Prices for steel rebar and billet in the United Arab Emirates have gone down over the past week, but buyers expected them to fall even further because of weak demand, market sources said on Tuesday February 25.Local rebar producers announced new monthly domestic prices on February 25.Emirates Steel is now offering rebar at 1,897 dirhams ($516) per tonne ex-works, down from the previous 1,951 dirha...Read More
Turkish steel producers maintained their silence in the deep-sea scrap import market, leaving prices unchanged, sources told Fastmarkets on Tuesday February 25.Steel producers in the country booked eight deep-sea cargoes at rising prices last week, totaling some 250,000 tonnes.With last week's bookings, Turkish imports of scrap so far this month have included 21 deep-sea cargoes adding up to&...Read More
Seaborne iron ore prices were down on Tuesday February 25 amid heightened concerns about the novel coronavirus (2019-nCov) outbreak outside China and the resulting risk averse attitude of traders. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $90.83 per tonne, down $1.05 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $91.84 per tonne, down $0.98 per tonne. 58% Fe fines high-premium, c...Read More
A Pakistani mill that recently made a rare purchase of a bulk cargo of ferrous scrap from the United States West Coast will now likely buy such shipments with greater frequency, according to sources Fastmarkets spoke to.The trade - involving 30,000 tonnes of shredded scrap priced at $306 per tonne cfr Port Qasim - only came to light on Monday February 24, against the background of global economic...Read More
The CIS steel billet export market strengthened this week after higher-priced bookings came to light on Tuesday February 25.A large cargo of Ukrainian material was sold to Latin America at $402 per tonne fob Black Sea, sources said.And the same producer sold 10,000 tonnes of billet to Ethiopia at $401 per tonne fob Black Sea, they added.Fastmarkets' daily steel billet index, export, fob...Read More
Stewart Thomson, Graceland Updates 1. The US stock market is in "sleigh ride" mode against gold stocks.2. Please click here now. Double-click to enlarge this chart. Yesterday was another day of disappointment, fear, and outright terror... for most investors who are locked in the Dow versus GDX sled.3. The disintegration of the US stock market against GDX began...Read More
Dave Kranzler, Mining Stock JournalTwo economic reports were released which demonstrate that the money printing is not helping the economy. In the fourth quarter of 2019, U.S. household debt pushed over $14 trillion, reaching an all-time record high. This was fueled by a surge in mortgage and credit card debt. Much of the the new mortgage debt consisted of cash out" refis, which helped exacerbat...Read More
Gary TanashianI went out in the afternoon with gold screaming upward on COVID-19 hysteria. I see something like that and I mentally prepare for the "volatility violence" we talked about in last weekend's edition of NFTRH (#591).Maybe some of you old hats like me remember the last bull market, from 2001 to 2008. Yes, of course you do. Massive "attacks" on gold were routine, and they seemed...Read More
By: Ira EpsteinGold market's 18-DMA is under $1,600. 5 days in a row OVER the Bollinger band. Tomorrow it is likely try to get under the band, under $1,650..Read More
Dear Friend of GATA and Gold:Somebody seems to have dumped a lot of gold derivatives on the market this afternoon, and Zero Hedge estimates it at $3 billion worth and attributes it to the Bank for International Settlements:https://www.zerohedge.com/commodities/gold-suddenly-hammered-multi-billi...There may not yet be any public evidence tying this particular attack to the BIS, but whoever did it...Read More
Silver has not risen at all. Just trade in the technical in silver. Corrections in gold are healthy. There are lots of US economic data next week. US various February jobs report will be there next week. Correction or profit booking in gold and silver will be there. Corrections will be healthy to ensure that the current rally in gold is a sustainable one. A continued one way rise will imply a bo...Read More
Prices for steel rebar and billet in the United Arab Emirates have gone down over the past week, but buyers expected them to fall even further because of weak demand, market sources said on Tuesday February 25.Local rebar producers announced new monthly domestic prices on February 25.Emirates Steel is now offering rebar at 1,897 dirhams ($516) per tonne ex-works, down from the previous 1,951 dirha...Read More
High inventory levels weighted on China's domestic rebar market on Tuesday February 25 while concerns over overseas demand also led to a drop in export prices.Eastern China (Shanghai): 3,450-3,480 yuan ($491-495) per tonne, down 10 yuan per tonne Northern China (Beijing): 3,380-3,420 yuan per tonne, widened downward by 10 yuan per tonne A pile-up of finished steel due to weak demand and transporta...Read More
To Watch Update #31, CLICK HEREAs 19th century German philosopher Arthur Schopenhauer claimed, "All truth passes through three stages: First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as self-evident." After weeks of denial, and attacks on voices like Peak Prosperity who dared question the "Everything is fine!" narrative, world governments and their mass media partner...Read More
In February, Mohamed El-Erian, chief economic advisor at Allianz, said that he would advise resisting the temptation to buy the initial coronavirus dip. He joins "Squawk Box" by phone to discuss his position following Monday's market sell-off.Mohamed El-Erian is the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief Investment Officer o...Read More
To Watch Update #30, CLICK HEREOK...despite more worldwide infections than ever, the WHO has decided to stop using the (technically very accurate) term "pandemic" to describe covid-19, presumably because they don't want to scare folks. The CDC is claiming that the US is not seeing "community level" spreading of the virus. But of course it isn't, because it's NOT testing at the community level. And...Read More
Bob Kudla joins SGT Report to discuss how the coronavirus might bring the world economy and global stock markets to their knees.Bob's website: tradegeniusacademy.comRead More
All major indexes down and looking weak.Dumb money is piling into treasuries. Safe-haven money is moving to gold.CNBC still obsessed with bitcoin. Remains silent on record breaking gold prices.Warren Buffet thinks Bitcoin is garbage and it's going to $0.Baby Boomers sowed the winds for socialism.If you thought Obama was bad with executive orders, just wait for a President Sanders.The markets will...Read More
"The U.S. economy is a giant bubble...There are some much deeper problems than the coronavirus." Peter Schiff is an internationally recognized economist specializing in the foreign equity, currency and gold markets. Mr. Schiff made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted o...Read More
A prime example of how out-of-control government regulations hit small business owners the hardest. Continue...Read More