Base metals prices on the London Metal Exchange performed well on Tuesday July 20, despite strong headwinds from rising coronavirus cases and a strong United States Dollar Index."The sell-off on Monday July 19 across the LME base metals complex was triggered by a set of negative macro dynamics, which spooked global investors," Fastmarkets analyst Andy Farida said. "Risk sentiment turned very negat...Read More

The London Metal Exchange nickel cash price is likely to hit $20,500 per tonne in the third quarter, with strong stainless steel demand and electric vehicle (EV) restocking driving the uptrend, according to analysts at Citi.Despite a sell off across base metals on July 19, Citi Metals Strategist Oliver Nugent told Fastmarkets that nickel fundamentals remain strong for Q3 and that he expects the pr...Read More

Hot-rolled coil prices across China's domestic market edged lower on Tuesday July 20 and futures prices fell following Beijing's latest pledge to ensure stable prices for commodities.DomesticEastern China (Shanghai): 5,850-5,930 yuan ($903-915) per tonne, down by 20-30 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange slipped to a one-week low of 5,822 yuan per tonne in e...Read More

There will be FIREWORKS in the Silver Market... by Steve St Angelo of SRSrocco ReportWhy did the iShares SLV ETF add so much silver to its inventories yesterday when the price of silver sold off? The iShares SLV ETF added more silver in one day than the combined 4-week net change of several of the other leading Silver ETFs. Also, why has Sprott's PSLV ETF valued declined compared to the silve...Read More

Precious metals markets got absolutely slammed onThursday.  The selling rout followedstatements put out by the Federal Reserve suggesting that tapering and ratehikes could come sooner than previously expected.The U.S. Dollar Index spiked on the Fed’s latest talkingpoints, prompting short sellers in the commodity futures markets to pounce. Copper and most other commodities also got hamme...Read More

Gold declined yesterday, or I shouldsay, it rushed down at breakneck speed. And while it might have been a surprisefor some, it wasn’t for me.However, we should stay alert to anypossible changes, as no market moves in a straight line. Tread carefully.On a side note, while I didn’t check itmyself (well, it’s impossible to read every article out there), based on thecorrespondence I...Read More

Gold had a remarkable 2020, gaining 22% for the calendar year on a “perfect storm” of factors, namely:Torrid safe haven demand driven by fear of the coronavirus and its economic fallout;Record-low sovereign bond yields, with many countries’ bonds actually offering negative returns. There is a strong correlation between the gold price and low yields, particularly the benchmark US...Read More

The US GDP has already recovered from the pandemic recession. What’s next for the economy and the gold market?Ladies and Gentlemen, the economic crisis has ended. Actually, not only is the recession over but so is the recovery! This is at least what the recent GDP readings are indicating. As the chart below shows, the US nominal GDP has already jumped above the pre-pandemic level . The real...Read More

With the CPI annual inflation rate spiking 5% in May, gold could have gained a lot in response. However, it rallied only $20. Should we prepare for more?Whoa! Inflation soared 5% in May – quite a lot for a nonexistent (or transitory) phenomenon! But let’s start from the beginning. The CPI rose 0.6% in May, after increasing 0.8% in April. Meanwhile, the core CPI, which excludes food and...Read More

The halfway point of the year is quicklyapproaching. Dwindling confidence and concern over the direction of the countryalong with rising inflation expectations continue to drive strong demand for physical gold and silver. Thattrend appears set to continue through the second half of 2021.Here are a few big stories with thepotential to drive bullion buying in the months ahead. Federal Reserve May Be...Read More

Gold endured a 20% correction over eight months. A 15% rebound followed that in two months. It has retraced some, but not a majority of the losses.This action is all part of the handle of a super bullish cup and handle pattern.The handle itself is part of a much larger bullish consolidation, but the market is approaching resistance within the handle.Below we plot GDXJ, GDX, Gold, and Silver. As yo...Read More

Inflation is back, and that’s usually depicted as good for gold. But is the yellow metal still a hedge against inflation, or has something changed?Inflation has returned. This is partly understandable. After all, during the Covid recession , consumers and businesses accumulated a lot of cash as their spending was reduced, while revenues were sustained by money transfers from the government....Read More

Fastmarkets has corrected its weekly price assessment for European high-carbon ferro-chrome (60-70% Cr), which was published incorrectly on Tuesday July 20 due to an error in the review process.Fastmarkets' weekly price assessment for MB-FEC-0004 ferro-chrome, high carbon, 6-8.5% C, basis 60-70% Cr, max 1.5% Si, delivered Europe, should have been $1.34-1.55 per lb Cr but was published as $1.34-1.6...Read More

Having adjusted to the major changes that occurred in 2020, the diamond trade is in an unusual position this year. The market has diverged into two streams: those centers where the economy is open again, and those still facing sporadic outbreaks of the coronavirus.Overall, the trade continues to benefit from the Covid-19 dynamic, as consumers are not yet spending on travel and experiences the way...Read More

Turkish steel mills remained silent on Tuesday July 20, with no bookings heard due to the ongoing week-long Eid al-Adha public holiday, sources told Fastmarkets.The Turkish deep sea scrap market has remained silent since material was last booked on Tuesday July 13.A public holiday on Thursday 15 July also slowed any possible trading...Read More

RAPAPORT... Luk Fook's sales soared 118% in the first fiscal quarter amid the relaxation of border restrictions and an economic rebound.Total same-store sales - at Luk Fook outlets open for more than a year - in Hong Kong and Macau surged 111% in the three months ending June 30, the company said last week. Same-store sales of gold priced by weight jumped 106%, while purchases of fixed-price jewelr...Read More

RAPAPORT... Willie Nagel, a legendary diamond broker and pioneer of the Kimberley Process (KP), died on July 14, according to an announcement by his family in London's Jewish Chronicle.Nagel was born in 1925 in Czernowitz, then part of Romania, according to a 2018 profile in The Daily Telegraph. He came to London to study law, but he ended up brokering diamond deals: He started off working fo...Read More

(IDEX Online) - A hysterical bride was reunited with the diamond that fell out of her engagement ring at JFK Airport - thanks to an eagle-eyed TSA (Transportation Security Administration) officer.The New York couple were jetting off for a pandemic-delayed honeymoon on the far-flung island of Guam, in the Western Pacific, when they realized the gem had become dislodged.They boarded their plane in d...Read More

(IDEX Online) -  Tiffany & Co has abandoned its eight-year legal battle with Costco over its sale of generic solitaire diamond engagement rings bearing the jeweler's name.Both parties yesterday told a judge at Manhattan District Court, USA, that they had agreed to dismiss the case.No details of the settlement were disclosed but Costco lawyer David Bernstein said the companies had "am...Read More

RAPAPORT... De Beers' rough prices spiked in the first half of 2021 as supply shortages coincided with buoyant diamond demand at the trade and retail levels.The miner's price index rose 14% during the six months, reflecting "tightness in inventories across the diamond value chain, as well as positive consumer demand for polished diamonds," parent company Anglo American said Tuesday. De Beers...Read More