(Kitco News) - Wall Street analysts have once again joined Main Street with a bullish short-term outlook on gold, based on the weekly Kitco News gold survey. Wall Street Bullish Bearish Neutral VS Main Street Bullish Bearish Neutral Twenty market professionals took part in the Wall Street survey, with twelve, or 60%, calling for gold to rise in the next week. Previ...Read More
(Kitco News) - Gold prices have lost some of their modest early gains during morning U.S. trading action Friday. A rebound in the U.S. dollar index after it dropped to a three-year low overnight is slightly pressuring the yellow metal. Also, some mild profit-taking from this week's big gains, heading into a three-day U.S. holiday weekend, is also featured in gold. The U.S. stock market is coming...Read More
In last week’s missive, I mentioned the probability of a near-term bounce in gold stocks, based on how over-sold the sector had become during “panic week” in the global marketplace. A few hours after the article was posted and with the GDX down a further 3% last Friday, the last fifteen minutes of trade in the major miner ETF was bought heavily back to unchanged on the day. The l...Read More
Brio Gold Inc. (TSX: BRIO) says it has agreed to an increased offer to be bought in an all-stock deal by Leagold Mining Corp. (TSX: LMC). Leagold announced an intention to make a takeover bid for Brio last month. The combined company will be an intermediate gold producer, with four operating mines and an advanced-stage development project, which are located in Mexico and Brazil. The merged co...Read More
U.S. equities are trying for their sixth consecutive up day, cutting the panic losses in half. This rally is about a phony as one can be, with the fear of missing out driving this market higher. The debt is mounting, as is the U.S. dollar manipulation, which is lending support to some of the commodities, especially gold. Overnight gold attempted to break out above the recent highs but failed. Gold...Read More
(Kitco News) - Gold looks a little tired here after moving to our first pivot target of $1,357. With the start of the Chinese Lunar New Year, volumes will drop dramatically and traders will want to watch the dollar, particularly against the euro, where overnight the rate broke up through 1.25 euro/dollar but has subsequently settled back below the figure. Prefer to take profits on the recent run a...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
The latest news and price moves to start the Asian day on Friday February 16.Base metals prices on the London Metal Exchange were broadly higher at the close on Thursday February 15, with only aluminium falling. Read more in our live futures report.Here are how LME prices looked at Thursday's close:Copper concentrate treatment and refining charges dropped marginally in the first half of Febru...Read More
The latest news and price moves to start the Asian day on Friday February 16.Base metals prices on the London Metal Exchange were broadly higher at the close on Thursday February 15, with only aluminium falling. Read more in our live futures report.Here are how LME prices looked at Thursday's close:Copper concentrate treatment and refining charges dropped marginally in the first half of Febru...Read More
The three-month aluminium price rallied 2% to a two-week high on the London Metal Exchange at the close on Friday February 16, with spreads moving into a significant backwardation.The latest rally comes as news breaks that the US Department of Commerce has advised President Trump on tariffs on aluminium and steel. Secretary Ross has recommended three possible tariffs to President Trump: A tariff o...Read More
US Secretary of Commerce Wilbur Ross has recommended a series of import tariffs, in addition to existing duties in place, after compiling a report on the industry. - One tariff proposed includes at least 7.7% on all aluminium exports from all countries. - A second tariff proposed includes 23.6% on all products from China,...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsZinc prices on the London Metal Exchange have climbed 23.6% over the last 12 months, with the galvanizing metal firmly in a bull market and continuing to set fresh multi-year highs this week. A widening contango in forward price spreads on the LME is contributing to bullish...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsZinc prices on the London Metal Exchange have climbed 23.6% over the last 12 months, with the galvanizing metal firmly in a bull market and continuing to set fresh multi-year highs this week. A widening contango in forward price spreads on the LME is contributing to bullish...Read More
A widening contango in forward price spreads on the London Metal Exchange is contributing to bullish bids on miners' copper concentrate sales to traders.Copper concentrate treatment and refining charges (TC/RCs) subsided this week, with the Metal Bulletin index dropping 3% to $69.5 per tonne/6.95 cents per lb on Thursday February 15 in a week where smelter buying terms were largely stagnant.&...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsZinc prices on the London Metal Exchange have climbed 23.6% over the last 12 months, with the galvanizing metal firmly in a bull market and continuing to set fresh multi-year highs this week. A widening contango in forward price spreads on the LME is contributing to bullish...Read More
Prices for light iron, grade-5C steel scrap from the United Kingdom were largely unchanged this week, with buyers continuing to secure satisfactory volumes of material and paying current market prices, sources told Metal Bulletin on Friday February 16.The key scrap export markets in Turkey and India strengthened this week, but the knock-on effect to the UK grade-5C market has been limited so far,...Read More
The price range for austenitic alloy steel scrap imported into mainland Europe rose by ?,?10-30 per tonne week-on-week on Friday February 16, after the nickel price rose sharply.Metal Bulletin's weekly price assessment on Friday for 18/8 stainless steel solids imported into mainland Europe was ?,?1,150-1,160 ($1,435-1,448) per tonne cif main European ports, compared with ?,?1,120-1,150 per tonne c...Read More
Steel scrap prices in the world's major markets remained firm during the working week from Monday February 12 to Friday February 16.Turkish steel mills continued their deep-sea scrap purchases for March, with prices going up slightly over the week.Meanwhile, the United States' export market enjoyed the demand from Turkish mills and expected stronger prices in the country's own domestic market.Impo...Read More
Comex copper prices were trading at their highest point since mid-January on Friday February 16 morning in the US, with solid US data offsetting a rising dollar.Copper for March settlement on the Comex division of the New York Mercantile Exchange gained 1.20 cents or 0.4% to $3.2575 per lb. Earlier, the contract touched $3.2720 per lb, the highest since January 16.At last glance, the dollar index...Read More
Metals prices on the London Metal Exchange are up across the board this morning, Friday February 16, by an average of 0.4%, while trading activity has been light due to the Lunar New Year holiday. Lead prices are up by the most in percentage terms, with a 0.7% rise, followed by aluminium (0.6%) copper (0.4%) at $7,217 per tonne, with nickel and tin prices up 0.35 and zinc little changed. With the...Read More