Carmaker Ford has extended the restart of its European operations into May, while Mercedes-Benz owner Daimler has chosen to bring in short-time working while European nations try to control the Covid-19 pandemic.The automotive manufacturers in Europe and the UK extended their initial production suspensions following the introduction or extension of national lockdown measures.The shutdowns were ann...Read More
European steelmakers have been reducing output and temporarily idling equipment due to the poor demand caused by lockdowns and quarantine measures implemented across Europe intended to prevent the spread of Covid-19.Of particular importance has been the closure of a large number of automotive manufacturers. Carmakers in Europe and the UK have extended their previously announced production suspensi...Read More
Chris MarcheseChief Mining Analyst, GoldSeek & SilverSeek Week Ended April-3, 2020 $GORO, $EXK, $PAAS, $NEM, $TXG.TO, $GPL, $AG, $USAS, $EXN.TO, $AEM, $AGI, $AR.TO, $ALO, $BTG, $EQX, $BTG, $GCM.TO, $INV.TO, $KGC, $KL, $PG.TO, $PVG, $OSK.TO, $OR, $SAND, $TMR.TO, $WPM The Mexican federal government has mandated that all non-essential businesses, including mining, temporarily suspend oper...Read More
By Mike Gleason A surge in coronavirus cases, an expansion of economic lockdowns, and an explosion in unemployment claims hit markets this week. But this deluge of bad news didn't seem to catch investors by surprise. Instead of crashing to new lows, the stock market held within a trading range and rallied yesterday following the release of a horrific jobs report. It's been a huge week f...Read More
Gold COT Report - FuturesLarge SpeculatorsCommercialTotalLongShortSpreadingLongShortLongShort287,52928,68032,344128,083412,042447,956473,066Change from Prior Reporting Period -30,399-882-11,535-7,628-35,492-49,562-47,909Traders18355635752269146 Small Speculators (C) GoldSeek.com LongShortOpen Interest 47,69622,586495,652 -2,120-3,773-51,682 non reportable positionsCha...Read More
By Dave KranzlerUnequivocally, gold does not trade on the Comex. The Comex trades paper gold derivatives. It is a futures and options exchange on which a small amount of 100 oz. gold bars change ownership each contract month. The transfer of title is facilitated by the creation of an electronic record called a "warrant." But even these "warrants" which assign title to specific bars are derivativ...Read More
By Jp CortezTwo weeks ago, during a March 17 address to the nation in response to the COVID-19 outbreak, President Donald Trump asked that Americans work from home, postpone unnecessary travel, and limit social gatherings to no more than 10 people.And last week, on March 27, Trump signed a stimulus package of over $2 trillion dollars to provide relief to an economy on the precipice of collapse.T...Read More
Gold miners' stocks have endured epic volatility in this past month, literally crashing before blasting back higher in a violent V-bounce. That preceding wicked capitulation flush savagely forced the weak hands out, paving the way for gold stocks' next major upleg. The resulting fierce rebound signals it is already underway, with plenty of speculators and investors now chasing the huge gains...Read More
By: Ira Epstein$1484.60 - 1672.40 rang on gold. Not good for the emotional trader. Gold is building a better base. But the overall pattern..Read More
Gold, silver and copper are bullish. Crude oil is bullish. But some weekend correction can be there. At the moment rise in crude oil is short covering. If crude oil manages to trade over $23.00 till Tuesday, then chances of a long term bottom formation will be very high. A lot of people are worried as to what will happen to gold and silver after the release of today's US March nonfarm payrolls?...Read More
Brazilian steelmaker Gerdau will idle the No2 blast furnace at its Ouro Branco mill, in the southeastern state of Minas Gerais, this month to adjust operations due to to currently weakened demand because of the Covid-19 pandemic, the company said on Friday April 3.Blast furnace No2 at Ouro Branco has capacity to produce 1.5 million tonnes per year of crude steel. Furnace No1, which will remain act...Read More
ArcelorMittal's Brazilian unit has clarified information about the shutdown of its No3 blast furnace in Tubar??o facility, in the country's southeastern Esp?-rito Santo state; the equipment will remain halted for an indeterminate period, the company told Fastmarkets on Friday April 3.The blast furnace has capacity to produce 2.8 million tonnes of crude steel per year. The Tubar??o unit supplies sl...Read More
Eurofer has requested an immediate reduction of 75% in EU safeguard quotas for imported steel to to support European industry during the crisis caused by the Covid-19 pandemic."Reflecting the unprecedented implosion of the European steel market, the current quota levels need to be drastically reduced immediately for a period of six months, and by about 75% to align them with the devastating situat...Read More
Grupo Mexico has started to gradually reduce its mining operations in an effort to prevent the spread of the Covid-19 virus, with its activities declared non-essential by the government. The world's fifth-largest copper producer said on social media platform Twitter that it was complying with a decree issued by the governor of the state of Sonora in a manner that would protect its workers' health...Read More
Brazilian steelmaker Gerdau will idle the No2 blast furnace at its Ouro Branco mill, in the southeastern state of Minas Gerais, this month to adjust operations due to to currently weakened demand because of the Covid-19 pandemic, the company said on Friday April 3.Blast furnace No2 at Ouro Branco has capacity to produce 1.5 million tonnes per year of crude steel. Furnace No1, which will remain act...Read More
ArcelorMittal's Brazilian unit has clarified information about the shutdown of its No3 blast furnace in Tubar??o facility, in the country's southeastern Esp?-rito Santo state; the equipment will remain halted for an indeterminate period, the company told Fastmarkets on Friday April 3.The blast furnace has capacity to produce 2.8 million tonnes of crude steel per year. The Tubar??o unit supplies sl...Read More
Demand for lithium chemicals will not recover before mid-2021 due to the added headwinds caused by the global spread of the Covid-19 epidemic to an already oversupplied market, SCB's battery raw materials broker said.During a virtual lithium market presentation hosted by investment bank Morgan Stanley on Friday April 3, SCB's Martim Facada said the lithium market will remain in a bearish price env...Read More
China has re-acquired its taste for steel imports in the past few weeks due to an open window for arbitrage between its domestic market and the rest of the world.A more controlled descent of its steel prices has made it a major importer of steel, especially semi-finished products, with markets in the rest of the world trending downward amid stringent lockdowns and reduced operating rates imposed b...Read More
WHERE ARE THEY GETTING THE "PHYSICAL"?by Harvey Organ of Harvey Organ BlogAPRIL 2//LONDON SPOT GOLD UP $31.80 TO $1612.50//FUTURES//JUNE 1631.00///SILVER UP 65 CENTS TO $14.50// FUTURES: $14.62//MEXICO ORDERS ALL MINES SHUT AND THAT MEANS THE USA CANNOT GET ANY SILVER//DTCC SHUT DOWN IN MARCH: WHO ON EARTH ARE CLEARING?//PERTH MINT ANNOUNCES ALL GOLD SOLD OUT//CORONAVIRUS UPDATE FROM USA, SPAIN, I...Read More
The world's largest silver producer is closing its mines for 30 days! Mexico, however, won't be the only one...By Matt from Silver Fortune via Silver FortuneWorld's Largest Silver Producer Closing Mines 30 Days! And Mexico won't be the only one... Read More