Inyesterday’s intraday Alert, we explained why the short-term outlook for theprecious metals changed from bearish to neutral and we took profits from ourshort positions. It was not just the fact that the price targets were reachedfor gold and silver. The key to the change in the outlook was seeing theconfirmations from gold’s performance relative to the USD Index and from themining sto...Read More
Evercore sees 12-year highs ahead for Marvell shares Marvell Technology Group Ltd. (NASDAQ:MRVL) is trading higher following a round of bullish commentary from the analyst community. This morning, for example, it was Deutsche Bank that upgraded the chip name to a "buy" from a "hold." And yesterday evening, Evercore initiated coverage on Marvell with an "outperform" rating and a $27 price target, a...Read More
One name is at risk for a round of bearish brokerage notesAquinox Pharmaceuticals Inc (NASDAQ:AQXP) is bracing for a steep plunge out of the gate, after the company said it would stop developing its bladder pain treatment, rosiptor, following disappointing late-stage study data for the lead drug. The firm also said it is evaluating its current drug pipeline, and looking into strategic alternatives...Read More
Cara Therapeutics' opioid pain treatment showed promising results in a trialWhile the broader U.S. stock market keeps trying to claw back the losses from Monday's massive sell-off, shares of World Wrestling Entertainment, Inc. (NYSE:WWE), Arcadia Biosciences Inc (NASDAQ:RKDA), and Cara Therapeutics Inc (NASDAQ:CARA) are exploding higher this morning. We'll take a closer look at why the stocks are...Read More
If past is precedent, stocks may struggle going forwardThe Dow Jones Industrial Average (DJI) has had an eventful week. Last Thursday concluded an eight-day losing streak for the index, just the 25th such streak over the past 100 years. Then on Monday, the Dow's remarkable streak of more than 500 days above its 200-day moving came to an end. Incidents like these make for good talking points by pun...Read More
The Italian authorities have postponed the takeover of steelmaker Ilva by ArcelorMittal until September 15, the minister of economic development, labour & social policies, Luigi Di Maio, said this week.Originally, ArcelorMittal expected to finalise the acquisition of Ilva by the end of the second quarter."I am evaluating every possible impact related to the decision I will have," Di Maio said.&nbs...Read More
We do not focus too much on the US dollarbecause in the big picture Gold usually leads movements in the dollar. As itpertains to the present, Gold’s failure to breakout (while the dollar made twonew lows since the summer 2016 peak in Gold) implies that the the dollar, atworst is not going much lower anytime soon. At best, it could signal that thedollar’s bull market will resume. With t...Read More
Technical analyst Jack Chan charts the latest moves in the gold and silver markets.Our proprietary cycle indicator is up. The gold sector is on a long-term buy signal. Long-term signals can last for months and years and are more suitable for investors holding for long term.The gold sector is on a short-term sell signal. Short-term signals can last for days and weeks, and are more suitable for trad...Read More
Prices in the CIS export billet market remained unchanged on Wednesday June 27, but negative sentiment among market participants was growing due to a lack of trading and the downward price trend in China's domestic market."Chinese billet [prices have] collapsed so we are likely to [be affected by] the decrease," a producer source told Metal Bulletin.A trader source co...Read More
Prices for rebar produced and delivered in Southern Europe widened upwards by ?,?10 per tonne over the past week, sources told Metal Bulletin on Wednesday June 27.Metal Bulletin's weekly price assessment for domestic rebar in southern Europe was ?,?475-500 ($555-584) per tonne delivered on Wednesday, up from ?,?475-490 per tonne one week earlier. The assessment includes offers and deals heard...Read More
CloseGain/LossGold $1251.80-$7.10Silver$16.05-$0.25XAU79.93-0.69%HUI170.45-1.43%GDM607.67-0.74%JSE Gold1032.87+8.41USD95.34+0.63Euro115.56-0.91Yen90.79-0.16Oil$72.76+$2.2310-Year2.828%-0.052T-Bond145.21875+0.96875Dow24117.59-0.68%Nasdaq7445.08-1.54%S&P2699.63-0.86% The Metals: Gold edged up to $1259.90 at about 8AM EST, but it then drifted back lower into the close and en...Read More
Domestic prices for mesh-quality wire rod produced and delivered in both Northern and Southern Europe remained largely unchanged over the past week, sources said on Wednesday June 27.Metal Bulletin's weekly domestic price assessment for mesh-quality wire rod in Northern Europe widened downwards by ?,?5 per tonne on Wednesday at ?,?530-545 ($619-636) per tonne delivered, compared with ?,?535-5...Read More
CloseGain/LossGold $1251.80-$7.10Silver$16.05-$0.25XAU79.93-0.69%HUI170.45-1.43%GDM607.67-0.74%JSE Gold1032.87+8.41USD95.34+0.63Euro115.56-0.91Yen90.79-0.16Oil$72.76+$2.2310-Year2.828%-0.052T-Bond145.21875+0.96875Dow24117.59-0.68%Nasdaq7445.08-1.54%S&P2699.63-0.86% The Metals: Gold edged up to $1259.90 at about 8AM EST, but it then drifted back lower into the close and en...Read More
By Ryan WildayThose key levels were $7075 and $505, the May 28 lows.And, while it did bring bitcoin down hard, we've seen very little decline in ethereum. I had suggested in previous writings and on my Korelin Report discussions that we've seen some fledgling signs of decoupling in some alt coins from bitcoin movements since April. This is further evidence.Not only did bitcoin break $7075 but pl...Read More
By Keith WeinerA gold bond is debt obligation that is denominated in gold, with interest and principal paid in gold. As I will explain below, it's a way for the issuer to pay off its debt in full, and there are other advantages.Sometimes, I find that it's helpful to show a picture of what I'm talking about. At the Harvard Club in New York, an old gold bond is hanging on the wall among other memo...Read More
By Jordan Roy-Byrne CMT, MFTA We do not focus too much on the US dollar because in the big picture Gold usually leads movements in the dollar. As it pertains to the present, Gold's failure to breakout (while the dollar made two new lows since the summer 2016 peak in Gold) implies that the dollar, at worst is not going much lower anytime soon. At best, it could signal that the dollar's bull mark...Read More
In yesterday's intraday Alert, we explained why the short-term outlook for the precious metals changed from bearish to neutral and we took profits from our short positions. It was not just the fact that the price targets were reached for gold and silver. The key to the change in the outlook was seeing the confirmations from gold's performance relative to the USD Index and from the mining stocks'...Read More
Being huge, consequential and technologically advanced, China isn't normally lumped into the "emerging" category with Brazil and Argentina. To most observers they've already left the kids table and are now seated with the developed-world adults. But that might be premature. A big part of China's economic ascendance was purchased with borrowed money - including a lot of US dollars - and came at t...Read More
- London house prices down 1.9 per cent in Q2 (yoy)- London house prices still 50% above 2007 bubble peak (see chart)- Brexit and weak consumer confidence to blame say experts- Little sign that U.K. property "weakness" is likely to change- London property bubble appears to be burstingFrom Bloomberg:U.K. house-price growth has slowed to the weakest pace in five years, while London values are...Read More
Most European steelmakers have increased their hot-rolled coil prices by ?,?20 ($23) per tonne this week, sources told Metal Bulletin on Wednesday June 27.The rises are expected to be supported by the impact of the preliminary findings in a European Commission safeguarding case, along with a lack of competitive import offers, according to market sources.The EC opened an in...Read More