As I pen this article, Gold and gold stocks may be starting to form a low.Continue...Read More
Can the precious metals move lowerbefore a short-term correction, and after correcting, will they continue theirmedium-term downtrend?Gold & silver reversed yesterday(Mar. 2) and the GDX rallied after bottoming right in my previous target area,but it’s still unclear if the bottom is in.Let’s check what’s happening in thecharts. Figure1 – COMEX Gold Futures (GC.F)In shor...Read More
The turmoil surrounding a creditor of UK-based conglomerate GFG Alliance has raised concerns in the European steel market, Fastmarkets heard on Friday March 5.On March 3, German financial watchdog Bundesanstalt f? 1/4 r Finanzdienstleistungsaufsicht (BaFin) imposed a moratorium on Greensill Bank, which is the key funding facility for GFG Alliance, Fastmarkets heard.In particular, BaFin has ordered...Read More
The economy seems to be recovering, while bond yields are increasing again, sending gold prices down.Not good. Gold bulls can be truly upset. The yellow metal continued its bearish trend last week. As the chart below shows, the price of gold has declined from $1,807 on Monday (Feb. 22) to $1,743 on Friday (Feb. 26). What happened? Well, last week was full of positive economic news. In particular,...Read More
ArcelorMittal Nippon Steel India (AM/NS India) has signed a memorandum of understanding (MoU) with the government of Odisha, India to build an integrated steel plant in Odisha with a capacity for 12 million tonnes per year, it announced on Thursday March 4.The plant will be set up in the Kendrapara district and the investment is reported to be 500 billion rupees ($6.87...Read More
Here are five Fastmarkets stories you might have missed on Wednesday March 3 that are worth another look.A crackdown on industrial activity in Tangshan, China's steelmaking hub, is sending jitters throughout the sector. Fastmarkets examines what it means for the steel industry.Glencore has appointed BMO...Read More
Here are five Fastmarkets stories you might have missed on Friday March 5 that are worth another look....Read More
Here are five Fastmarkets stories you might have missed on Friday March 5 that are worth another look....Read More
A key topic reverberating around the Asian steel market over the past month has been the possibility of China reducing steel export rebates to 9% from the current 13%, or possibly axing them altogether.Market chatter on this topic has grown increasingly louder, with industry sources in China hearing more and more details about these plans from late January onward."This is likely in line with China...Read More
Markets will throw a tantrum until Powell gives them what they want...By Matt from Silver Fortune via Silver FortuneMarkets will throw a tantrum until Powell gives them what they want. Read More
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RAPAPORT... The new owners of the Ekati mine are planning production of 4.5 million carats in 2021 after the deposit spent the past 10 months on care and maintenance.Arctic Canadian Diamond Company took over the operation in December as former owner Dominion Diamond Mines filed for bankruptcy protection in April 2020. Dominion was unable to meet its repayment obligations for debts that had swollen...Read More
RAPAPORT... Jewelry sales in the US rose in February, buoyed by January's government-stimulus payments and Valentine's Day gift giving, according to Mastercard SpendingPulse.Sales in the category increased 6% year on year during the "month of love," Mastercard said last week in a data release. E-commerce revenue grew 63%, while spending in all categories climbed 4.6% in total and soared 55% o...Read More
RAPAPORT... Petra Diamonds has sold a 299.3-carat rough stone to Stargems for $12.18 million, after recovering the diamond at its Cullinan mine in South Africa earlier this year.The "exceptional" white, type IIa, gem-quality diamond fetched $40,701 per carat, exceeding the $34,386 per carat Petra achieved for the 424.89-carat Legacy of the Cullinan Diamond Mine in May 2019, the company said F...Read More
(IDEX Online) - Israel's rough diamond exports rose sharply in February, with Dubai accounting for 16 per cent of all foreign sales.Exports fell last year as the global pandemic hit, but were up by 21.9 per cent year-on-year in January and February, according to the Ministry of Economy and Industry.Israel's rough diamond exports were $231m over the two months, compared to $190.3m in the...Read More
(IDEX Online) - Petra Diamonds has announced another high-value sale from the iconic Cullinan mine - a 299.3-carat white, Type IIa gem for $12.18m.It follows the sale last November of the Letlapa Tala collection of blue rough diamonds, also recovered from Cullinan and weighing a total of 85.6 carats to De Beers and Diacore for just over $40m.The "exceptional" new find (pictured) was sold to Starge...Read More
(IDEX Online) - Sales of jewelry in Hong Kong were depressed again in January, down almost 32 per cent year-on-year. Covid remains a key factor, with new cases hitting a mini-peak towards the end of the month and a two-week quarantine deterring tourists.In addition, the lunar-based Chinese New Year fell later than usual (12 February) which delayed consumer spending from January.Next month...Read More
In northern Nevada, the gold mining industry has dominated for decades. Now Nevada lawmakers want to tap into that vein of wealth to ease the pandemic-induced budget crunch.Read full newsRead More
How Top Gold Mining Stocks Performed in 2020 Gold mining stocks and the GDX saw strong returns in 2020 as gold was one of the most resilient and ...Read full newsRead More
In northern Nevada, the gold mining industry has dominated for decades. Now Nevada lawmakers want to tap into that vein of wealth to ease the pandemic-induced budget crunch.Read full newsRead More