WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to a further tightening of labor market conditions.Other data on Thursday showed a moderation in factory activity in the mid-Atlantic region in June amid a decline in new orders. Firms, however, continued to report overall increases in employment this month.The robust labor market,...Read More
Turkey's ferrous scrap import market was idle on Thursday June 21, with consumers in Turkey moving to the sidelines ahead of the Turkish general election on Sunday - the result of which has the potential to influence currency moves and interest rates, industry sources told Metal Bulletin.Moreover, Turkish steel producers are being cautious for the time being, with one trader source citing&nbs...Read More
KONYA, Turkey (Reuters) - In a dusty business park in Konya, Turkey’s conservative industrial heartland, Ahmet Hakan Umit sells imported machine tools that are quickly becoming too expensive for his customers.Sales are down as much as 30 percent this year as a deep dive in the lira currency has pushed up the cost of the computerized lathes he imports from Asia.“I’m scared. Even o...Read More
** Shares of online retailers take a hit after U.S. Supreme Court allows states to force these companies to collect sales tax** Amazon down ~1 pct, Wayfair off 3.6 pct, Overstock.com 2 pct, Etsy 4.3 pct, eBay ~2 pct and Shopify 3.4 pct** Amazon already collects state and local sales taxes** The justices, in a 5-4 ruling against Wayfair, Overstock and Newegg Inc, overturned a 1992 Supreme Court pre...Read More
NEW YORK (Reuters) - U.S. investors expect banks and other financial institutions to announce large returns of capital to shareholders after the Federal Reserve publishes the first set of results from its annual “stress test” late Thursday.Even so, gains in financial shares may be muted. Many of the 38 financial companies undergoing the test are expected to boost dividends and share bu...Read More
(Reuters) - Intel Corp (INTC.O) Chief Executive Brian Krzanich resigned on Thursday after a company probe revealed that a consensual relationship he had with an employee violated company policy.The head of the largest U.S. chipmaker is the latest in a line of powerful men in business and politics to lose their jobs or resign over relationships viewed as inappropriate, a phenomenon highlighted by t...Read More
PARIS (Reuters) - French President Emmanuel Macron said on Thursday populism was spreading across Europe like a disease that Europeans should fight more vigorously instead of criticizing the actions of pro-European governments like his.The 40-year old leader has come under pressure at home for not accepting the Aquarius migrant ship that far-right Italian Interior Minister Matteo Salvini turned aw...Read More
Trading activity in the physical iron ore market was lackluster on Thursday June 21 with prices staying rangebound.Metal Bulletin 62% Fe Iron Ore Index: $64.88 per tonne cfr Qingdao, down $0.61 per tonneMetal Bulletin 58% Fe Premium Index: $53.58 per tonne cfr Qingdao, down $0.03 per tonneMetal Bulletin 65% Fe Iron Ore Index: $87.70 per tonne cfr Qingdao, down $0.60 per tonneMetal Bulletin 62% Fe...Read More
ROME (Reuters) - A draft EU statement on immigration will be withdrawn following a “misunderstanding” over the text, Italian Prime Minister Giuseppe Conte said on Thursday after talking to German Chancellor Angela Merkel.Conte had threatened not to attend a gathering of European leaders in Brussels on Sunday to protest against the draft, which, amongst other things, called for asylum s...Read More
LONDON (Reuters) - Oil prices fell on Thursday as crude exporters in OPEC appeared to be nearing a deal to increase production.Benchmark Brent crude LCOc1 dropped $1.76 a barrel, or 2.3 percent, to a low of $72.98 before recovering a little to $73.54, down $1.20, by 1215 GMT. U.S. light crude CLc1 was $1.00 lower at $64.71.Brent reached a 3-1/2-year high above $80 a barrel last month but has falle...Read More
June 21 (Reuters) - Futures pointed to a lower opening for Canada’s main stock index on Thursday as oil prices fell on signs that OPEC is nearing a deal to bump up crude production.The Organization of the Petroleum Exporting Countries (OPEC) ends its biannual meeting in Vienna on Friday and is widely expected to agree to pump more, possibly supported by other major producers, including Russi...Read More
CloseGain/LossGold $1267.40-$2.10Silver$16.31+$0.01XAU80.89-0.43%HUI174.60-0.47%GDM609.68-0.32%JSE Gold1068.94-6.73USD94.82-0.27Euro116.12+0.29Yen91.12+0.39Oil$65.54-$0.1710-Year2.895%-0.041T-Bond143.9375+0.4375Dow2749.76-0.80%Nasdaq7712.95-0.88%S&P24461.70-0.63% The Metals: Gold dropped $8 to $1261.50 by a little after 8AM EST before it rallied back higher throughout mos...Read More
By Stefan GleasonGold and silver markets entered this summer with sentiment toward the metals in something of a deep freeze.For several months, precious metals prices have gone essentially nowhere. No sustained rallies to attract momentum traders; no washout plunges to attract bargain hunters. The long, protracted stalemate between bulls and bears has frustrated metals investors and, frankly, bo...Read More
Source: Michael J. Ballanger for Streetwise Reports 06/21/2018 Precious metals expert Michael Ballanger explains why he believes gold is bottoming. -->Today's missive is going to be brief as there are no need for words when you have the chart below indicating every major low in gold was accompanied by an RSI reading below 30. GLD (the physical gold ETF) is sporting a 27.46 RSI this morning...Read More
Listen in on a conversation with Mickey Fulp, the Mercenary Geologist, and myself, Peter Bell. We discuss generators like Eagle Plains and current excitement around Taiga Gold Corp., which is a sponsor for Mickey's website. Legal Notice / Disclaimer: This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. G...Read More
FRANKFURT (Reuters) - Germany’s Daimler (DAIGn.DE) cut its 2018 profit forecast and BMW (BMWG.DE) said it was looking at “strategic options” because of a trade war between China and the United States, sparking fears of a wave of earnings downgrades in the auto industry.Daimler said late on Wednesday that import tariffs on cars exported from the United States to China would hurt s...Read More
The decline in gold, silver and mining stocks continued yesterday, further increasing profits on our short position. But, since gold is already in the $1,260s, and our target area is $1,250 - $1,260, one should prepare for a nearby reversal. Indeed, one should be prepared, but it doesn't mean placing an exit order just yet. Apart from the price moving closer to our target of $1,250 - $1,260, we...Read More
The trade wars have escalated again. Should investors worry about them? Or should they focus on the Fed's hawkish policy? Let's find out what is a greater threat (or opportunity) for the gold market. Trade Wars Are Closer... Last week, President Trump slapped new steep tariffs on Chinese goods. He imposed 25% tariffs on almost $50 billion worth of goods (for most of them, tariffs will start on...Read More
Chinese ferrous futures were mixed during morning trading on Thursday June 21, with the rebar and hot-rolled coil contracts recording slight decreases while those for steelmaking raw materials edged up.Futures closing prices - morning sessionShanghai Futures Exchange October rebar: 3,812 yuan ($589) per tonne, down 5 yuan per tonneOctober hot-rolled coil: 3,902 yuan per tonne, down 4 yuan per tonn...Read More