On Friday of last week, we spoke about the fact that over the last two trading days (Thursday and, Friday) we had seen the first real signs of gold pricing finding support and reaching a potential bottom.One of the most revealing days was Thursday, when gold traded to the lowest price point this year before recovering. After trading to an intraday low of $1167 per ounce, gold futures (basis the mo...Read More
(Kitco News) - Gold prices are posting good gains in early-afternoon U.S. trading Monday, with silver just modestly up. Some positive economic news coming out of China, a major metals importer, helped to lift the metals markets today. Also, some short covering in the gold and silver futures markets was featured following the recent selling pressure. The gold and silver market bears appear to be ex...Read More
NEW YORK (Reuters) - As Wall Street prepares on Wednesday to celebrate the current U.S. bull stock market becoming the longest in history, some investors are keeping corks in their champagne bottles.Not all stock experts will honor the milestone because they use different definitions of bull and bear markets.While one group is widely recognized for determining U.S. economic cycles - the National B...Read More
(Kitco News) - Gold’s “capitulation” presents a buying opportunity for the metal and mining stocks, says Adrian Day, chairman and chief executive officer of Adrian Day Asset Management.Spot gold has fallen from above $1,350 in early April to below $1,200 an ounce. Last week, gold hit its weakest level since early 2017.“The U.S. economy, stock market, and particularly [the U...Read More
Money has flowed out of gold-backed exchange-traded products this month, and there may be more of this from losing positions before gold prices can finally stabilize, says Suki Cooper, precious-metals analyst with Standard Chartered. ETPs trade like a stock but track the price of the commodity, with metal put into storage to back the shares. The amount of gold coming out of ETPs has reached 38 ton...Read More
(Kitco News) - Gold continues to find buyers on expectations that this week's meeting with China on trade issues will ratchet back the escalation of a full-blown trade war. The currency crisis in Turkey also has seen some calming in rhetoric. As a result, the dollar has lost some ground as the safe-haven play and benefitted the commodity space. Traders are also watching for the develop...Read More
(Kitco News) - Gold prices are posting decent gains in early U.S. trading Monday, with silver also modestly up, as there is some positive economic news coming out of China, a major metals importer. Some short covering in the gold and silver futures markets is featured to start the trading week. The gold and silver market bears appear to be exhausted at present, which does begin to suggest market b...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
For now, gold and silver appear to have put in at least temporary bottoms. For the next few weeks, we would expect the metals to rally or at worst case hold the recent lows. There are no guarantees that the lows are in, but we would only be long at these levels. Gold should make a run at $1,200, $1,220 and then $1,240. The $1,130 level is still lurking out there, but the action is turning from bea...Read More
(Updates prices; adds comment, second byline; previous datelineLONDON) * Gold hits more than 1-1/2 year low last week * Weak prices stimulating physical demand in Asia * Bearish speculators remain in control * Investors looking ahead to U.S. Fed speech on Friday * Technicals suggest gold has further to fall By Renita D. Young and Peter Hobson NEW YORK/LONDON, Aug 20 (Reuters) - Gold prices inchedh...Read More
* Copper up 1.1 pct after hitting 14-month low last week* Metals demand also supported by weaker dollar * GRAPHIC-2018 asset returns: (Adds closing prices, weaker dollar) By Zandi Shabalala LONDON, Aug 20 (Reuters) - Copper edged higher on Monday,bouncing back from its third straight week of losses in a signof market optimism over planned trade talks between China andthe United States and a view t...Read More
Most global steel billet markets were shaken by a surge of low-priced offers from Turkey in the week from Monday August 13 to Friday August 17, a reaction to new tariffs imposed by the United States against imports of Turkish steel.The Middle Eastern country, which previously imported billet, resumed export offers but at much lower prices. Buyers have shown interest in this material in most region...Read More
Most global steel billet markets were shaken by a surge of low-priced offers from Turkey in the week from Monday August 13 to Friday August 17, a reaction to new tariffs imposed by the United States against imports of Turkish steel.The Middle Eastern country, which previously imported billet, resumed export offers but at much lower prices. Buyers have shown interest in this material in most region...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Monday August 20, boosted by growing optimism over US-Sino trade relations amid a slight retreat in the dollar index. ...Read More
Alumina prices fob Australia continued to rise on Monday August 20 due to increased tightness in the spot market, with expectations of further price rises in the coming weeks. ...Read More
Workers will not strike at Escondida, the world's largest copper mine, after an agreement was sealed between the union and operator BHP late last week. A new collective contract was signed on the afternoon of Friday August 17 between the company and Union No 1 representing around 2,500 Escondida mine workers, BHP said in a statement on Friday. The miner declined to provide details of the agreement...Read More
Sellers of UG2 chrome ore have lowered their offers over the past week while the yuan softened against the dollar and inventories continued to rise....Read More
High growth in demand for lithium batteries is spurring a three-fold growth in mine production of the material over the next four years, according to analytics firm GlobalData. According to the company, 86,000 tonnes of new lithium metal capacity is slated to come on stream, tapping into the push toward the electrification of mobility, and in particular, growth in the development of batteries for...Read More
Chinese vanadium export prices declined last week amid sluggish demand and lower prices outside the country, while European prices were marginally softer with the summer lull continuing to weigh on prices. ...Read More
Alumina prices fob Australia continued to rise on Monday August 20 due to increased tightness in the spot market, with expectations of further price rises in the coming weeks. ...Read More