On Thursday January 4, Metal Bulletin amended its Brazilian domestic steel prices to reflect standard market practices, making changes to the calculation of its monthly assessments.Previously, all Brazilian domestic flat steel prices - Brazil domestic cold-rolled coil (CRC), ex-works, Reais per tonne, monthly; Brazil domestic hot-dipped galvanized coil (HDG), ex-works, Reais per tonne, monthly; an...Read More
Scarce supply in global scrap markets pushed up import prices to both India and Taiwan in the working week from Monday January 1 to Friday January 5, while market activity has remained low in the bellwether Turkish market.Turkey importsNo deals were concluded by Turkish mills for imported bulk scrap cargoes during the week, with many suppliers still on holiday until next week.Turkish steel mills w...Read More
Prices for shredded and HMS grades of steel scrap imported in containers into India soared upward this week, with the country's domestic finished steel markets enjoying a strong start to the year.Metal Bulletin's index for Indian imported shredded scrap rose to $374.09 per tonne cfr Nhava Sheva on Friday January 5, up by $22.61 per tonne from the $351.48 per tonne cfr recorded on December 22.The l...Read More
CloseGain/LossOn WeekGold $1320.50-$1.40+1.33%Silver$17.20UNCH+1.53%XAU87.39-0.45%+2.49%HUI198.13-0.32%+3.03%GDM661.89-0.20%+1.73%JSE Gold1322.71+17.52+1.47%USD91.97+0.10-0.36%Euro120.42-0.26+0.32%Yen88.43-0.27-0.43%Oil$61.44-$0.57+1.69%10-Year2.477%+0.025+2.74%Bond151.9375-0.375-0.63%Dow25295.87+0.88%+2.33%Nasdaq7136.56+0.83%+3.38%S&P2743.15+0.70%+2.60% The Metals: Gold fell $5.70 to $131...Read More
Gold COT Report - FuturesLarge SpeculatorsCommercialTotalLongShortSpreadingLongShortLongShort241,42878,16060,048155,104332,704456,580470,912Change from Prior Reporting Period 38,83811,5182,405-36527,76640,87841,689Traders17086744552246183 Small Speculators LongShortOpen Interest 44,15129,819500,731 3,3832,57244,261 non reportable positionsChange from the previous reporti...Read More
The UK inter-merchant price range for austenitic alloy steel scrap rose by ?50-60 per tonne this week on higher nickel prices when the market returned from seasonal holidays, sources said on Friday January 5.Metal Bulletin's weekly price assessment for inter-merchant 18/8 scrap solids in the UK was ?950-980 ($1,286-1,326) per tonne delivered on Friday, compared with ?900-920 per tonne on Decemb...Read More
By Dave Kranzler"This time it's different." That quote is from Sir John Templeton, a legendary investor who is considered the father of the modern mutual fund industry. For most of the month of December, I've been hearing ads from mortgage brokers who are promoting the idea of refinancing your house in order to take care of holiday bills. It reminded of the early 2000's when then Fed Chairman, A...Read More
The gold miners' stocks have huge upside potential in 2018, likely the best among stock-market sectors. They really lagged gold last year, so a major mean-reversion catch-up rally is coming. The gold miners are universally ignored and deeply undervalued relative to the metal which drives their profits. And gold itself is likely to power dramatically higher this year as euphoric record-high...Read More
Gregory Mannarino started his financial career working for the securities and trading arm of the now defunct Bear Stearns before the dot-com bubble. He is an active trader of the capital markets and has published several books pertaining to finance, global economics, and equity trading; His most recent book is titled Ultimate Guide To Money and The Markets (free ebook). Gregory currently hosts a b...Read More
The lack of buying activity at the beginning of the year has created mixed expectations about which direction global steel slab prices will take in January.Some market participants were bearish, suggesting that a splash of buying activity will be short-lived, at least in Asia, amid generally sluggish demand for finished flat steel in the region as well as the approaching Lunar New Year holiday.Bes...Read More
Eric Sprott has more than 40 years of experience in the investment industry. In 1981, he founded Sprott Securities (now called Cormark Securities Inc.), which today is one of Canada's largest independently owned securities firms. In 2001, Eric established Sprott Asset Management Inc. Over the years, Eric has personally been the recipient of numerous awards and honors, including one of Investor Dig...Read More
By Gary TanashianThis morning I noted that I did not appreciate seeing Jeremy Grantham's note dismissed even in the slightest way and without rancor by a Biiwii author. His intro was "Here we go with the "melt-up" meme again.", which I felt was not appropriate for our purposes, coming as it did from a writer who was cautionary all through 2017.Look, I was pretty sure I was going to be wrong abou...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Iron ore prices started 2018 on a rise, gaining further ground on Friday January 5 to $76.80 per tonne cfr Qingdao despite the Chinese steel market retreating again.There was barely any movement in the seaborne coking coal market amid a lack of indicative and firm bids, with buyers still trying to figur...Read More
By Steve St. AngeloEnjoy the good times while you can because when the economy BLOWS UP this next time, there is no plan B. Sure, we could see massive monetary printing by Central Banks to continue the madness a bit longer after the market crashes, but this won't be a long-term solution. Rather, the U.S. and global economies will contract to a level we have never experienced before. We are...Read More
By Avi GilburtFirst published on Sunday Dec 31 for members: While I am unable to answer the question in the title of this update definitively, I will show you what the market has to do in order to answer the question in the affirmative. But, first I want to reflect on 2017. We approached 2017 with high expectations that the market would provide us with a strong 3rd wave break out off the 2...Read More
China's domestic rebar prices continued to tumble on Friday January 5 amid weak demand. Domestic Eastern China (Shanghai): 3,950-4,000 yuan ($608-615) per tonne, down 120-130 yuan per tonneNorthern China (Beijing): 3,950-4,000 yuan per tonne, down 30-50 yuan per tonneTrading activity was very during the day due to bad weather, market sources said. Various parts of China have been experiencing low...Read More
By George SmithI'm sure there will be some shocking events in 2018, but I have no idea what they will be. There are too many wildcards in the mix, with one big one taking center stage: States. The civilized world, such as it was, took a nosedive after the Sarajevo assassinations in 1914 ignited the political tinderbox in Europe. To pay for the massive slaughter that followed, states aban...Read More
BULL MARKET IN GOLD...We are now about to commence a full-fledged bull market in gold and gold mining stocks. The paper manipulation has been the chosen deception but did allow investors to take advantage of opportunities in some gold stocks that were incredibly undervalued and literally being given away at those prices. We expect to see enormous...Read More
Gold rose despite some better than expected US December private ADP numbers. The US dollar is still on the weaker side against the euro and sterling. This is the best chance for gold to rise to the $1400-$1430 zone and for silver to test $2000. FOMC minutes preventing a gold price fall is very positive for bullion in the near term. Investors know that the chances of a quicker interest rate hike...Read More