President-elect Joe Biden is expected to increase further government spending. For this and also other reasons, there is a risk that inflation under Biden’s presidency could be higher than under Trump’s. That would be great news for gold.Let’s face it, Biden won’t have an easy presidency. And I’m not referring to the fact that he will be sworn in as the oldest preside...Read More
Precious metals markets are on the move thisweek. They got a boost following Wednesday’s FederalReserve policy statement. Fed officials kept their benchmark interest rate nearzero and vowed to continue injecting $120 billion per month into the bondmarket. The central bank seemed unconcerned about bubble-likeconditions in equity markets. Nothing seems likely to deter it from pursuingmore stim...Read More
The Tariff Department at China's Ministry of Finance is to reduce or cancel tariffs on certain imported goods from January 1, 2021, including coke and semi-coke from Mongolia.The aim of the move, announced on Monday December 21, is to make better use of resources abroad and promote economic growth. From...Read More
Samarco has resumed the production of iron ore pellets following a restart of operations at its Ubu complex in Brazil's Esp?-rito Santo state, BHP said on Thursday December 24.This follows a resumption of operations at its Germano complex in Mariana city, in Brazil's southeastern Minas Gerais state earlier this month, which involved the restart of one of three iron...Read More
Here are five Fastmarkets stories you might have missed on Wednesday December 23 that are worth another look.World crude steel production increased by 6.6% year on year in November, with China, Germany and Ukraine posting the largest increases.Chilean state copper producer Codelco has increased the...Read More
Here are five Fastmarkets stories you might have missed on Thursday December 24 that are worth another look.The United Kingdom and European Union have reached an agreement on a trade deal that will ensure tariff-free trading of most goods between the country and the bloc after December 31 when the withdrawal...Read More
Hot-rolled coil prices in the United States continue at record highs, with tags at or above $50 per hundredweight ($1,000 per short ton) - a level last seen during the bull rush of 2008. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $50 per cwt on Thursday December 24, roughly flat from $50.06 per cwt the day prior and 1.58% higher than $49.22 per cwt the previous w...Read More
Brazilian slab export prices rose this past week, when sellers increased offers in an attempt to achieve higher price levels.Fastmarkets' weekly price assessment for steel slab, export, fob main port Brazil rose to $670-685 per tonne fob on Thursday December 24, up from $650-670 per tonne fob on Friday December 18.Sellers have been probing...Read More
The British light iron market was steady over the week to Wednesday December 23 as trading activity slowed ahead of the Christmas and New Year holidays, with many traders already off work, trade sources told Fastmarkets.Still, with European export markets into key destinations such as Turkey climbing since Friday December 18, it seems likely that UK steel scrap prices will extend their price gains...Read More
Here are five Fastmarkets stories you might have missed on Thursday December 24 that are worth another look.The United Kingdom and European Union have reached an agreement on a trade deal that will ensure tariff-free trading of most goods between the country and the bloc after December 31 when the withdrawal...Read More
We're entering a perfect storm for silver. Not only are central bank balance sheets exploding, but major economies are passing stimulus bills. What's more...by Peter Krauth via Streetwise ReportsIn many ways, most of us can't wait to put 2020 behind us and call it last year.We've experienced a once-a-century global pandemic, infecting almost 80 million people. Lockdowns caused businesses to shutt...Read More
Iron ore prices began to rise again on Thursday December 24, sources said, supported by falling steel inventories in China. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $166.05 per tonne, up $4.02 per tonne62% Fe low-alumina fines, cfr Qingdao: $167.30 per tonne, up $4.94 per tonne58% Fe fines high-grade premium, cfr Qingdao: $154.25 per tonne, up $2.71 per tonne65% Fe Br...Read More
It is easy to manipulate prices when you have no counterparty...by Harvey Organ of Harvey Organ BlogDEC23//GOLD UP $7.40 TO $1873.70//SILVER UP 33 CENTS TO $25.75//STRONG QUEUE JUMP OF .55 TONNES: NEW GOLD TONNAGE STANDING: 93.3 TONNES/ALSO STRONG ADVANCE IN SILVER STANDING UP TO 47 MILLION OZ//CORONAVIRUS UPDATE: UK USA AND THE GLOBE//IN THE USA BIG DROP IN GOVERNMENT WAGES//INITIAL JOBLESS GAINS...Read More
The London Metal Exchange three-month aluminium, nickel and zinc prices all rose by over 1% in morning trading on Thursday December 24, with the market weighing likely deals on US coronavirus relief funds and Brexit against the renewed pandemic spread across Europe. "Metals and broader markets seem to be settling down ahead of the Christmas and New Year holidays, with dips still being bought, sugg...Read More
The parabolic move in Tesla stock has been the result of a short squeeze, and the meteoric ascent may well resemble what will happen to silver when...Ted Butler with Chris Marcus of Arcadia EconomicsIn today's episode of the show, #silvermanipulation analyst #TedButler makes the case that the parabolic move in Tesla stock has been the result of a short squeeze, and that Tesla's meteoric ascent may...Read More
The cfr price for seaborne premium hard coking coal edged up further on Thursday December 24, with new transactions sealed at higher prices. China's ban on Australian coal led to the decline in demand for Australian premium low-volatility hard coking coal, and premium mid-volatility hard coking coal has been sold at a higher price than premium low-vol material in the fob market, sources...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Prices of stainless steel are generally set to reach highs for the year as 2020 comes to a close. For the most common nickel-containing grades of stainless steel, this upward trend is being driven above all by rising nickel prices, which themselves are hitting relatively high levels into the end of 2020.The price increases si...Read More
Mood optimistic as US and European dealers close for holidays. E-commerce surges; US online sales +30% on Super Saturday and +56% on Sunday before Christmas. Brick-and-mortar quiet due to spread of Covid-19. Chinese jewelers expecting release of pent-up demand during Feb. 12 Lunar New Year. Manufacturers raising polished production in anticipation of post-holiday inventory replacement. Rough tradi...Read More
RAPAPORT... New York's Diamond District is set to sparkle on TV this Tuesday night in the documentary series Streets of Dreams with Marcus Lemonis.The series presenter is a self-declared "champion of entrepreneurs" who is seeking to discover what makes America's most famous streets tick. As Lemonis walks amid the hustle and bustle of hawkers and diamond dealers on 47th Street, he has one clea...Read More
RAPAPORT... Romania's Supreme Court has sentenced mining magnate Beny Steinmetz to five years' imprisonment in a land-fraud case, according to Israeli media.The businessman, who has counted diamond mines among his vast interests, was accused of being involved in corruption carried out by a company for which he was a partner and adviser, Globes reported last week.Following the fall of Communis...Read More