By: Ira EpsteinGold has had the highest close in months! This is not bad action. Daily chart shows back filling. 18-DMA holding up market.. Read More
The gold bull market ended 2019 with a strong gain of 19%. The first half the year was marked with uncertainty as the price after an early year surge to $1350 gave up all of it's gains to drift lower to trade down on the year by early May. However, this was the calm before the bull market storm and that set the stage for a powerful bull run starting early June that saw the Gold price rocket higher...Read More
Just trade in the technical till Monday. Trump and his impeachment could be closed by Friday. This can result in some mild correction in gold. It remains to be seen how the prices in all metals and energies will move once China reopens. Various US jobs numbers will be released next week. Focus will be on global economy next week. Fundamentals will dictate price of all metals and energies next we...Read More
The Wuhan coronavirus will likely influence fundamentals in China's steel market and Chinese export trends in the near future, sources told Fastmarkets this week.Industry sources have sketched out a number of scenarios that may happen, especially if the situation becomes drawn out and restrictions on travel and transportation persist into the foreseeable future."If logistical restrictions continue...Read More
Because it’s so important to see this correctly and not pretend we (well, I) know more than we (I) actually do I find it important to look at pictorial representations of history and think about them when I get some quiet time (ha ha ha, like not on Twitter, not reading financial/gold websites and most certainly not watching TeeVee finance and news).So I am thinking about the Commitments of...Read More
In late December 2019, a bill from the German finance ministry –which had passed the lower legislative house – proposed lowering the "anonymouspurchase limit" for precious metals from €10,000 to €2,000 (about $2,200),a reduction of 80%. At the current price, one could buy less than one and one-halftroy ounces of gold without activating customer ID paperwork, and for...Read More
The China Council for the Promotion of International Trade is offering "force majeure certificates" to businesses in China affected by the outbreak of the Wuhan novel coronavirus."Businesses that have failed to perform on contracts on time, or fails to fulfil any international trade contract can apply to the council for a certificate," it said on its website.The move is to safeguard the rights and...Read More
The three-month zinc price on the London Metal Exchange closed at its lowest level in more than three years at the close of trading on Thursday January 30, settling below the nearby $2,200 per tonne support level, while the price of copper futures continued to decline over the afternoon.Zinc's outright price closed at its lowest level since July 2016 on Thursday afternoon, falling to a closing pri...Read More
Domestic prices for hot-rolled coil have been fairly stable in the north of Europe, but the mood is positive, supported by good order books at the steel mills and a lack of competitive import offers, sources told Fastmarkets on Thursday January 30.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?467.57 ($514.66) per tonne on Thursday January 30, up by ?,?0...Read More
The chief financial officer of copper producer Antofagasta, Alfredo Atucha, will retire on March 31, with Mauricio Ortiz appointed to replace him, the company said on Thursday January 30.Ortiz is currently the vice president of finance for the group's mining division and has been working for Antofagasta since 2015. Atucha first joined the miner in 2013."I want to thank Alfredo for his...Read More
The miner Russian Ferro Alloys (RFA) has started production of charge chrome at a time when supply from the incumbent producers has been cut in the face of low prices and an escalation of costs."The current production rate [of charge chrome] is set at 250,000 tonnes [per year] and can be adjusted based on market demand and on the ideal production mix," a spokesman told Fastmarkets on January 30. R...Read More
Dear Friend of GATA and Gold:Our friend Paul Mylchreest, now an analyst for financial research firm Hardman & Co. in London, demolishes the London Bullion Market Association with an "open letter" released today, blaming the group's trading and reporting systems for suppressing the offtake of gold to about 5 percent of what it would be otherwise. These systems, Mylchreest suggests, benefit primar...Read More
By: Gary SavageGold traders can be too emotional and unless they can find a way to change that, they will not find success in the investment business.$GDX's big picture, resistance around 32 area. Bullion banks are heavily short and lost control of gold..https://blog.smartmoneytrackerpremium.com/Read More
Gary TanashianBecause it's so important to see this correctly and not pretend we (well, I) know more than we (I) actually do I find it important to look at pictorial representations of history and think about them when I get some quiet time (ha ha ha, like not on Twitter, not reading financial/gold websites and most certainly not watching TeeVee finance and news).So I am thinking about the Commi...Read More
By: Ira EpsteinGold has had the highest close in months! This is not bad action. Daily chart shows back filling. 18-DMA holding up market.. Read More
Just trade in the technical till Monday. Trump and his impeachment could be closed by Friday. This can result in some mild correction in gold. It remains to be seen how the prices in all metals and energies will move once China reopens. Various US jobs numbers will be released next week. Focus will be on global economy next week. Fundamentals will dictate price of all metals and energies next we...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday January 30 that are worth another look.The Wuhan coronavirus will likely influence fundamentals in China's steel market and Chinese export trends in the near future, sources told Fastmarkets this week.Zinc's weak fundamentals are finally catching up with prices, after being softened by a selloff sparked by concerns about the co...Read More
Trade disputes and geopolitical uncertainties had already made the prospects for global economic growth uncertain. A coronavirus has now added to the challenges facing financial markets.The epicenter of the virus is Wuhan, an important commercial hub in China that is home to 11.9 million people, including the country's largest student population. It is also a manufacturing hub, with around 500 fac...Read More
The chief financial officer of copper producer Antofagasta, Alfredo Atucha, will retire on March 31, with Mauricio Ortiz appointed to replace him, the company said on Thursday January 30.Ortiz is currently the vice president of finance for the group's mining division and has been working for Antofagasta since 2015. Atucha first joined the miner in 2013."I want to thank Alfredo for his...Read More
The Wuhan coronavirus will likely influence fundamentals in China's steel market and Chinese export trends in the near future, sources told Fastmarkets this week.Industry sources have sketched out a number of scenarios that may happen, especially if the situation becomes drawn out and restrictions on travel and transportation persist into the foreseeable future."If logistical restrictions continue...Read More