Crisis, crisis everywhere. But objective, free from the noise of the news, forecasting of commodity prices starts here, with our free Special Report ($155 value). The geopolitical landscape is wracked. War in Ukraine, humanitarian crisis in Syria, and now, what Vox Media on October 15 called the "worst conflict in decades" between Israel and Hamas. For mainstream analysts who use news as the main...Read More
Silver has been a major underperformerin recent months, as the white metal proved no match for higher real yields anda stronger USD Index.With silver gunning for its 2023 lows,the recent sell-off has done severe technical damage. And while the weaknesshas been a boon for our GDXJ ETF short position, silver could enjoy ameaningful bounce in the weeks ahead. Yet, the technicals are much better...Read More
Precious metals markets got hammered earlier this week asinterest rates continued their relentless march higher. The 10-year Treasury note recorded its highest yieldsince 2007. Meanwhile, the average conventional 30-year mortgage rate surged to7.31% -- a level not seen since 2000. Higher rates are putting pressure on housing andfinancial markets. They are also hitting consumers and small businesse...Read More
With the fundamental roadblocks addingup, silver confronts a bearish outlook at nearly every turn.With the FOMC’s hawked-up SEP andPowell’s inflation focus upending several risk assets, rising real interestrates continue to weaken silver’s bull thesis.And with the Fed chief promising more of the same on Sep. 20, higher interest rates and/or a recessionare both bullish f...Read More
Fears of inflation remaining stubbornly high, andinterest rates going higher, rattled financial markets this past week. On Wednesday, the Federal Reserve left its benchmarkfunds rate unchanged as expected. However, Fed chairman Jerome Powell left thedoor open for another hike in the near future. He also suggested rates may needto stay higher for longer than previously expected. By Thursday, invest...Read More
Fed hawkishness hasbeen the rankling thorn in gold’s side for 18 months now. Since the Fed started this monster rate-hikecycle, every material gold and gold-stock selloff has been driven by the threatof more rate hikes. Those boost the US dollar,triggering gold-futures selling. But theFed’s hawkish spell over traders is waning. Gold and the miners weathered this...Read More
What a beautiful nothing! Nothingreally happened on the markets on Friday, but due to the context of theprevious days’ actions, it was profound.The thing is that it was a day whenmarkets took a breather and verified their previous moves.Some price moves are accidental ortriggered by geopolitical events. Sometimes, the markets pretty much “have to”move in a certain direction becau...Read More
(IDEX Online) - Sotheby's Geneva brought in an above-estimate $46.5m from its Magnificent Jewels auction, but withdrew one of its star attractions - a 94-carat Paraiba tourmaline - shortly before the event.Biggest highlight of the 158-lot auction was the Love Stone (pictured), a 103.62-carat fancy intense yellow VS2 cushion modified brilliant-cut diamond that sold for $2.48m.But the Blue Lago...Read More
(IDEX Online) - Mountain Province (MPD) says it will cut costs, suspend the underground expansion of its Gahcho Kue mine in Northwest Territories, Canada, as it announced a Q3 net loss of CAN$13.4m (US$9.7m).The company blamed a downturn during the quarter, with major diamond producers significantly cutting their sales and Indian manufacturers adopting a voluntary two-month ban on rough purchases...Read More
(IDEX Online) - The week-long Kimberley Process plenary in Zimbabwe ended in conflict and chaos yesterday (Saturday 11 November), primarily over Russia's use of diamond revenue to fund its war in Ukraine. KP Civil Society Coalition (KPCSC) the observer group of mostly African diamond-producing countries, walked out of talks that dragged on until 2am, saying it had lost confidence in the discu...Read More
(IDEX Online) - A white glove sale of Viennese imperial and royal jewelry that was rediscovered earlier this year in a German bank safe sold for a total of $10.7m at Sotheby's Geneva.All 207 lots were sold, achieving more than three times the overall pre-sale low estimate.Sotheby's described the collection as extraordinary, "spanning two centuries of European history charting the fates,...Read More
(IDEX Online) - Details of the G7 nations' long-awaited sanctions on Russian diamonds and how they will be implemented could be decided as soon as Monday (13 November) according to Josep Borrell, the EU's chief diplomat.He told the Financial Times: "In order for [EU] member states to be unanimous for the ban on diamond trade, some were requesting that the G7 were giving, let's say,...Read More
(IDEX Online) - Lucapa says it has recovered a 235-carat diamond at Lulo, Angola, just a week after announcing a 208-carat stone from the same mine.Both diamonds are Type IIa and are the 39th and 40th +100-ct recoveries since the alluvial mine began commercial operation in January 2015.Several weeks ago Lucapa recovered another +100-ct gem from Lulo, this time weighing 123 carats."Lulo continues t...Read More
(Updates prices, adds weaker dollar) By Eric Onstad LONDON, Nov 13 (Reuters) - Copper prices rebounded onMonday as traders cancelled short positions in frustration, butgains were capped by uncertainty about economic growth and highinterest rates. Three-month copper on the London Metal Exchange hadgained 1.6% to $8,166 per metric ton by 1700 GMT, having shed1.4% and hit a two-week low on Friday.U....Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points at 8:30 AM EST. Boeing advanced $7.36 to $204.01 after announcing sale of ninety 777 aircraft to Emirates for $52 billion.Regions Financial added $0.10 to $15.22 after Odeon Capital upgraded the stock from Hold to Buy.HP Inc gained $0.45 to $28.07 after Citigroup upgraded the stock from Neutral to Buy.Tyson F...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points at 8:30 AM EST.Trade Desk plunged $22.57 to $54.24 after the company lowered fiscal fourth quarter expectations.Lions Gate Entertainment added $0.13 to $9.20 after reporting higher than consensus fiscal second quarter revenues and profits. Groupon plunged $4.54 to $9.00 after reporting a third quarter loss. I...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points at 8:30 AM EST.Walt Disney advanced $1.25 to $85.75 after reporting higher than consensus fiscal fourth quarter earnings.Take Two jumped $7.52 to $150.99 after reporting higher than consensus quarterly revenues. Lyft dropped $0.53 to $10.19 after acknowledging a decline in active rider growth.Twilio gained $4....Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were up 2 points at 8:30 AM EDT.Traders are cautious ahead of US Federal Reserve Chair Jerome Powell's speech later today.Gilead added $1.29 to $82.00 after reporting higher than consensus third quarter earnings. The company also offer positive guidance for the fourth quarter. Rivian advanced $0.48 to $17.90 after reporting hig...Read More
Back in 2017 when I composed this graphic of overlapping crises, the word polycrisis was not yet in common use. Polycrisis has various definitions, for example: “the simultaneous occurrence of several catastrophic events.” But this doesn’t explain the truly dangerous dynamic in polycrisis, which is the nonlinear, mutually reinforcing potential of disparate crises to generate...Read More
The Cato Institute is a libertarian "free market" outfit.It houses itself in Washington, D.C. somewhat ironically.And according to Cato... the novel mRNA vaccines represent the peak and pinnacle of market capitalism:It was the flow of people, ideas, capital, goods and services that made it possible to discover and produce a vaccine in record time...Global capital markets... played a role by prov...Read More