Short-term risks have risen, from a chart perspective"In 2014, the SPX was rejected at 2,000, and a near-7% correction ensued over the next month. Ultimately, the historically significant, but unpopular, 320-day moving average marked an important bottom. And if the mid-August 2019 closing low at 2,840 marks a low, the pullback from closing high to closing low would be about 6%, with the bottom occ...Read More
Demand for safety assets has diminished, undermining gold's price.Yet gold's currency component is showing signs of strengthening.A weaker dollar and commodity market rebound will boost gold demand.Gold and gold mining stocks suffered a setback in the first half of September, thanks in part to diminishing trade war fears. But while gold's "fear factor" is on the wane, the yellow metal's cu...Read More
A plunge in ferrous scrap prices and a negative trend in most global steel markets resulted in falling billet prices in almost all regions during the week ended Friday September 13.Prices in the Commonwealth of Independent States fell due to lower bids in buying outlets such as Turkey, the Middle East and Egypt. In Southeast Asia, a price war among Russian and Indian producers drove prices lower.G...Read More
A plunge in ferrous scrap prices and a negative trend in most global steel markets resulted in falling billet prices in almost all regions during the week ended Friday September 13.Prices in the Commonwealth of Independent States fell due to lower bids in buying outlets such as Turkey, the Middle East and Egypt. In Southeast Asia, a price war among Russian and Indian producers drove prices lower.G...Read More
Here are five Fastmarkets MB stories you might have missed on Friday September 13 that are worth another look.The London Stock Exchange Group (LSEG) has rejected Hong Kong Exchanges & Clearing's unsolicited bid for the company and remains committed to a proposed acquisition of data provider Refinitiv, it said in a release on Friday September 13.In battery raw materials, the lithium hydroxide...Read More
Here are five Fastmarkets MB stories you might have missed on Friday September 13 that are worth another look.The London Stock Exchange Group (LSEG) has rejected Hong Kong Exchanges & Clearing's unsolicited bid for the company and remains committed to a proposed acquisition of data provider Refinitiv, it said in a release on Friday September 13.In battery raw materials, the lithium hydroxide...Read More
LIVE from NYC, #TommyXZendaya and #TOMMYNOW are back! ???????, Don't miss a single runway moment. #NYFWRead More
Gold reversed hard last week after blasting higher for a month, leaving traders wondering why and what that portends. The answers are found in gold's dominant short-term driver, speculators' collective trading in gold futures. Their positioning has grown excessively bullish, they are essentially all-in betting on more gold upside. That spawned a massive and ominous gold-futures-selling overhang, w...Read More
Gold reversed hard last week after blasting higher for a month, leaving traders wondering why and what that portends. The answers are found in gold's dominant short-term driver, speculators' collective trading in gold futures. Their positioning has grown excessively bullish, they are essentially all-in betting on more gold upside. That spawned a massive and ominous gold-futures-selling overhang, w...Read More
It was trading at $1,503/oz earlier, ahead of a US Federal Reserve meeting later this week. Copper had finished last week up 2.5% on the London Metal Exchange after goodwill trade gestures between the US and China improved sentiment.Market futures are proving mixed at the start of the week.Rio Tinto (LSE: RIO) closed up about 2.2% in London on Friday, while metals and mining stocks closed 2.7% hig...Read More
Bob Moriarty ArchivesSep 16, 2019As any fan of detective books or shows knows well, when you observe a crime you must first ask yourself, “Who benefits.” The Latin is Cui Bono Literally to whom is it a benefit?On Saturday September 14thsomeone fired missilesor sent armed drones against Saudi oil facilities reducing world oil production by 5% and Saudi production by 50%. The beleaguered...Read More
The company has announced it has suspended works in one mining front at Brucutu, its second-largest iron ore mine behind the Carajás operation, but has been allowed to fully restart itsRead More
The scope of work to be carried out by Thiess includes overburden removal and haulage, coal mining and run of mine rehandling services, equipment maintenance and pit dewatering.This new contract is in addition to Thiess's existing scope of work for provisioning and maintenance of Coronado's electric shovel and supply of an ultra-class truck fleet.Coronado CEO Gerry Spindler said the new contract e...Read More
Early-rising traders woke up to see oil prices screaming 10% higher as the market digested news of drone attacks on Saudi Arabia's oil production so crippling they're already being called a "Pearl Harbor moment."Bloomberg reports:Based on early reports, multiple relatively inexpensive drone devices were able to pierce Saudi defenses in a way that a traditional air force could not: flying long dist...Read More
Michael Nowak, the global head of trading for both base and precious metals at JPMorgan Chase, allegedly oversaw an illegal market manipulation operation.He was placed on leave in late August and is a target in a widening DOJ criminal probe.Reuters reports that Nowak and Gregg Smith, whose title is unknown at this time, are the third and fourth people now implicated in a criminal price rigging...Read More
StrengthsThe best performing metal this week was palladium, up 4.41 percent. Central banks continue to stock up on gold - led by Russia, the world's top buyer for seven consecutive years. Russia's central bank quadrupled its gold holdings in the last decade and has diversified away from U.S. assets. According to Bloomberg, the value of the nation's gold surged 42 percent in the past year to $1...Read More
David HaggithOne argument for last week's extraordinary plunge in bond prices, which I explored as something that might happen this time of year in one of my earlier Premium Posts, was that bond prices could get crushed by the supersized US treasury auctions planned for September and October as the government makes up for its inability to issue new debt during the debt-ceiling standoff.While poi...Read More
For a rare change, global markets seem genuinely concerned about the news. A drone attack by Iran over the weekend knocked out more than half of Saudi Arabia's refining capacity, amounting to roughly five percent of global supply. Fox and other news outlets underplayed the story initially, putting it beneath the latest sex charges against Kavanaugh. But the Saudi story shot up to the top of the...Read More
Please Listen HereInterview Recap.ONEGOLD Inc. holds physical gold and silver metals at the Royal Canadian Mint through our friends at APMEX and Sprott Inc. The first online marketplace to offer secure and convenient buying, selling and redemption of digital PMs. ONEGOLD uses VaultChain, a secure, immutable blockchain ledger from Tradewind Markets, the leading innovator in digital precious m...Read More