In recent weeks we’ve noted the positive developments in the gold stocks despite the sector being in a period of correction. Last week we shared the idea that the next impulsive move in gold stocks might begin when the correction in the metals ends. In this article, I’m going to share the one chart which I think will help us time that next move higher. In recent years...Read More
China and the U.S. have reached a preliminaryagreement, which softens their trade war, while the landslide victory ofConservative Party in the UK parliamentary elections clears the path to Brexit.Given that downside risks for the global economy are now significantly lower,how much do investors still need gold? UKParliamentary Elections and GoldOn Thursday, the British people voted in another snapp...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 344,49358,218114,165202,432521,051661,090693,434 Change from Prior Reporting Period 15,324-3112,756-94215,39427,13828,119 Traders 21062725555290167 Small Speculators LongShortOpen Interest 55,89723,553716,987 -154-1,13526,984 non reportable positionsChang...Read More
The gold miners' stocks have suffered a lackluster few months. That's a disheartening contrast to their powerful summer upleg on gold's bull-market breakout. While this healthy gold-stock correction likely isn't over yet, the gold miners remain very undervalued relative to the metal they produce. That means they still have massive upside left in this secular gold bull. Sentiment just n...Read More
Jordan Roy-Byrne CMT, MFTAIn recent weeks we've noted the positive developments in the gold stocks despite the sector being in a period of correction. Last week we shared the idea that the next impulsive move in gold stocks might begin when the correction in the metals ends. In this article, I'm going to share the one chart which I think will help us time that next move higher. In recent year...Read More
By: Ira EpsteinGold remains under the 18 week moving average, but had a good day yesterday..Read More
Do not think of 2020. Just focus on end January. January is significant for three reasons for financial markets (a) Trump and his impeachment proceedings (b) Chinese New year is around 25th January. Chinese retail demand numbers and Chinese demand for gold and silver will be the key. (c) Brexit and increase or decrease in global mass unrest in India, Hongkong etc. At this point all these factors...Read More
AM InvestCo, the consortium led by ArcelorMittal, has signed a non-binding agreement with the government-appointed commissioners of Italian plant Ilva, ArcelorMittal said on Friday December 20.The agreement "forms a basis to continue negotiations on a new industrial plan for Ilva, including discussions on a substantial equity investment by a government-controlled entity", the company said.The new...Read More
Brazilian apparent steel consumption dropped by 2.1% year on year in November, as an increase in long-steel demand was not enough to offset a quick decline reported for flat-rolled products, national steelmakers' association Instituto A??o Brasil said on Thursday December 19.Steel consumption totaled 1.72 million tonnes during November, down from 1.76 million tonnes a year before.Flat-steel use wa...Read More
Steel demand in North Africa is projected to grow by around 3% in the coming year to 23.5 million tonnes, delegates were told at Fastmarkets' Middle East Iron & Steel Conference in Dubai on December 9-11.Ramy Saleh, the chief business development officer at Egypt's El Marakby Steel cited gross domestic product and population growth as the main drivers of steel demand in the region, which, accordin...Read More
The pig iron import market in the United States has improved with several new deals heard, sources told Fastmarkets in Friday December 20.Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US was at $330-335 per tonne on Friday, tightening upward from $328-335 per tonne a week earlier.Several bookings of Russia-origin pig iron with January shipment were...Read More
Brazilian slab export prices remained stable in the week to Friday December 20 amid continued strong demand and prices in most buying regions.Fastmarkets' weekly price assessment for steel slab export, fob main port Brazil was $395-405 per tonne on December 20, unchanged from the previous week.Deals were concluded within the assessment range, mainly to clients in Mexico, Canada and the United Stat...Read More
Prices for domestically produced structural tubing in the United States strengthened after a persistently higher Fastmarkets daily hot-rolled coil index convinced more buyers that tube mill price increases were legitimate. Fastmarkets' weekly price assessment for steel hollow sections ASTM A500 Grade B domestic, fob mill US climbed to $880-910 per short ton ($44-45.50 per hundredweight) on Thursda...Read More
Aluminium billet premiums remained under pressure in the week ended Friday December 20 despite low liquidity ahead of the holiday break. Market conditions aggressive in SpainUS premium holds at all-time lowBrazilian market uneventfulThailand premium steadyVery low bids in Europe not taken seriouslyThe billet premium in Germany fell on Friday to a record low since Fastmarkets began pricing it in 20...Read More
Christopher Lewis7 hours ago (Dec 20, 2019 5:44 PM GMT)Gold markets went back and forth during the week, doing almost nothing in order to excite the crowds. Having said that though, we have seen a little bit of resiliency over the last month or so as the $1450 level has been massive support. The 38.2% Fibonacci retracement level is right there as well, as is the top of the previous ascending trian...Read More
Christopher Lewis8 hours ago (Dec 20, 2019 5:01 PM GMT)Gold markets did very little during the trading session on Friday, as we are sitting just above the 50 day EMA. The market has done almost nothing all week and that’s not a huge surprise considering that there isn’t much in the way of news flow to get the markets moving. That being said, the market is very likely to continue to p...Read More
A string of long-term deals for cobalt hydroxide show that bullish forecasts for cobalt consumption from the electric vehicle (EV) sector are coming into play. Glencore will supply battery manufacturer SK Innovation with up to 30,000 tonnes of cobalt contained in hydroxide over six years, it said last week - a deal worth about $1 billion in today's market. And other deals also point...Read More
The spot main Japanese port (MJP) aluminium premium is likely to remain under pressure next year due to growing supply and weak demand amid a decline in global automobile sales, market participants told Fastmarkets.The premium, which is paid over the London Metal Exchange cash price, currently serves as the benchmark for most of the aluminium traded in Asia.Fastmarkets has been assessing the alumi...Read More
James Hyerczyk13 hours ago (Dec 20, 2019 11:44 AM GMT)Gold futures are trading lower on Friday, pressured by a firmer U.S. Dollar, rising interest rates and increased demand for risky assets. The market remains rangebound, which suggests investor indecision and impending volatility.Volume is extremely light ahead of the start of holiday season so the market may not move much today. Traders, howeve...Read More
Base metals on the London Metal Exchange broadly closed down in the afternoon on Friday December 20, once more capped by a stronger US dollar index, trading up 0.29% at 97.69 this afternoon, ignoring better-than-expected economic indicators from China.China's CB Leading index, an economic leading indicator intended to forecast future economic activity, was up three percentage points month on month...Read More