Stocks are expanding their losses today as attention shifts back to the pandemicDespite yesterday's third-straight gain, the Dow Jones Industrial Average (DJI) is continuing to drop midday as attention shifts back to coronavirus now that the U.S. has the most confirmed cases worldwide. The blue-chip index is down over 740 points, most hindered by Boeing (BA), which was last seen down nearly 10%. N...Read More
Morgan Stanley upgraded the Weight Watchers parent to "overweight" from "equal weight"Weight Watchers parent WW International Inc (NASDAQ:WW) is getting dragged lower, along with the broader market, down 9.8% at $15.22, despite an upgrade to "overweight" from "equal weight" from Morgan Stanley. The analyst predicted a post-coronavirus surge in focus on health and wellness after an extended period...Read More
Fiat Chrysler is repurposing at least one facility to manufacture masks to combat COVID-19While more preventative measures are put in place to tackle to coronavirus pandemic, Fiat Chrysler Automobiles NV (NYSE:FCAU) announced it was in the process of converting its first plant into a hub that will create face masks to be donated to first responders and healthcare workers, and will be assisting chi...Read More
Cheesecake factory's board of directors will take a 20% reduction in cash retainer feesCheesecake Factory Inc (NASDAQ:CAKE) is down 8.4% to trade at $19.66 at last check this morning. Recently, the restaurant company's CEO, David Overton, told landlords they would not be paying April rent due to the closings and lack of business amid the coronavirus outbreak. Now, the board of directors has electe...Read More
On Monday, the Fed introduced QE-infinity. What does it imply for the US economy and the gold market?Fed Drops Bazooka… and Goes Nuclear Instead!On Monday, the Fed pulled out an even larger bazooka than it did previously. Or, forget about the bazooka. The US central bank has gone nuclear! Indeed, the US central bank announced extensive new measures to support the economy. On March 15, the F...Read More
ArcelorMittal will idle the No3 blast furnace at its integrated slab and flat steel Tubar??o facility, in the country's southeastern Esp?-rito Santo state, because of impacts from the spread of the novel coronavirus, the company said on Friday March 27.The blast furnace at the Tubar??o unit, which has capacity to produce 2.8 million tonnes of crude steel per year, will be halted in early April for...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 317,40535,48950,438154,761456,470522,604542,397 Change from Prior Reporting Period -18,885-1,270-3,626-28,187-54,782-50,698-59,678 Traders 18073785254268172 Small Speculators LongShortOpen Interest 51,32131,528573,925 -8,847133-59,545 non reportable posit...Read More
By: Ira EpsteinRead More
Anglo American is expecting a production impact of 2-3 million tonnes at its Kumba iron ore operations in 2020, following a decision to operate with around half of its workforce during a 21-day lockdown in South Africa that started this week.The miner said on Friday March 27 that it had consulted with the government authorities and industry bodies in South Africa to determine and agree on the appr...Read More
Stock futures are swimming in red ink following yesterday's massive three-day rally Dow Jones Industrial Average (DJI) futures are signaling an over 700-point drop this morning, right on the heels of a massive three-day surge, as concerns over the devastating economic effects of the coronavirus continue to loom large. Globally, the case count has shot up to 542,700 according to Johns Hopkins Univ...Read More
State-owned Steel Authority of India (Sail) has joined the list of steelmakers in the country to reduce production levels following the lockdown imposed in India earlier this week.Sail is a major integrated producer of rebar, wire rod and hot rolled coil (HRC), and has a total crude steel capacity of around 21 million tonnes.In light of increasingly...Read More
ArcelorMittal will idle the No3 blast furnace at its integrated slab and flat steel Tubar??o facility, in the country's southeastern Esp?-rito Santo state, because of impacts from the spread of the novel coronavirus, the company said on Friday March 27.The blast furnace at the Tubar??o unit, which has capacity to produce 2.8 million tonnes of crude steel per year, will be halted in early April for...Read More
The copper concentrate spot market has become active in Europe, Japan and South Korea as smelters look to cover tonnages disrupted by shutdowns and logistics hitches. Chinese smelters remain well covered.Fastmarkets' copper concentrates TC index, cif Asia Pacific dropped to $63.20 per tonne / 6.32 cents per lb, down from $66.70 / 6.67 cents, its lowest since February 7.Impact of virus-led lockdown...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the week ending Friday March 27.China The 21-day nationwide lockdown in South Africa, where all miners were ordered to cease operations from March 26 due to curb the spread of the Covid-19 virus, sparked concerns about supplies.Portside prices rose significantly after some traders raised...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 317,40535,48950,438154,761456,470522,604542,397 Change from Prior Reporting Period -18,885-1,270-3,626-28,187-54,782-50,698-59,678 Traders 18073785254268172 Small Speculators LongShortOpen Interest 51,32131,528573,925 -8,847133-59,545 non reportable posit...Read More
Dear Friend of GATA and Gold:What the heck are those mysterious "exchange for physicals," the mechanisms by which contracts to buy gold on the New York Commodities Exchange are neither fulfilled by delivery on the Comex nor settled for cash there but transported for supposed delivery elsewhere?The mechanism long has been incorporated by the Comex trading system but was described as an "emergency...Read More
Steve St. Angelo, SRSrocco Report There's more evidence finally surfacing in the media of the dire energy predicament the world is now facing. The negative ramifications of peak oil and the falling EROI were going to hit the world economy within the next 2-5 years, but the global contagion has sped up the process considerably. Unfortunately, the world will never return back to the energy co...Read More
Dave Kranzler, Mining Stock JournalThe Government and the Federal Reserve are exploiting the virus crisis to implement another bailout - or attempted bailout of the "Too Big To Fail Banks." The stimulus Bill approved 96-0 by the Senate gives the Fed a $454 billion taxpayer funded "slush fund" for Wall Street bailouts. Just as troubling, the Bill suspends the Freedom Of Information Act for the...Read More
By: Ira EpsteinRead More