FedEx, UPS, Walgreens, and CVS are all getting hammeredThe latest announcements out of Amazon.com, Inc. (NASDAQ:AMZN) are set to have a major impact on the stock market today. Specifically, the e-commerce juggernaut said it would be leasing Amazon delivery vans to small businesses, while providing the businesses with things such as uniforms and insurance programs. This news is set to weigh on the...Read More
The Italian steel distribution network faces a shake-up from ArcelorMittal's efforts to meet its anti-trust obligations to acquire steelmaker Ilva.The European Commission (EC) EC has requested the "sale availability" of four ArcelorMittal CLN Distribuzione Italia (AM CLN) steel service centers (SSCs), Cesare Vigan??, the managing director of ArcelorMittal CLN Distribuzione Italia (AM CLN), said."T...Read More
The final reading on first-quarter GDP was downwardly revised to 2%Futures on the Dow Jones Industrial Average (DJI) are signaling a negative start, with the blue-chip index set to continue the downside momentum created during yesterday's big reversal. While Wednesday's afternoon sell-off was sparked by weakness in the tech sector, today's pre-market action could be the result of the final reading...Read More
Bob Moriarty of 321 Gold discusses the theory that there is a relationship between the full moon and the price of gold.For several months I have been beating the drum saying that there would be a tradable low for the precious metals in the June/July timeframe. The way to be fairly certain would be using the Commitment of Traders report and Daily Sentiment Indicator to mark an extreme of sentiment....Read More
Flat steel production in Turkey is expected to remain strong in the rest of 2018 thanks to the strong demand locally and abroad, sources told Metal Bulletin this week.The country produced 5.17 million tonnes of slab - which is used to produce flat steel products - in the January-May period, up 7.12% from 4.83 million tonnes a year earlier, according to the Turkish Steel Producers Association (T???...Read More
FLAT LINE AFTER A HEART ATTACK, but what awaits come the Holidays?So the GREEN is a Cannabis Index, which shows once investors got over their reluctance, they embraced the reality that Cannabis was and still is a coming trend. For this reason, I’d take a Scientific Wild Assinine Guess (S.W.A.G) that a minimum of 2-4 times the CANNIBIS related stocks, in the short run, are going to have specu...Read More
CVG Venalum has halted at least one shipment to a United States-based customer while the company deals with allegations that its senior management was involved in a money-laundering and drug trafficking scheme using the plant as cover, a person familiar with the matter told Metal Bulletin. The Venezuelan state-owned firm was recently named in a US Department of the Treasury's Office of Foreign Ass...Read More
Turkish domestic rebar prices have slipped over the past week due to weak demand while wire rod prices have risen, with two mills opening their local sales at higher prices, sources said.Metal Bulletin's weekly price assessment for domestic rebar was $550-565 per tonne ex-works on Thursday June 28, down from the $553-570 per tonne on June 21.The price fall reflects sluggish demand, caused by uncer...Read More
Base metals prices on the London Metal Exchange closed mostly in negative territory on Thursday June 28, with lead edging 1.5% lower amid broad downward trends in tin and copper. Although lead had previous shown some resilience to the recent slowdown across the complex, prices dropped below $2,400 per tonne for the first time since May 18. Broad strength in the dollar continues to weigh on th...Read More
CloseGain/LossGold $1248.20-$3.60Silver$16.00-$0.05XAU79.83-0.13%HUI170.52+0.04%GDM609.88+0.24%JSE Gold1023.95-8.92USD95.32-0.02Euro115.66+0.10Yen90.49-0.30Oil$73.45+$0.6910-Year2.840%+0.012T-Bond145.09375-0.1875Dow24216.05+0.41%Nasdaq7503.68+0.79%S&P2716.31+0.62% The Metals: Gold gained $2.40 to $1254.20 at about 9AM EST, but it then drifted back lower for most of the re...Read More
By Gary TanashianThe GDX/COPX ratio has broken above the 50 & 200 day moving averages and is still going, despite gold's ignominious state at the moment.Here's what gold (GLD) looks like today.Here is what copper looked like at yesterday's close (in-day today it is a hair under 3, at 2.9981/lb). And yes, that is important support.Against the broader Industrial Metals complex GDX is weaker. But X...Read More
By Peter DegraafIt is generally agreed that in a Gold Bull Market, the gold producers lead the way, by outperforming gold bullion. To examine this trend we visit Stockcharts.com and pull up a chart that compares mining stocks (GDX) to gold bullion (GLD).This index bottomed in March and since then the miners have moved ahead of gold bullion. The first hurdle, at the 50DMA (blue line) was over...Read More
By Dave KranzlerThe economy has hit a wall and is now sliding down it. I don't care what bullish propaganda may or may not be bubbling up in the headlines from the financial media and Wall Street, the hard numbers I look at everyday show accelerating economic weakness. The fact that my view is contrary to mainstream consensus and political propaganda reinforces my conviction that my view about t...Read More
Gary Christenson wrote this article for Miles Franklin.We can find many opinions stating crude oil and gasoline prices will rise... and fall. Let's discuss.Correlate the weekly prices of wholesale gasoline and crude oil over 30 years. The correlation is 0.987 near perfect. Rising or falling gasoline prices will follow rising or falling crude oil prices.In My Opinion:Crude oil and gasoline prices...Read More
HOW NATIONS CAN BYPASS AMERICA IMPOSED TRADE SANCTIONS After the "Second World War" and the formation of World Trade Organization (WTO), the USA has used the phrase "Trade Sanctions" for nations to do everything which it wants. "Trade Sanctions" is basically a nation not able to buy or sell in the global market. Only the USA and Russia can survive by being a closed economy. The rest of the count...Read More
The recent Alchemist includes an interesting article about hedging. Should mining companies hedge their gold production? Or should we use gold as hedge? Of course, we should. But against what? The WGC argues that the yellow metal is a hedge against emerging market risk. Is it true? Hedging on the Up As usual, there are several interesting articles in the latest issue of the LBMA's Alchemist, w...Read More
By Craig HemkeFor the reasons we've discussed over the past several years, the U.S. yield curve continues to flatten, with Wednesday seeing new, 11-year low spreads. As you know by now, this has significant long-term implications. Let's start with the latest update. Below are snapshots of the current yields for the 2-year note and the 10-year note. Subtract the 2-year yield from the 10-year yie...Read More
If there were any doubts that the Chinese stockmarket had entered a bearmarket, these were dispelled by the breach of key support at 3000 and plunge last week, which we can see to advantage on the 6-month chart for the Shanghai Composite index shown below. A tentative downtrend channel is drawn on this chart, but it is important to note that this drop could rapidly gather momentum and get a lot...Read More
Russia and Turkey's moves out of U.S. debt and into the precious metal could be precursors of a bigger global shift.by Leonid Bershidsky of BloombergU.S. government debt and the world's foreign exchange and gold reserves. Source: BloombergSince December 2017, Russia has cut its holdings of U.S. foreign debt by more than half.Instead, it's been increasing the share of gold in its international re...Read More
CloseGain/LossGold $1248.20-$3.60Silver$16.00-$0.05XAU79.83-0.13%HUI170.52+0.04%GDM609.88+0.24%JSE Gold1023.95-8.92USD95.32-0.02Euro115.66+0.10Yen90.49-0.30Oil$73.45+$0.6910-Year2.840%+0.012T-Bond145.09375-0.1875Dow24216.05+0.41%Nasdaq7503.68+0.79%S&P2716.31+0.62% The Metals: Gold gained $2.40 to $1254.20 at about 9AM EST, but it then drifted back lower for most of the re...Read More