Daniel R. Amerman While the use of gold to protect against inflation is well known, it has other investment attributes that are potentially even more valuable, and this is particularly true in times of crisis.In this analysis, we will examine the relative performance of gold and stocks (as represented by the S&P 500) between early February and late May, as the coronavirus pandemic and the resul...Read More
RambusFrom the March 23rd low in the PM complex we've enjoyed the first easy part of this rally that should have many years to run yet. Every bull market will consist of an impulse move followed by a consolidation period, rinse and repeat until the bull market ends with some type of reversal pattern. Normally in a secular bull market the turning points will generally be very large to buildup the...Read More
By: Ira EpsteinGold still not in a new trend short-term, higher high and lower low. If sell-off continues, the 100 DMA is near $1,655:Read More
Turkish deep-sea scrap bookings have continued for July shipments at slightly stronger prices, sources said on Thursday June 4.A steel mill in the Iskenderun region booked a Canadian cargo, comprising 30,000 tonnes of shredded at $263 per tonne cfr.This compared with the most recent United States-origin cargo sold at...Read More
Renown investor and world traveler Jim Rogers joins David Gornoski to discuss pandemic politics, lockdowns, the future of Asia, America's debt crisis, and lessons from world travel.*This interview was recorded on 5/28/20Jim Rogers co-founded the Quantum Fund with George Soros in 1973, helping to steer the fund to a 4200% return before "retiring" at age 37. He is considered to be one of the greates...Read More
An in-depth discussion with legend James Grant. Topics include his recent book on Walter Bagehot and the long history of monetary policy. The last twenty minutes are highly relevant to the current atmosphere, as we discuss the political implications of recent aggressive monetary policy action.*This interview was recorded on 5/30/20James "Jim" Grant is an American writer and publisher and the found...Read More
Turkish steel billet prices increased over the past week due to strengthening demand and rising imported scrap values, sources said on Thursday June 4.Turkey has had a drop in the number of deaths related to the Covid-19 pandemic in the past few weeks with the reduced restrictions including a removal of the ban on travel, leading to some improvement in the steel markets.Domestic billet prices in T...Read More
The construction ban in Egypt killed off activity in the domestic rebar market in the week to Thursday June 4, but steel billet import prices increased because of higher offers from the CIS, sources told Fastmarkets.No improvement in demand was anticipated any time soon because all construction activity in Egypt's was halted late in May.On May 21, Egypt's president Abdel Fattah el-S...Read More
China's domestic rebar market maintained its upward trend on Thursday June 4 on early gains experienced by rebar futures, though high temperatures in several regions weakened demand.Domestic Eastern China (Shanghai): 3,620-3,650 yuan ($508-513) per tonne, up by 10 yuan per tonneThe most-traded October rebar futures contract rose to a high of 3,679 yuan per tonne in the first hour of trading. This...Read More
Stainless steel prices in China were mostly stable over the past week despite soft demand and recent gains in the price of nickel, sources said. The three-month nickel contract on the London Metal Exchange has averaged $12,707 per tonne so far in June, compared with $12,204 per tonne in May.DomesticFastmarkets' weekly price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex...Read More
Big tech companies led the declines todayIn a sharp turn from an optimistic start to June, Wall Street's disappointment with jobs data took its toll, sending stocks mostly lower to close out the day, snapping a four-day win streak for the Nasdaq and for the S&P 500. The Dow barely scraped together an 11-point gain, while the SPX and Nasdaq dropped off, as shares from FAANG stocks Facebook (FB), A...Read More
SPX's standard deviation is usually slimmer-than-usual after major protestsAlthough it may not be as conspicuous on Wall Street, Main Street has been gripped by the protests and civil unrest overthe death of George Floyd. All 50 states have engaged in protests against police brutality and systemic racism since late May, and the tensions have been exacerbated by U.S. President Donald Trump's thre...Read More
Deutsche Bank raised its price target to $57 from $28The shares of casino stock Eldorado Resorts Inc (NASDAQ:ERI) are up 8% at $41.98, after receiving a price-target hike from Deutsche Bank to $57 from $28. The firm said though that many investors believe the sector could be in for a rough patch, due to social distancing and the long-term economic effects of coronavirus, it sees "new margin peaks...Read More
J M Smucker's fourth-quarter profits and revenue were better than Wall Street expectedThe shares of J M Smucker Co (NYSE:SJM) are down 4.2%, last seen trading at $109.09, despite the food and beverage manufacturer reporting fiscal fourth-quarter profits of $2.57 on revenue of $2.09 billion. Both top-line results were higher than analysts' estimates, thanks to increased consumer demand resulting...Read More
Implied volatility on FDX options is at historically low levelsShipping giant FedEx Corporation (NYSE:FDX) is in the news today, after announcing it was tacking on delivery fees to U.S. shipments. The move represents an effort to combat lagging business amid the coronavirus pandemic and subsequent shutdown of the economy. At last check, FDX is down 1% to trade at $136.61, but the trouble could jus...Read More
REGN is up 106.5% in the last nine months, but already down nearly 2% in JuneOver the past two weeks, we've been exploring some of the best S&P 500 stocks to own in June, historically. Now, with help from Schaeffer's Senior Quantitative Analyst Rocky White, we'll shift gears and focus on 25 of the worst performers this month, looking back over the past 10 years. One notable name on the list is Reg...Read More
The Dow is trading just below breakeven at middayStocks are struggling for direction at midday, with the Dow JonesIndustrial Average (DJI), S&P500 Index (SPX), and Nasdaq Composite (IXIC) all sporting shallow losses. The tech-heavy Nasdaq-100 Index earlier hit a new record high and there's optimism following the European Central Bank's historic stimulusprogram, but worse-than-expectedjobless...Read More
Nio stock hit a record high in vehicle deliveries for MayThe shares of Nio Inc (NYSE:NIO) are up 5.2% at $5.89 at last check, following a report on May deliveries and an announcement by chief financial officer Steven Feng that the company expects to achieve its second-quarter delivery goal. The China-based electric vehicle manufacturer delivered 3,436 vehicles in May, a record high, which led to a...Read More
Simon Property Group is suing apparel retailer Gap for overdue rent and other chargesThe shares of Simon Property Group Inc. (NYSE: SPG) are up 2.4% at $74.57 this morning, after the biggest mall owner in the country sued apparel retailer Gap (GPS) for more than $65.9 million in missed rent payments and overdue charges, according to a lawsuit filed Tuesday in Delaware state court. Gap is not the...Read More
Ciena Corporation's second-quarter profits and revenue were better than Wall Street expectedCiena Corporation (NYSE:CIEN) stepped into the earnings confessional this morning, reporting fiscal second-quarter profits of 76 cents on revenue of $894.1 billion, both of which were higher than analysts' estimates. According to a report from AlphaStreet, the network strategy and technology company suspen...Read More