If the stock market is never allowed to go down, this is the equivalent of telling the cancer-riddled patient that their cancer has disappeared, even as the disease is leading inexorably to the patient's needless demise.Continue...Read More

The shift is happening much more quickly than the US probably expected. As recently as 2015, more than 90% of bilateral trade between China and Russia was conducted in dollars.Continue...Read More

Mexican production of light vehicles increased by 0.65% year-on-year in July 2020, according to national automotive association Amia.The country produced 294,946 light vehicles in the month, compared with 293,035 units a year before, according to the figures released on Thursday August 6.The results were better than expected, according to...Read More

Brazilian automotive output dropped by 36.2% year on year in July but increased by 73% sequentially, with automakers gradually resuming operations that were halted in previous months due to the Covid-19, according to figures published by national automotive association Anfavea on Friday August 7.Production of light vehicles in the country totaled 170,300 units last month, down from 267,000 units i...Read More

China's finished steel exports continued to fall on a year-on-year basis in July, but imports maintained an upward trend, according to customs data released on Friday August 7.July exports: 4.18 million tonnes, down by 25% from July 2019,...Read More

The aluminium industry neither deserves nor can afford the shock that would come from the United States' reintroduction of Section 232 tariffs on imports from Canada, according to Aluminum Association president and chief executive officer Tom Dobbins. Citing the latest government data from the US Census Bureau, Dobbins noted that US imports of primary aluminium from Canada were nearly 5% lower in...Read More

Now, I have not gone raving silver bug on you. The title says “silver bull” because that is what silver is in, a bull market by definition of having taken out the 2016 high of 21.23. We targeted that point as a cyclical bull market gateway, silver cut through it like a knife through warm butter… and there you have it. A key higher high. I don’t apologize for any of the abo...Read More

Brazil-based steelmaker Gerdau expects the metal spread in its North America division to remain stable in the coming months after the company was able to secure ferrous scrap at competitive prices, chief executive officer Gustavo Werneck said on Wednesday August 5.The company's metal spread - the premium between finished steel prices and scrap costs - averaged $415 per short ton in North America d...Read More

The Midwest aluminium premium soared by 5 cents on Friday August 7, logging its largest increase since Fastmarkets began assessing this premium in January 2003, with traders boosting offers on replacement cost considerations after the US reintroduced Section 232 tariffs on Canadian aluminium.Fastmarkets assessed the aluminium P1020A premium, ddp Midwest US at 16-17 cents per lb on August 7, up by...Read More

This inflation-adjusted silver chart (frommacrotrends.net) tells an interesting story:The levelaround $18 appears to have been very critical, especially since it is the 1920and 1968 inflation adjusted high. It was an important level to cross on theway to the 1980 high, evidenced by the fact that it came back to that level(after it blast through in Dec 1973) before setting off to that all-time high...Read More

Brazilian slab export prices increased in the week ended Friday August 7, with recent deals closed at higher levels and producers trying to push for new price increases in the next few weeks.Fastmarkets' weekly price assessment for steel slab, export, fob main port Brazil, reached $405-410 per tonne on Friday, up by $10-15 per tonne from $390-400 per tonne a week before.Recent deals for Brazilian...Read More

First, we want to say “It took long enough!” and we’re happy to see this upside move in Natural Gas.  We had been calling this move for many months.  Our predictive modeling systems and cycle systems suggested the extended bottoming formation in Natural Gas was an excellent opportunity for skilled technical traders.  Today’s big move suggests the downside pri...Read More

Key data from the pricing sessions in Asia, Europe and the United States for the week ending Friday August 7.China Seaborne 37% manganese ore prices rose again after some miners increased their offers on a steady appetite among buyers looking to average their purchasing costs at relatively lower levels. The seaborne 44% price moved up as well, partly buoyed by the rising portside prices. Portside...Read More

This bull market can be more positive than the previous one both for gold and the mining stocks.In the last edition of the Fundamental Gold Report, I analyzed various WGC’s reports on the gold market. Today, I will focus on the issues of Alchemist – the flagship publication of the London Bullion Market Associations – I was unable to discuss during the most acute phase of the pand...Read More

No negotiations were again reported in the United States' spot pig iron market during the week ended Friday August 7, because steel mills' utilization rates remained low, Fastmarkets understands.But one deal was heard under long-term agreement at $340 per tonne cfr from Brazil. That would be "more or less in line with the spot market level," one buyer said. Meanwhile, other sources estimated that...Read More

Nothinglasts forever, and the brightest flame burns itself out the fastest. That couldvery well apply to the current situation around PMs. Speakingof indications pointing to the situation being excessive, let’s take a look atthe USD Index. Rememberwhen inearly 2018 we wrote that the USD Index was bottoming due to a verypowerful combination of support levels? Practically nobody wanted to rea...Read More

The gold miners’ stockshave rocketed higher this summer, smashing out of their usual summer-doldrumssideways grind.  That atypical strengthhas been driven by gold steadily marching to major new secular highs, fueled bystrong investment demand.  This hascarried gold stocks and the metal they mine back to their traditional strongseason, which begins with robust autumn rallies usually...Read More

Our hard working miner here (we’ll call him Huey) has been pushing his cart of rocks, first gently downhill from 2016 to 2018 and then uphill to a bull market since May 2019.As tracked in NFTRH, in 2019 the macro backdrop became positive for the gold stock sector as gold entered a bull market by taking out the 1378 level and its ratios to stock markets began to rise. Gold/SPX is among the mo...Read More

No matter what shape the recovery is, the epidemic will likely have lasting, positive effects on the gold market.During the most acute phase of the pandemic and the following economic crisis, there was no time to analyze various WGC’s reports on the gold market. Let’s make up for it!I’ll start with the report “Recovery paths and impact on performance” about the gold m...Read More

Sometimes it is better to let a situation speak for itself. Alcoa, Rio Tinto Aluminium, Novelis, Constellium, Arconic, Kaiser Aluminum, Tri-Arrows Aluminum, American Metal Chemical Corp, Hydro Extrusion North America, JW Aluminum, Real Alloy, Reynolds Consumer Products, Scepter, Silberline Manufacturing Co, Smelter Service Corp and Wagstaff. The US Aluminum Association, which represents more than...Read More