Scrap prices in most global markets pushed upward in the week ended Friday July 19, in line with stronger Turkish import prices. But this excluded the Indian market, which was hurt by limited trading activity. Turkish import prices up week-on-week, bookings resume US export prices flat on East Coast, up on West Coast Asian import prices up on steady demand but upside limited Indian prices down on...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 309,53564,03448,434175,785453,193533,754565,661 Change from Prior Reporting Period 3,4302,692-14,09511,83010,8221,165-581 Traders 22067805963312183 Small Speculators LongShortOpen Interest 68,14636,239601,900 1,7583,5042,923 non reportable positionsChange...Read More
The gold miners' stocks continue to rally on balance, after a major upside breakout extended their strong upleg. That's driving mounting interest in this recently-forsaken sector. With the latest quarterly earnings season underway, traders will soon enjoy big fundamental updates from the gold miners. They are likely to report good Q2 results, with improving operational performances suppo...Read More
Bob Hoye & Chris Waltzek Ph.D. - July 17th, 2019. * .Mp3 HighlightsBob Hoye, Editor & Chief Investment Strategist of Bob Hoye.com rejoins the show with his view on why gold is the "go to" asset of the next decade.Bob Hoye notes authoritarian forms of governance are struggling to salvage the global economy using outdated draconian economic measures.He and his colleague define 3 key measures...Read More
For years, gold's corrections have been brutal, and that is why many erstwhile bulls have not rushed to buy this rally. They have instead been waiting for a nasty pullback in order to load up at bargain prices. But Mr. Market has not obliged. Instead, retracements have been shallow and rallies steep. The latter have often occurred after-hours, but in one recent instance via a trampoline bottom t...Read More
By: Gary Savage Dollar propped up before the start of the rate cutting cycle:Read More
Several deals for pig iron were heard in the United States at higher prices during the week ended Friday July 19, mainly due to reduced availability of material from the Commonwealth of Independent States, sources said.Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US, was $360-365 per tonne on Friday, widening upward from $360 per tonne a week before.Several deals for Ukr...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 London Metal Exchange has just finished its trial to calculate nickel prices using a volume weighted average price (VWAP) method on the exchange's electronic trading platform. If early indications are anything to go by, metals market participants did not embrace this method of price discovery in the way some had anticipated. For three months since Monday March 18, closing prices for nickel car...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 zinc price has been fluctuating so much this year that analysts still cannot agree on where it is headed. Commodities researchers from major banks surveyed by Fastmarkets differed by $500 per tonne on their second-half 2019 forecast - that is 23.7% of the galvanizing metal's current value. At $2,460 per tonne at the open on Friday July 19, the LME three-month zinc contract was just $10 down fr...Read More
Gold miners are in a relative strength positions versus the S&P 500.This rare occurrence reflects intermediate-term investment demand.Gold stock internal momentum suggests higher prices are ahead.After months of lagging the gold price, as well as the S&P 500 Index (SPX), gold mining stocks have come into their own this summer. The gold miners are now among the market's top-performing group...Read More
Base metals prices on the London Metal Exchange showed mixed results at the close of trading on Friday July 19, with continuing trade tensions and uncertainty at the United States Federal Reserve driving directionless trading across the complex."The complex continues to see cash sellers reign on the second-ring closes," Marex Spectron's morning report said. "And these have therefore presented a go...Read More
The London Metal Exchange will continue to push forward with relaxing its queue-based rent capping (QBRC) rule, a key area of warehousing reform, to 80 days, sources told Fastmarkets. Fastmarkets understands that there was a warehousing committee meeting on Thursday July 19, during which plans on the warehousing reforms were put to warehousing members. Under the new proposal, warehouses will be ab...Read More
Physical iron ore prices rebounded on Friday July 19 amid gains in the futures markets.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $121.79 per tonne, up by $1.89 per tonne.Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $121.71 per tonne, up by $1.89 per tonne.Fastmarkets' index for iron ore 62% Fe low-alumina fines, cfr Qingdao: $122.81 per dry metric tonne...Read More
Monetary policy coupled with technical indicators mean you "need to be involved in precious metals," according to The Gold Guru founder Greg Weldon.He likes buying the VanEck Vectors Gold Miners ETF (GDX), which is breaking out versus gold and equities, at current levels.Other ways Weldon likes playing precious metals include silver miners, and specifically First Majestic Silver (AG). The Gold Gur...Read More
SD Friday Wrap: Did we just get THE break-out in silver that we've been looking for?What a weird day.I woke up with the song "Bohemian Rhapsody" in my head.Only, it went like this:"Is this the break-out, is this just fantasy,Caught in the COMEX,No escape from the paper thieves".And then my morning got weirder.A silver DeLorean passed me on the interstate this morning.I haven't seen a DeLorean on t...Read More
"If there was just one trade to be made...we would suggest it being the short position in the precious metals market right now."by Przemyslaw Radowski via Sunshine ProfitsIf we had to pick one day, or one situation when a single market provided most indications during a single day, it would be yesterday's performance of silver.There's not much to say about yesterday's session while looking at gold...Read More
Silver price has broken above the symmetrical triangle formation. What needs to happen next? Here's what the charts are signaling...by Steve St Angelo of SRSrocco ReportWhile the silver price has broken above the symmetrical triangle formation, it still has a few key levels to surpass to continue its upward trend. However, it was crucial for silver to first break upwards rather than down from th...Read More
Base metals prices on the London Metal Exchange showed mixed results at the close of trading on Friday July 19, with continuing trade tensions and uncertainty at the United States Federal Reserve driving directionless trading across the complex."The complex continues to see cash sellers reign on the second-ring closes," Marex Spectron's morning report said. "And these have therefore presented a go...Read More