The WHO has declared the coronavirus a global public health emergencyU.S. stock futures are pointing to a mixed open for stocks, with earnings and the latest coronavirus headlines in focus. Traders are cheering a blowout report from FAANG name Amazon.com (AMZN), while Caterpillar (CAT) shares are moving lower due to the blue chip's disappointing 2020 outlook. Meanwhile, the World Health Organizati...Read More
European steel association Eurofer forecasts a modest recovery in apparent steel consumption in 2020, with risks relating to import volumes, Eurofer said on January 30."2019 was another challenging year for the steel sector, with declines in steel consumption and import levels, which - while down compared to 2018 - were still very high compared to historical levels," director general of Eurofer, A...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 376,40146,30986,056192,300553,114654,757685,479 Change from Prior Reporting Period 1,608-10,789-55,418-20,145-11,234-73,955-77,441 Traders 22856825857311180 Small Speculators LongShortOpen Interest 60,78230,060715,539 -4,335-849-78,290 non reportable posi...Read More
The US stock markets dramatically surged mostly in a straight line since mid-October. This extraordinary rally started when the Federal Reserve announced it would resume expanding its balance sheet for the first time in years. The deluge of new liquidity from that quantitative-easing bond buying has again acted like rocket fuel for stock markets. After shooting vertically they are in real...Read More
By: Ira EpsteinGold higher lows and higher highs. $1,567.90 key short-term support. 18-dma at $1,568+Read More
Following up on some of our recent metals research, we wanted to alert our friends and followers to the incredible opportunity that still exists in Silver. We’ve highlighted two of our more recent articles for reference and review, below. Silver continues to be one of the most incredible opportunities for 2020 and Silver Miners (SIL) could explode to the upside as the price of Si...Read More
The inter-merchant spot market for light iron scrap in the UK dropped in the week ended Friday January 31, with British domestic prices dragged down by persistent weakness in the European export market to key buyers in Turkey and the Indian subcontinent, sources have told Fastmarkets.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, w...Read More
South American flat steel import prices either rose or held firm during the week ended Friday January 31, while the absence of China from the market drove customers to look for materials from other origins.The Chinese government postponed the country's return from the lunar new year holiday to February 3, from January 31 originally, amid the outbreak of a coronavirus in Wuhan. Shanghai has extende...Read More
The price of austenitic alloy steel scrap in the UK domestic market decreased this week because of lower nickel costs, sources told Fastmarkets on Friday January 31. Fastmarkets' price assessment for stainless steel scrap 18/8 solids, domestic, delivered merchants UK, was ?750-780 ($979-1,018) per tonne on Friday, down by ?20-30 per tonne from ?780-800...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 376,40146,30986,056192,300553,114654,757685,479 Change from Prior Reporting Period 1,608-10,789-55,418-20,145-11,234-73,955-77,441 Traders 22856825857311180 Small Speculators LongShortOpen Interest 60,78230,060715,539 -4,335-849-78,290 non reportable posi...Read More
The US stock markets dramatically surged mostly in a straight line since mid-October. This extraordinary rally started when the Federal Reserve announced it would resume expanding its balance sheet for the first time in years. The deluge of new liquidity from that quantitative-easing bond buying has again acted like rocket fuel for stock markets. After shooting vertically they are in real...Read More
David SmithIn late December 2019, a bill from the German finance ministry - which had passed the lower legislative house - proposed lowering the "anonymous purchase limit" for precious metals from EUR10,000 to EUR2,000 (about $2,200), a reduction of 80%.At the current price, one could buy less than one and one-half troy ounces of gold without activating customer ID paperwork, and for businesses...Read More
Steve St. Angelo, SRSrocco Report The majority of precious metals investors do not understand the important fundamental factor to acquire and hold gold and silver. While most precious metals analysts promote investing in gold and silver due to the highly leveraged money supply, debt, and derivatives, they fail to warn about the "Energy Impact Factor." In my newest video update, The Amazing...Read More
By: Robert LambourneSince May 2019 the Bank for International Settlements, which represents most central banks, has increased its use of gold swaps and other gold-related derivatives from an estimated 78 tonnes to an estimated 313 tonnes as of December 2019.The bank's total gold swaps and derivatives stood at 250 tonnes in November 2019.The BIS uses gold swaps and other gold derivatives to gain...Read More
Dave KranzlerThe total US market valuation at $33.9 trillion is 157.4% of the last reported GDP. It's the highest market valuation ever. The more the policy-makers try to pump and jawbone the market higher, the worse the consequences will be on the downside when the rug is pulled out from under stocks. The trigger could be anything. Eventually the market will acknowledge and accept the fact th...Read More
By: Ira EpsteinGold higher lows and higher highs. $1,567.90 key short-term support. 18-dma at $1,568+Read More
The London Metal Exchange three-month lead price was higher by close of trading on Friday January 31, regaining the bulk of losses made earlier in the week against moderately low turnover, while tin futures similarly made gains over the afternoon.Lead's underlying price on the LME closed at $1,879 per tonne this afternoon, recovering from an intraday low of $1,828 per tonne, while turnover was at...Read More
Chilean state-owned copper producer Codelco has appointed Jos?(C) Sanhueza Reyes, currently general manager of the Ventanas division, to the newly created role of smelter and refinery vice president, the company said on Friday January 31.The promotion will become effective on March 1, when Reyes will become responsible for all...Read More
Just as China and the United States started to reach a deal and trade tensions eased, providing some longed-for certainty, the novel coronavirus (2019-nCov) has again increased fear and uncertainty in the steel and feedstock markets.Although there may be no impact of the coronavirus on China's GDP in the long run, we have already passed the point of "no effect" on the market, as raw material price...Read More
The London Metal Exchange three-month lead price was higher by close of trading on Friday January 31, regaining the bulk of losses made earlier in the week against moderately low turnover, while tin futures similarly made gains over the afternoon.Lead's underlying price on the LME closed at $1,879 per tonne this afternoon, recovering from an intraday low of $1,828 per tonne, while turnover was at...Read More