By Ricky WenTuesday's session played out as a massive gap up and consolidation. This meant that it allowed the price action and its internals to reset, catch a breath in order to ramp up higher again. It's been the same structure for the past few weeks once the price action gets too far away from the 4-hour or daily trending support levels if you've utilized our key concepts such as 8/20EMA on t...Read More
"I think there is a strong likelihood we will need another bill."That's according to Treasury Secretary Steven Mnuchin, who supports additional fiscal stimulus to combat the economic impact of the novel coronavirus within reason.The secretary's statement comes after the House passed a record-shattering $3 trillion relief package, though leaders in the Senate have said they will not put it up for...Read More
By: Gary SavageI warned you about this situation. Gold's option expiration on Tuesday. Usually see an attack. The triangle consolidation pattern was blocked and not allowed to get follow-through, the technical will transform into a box:https://blog.smartmoneytrackerpremium.com/Read More
By: Ira EpsteinGold dropped because of the strong equity markets, but not the tech sector -- stalling. Gold's trend is down in the short-term:Read More
Spot gold is higher than comex gold futures after a very long-term time. Silver, copper and crude oil will remain firm on demand outlook and mine supply pressure. Trend of all metals, energies and US dollar Index till 2nd June can be misleading. Trend between 3rd June to 17th June will be sustainable. COVID is getting less attention now. Focus is on jobs and economy. COVID infections once world...Read More
Diamond industry reopening and adjusting to new normal as consumers emerge from lockdown. US retail jewelers resuming operations in most states, with emphasis on in-store hygiene, virtual consultations and curbside service. New York trade remains shut. China strengthens security law in Hong Kong, fueling concern about renewed pro-democracy protests and trade war. Polished and rough trading limited...Read More
RAPAPORT... Sales at Forevermark's stores in China have recovered strongly since the peak of Covid-19, with customers returning quicker than expected, the De Beers-owned retail brand reported."While much of our world and business is in flux right now, one thing we can be certain of is this pandemic will alter consumer expectations forever, but we can be confident that diamonds will continue t...Read More
RAPAPORT... A fancy-intense blue diamond ring with a high estimate of HKD 95 million ($12.3 million) will go under the hammer at the Magnificent Jewels auction at Christie's in Hong Kong.The marquise-cut, 12.11-carat piece, which is internally flawless, will lead the July 9 sale, Christie's said Wednesday.The Hong Kong auction was originally due to be held June 2, but was postponed amid the c...Read More
The Covid-19 crisis is presenting an opportunity for the market to restart, refresh, and build on its experience of dealing with the diamond-trade slowdown of the past few years.RAPAPORT... In these unprecedented times, it would be foolish to make predictions about diamond-jewelry sales growth. We simply won't have any indication about the true state of consumer demand until at least three mo...Read More
(IDEX Online) - Pandora has re-opened two-thirds of its 375 North American outlets, using the Waitlist Me app to tell customers when they can enter. The Danish jewelry retail giant will allow no more than five customers in a store at any one time. The app, developed initially for restaurants to tell diners when their table is free, is being used to alert customers when there's a sales associa...Read More
(IDEX Online) - Zimbabwe's Murowa Diamonds has blamed erratic power supplies for a fall in output. Owners RioZim said the supply deficit remains a key risk across the group's operations despite a slight improvement in the first quarter of this year. Figures for 2019 show production down seven per cent on the previous year from 740,244 carats to 685,000 carats. The company has invested i...Read More
RAPAPORT... Polished-diamond imports into Hong Kong plummeted 54% to $2.33 billion in the first three months of 2020, reaching their lowest quarterly total since 2009, as the coronavirus hit demand. Polished exports fell 45% to $2.12 billion, according to data from the Diamond Federation of Hong Kong, China. Hong Kong Trade Data for 1Q 2020Read More
(IDEX Online) - Alrosa is holding is biggest ever online auction, listing over 800 rough diamonds, as coronavirus restrictions continue. The state-owned Russian miner is providing 3D scans showing each rough diamond's external shape, internal inclusions, anticipated color and fluorescence. It has been holding pilot digital tenders with a small number of stones since October 2019, but has resp...Read More
Broad markets and the metals were mixed this morning, Wednesday May 27, while participants brace for what United States President Donald Trump’s response will be to China’s plans to impose national security laws in Hong Kong, which he said will be announced by the end of the week. China’s CSI 300 and Hong Kong’s Hang Seng indices were weaker this morning, while in other areas t...Read More
U.S. equity index futures were higher again this morning. S&P 500 futures were up 33 points in pre-opening trade. Disney gained $2.80 to $123.75 after announcing plans to re-open its Orlando, Florida properties. Novavax added $0.67 to $48.84 after announcing start of first phase clinical testing of its coronavirus vaccine. Bank of Montreal and Royal Bank are expected to open lower after releas...Read More
Drilling within the Porphyry zone at Maple Gold Mines' (TSXV: MGM; US-OTC: MGMLF) 355-sq.-km Douay project in northern Quebec has intersected mineralization outside of the existing resource model.The company has released assay results for two holes. Drill highlights include 17 metres of 1.91 grams gold per tonne starting at 189 metres downhole from hole 20-283 as well as a number of gold zones wit...Read More
BMO Capital Markets will buy 4.15 million common shares of Lundin Gold (TSX: LUG) at $12.05 per share in a bought deal financing that will raise $50 million for the Vancouver-based gold miner. The deal includes an overallotment option for up to 15% of the offering.Newcrest Mining (ASX: NCM), which owns 32% of the company, and Orion Mine Finance, which has an 11% stake, have exercised their rights...Read More
A judge in the Brazilian state of Minas Gerais has partially granted an injunction sought by prosecutors by ordering Vale (NYSE: VALE) to set aside 7.9 billion reais (US$1.5 billion) to pay potential fines related to the tailings dam collapse that killed 270 people last year.The figure adds to the 1 billion reais (US$260 million at the time) in frozen funds a federal court ordered Vale to pay affe...Read More
Palladium One (TSXV: PDM; US-OTC: NKORF) has traced a new drill target within its wholly owned Lantinen Koillismaa (LK) project in Finland, 190 km northeast of Oulu.The latest target is within the Haukiaho East induced polarization (IP) survey grid, which covers 1.6 km within the 17-km long prospective Haukiaho trend. According to the company, the anomaly covers the entirety of the geophysical gri...Read More
A global copper surplus currently in the making is expected to get worse in the next 18 months as market disruptions have created greater uncertainty in the factors affecting supply and demand for the metal, a market's insider report shows.According to the International Wrought Copper Council (IWCC), which represents copper and copper alloy producers, supply is expected to surpass demand by 285,00...Read More