Gold and Bitcoin are becoming correlated for the first time in historyStocks in the US are beyond overvaluedThe Fed may ease monetary policy furtherThe US Dollar is losing reserve currency statusGold continues hitting record highs against major fiat currenciesSafe-haven assets are seeing massive capital inflows. This has been forecasted for a long time by many people, including GSB and its readers...Read More

Gold has picked up where it left off on Friday. The safe-haven metal has spiked $20 higher above $1,550 in early Asian trading. It is now near the top-end of the short-term trend channel and the RSI is overbought, but the fundamental drivers of the price advance appear to be accelerating.Silver is also rallying strongly, up 30 cents to $17.70. This represents a gain of 1.7% vs. gold at 1.3%. The s...Read More

Bakkt is set to launch on September 23rdBitcoin hash rate reached a new ATH this month ahead of halvingNew Zealand tax authority lets citizens receive crypto salariesBTC/USD bull market is far from overAugust 2019 has been full of positive crypto news so far. The Bakkt launch will bring legitimacy to crypto and attract additional institutional capital. The BTC hash rate hitting a new all-time high...Read More

The three-month price of tin on the London Metal Exchange was higher at the close of trading on Monday July 27, at its highest settlement price since July 2019 in a 2.2% rise on the day, with lead futures following upward despite a sizable 10,000-tonne stock inflow.Tin's outright price on the LME closed at $18,035 per tonne on Monday afternoon, climbing by more than 2% from an intraday low of $17,...Read More

Seaborne iron ore prices were down on Monday July 27, prompted by uncertainty over the short-term outlook due to escalating political tensions between the United States and China, according to trade sources. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $107.68 per tonne, down $1.71 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $109.66 per tonne, down $1.90 per tonne. 58% Fe fines hi...Read More

The price of seaborne premium hard coking coal in the fob market went up on Monday July 27 in the latest transaction. While Chinese demand for seaborne materials was constrained by the country's import restrictions, markets outside of China were showing signs of recovery.Fastmarkets indicesPremium hard coking coal, fob DBCT: $109.38 per tonne, up by $1.16 per tonnePremium hard coking coal, cfr Jin...Read More

This Silver Rally is different than the previous ones, and with the current momentum, we may see another leg higher this week.... by Steve St Angelo of SRSrocco ReportSomething BIG happened to silver last week. Due to certain positive indicators, I believe silver is now in a new Bull Market. It has been seven long years since the silver price was $23. And with the current momentum, we may s...Read More

With Silver "Seemingly" breaking free from the continual price suppressors, people are wondering HOW HIGH it could go. Hang onto your hats!by Bix Weir of Road to RootaWith the price of Silver "Seemingly" breaking free from the continual price suppressors many people are wondering HOW HIGH IT COULD GO...Hang onto your HATS!Read More

The three-month price of tin on the London Metal Exchange was higher at the close of trading on Monday July 27, at its highest settlement price since July 2019 in a 2.2% rise on the day, with lead futures following upward despite a sizable 10,000-tonne stock inflow.Tin's outright price on the LME closed at $18,035 per tonne on Monday afternoon, climbing by more than 2% from an intraday low of $17,...Read More

Domestic prices for hot-rolled coil in Northern Europe increased day on day on Monday July 27 despite a seasonal decline in demand, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?409.66 ($477.38) per tonne on Monday, up by ?,?1.45 per tonne from ?,?408.21 per tonne on July 24.Monday's index was based on deals heard...Read More

Will a call via social media for "more nickel" give a jolt to the electric vehicle (EV) revolution that has been stalled by the Covid-19 pandemic? Or will suppliers find themselves unable to fulfil the dreams of entrepreneur Elon Musk?The three-month price of nickel on the London Metal Exchange has jumped by 6% since Musk, chief executive officer of EV producer Tesla, made a public plea for global...Read More

Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama rose by 2.6% month on month at the end of June, according to data released by major Japanese trading house Marubeni Corp. Total aluminium stocks at the three ports stood at 347,300 tonnes on June 30, up by 8,800 tonnes from 338,500 tonnes at the end of May, figures released on Monday July 27 showed. This...Read More

Many Chinese importers have become wary of logistics and customs clearance uncertainties, which has resulted in a widening of the price spread between recycled product and refined copper so far in July 2020."Although offer prices of copper scrap are lower now, we are not at [the level of] the spot market," a copper scrap consumer source said.Fastmarkets assessed the price of copper scrap No2 coppe...Read More

RAPAPORT... The Gemological Institute of America (GIA) has teamed up with IBM Research to develop an automated system for grading the clarity of a diamond.The artificial intelligence (AI) technology uses data from tens of millions of diamonds GIA laboratories have examined in the past, applying the institute's existing grading standards. It's already in limited use at the GIA's New York and C...Read More

RAPAPORT... Baselworld owner MCH Group has established Houruniverse, a new trade fair for the watch, jewelry and gemstone industries that will run virtually throughout the year and feature an annual live event.Buyers and sellers can use the show's website to network and exchange information during the year. The live event, which will replace the canceled Baselworld show, will take place in Ap...Read More

The Aluminium Stewardship Initiative (ASI) has welcomed trader Tiberius as a new general supporter member, bringing the total number of ASI members to 128. Other trading houses including Concord Resources, Mitsui and Marubeni Corp have all joined in 2020. Trafigura has been a member since 2019. ASI is a global non-profit standards setting and certification organization with a focus on bringing mar...Read More

RAPAPORT... Two industry groups have raised more than $27,000 to help jewelers whose stores sustained physical damage during the recent lootings in the US.Members of the industry donated to the Jewelers Relief Fund, a GoFundMe account created by the Diamond Council of America (DCA) and Jewelers of America (JA). The money was distributed directly to 10 independent jewelry stores whose premises...Read More

RAPAPORT... The coronavirus pandemic had a significant impact on the diamond supply chain in the first half of 2020, with businesses unable to operate and demand slumping. As retail sales dropped, jewelers had enough inventory to satisfy demand. This caused a dramatic reduction in polished and rough trading, which left mining companies with large inventories of diamonds they couldn't sell. In Rapa...Read More

The LME is to continue its market-wide consultation on the implementation of pre-trade transparency changes, after halting the process due to Covid-19 in April, the exchange said in a note to members on Wednesday July 22.Amendments were initially set to take place in mid-2020, but were shelved due to the outbreak of Covid-19 across Europe, which continues to impact the London Metal Exchange's open...Read More

RAPAPORT... Luk Fook's sales plunged 71% in the first fiscal quarter as the coronavirus continued to reduce foot traffic and tourism.Total same-store sales - at Luk Fook outlets open for more than a year - in Hong Kong and Macau dropped 76% in the three months ending June 30, the company said last week. Same-store sales of gold priced by weight slid 72%, while purchases of fixed-price jewelry...Read More