WASHINGTON (Reuters) - President Donald Trump said on Friday he would not sign the more moderate of two bills under consideration in the U.S. House of Representatives that are meant to address the threat of deportation hanging over the United States’ “Dreamer” immigrants.“I’m looking at both of them. I certainly wouldn’t sign the more moderate one,” Trump...Read More
BARILOCHE, Argentina (Reuters) - A plan requested by U.S. President Donald Trump to prevent struggling nuclear and coal power plants from shutting is still being “fleshed out” by the U.S. Department of Energy and the White House, Energy Secretary Rick Perry said on Friday.“This is not just singularly an economic issue,” Perry told reporters at the G20 Energy Ministers&rsquo...Read More
Prices for imports of South Korea-origin hot rolled coil (HRC) into India have fallen by about $15 per tonne this week to $645-650 per tonne cfr Chennai port.This compared with a similar South Korean HRC shipment booked more than a month ago at $660-665 per tonne cfr Chennai port.The South Korean cargo, scheduled for shipment in July, was agreed by a Chennai-based end-user after importers in Mumba...Read More
BERLIN (Reuters) - German Chancellor Angela Merkel hinted at a new front in the trade row with the United States on Friday, warning that Europe’s strategic interests rode on the future of Europe’s car industry and hinting at competition probes of U.S. internet giants.Just as U.S. President Donald Trump had given national security as a reason for threatening punitive tariffs on German c...Read More
RISTINA/SARAJEVO (Reuters) - What do you do in Kosovo, one of Europe’s poorest countries, if you’re unemployed but young, computer-savvy and proficient in English? If you’re also entrepreneurial, one cottage industry you might consider is ‘mining’ cryptocurrency, or digital coins.Although the best-known cryptocurrency, bitcoin, has dropped far below the prices it hit...Read More
China's domestic hot-rolled coil prices were largely flat on Friday June 15, with traders and buyers in wait-and-see mode before the country's upcoming three-day public holiday.DomesticEastern China (Shanghai): 4,310-4,320 yuan ($674-675) per tonne, narrowed by 10 yuan per tonne at both ends of the range.Northern China (Tianjin): 4,240-4,250 yuan per tonne, narrowed down by 10 yuan per t...Read More
MOSCOW (Reuters) - OPEC and non-OPEC nations that are part of global oil production curbs plan to discuss possible changes in the oil production cut quotas at a meeting in Vienna on June 23, the Russian Energy Ministry said on Friday.The ministry also said that participants in the OPEC+ deal plan to discuss framework principles for further cooperation between OPEC and non-OPEC countries.Reporting...Read More
China's ferrous futures were mixed in the morning trading session on Friday June 15, with coke futures up, HRC futures down, and those of rebar, iron ore and coking coal largely flat. Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,877 yuan ($606) per tonne, down 2 yuan per tonne October hot-rolled coil: 3,954 yuan per tonne, down 13 yuan per tonne Dalian Commod...Read More
LONDON (Reuters) - Oil prices fell on Friday ahead of an OPEC meeting in Vienna next week as two of the world’s biggest producers, Saudi Arabia and Russia, indicated they were prepared to increase output.Benchmark Brent crude oil LCOc1 fell by $1.07 a barrel to a low of $74.87 before recovering to $75.12, down 82 cents, by 1328 GMT. U.S. light crude CLc1 was 360 cents lower at $66.53.Both co...Read More
(Reuters) - Wells Fargo & Co said on Friday a district court in California approved a $142 million class-action settlement to compensate customers who were affected by a sales scandal related to the opening of phony bank accounts.The scandal came to light in September 2016 when the bank agreed to pay $185 million in penalties to settle charges by authorities including the U.S. Consumer Financi...Read More
June 15 (Reuters) - Futures pointed to a lower opening for Canada’s main stock index on Friday as oil prices fell after Saudi Arabia and Russia hinted that two of the world’s biggest producers would increase output.Ahead of an OPEC meeting in Vienna on June 22-23, Russian Energy Minister Alexander Novak said on Thursday after talks with Saudi Energy Minister Khalid al-Falih in Moscow t...Read More
BERLIN (Reuters) - The conservative alliance headed by Angela Merkel may splinter in a row over immigration, an ally of the German chancellor said on Friday, as the third party in her fragile government suggested its patience was wearing thin.The disagreement between Merkel’s Christian Democrats (CDU) and their Bavarian Christian Social Union (CSU) sister party threatens the future of her co...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Turkish scrap import prices recovered this week on steady demand from the country's steel mills. This was due to bullish sentiment in the markets arising from the United States' decision to impose its Section 232 import tariffs on material from the EU, Canada and Mexico.The US import pig iron market imp...Read More
CloseGain/LossOn WeekGold $1280.50-$22.30-1.39%Silver$16.59-$0.60-1.01%XAU82.58-2.47%-0.42%HUI177.88-2.34%-0.53%GDM620.37-1.75%-0.52%JSE Gold1048.64-30.58-1.08%USD94.77-0.02+1.28%Euro116.09+0.28-1.37%Yen90.43+0.02-1.06%Oil$65.06-$1.83-1.03%10-Year2.925%-0.012-0.61%Bond144.53125+0.40625+0.43%Dow25090.48-0.34%-0.89%Nasdaq7746.38-0.19%+1.32%S&P2779.42-0.11%+0.01% The Metals: ...Read More
By Ira EpsteinSilver holds key support but gold doesn't.https://www.iraepstein.com/ Read More
Gold COT Report - FuturesLarge SpeculatorsCommercialTotalLongShortSpreadingLongShortLongShort192,75272,51248,368159,416300,003400,536420,883Change from Prior Reporting Period 7,431-1,393-2,344-4,6081,632479-2,105Traders18378794651265178 Small Speculators LongShortOpen Interest 48,15927,812448,695 -2,425159-1,946 non reportable positionsChange from the previous reporting...Read More
Gold weathered the Federal Reserve's 7th rate hike of this cycle this week. Gold-futures speculators and to a lesser extent gold investors have long feared Fed rate hikes, selling ahead of them. Higher rates are viewed as the nemesis of zero-yielding gold. But contrary to this popular belief, past Fed rate hikes have proven very bullish for gold. This latest hike once again leaves gold s...Read More
By Alasdair MacleodRegular readers of Goldmoney's Insights should be aware by now that the cycle of business activity is fuelled by monetary policy, and that the periodic booms and slumps experienced since monetary policy has been used in an attempt to manage economic outcomes are the result of monetary policy itself. The link between interest rate suppression in the early stages of the credit c...Read More
HighlightsProfessor Laurence Kotlikoff, author of the FREE book: You're Hired! says gold and silver investors could emerge victorious. What could drive PMs prices higher? Our trading "partners" are already starting to make it clear that they don't need us.Tensions between the US and key nations continues to ratchet up on the heels of Group of Seven nations talks in Canada this past weekend. The...Read More
Powell delivered and hiked again. Draghi halved the amount of purchased assets, but did not have the courage to end the quantitative easing program. Does the former have bigger cojones than the latter? And what does it mean for the gold market? Don't Worry, It's Just another Hike In line with the expectations, the FOMC acknowledged the improved economic outlook (the economy has grown at solid...Read More