Domestic rebar prices in the United Arab Emirates have gone down over the past week amid concerns about the spread of the 2019-nCoV coronavirus outbreak, sources said on Tuesday March 17.Local rebar producers announced new monthly domestic prices on February 25. Emirates Steel was offering rebar at 1,897 dirhams ($516) per tonne ex-works last week, but the company lowered its price once again this...Read More
The new issue of the Steel Market Tracker is now online at metalbulletinresearch.com.In this edition, Fastmarkets' research team delivers key insights and forecasts into the long and flat products markets.This week's risks to our latest flat-rolled forecasts:The Chinese government is stepping up help to the economy, increasing banks' liquidity. But the spread of the coronavirus worldwide is likely...Read More
Turkish steel producers continued to stay away from the deep-sea scrap market because of the novel coronavirus (2019-nCoV) outbreak, sources said on Tuesday March 17.Steel mills in Turkey resumed their deep-sea bookings at lower prices last week after a long period of silence.However, with the news of more confirmed cases of 2019-nCoV, the trading in scrap and finished steel products came...Read More
Seaborne iron ore prices moved up on Tuesday March 17 with market participants highlighting rebar and iron ore as the star performers in China, with physical iron ore prices performing strongly during the day.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $91.20 per tonne, up $0.32 per tonne 62% Fe low-alumina fines, cfr Qingdao: $92.39 per tonne, up $0.25 per tone58% Fe fines high-grade...Read More
Stewart Thomson, Graceland Updates 1. The Corona war intensifies, and now the enemy has an air force! Health organizations like WHO are declaring the enemy virus airborne. 2. Pathetic Western governments and central banks are fighting back with the only weapons they have; more debt and propaganda that the fight is going "better than expected".3. Please click here now. Double click...Read More
12:02p ET Tuesday, March 17, 2020Dear Friend of GATA and Gold:A few observations on the turmoil in the financial system.1) Because of the virus epidemic, economic production is being sharply curtailed around the world and likely will remain sharply curtailed for some time.2) Accordingly, personal incomes are being sharply curtailed too, so there is talk of "helicopter money" to replace incomes....Read More
Keith Weiner, Monetary MetalsWe got hate mail after publishing Silver Backwardation Returns. It seems that someone thought backwardation means silver is a backward idea, or a bad bet. "You are a *&%#! idiot," cursed he. "Silver is the most underpriced asset on the planet," he offered as his sole supporting evidence. He doesn't know that backwardation means scarcity, not that a commodity's pr...Read More
Governments love crises because when the people are fearful they are more willing to give up freedoms for promises that the government will take care of them. After 9/11, for example, Americans accepted the near-total destruction of their civil liberties in the PATRIOT Act's hollow promises of security.It is ironic to see the same Democrats who tried to impeach President Trump last month for abu...Read More
Stefan Gleason, Money MetalsThe last few days have been like nothing most of us have ever experienced - or are likely to experience again in our lifetimes.Panic has spread from the streets of Wuhan to the grocery stores of America's heartland, from nursing homes to the Federal Reserve Board, from the stock market to the gold and silver markets.Like other asset classes, the precious metals space...Read More
David HaggithMarch 16 2020Today's crash wiped out almost the entire Trump Rally, going back to the day "The Donald" was elected President of the United States. The stock crash, rolling through our days like late-summer thunder, is a daily headline now, each day unimaginably worse than the record day before!Charts can't even keep up with the action. Because I couldn't initially find one that matc...Read More
"The further a society drifts from truth the more it will hate those who speak it" - George OrwellThe western Central Banks, led by the BIS, are operating to push the price of gold and silver as low as possible. It's a highly motivated effort to remove the proverbial canary from the coal mine before it dies. A soaring price of gold signals to the world that the Central Banks have lost contr...Read More
Rambus/PlungerThe great debate on whether we're going to see inflation or deflation has been answered in spades. For years some of the greatest minds of our time have discussed this issue in great detail with each side giving probable reasons as to why we'll see either inflation or deflation. Both sides can make great points to their arguments but in the end only one side will win the battle tha...Read More
If you're feeling depressed because your retirement fund has been cut in half by the Covid-19 avalanche on Wall Street, take heart because you may have a good chance to get it back. Yeah, I know, I wrote here only last week that the bear market would stretch on for years, bankrupting us all and ushering in the Second Great Depression. But watching the spectacular collapse of Boeing shares has ma...Read More
The fall in gold will clear some short term investors and also result in a big increase in long term investors. Both gold and silver are good long term investment opportunities. In the short term gold and silver will see a see-saw type prices moves like yesterday. Global financial markets have to stabilize for gold and silver to for a short term direction. In the very short term both gold and si...Read More
Domestic rebar prices in the United Arab Emirates have gone down over the past week amid concerns about the spread of the 2019-nCoV coronavirus outbreak, sources said on Tuesday March 17.Local rebar producers announced new monthly domestic prices on February 25. Emirates Steel was offering rebar at 1,897 dirhams ($516) per tonne ex-works last week, but the company lowered its price once again this...Read More
Import prices for steel slab in Southeast Asia and East Asia fell over the week to Monday March 16 amid worsening sentiment while novel coronavirus (2019-nCoV) infections surge within the region. Fastmarkets' price assessment for steel slab imports, cfr Southeast Asia and East Asia was $405-415 per tonne on Monday March 16, down by $5 per tonne from a week earlier.A steelmaker in East Asia was hea...Read More
China's domestic rebar prices fell on Tuesday March 17 on weakening stock and futures markets, following the March 16 meltdown in the United States.Eastern China (Shanghai): 3,500-3,540 yuan ($500-506) per tonne, down 20-30 yuan per tonne Northern China (Beijing): 3,380-3,420 yuan per tonne, down 10-20 yuan per tonneOn March 16, US stock dropped 7.47% soon after opening, triggering a mel...Read More
Investors were encouraged by the Fed's actions to boost liquidityThe Dow bounced back today, after turning in its third-worst session of all time on Monday. The blue-chip index finished over 1,000 points higher, after the White Housereportedly backed a stimulus package of $850 billion in response to the coronavirus pandemic. Plus, investors were encouraged by the Fed's decision to buoy the commerc...Read More
The stock's 30-day moving average has stepped up as support latelyOne of the best stocks on the Nasdaq today is Regeneron Pharmaceuticals Inc (NASDAQ:REGN), last seen up 10.8% to trade at $488.42. This comes after the drugmaker announced it had identified hundreds of antibodies for potential treatment of coronavirus. Regeneron plans to identify the top two to develop a "cocktail" treatment, and b...Read More
Major indexes are in the black middayThe Dow Jones Industrial Average (DJI) is continuing its modest recovery from yesterday's third-worst day ever, up 500 points at last check. Also on the up is the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), seeing a boost from FAANG giants Amazon.com (AMZN) and Netflix (NFLX). Guiding the rise in today's choppy market is a request by Treasury Secretary St...Read More