UAA options traders could be using calls to hedgeThe shares of Under Armour Inc (NYSE:UAA) are in focus today, after founder and CEO Kevin Plank announced he will step down in 2020. Replacing him will be current Chief Operating Officer Patrik Frisk, who joined the company in 2017 and has been a key part in the retailer's recent three-year transformation plan.The shakeup has Under Armour stock up 1...Read More
Cloud stocks have struggled lately, but today analysts have been bullishDropbox Inc (NASDAQ:DBX) is one stock seeing bullish analyst attention this morning, with Instinet upgrading its opinion to "buy" from "neutral" and upping its price target by $1 to $25. The brokerage firm cited an attractive valuation and said revenue growth could begin to accelerate. DBX shares are up 3.7% in response to tra...Read More
There's a ton of big-name companies releasing quarterly reports todayU.S. stock futures are pointing to a mixed open for a huge day in earnings. Several big names have already reported this morning, including Dow Jones Industrial Average (DJI) components McDonald's (MCD), Travelers (TRV), United Technologies (UTX), and Procter & Gamble (PG), with the latter stock in particular seeing notable stren...Read More
Broad-based VTI is raking in cash month-to-date, even as traders flee S&P trackersThe month of October has a (somewhat deservedly) "spooky" reputation for stocks -- and although the S&P 500 Index (SPX) is narrowly above breakeven on a month-to-date basis, as of this writing, investors have been pulling capital out of its well-known exchange-traded fund (ETF) tracker, the SPDR S&P 500 ETF Trust (NY...Read More
Keith Weiner, Monetary MetalsWe talk a lot about the falling interest rate, the too-low interest rate, the near-zero interest rate, the zero interest rate, and the negative interest rate. Hat Tip to Switzerland, where Credit Suisse is now going to pay depositors -0.85%. That is, if you lend your francs to this bank, they take some of them every year. Almost 1% of them.A bank deposit comes wit...Read More
Stewart Thomson 1. If investors bring proper tactics to the table, gold price reactions can be exhilarating.2. Please click here now. Double-click to enlarge this GDX daily chart.3. There's nothing more satisfying than buying a market near a low and selling near a high.4. The key to doing that is buying near a previous low, either with very small size or with a stop...Read More
Clint SiegnerThe Wall Street Journal's Jason Zweig famously referred to gold as a "Pet Rock" in 2015. He was blasted by people who understand that gold is no passing fad, and it serves some very important roles in an investment portfolio.The valuable roles played by gold have been well covered here. It's a hedge against both inflation and deflation, it represents true diversification for por...Read More
By: Ira EpsteinGold might be heading back to $1475 support area, the daily chart shows no-man's land..Read More
Gold moves inverse to bond rates and to the dollar.As the fear of recession dissipates, rates will rise.As rates start to rise, gold will drop.The situation today is similar to the summer of 2016, just before gold dropped 20%.This article explains why we think the price of gold will continue to trend lower. There is an "early-winter-to-late-summer" inverse pattern between gold and the ProShares Ul...Read More
Anglo American has raised the 2019 iron ore production guidance for its Minas Rio operations in Brazil while maintaining that for its Kumba operations in South Africa.The miner now expects Minas Rio to produce 20-22 million tonnes of the steelmaking raw material, compared with 19-21 million tonnes previously, it said in its third-quarter production report published on Tuesday October 22.The miner...Read More
Gold prices ended a bit lower Tuesday, finding few decisive catalyst as investors kept an eye on developments surrounding Brexit and U.S.-China trade talks. "Gold and silver appear to be on a fulcrum, as some renewed optimism on trade is offering pressure, but the upcoming Brexit vote(s) in Parliament is adding a level support," analysts at Zaner Metals wrote in a daily report. President Donald T...Read More
Prices for most grades of ferrous scrap in Mexico fell in the week ended Friday October 18, with mills continuing to apply price cuts while they adjusted to recent settlements in the United States and other regions.One mill in the Baj?-o region applied a price cut of 200 pesos ($10.45) per tonne last week. And although its supply of scrap has reduced, it has so far given no sign of reversing this...Read More
The benchmark London Metal Exchange cash/three-month spread is once more trading in a contango of around $20 per tonne on Tuesday October 22 following a period of deep and sustained backwardation up until yesterday when the spread was in a $108 per tonne backwardation. The LME cash/three-month nickel spread has traded in an intermittent backwardation since January 2019. It slipped into a $39 per t...Read More
Turkish steel producers remained silent in the deep-sea scrap markets for the second consecutive day, while offers for scrap stayed firm, sources said on Tuesday October 22.Steel mills have been largely active in the deep-sea markets in previous weeks, booking material for November deliveries. Turkish steelmakers have booked 16 deep-sea cargoes since the start of the month, totaling...Read More
Import prices for steel billet and rebar in the United Arab Emirates increased over the past week, with domestic rebar prices remaining stable, market sources said on Tuesday October 22.Domestic prices for rebar for the month were announced by the country's producers on October 21. Both Emirates Steel and Conares Steel kept their prices unchanged.Billet importsBillet bookings were made from Oman a...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday October 22 that are worth another look.Anglo American has raised the 2019 iron ore production guidance for its Minas Rio operations in Brazil while maintaining the one for its Kumba operations in South Africa.Europe's largest copper producer, Aurubis, has announced its annual copper cathode premium for 2020 at $96 per tonne, unc...Read More
Trade unions representing workers for Chile's state-run miner Codelco have called on their members to mobilize in support of protests against the government.Union No1 for Codelco's Chuquicamata has joined Sindicato No1 for BHP's Escondida in backing protestors, whose opposition to inequality in the country has escalated into alleged looting and arson, and to violent confrontations with the militar...Read More
What are your favorite myths about silver and gold? by Matt from Silver Fortune via Silver FortuneWhat are your favorite myths about silver and gold? Read More
The benchmark London Metal Exchange cash/three-month spread is once more trading in a contango of around $20 per tonne on Tuesday October 22 following a period of deep and sustained backwardation up until yesterday when the spread was in a $108 per tonne backwardation. The LME cash/three-month nickel spread has traded in an intermittent backwardation since January 2019. It slipped into a $39 per t...Read More
Seaborne iron ore prices increased on Tuesday October 22 after Vale lowered its sales expectation, while the spread between 65% and 62% Fe indices continued to widen.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $86.68 per tonne, up $1.28 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $86.33 per tonne, up $1.28 per tonne.62% Fe low-alumina fines, cfr Qingdao: $85.27 per tonne, up $1.0...Read More