SQ shares gapped lower after earnings earlier this monthJack Dorsey's Square Inc (NYSE:SQ) sold off earlier this month on a disappointing outlook, but J.P. Morgan Securities in a note this morning said traders should be into the weakness. More specifically, the brokerage firm believes U.S. payments processors as a whole are set to outperform over the next year, and it sees the most growth for Squa...Read More
The Eurasian Economic Commission (EEC) will impose a quota for hot-rolled flat steel imports to members of the Eurasian Economic Union (EEU) for one year starting from December 1, 2019.The EEU countries are Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan. The total quota for the EEU bloc will be 1.33 million tonnes, the EEC announced last week.Volumes exceeding the quota will be a subject to a...Read More
Domestic prices for hollow steel sections remained unchanged across Europe this week, with trading largely on hold during the traditional summer break, sources told Fastmarkets on Wednesday August 14.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, stayed at ?,?615-630 ($688-705) per tonne on Wednesday.During August, many workers take...Read More
GoldSeekAugust 15th marks the 48th year anniversary since the end of gold backing the U.S. Dollar for international trade. Here is President Nixon announcing this dramatic monetary and other economic policies on August 15, 1971:Read More
Daniel R. AmermanThe discussion of negative interest rates in the United States has now officially gone mainstream, with the front page of the August 12, 2019 print edition of the Wall Street Journal carrying a prominent discussion of the possibility.Most of the article consists of various institutional investors talking about why this could be a real possibility. However, as will be explored he...Read More
David HaggithLet's take a look at how the average consumer is doing. I'll call this typical consumer "Bubba" because I just read an article that claimed "Bubba's doing better today than at any time since before the Korean War." It disgusted me because I found it to be such a disingenuous set of lies wrapped in half-truths, all contrived to pacify the trickle-down peasants as that philosophy cont...Read More
By: Ira EpsteinGold pushing upper end of the Bollinger bands resistance point. Momentum in gold still positive:Read More
Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil dropped over the past week, largely due to limited buying interest arising from heightened trade tensions between China and the United States, market sources told Fastmarkets.The Chinese currency passed the 7-yuan per $1 threshold earlier this month after US president Donald Trump announced plans to impose 10% duties on...Read More
Concerns over the future availability of material added to the optimistic demand expectations that have allowed sellers to command higher cobalt hydroxide payables in the first half of August, Fastmarkets has learned.Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China, rose by 5.8% on Thursday August 15 to 62-65% of the low-end of the standard-grade cobalt metal price. This was...Read More
The three-month nickel price on the London Metal Exchange closed at its highest since December 2014 on Thursday August 15, climbing to $16,250 per tonne amid renewed buying momentum, while a steady incline in tin futures led to its highest close since August 1. Nickel began the day's trading below the nearby $16,000 per tonne resistance level, falling to an intraday low of $15,765 per tonne, befor...Read More
Chilean state-owned copper producer Codelco began operations at Chuquicamata's subterranean phase on Wednesday August 14, with an aim to increase mine life by 40 years and to improve the division's productivity, the company said.The new venture for the centennial open pit mine has 1.03 million tonnes of copper mineral reserves, at 0.82% content, the miner added. These volumes will result in 320,00...Read More
Turkish steel producers have remained quiet in the deep-sea scrap markets so far this week because of the religious holiday in the country, sources said on Thursday August 15.The Turkish market and those in other Middle Eastern territories were closed until August 15 for the Islamic Eid al-Adha celebrations.As a result...Read More
The gold price has retreated back down to ~$1,501/oz, after briefly hitting a new high of ~$1,534/oz earlier in the day.Gold and gold mining stocks have put in strong returns these past months, but may need a breather to digest some of the gains.So far in 2019, GDXJ is up 32.79% but it is still trailing GDX, which is up 35.04%.As we head into the fall season, there are a plethora of macro news eve...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday August 15 that are worth another look.The world's biggest copper consumer could be getting ready to start spending, analysts told Fastmarkets. Analysts expect China's State Grid Corp of China, whose budget comprises 50% of the country's annual copper demand, to come good on promises to increase investment on the nation's electr...Read More
The dream of building a new world-class copper-gold mine in Pakistan in an area bordering Afghanistan and Iran has been dashed, for now at least. The saga of Tethyan Copper Co's (TCC) efforts to develop the Reko Diq mine found resolution last week with an International Centre for Settlement of Investment Disputes (ICSID) ruling in favor of TCC following a dispute that has rumbled on for years.TCC,...Read More
The United States Secretary of Commerce has joined the growing chorus of voices questioning the current method of setting the US Midwest aluminium premium. Wilbur Ross said the US Midwest aluminium premium is at inflated levels that do not justify the cost of transportation and logistical handling costs that it was originally designed to reflect. His view is being echoed by a number of...Read More
The world's biggest copper consumer could be getting ready to start spending, analysts told Fastmarkets. Analysts expect China's State Grid Corp of China, whose budget comprises 50% of the country's annual copper demand, to come good on promises to increase investment on the nation's electronic grid by 5% this year. That amounts to 14 billion yuan ($2 billion) of extra spending, according to estim...Read More
A break outside of a multiyear range in June.The daily chart - bullish reversals have been good indicators.The weekly chart - an overbought condition, but open interest is rising.A semi-annual picture - new highs could be on the horizon.Gold equities support higher prices - UGLD on dips to turbocharge performance.Gold is shining as an asset these days since the luster returned in June. After tradi...Read More
The silver market is finally showing some signs of life...by Chris Marcus via Arcadia EconomicsAfter getting a thorough simulation of what it feels like to watch paint dry over the past eight years, the silver market is finally showing some signs of life.After rising almost $2.50 from the May 20 $14.41 lows (coincidentally also the same time the banks finished buying back their short position - as...Read More
"...it is quite possible that many COMEX paper longs just might take on the crooks by taking delivery."by Harvey Organ of Harvey Organ BlogAUGUST 14/GOLD UP $13.60 TO $1517.20//SILVER UP 27 CENTS TO $17.26 AFTER CONTINUAL FRUITLESS ATTACKS BY OUR BANKER FRIENDS// HUGE DATA DUMP BY THE CHINESE AND ALL RESULTS ARE VERY BAD INCLUDING A POOR FACTORY OUTPUT//PROTESTS CONTINUE IN HONG KONG BUT THE AIRPO...Read More