BEIJING/SHANGHAI (Reuters) - Ford Motor Co (F.N) said on Thursday that for now it will not hike prices of imported Ford and higher-margin luxury Lincoln models in China, thus absorbing the cost additional of tariffs on U.S. vehicles due to be applied starting on Friday.The U.S. carmaker, which has faced sluggish sales in the world’s largest auto market, said in a statement that “it has...Read More
Race to the BottomLast week the price of gold fell $17, and that of silver $0.30. Why? We can tell you about the fundamentals. We can show charts of the basis. But we can't get into the heads of the sellers. Other people's fiat: in the global race to the bottom, it was recently the turn of emerging market currencies to tank. [PT] We can say that in the mainstream view, the dollar is rising. The...Read More
Domestic prices for cold-rolled coil in Europe have moved up slightly over the week despite slow market activity, sources told Metal Bulletin.European buyers have been mainly holding back from making new deals ahead of the announcement of preliminary findings in a European safeguarding case, market participants said.The European Commission (EC) opened an investigation into 26 steel products i...Read More
(The opinions expressed here are those of the author, a columnist for Reuters.)By Jamie McGeeverLONDON, July 5 (Reuters) - The world economy was in an unusual position last year, posting “synchronized” growth for the first time since the 2007-09 crisis. But there’s been no synchronized tightening of monetary policy this year, and by going it alone on raising interest rates the Fe...Read More
Turkish domestic rebar and wire rod prices have gone down over the past week due to sluggish demand, sources said on Thursday July 5.Metal Bulletin's weekly price assessment for domestic rebar in Turkey was $550-560 per tonne ex-works on Thursday, narrowing downward from last week's $550-565 per tonne."Time has passed since the [presidential and parliamentary] elections [in Turkey on...Read More
FRANKFURT (Reuters) - Recent volatility in financial markets will curb inflows this year into Allianz’s (ALVG.DE) asset management business, which includes U.S. bond giant Pimco, a board member told Reuters.In 2017, Allianz reeled in 150 billion euros ($175.25 billion) in net inflows, a record for a single year, lifting the group’s third-party assets under management to 1.45 trillion e...Read More
Turkish rebar export prices have gone down slightly over the past week, amid sluggish buying. But market participants were generally optimistic and expected demand to improve, sources said on Thursday July 5.Metal Bulletin's weekly price assessment for rebar exports out of Turkey was $545-555 per tonne fob on an actual weight basis, narrowing downward from the $545-560 per tonne of last week.Turki...Read More
LONDON (Reuters) - JPMorgan (JPM.N) has asked “several dozen” employees to lead a first wave of relocations from Britain to continental Europe by early 2019, kicking off plans to protect its business post-Brexit, a memo to staff shows.In its first Brexit-related mass communication to its 16,000-strong workforce in the UK this year, JPMorgan highlights the organizational and strategic c...Read More
ZURICH (Reuters) - The Swiss government must improve its measures to tackle corruption by federal officials and departments after steps taken were found to be inadequate, an evaluation report said on Thursday.“Important reforms” are needed to increase the effectiveness of the anti-corruption working group set up by the Swiss cabinet ten years ago, the Swiss Federal Audit Office’s...Read More
Imported steel billet prices decreased this week in Egypt with lower offers heard in the market, but domestic rebar prices remained unchanged, sources told Metal Bulletin on Thursday July 5.Metal Bulletin's weekly price assessment for domestic rebar in Egypt on Thursday July 5 was unchanged at E ?12,525-12,528 ($699) per tonne ex-works. The country's major rebar producer, Ezz Steel, continued offe...Read More
LONDON (Reuters) - Oil edged lower on Thursday but still stood not far off its highest in 3-1/2 years, boosted by potential disruptions to flows from Iran and the Middle East despite a fresh demand from U.S. President Donald Trump that OPEC cut prices.Brent crude futures LCOc1 were at $77.99 a barrel at 1345 GMT, down 25 cents.U.S. crude futures CLc1 were also down 25 cents at $73.89, not far from...Read More
BRUSSELS (Reuters) - European Union countries voted on Thursday in favor of provisional measures proposed by the European Commission to curb steel imports into the bloc, a Commission spokesman said.The Commission has proposed a combination of a quota and a tariff to prevent a surge of steel imports, notably since the United States imposed levies on incoming steel and aluminum.“This is intend...Read More
The import market for hot-briquetted iron (HBI) in Italy was flat during the week ended Thursday July 5 on low demand, according to sources in the market.Metal Bulletin's import price assessment for HBI in Italy was $320-330 per tonne cfr on Thursday, unchanged week on week."The market [for HBI] is totally flat here, because everyone involved in the metallic trade is waiting for the results of the...Read More
By Ira EpsteinBounce in metal?https://www.iraepstein.com/ Read More
Source: Michael Ballanger for Streetwise Reports 07/05/2018 Sector expert Michael Ballanger details his forecast for precious metals markets in the second half of 2018. -->Given the impressive reversal in gold last Monday, which appeared to occur during the Asian and European trading sessions as opposed to the Crimex pit session, it looks like the precious metals are adhering to the well-br...Read More
By Gary TanashianOn June 26 we provided an antidote to some media hysterics about a "Death Cross" in gold.On that same day we had an NFTRH update (still password protected, but below is the screenshot of the intro) illustrating for subscribers a developing positive risk vs. reward proposition in gold and silver.On June 28 we noted the out-performance by counter-cyclical gold miners to cyclical c...Read More
By Jordan Roy-Byrne CMT, MFTA Despite its lack of bullish fundamentals and the poor price action, Gold is now technically oversold and has reached strong support with sentiment approaching potentially extreme levels. The conditions are in place for a rally. That being said, bearish sentiment by itself is not enough to push Gold beyond a relief rally. While the combination of the net speculativ...Read More
By David HaggithFor a year and a half I've been writing about the retail apocalypse that is going to add to US financial woes. This is not a problem created by economic collapse but a problem that I have said will greatly contribute to economic collapse and that is so massive and widespread that it assures some level of economic decline all on its own. As everyone knows, the problem is largely c...Read More
By Ryan Wilday In last week's article, my charts showed that I expected a corrective rally into the zones we are now pushing against. As always, I marked key resistance with a box and price has entered those areas. These zones are $6724-$7045 in bitcoin (BTC-USD) and $461-$489 in ethereum (ETH-USD).Because I don't view the downside trend as complete, nor do we have price through resistanc...Read More
- Is the currency reset or global monetary reset (GMR) upon us? - Russia sold half their Treasuries in April and bought 600k ozs of gold in May - China has stopped buying US Treasurys and PBOC is quietly accumulating gold bullion - China has over $3 trillion in foreign exchange reserves and Russia has $461 billion - Physical gold market is finite and tiny vis-?-vis the fx markets and bond market...Read More