With the deal, Ely Gold Royalties will gain a 3% net smelter returns royalty on future production. Ely Gold Royalties Inc. (ELY:TSX.V; ELYGF:OTCQX; A2JSL0:FSE) announced in a news release that its subsidiary, Nevada Select Royalties, agreed to buy 48 unpatented lode mineral claims spanning one mile of the Olympic Gold property in Nevada's Mineral County from Great Western Mining for $150,000.Alon...Read More
Sector expert Michael Ballanger considers what the post-pandemic world could look like in the aftermath of central bank actions. As I sit here on the shores of lovely Lake Scugog, its weed-infested waters lying in wait for countless unsuspecting propellers soon to be ensnared, I am reminded of the failed world of central banking and policy initiatives, which too has become ensnared in flora of it...Read More
The S&P traded atop its 200-day moving average for the first time since early MarchStocks roared back to life after the long holiday weekend, ending Tuesday with impressive daily wins. Most notably, the S&P 500 jumped over the the 3,000 level, which coincides with its closely watched 200-day moving average, for the first time sinceearly March, before ending the day just below the region. Meanwhile...Read More
Amazon's interest in podcasts puts SPOT in focusWhile most of the the broad market enjoys outsized gains, the shares of Spotify Technology SA (NYSE:SPOT) are flat, trading at $190.21 today. Rumors are swirling of Amazon.com's (AMZN) interest in investing in localized podcast content began circulating via a report from Axios. The article noted that sports content was a major draw for the e-commer...Read More
Deutsche Bank's CEO warned that markets are being too optimistic over the economy's recovery from the coronavirus crisisBearish comments from German financial name Deutsche Bank AG (NYSE:DB) have attracted the attention of options traders today, and sent the stock surging -- up 12.6% at $8.24 at last check. Specifically, the company's CEO Christian Sewing said during an online conference earlier t...Read More
Amazon looks to enter the video game realmJeff Bezos and his Amazon.com, Inc (NASDAQ:AMZN) empire have their hands in virtually everything, and are showing no signs of letting up. Now, Amazon is eyeing the video game sector, just last week taking a giant step forward with the launch of "Crucible," a free-to-playonline game similar to vastly popular, "Fortnite." As the online e-tailer prepares to t...Read More
The Dow is up over 550 points middayAll three major indexes are barreling higher at midday, with the Dow Jones Industrial Average (DJI) up nearly 600 points at last check, as investors unpack vaccine news and a slew of positive economic sentiment. Furthermore, both the blue-chip index and the S&P 500 Index (SPX) havebroken above key levels, with the latter reclaiming the round 3,000 level --an are...Read More
AutoZone's fiscal third-quarter results beat estimatesThe shares of AutoZone, Inc. (NYSE:AZO) are up 4.6% at $1,174.70 at last check, after reporting a fiscal third-quarter earnings beat as well as higher-than-expected revenue. After a quarter of extreme ups and downs, sales sped ahead in the last four weeks of the quarter as stimulus checks began to arrive. The company did add, however, that due...Read More
MRK is staring up at stiff resistance on the charts, thoughUnlike many sector peers, Merck & Co., Inc. (NYSE:MRK) has been quiet with its COVID-19 vaccine development plans. That's all changed now, after the blue-chip biotech company announced the acquisition of Themis Bioscience, an Austria-based company to begin development of a potential coronavirus vaccine. As a result, MRK is now up 1% to...Read More
Telsey doubled its price target on Williams-SonomaHome goods retailer Williams-Sonoma, Inc. (NYSE:WSM) just got an upgrade from Telsey this morning to "outperform" from "market perform." The analyst also doubled its price target to $80 from $40. Meanwhile, the company's West Elm unit announced a partnership with REI Co-op for the launch of a co-curated collection of REI x West Elm lifestyle produc...Read More
Stock futures are up on vaccine hopes and economies reopeningDow Jones Industrial Average (DJI) are soaring to kick off the holiday-shortened week, up over 500 points at last check, as investors unwind the optimism surrounding the reopening of the economy and potential for a coronavirus vaccine. Biotech company Novavax (NVAX) is making wavesthis morning, after announcing it had begun clinical tri...Read More
Additionally, short-term traders are becoming increasingly optimistic, evident by the 10-day moving average of our customer-only, equity-only buy (to open) put/call volume ratio, as seen in the chart below. As the market troughed in March, thesemarket participants were at a pessimistic extreme not seen in years. Now, just two months later, this group is showing levels of optimism seen at short-te...Read More
The silvermarket is on the move. In fact, it’s finally moving out ahead of otherprecious metals and showing some real leadership. After the panic selling of March briefly brought spot silverbelow $12/oz, prices have since surged by 50%. That’s an impressive move totake place within the span of just two months.The question for investors now is whether the recent rally insilver is fleeti...Read More
Crude steel production in Germany fell by 23.85% year on year in April due to production cuts made to reflect the drop in demand caused by the Covid-19 pandemic, the German steel federation said this week.Germany's crude steel production totaled 2.56 million tonnes in April 2020, down from 3.56 million tonnes in the corresponding period of 2019, WV Stahl said on Monday May 25.The last time ou...Read More
East Asia and Southeast Asia continue to be among the top five importers of Chinese steel products in April due to the competitive prices of the latter and the former's economic recovery from the Covid-19 pandemic, Fastmarkets understands. China's major steel exportsFlat steel: 4.07 million tonnes, up by 5.1% year on year, down by 0.5% from March, according to China Customs data.Steel bar: 820,000...Read More
Before we look at tonights charts I would like to go over some challenges that we’ll face as the current impulse move in the PM complex continues to move higher. It’s not everyday that you will find yourself getting in close to the bottom of a multi month rally. One of the biggest problems I’ve witnessed over the years, especially with PM stock investors, is they grow complacent...Read More
Member mills of the China Iron & Steel Association (Cisa) continued to increase their production rates for crude steel, finished steel and hot metal in mid-May, according to data released on Saturday May 23.May 11-20 outputCrude steel: 2.08 million tonnes per day, up by 1.40%Finished steel: 1.96 million tpd, up...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 26 that are worth another look.Workers at Tata Steel's plant at IJmuiden in the Netherlands staged a lightning protest on May 26, but output was unaffected, the company said.Japanese steel producers which use electric-arc furnaces (EAFs) are being forced into raising their purchasing prices for ferrous scrap feedstock despite t...Read More
Mexican ferrous scrap prices were on opposite paths in the week ended Friday May 22, with prices rising in some deals due to a scarcity of material while others fell due to currency moves.Prices for three grades of scrap increased in Monterrey, with at least one client heard quietly purchasing small volumes of specific grades at higher prices.A second client was also considering future price...Read More