties as adding to inflation risks, saying that those factors 'a...Read More
(Reuters) - Federal Reserve Chair Jerome Powell on Wednesday said it is possible the U.S. job market may have improved enough by the middle of next year to be considered at "maximum employment," a key hurdle to clear for the central bank to consider increasing interest rates.Powell, speaking at a press conference after the Fed's latest policy meeting, also said officials did not see "troubling inc...Read More
An overview of the specialty steel raw materials markets in Europe and their latest price moves.Alex Cook, Dalila Ouerghi...Read More
Prices for Japanese bulk shredded scrap have tumbled over the last week amid a drop in intake from a major Japanese blast furnace (BF)-based mill and discounted sales to South Korea.In late September, sources told Fastmarkets that shredded demand at BF-based mills had benefitted greatly from the tight supply of Shindachi prime scrap, but a reduction in shredded purchase volumes in recent weeks has...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Today, two companiesannounced that they have executed definitive agreements with a subsidiary ofBarrick Gold, whereby they have granted the right to Barrick to earn-in ontheir projects in the prolific...Read More
Turkish steel producers have continued their deep-sea scrap purchases at fairly stable prices, market participants told Fastmarkets on Wednesday November 3.A steel mill in the Marmara region booked a Baltic Sea cargo of HMS 1&2 (80:20) at $490 per tonne cfr - although the volume was not clear at the time of...Read More
Nov 3 (Reuters) - Sterling edged up on Wednesday but remained within striking distance of an almost three-week low versus the dollar and the euro ahead of crucial central bank policy meetings in Britain and the United States.Investors expect the Federal Reserve to detail plans to end its bond purchases on Wednesday as policymakers shift their focus towards what to do about a surge in inflation. r...Read More
Steel scrap buyers in Taiwan were bearish about the containerized scrap market, expecting to book cargoes at lower prices in the short term, market sources told Fastmarkets on Wednesday November 3. Taiwan secures lower-priced cargoesVietnam reports lower offersChina prices continue downtrend amid bearish sentiment in local marketTaiwanTaiwanese buyers have secured containerized heavy melting scrap...Read More
Nov 03, 2021 Guest(s): Sean Thijsse Group Head of Corporate Finance at Pallinghurst Group. To meet anticipated battery material demand, Sean Thijsse at Pallinghurst Group has seen multiples as high as 20-times current demand for graphite, nickel and cobalt; and lithium with multiples as high as 40-times current demand.Thijsse is Group Head of Corporate Finance at Pallinghurst Group. He spoke to...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were up across the board on Wednesday November 3, suggesting dips are once again finding support. The European Union's manufacturing purchasing managers' index (PMI) out on Tuesday at 58.3, while slightly weaker than September's 58.5, still showed strong expansion, which will be helping to counter the slowdown in China.U...Read More