WASHINGTON (Reuters) - President Donald Trump’s Supreme Court nominee Brett Kavanaugh visited top U.S. Senate Republicans on Capitol Hill on Tuesday, seeking to build support among lawmakers in what promises to be a contentious confirmation battle with Democrats.Top Senate Democrat Chuck Schumer vowed an all-out battle against Kavanaugh, but senators in his party cannot block Kavanaugh&rsquo...Read More
Waving the White FlagThe price of gold rose two bucks last week, though the price of silver fell 10 cents. We have seen several analyses recently predicting big price drops, in one case by at least $500 in gold by the end of the year.Is this what capitulation looks like? It's said they don't ring a bell at the top, but they don't ring a bell at the bottom either. The give-up moment arrives... [PT...Read More
A Beginning Shift in Gold FundamentalsA previously outright bearish fundamental backdrop for gold has recently become slightly more favorable. Ironically, the arrival of this somewhat more favorable situation was greeted by a pullback in physical demand and a decline in the gold price, after both had defied bearish fundamentals for many months by remaining stubbornly firm. The eternal popularity...Read More
PARIS (Reuters) - The German economy is on course to grow roughly two percent this year, Economy Minister Peter Altmaier said in a newspaper interview published on Tuesday.“Growth has slowed in several European countries at the start of the year but we remain optimistic. German growth will reach more or less two percent in 2018. That will be an absolutely exceptional level,” Altmaier t...Read More
India's JSW Steel increased its crude steel production by 5% in April-June this year, producing 4.11 million tonnes, up from3.91 million tonnes in the same period in 2017.The company also produced 2.87 million tonnes of flat rolled products in the second quarter - which is the company's fiscal first quarter for 2018-2019 - a 4% year-on-year increase compared with the same quarter in 2017...Read More
NEW YORK (Reuters) - Oil prices rose on Tuesday on growing supply disruptions in Norway and Libya, but gains were pared after the United States said it would consider requests for waivers from Iranian oil sanctions.Brent crude futures LCOc1 rose by 64 cents to $78.71 per barrel by 11:38 a.m. EDT (1538 GMT). Earlier, the global benchmark hit a session high of $79.51.U.S. crude futures CLc1 were up...Read More
FRANKFURT/DUESSELDORF (Reuters) - Thyssenkrupp’s (TKAG.DE) workers and its leading shareholder will serve as an anchor of stability at the company following the sudden departure of Chief Executive Heinrich Hiesinger, they told a German regional newspaper.The remarks by the Alfried Krupp von Bohlen und Halbach Foundation, Thyssenkrupp’s top shareholder with a 21 percent stake, are the f...Read More
The global pig iron market was quiet in June with purchasing activity being low in the United States, where buyers booked large volumes in May."When the largest consumer postpones bookings, it brings uncertainty to the market," one trader told Metal Bulletin. "Everyone waits until the trend-setter shows where the market will turn."United StatesBuyers in the US consume more than 50% of the pig iron...Read More
(Reuters) - PepsiCo Inc (PEP.O) topped quarterly profit and revenue estimates on Tuesday as the company’s strategy to offer more healthier beverages and focus on its snacks business paid off.Sales at Frito-Lays snacks division continued to grow, rising for the second straight quarter, while its soda business in the second quarter posted its smallest sales drop in a year.This comes months aft...Read More
Turkish steel producers have resumed their deep-sea purchases of scrap for delivery in August following a downturn in prices, sources said on Tuesday July 10.Four deep-sea cargoes were heard traded on Tuesday, three of which were sold out of the United States, Metal Bulletin was told.A steel mill in the Izmir region booked a US cargo, comprising 32,000 tonnes of HMS 1&2 (80:20) at $348 per tonne,...Read More
(Reuters) - U.S. President Donald Trump on Tuesday pardoned Oregon cattle ranchers Dwight Hammond and his son, Steven, after both were convicted on arson charges, sparking the 2016 occupation of a wildlife refuge, according to a White House statement.The Hammonds' case led to the armed 41-day occupation of the Malheur National Wildlife Refuge. The takeover was the latest flare-up in a decades-old...Read More
CloseGain/LossGold $1255.50-$2.70Silver$16.06-$0.05XAU83.54+0.31%HUI179.70+0.49%GDM629.57-0.03%JSE Gold1077.79+1.72USD94.14+0.04Euro117.47UNCHYen89.92-0.34Oil$74.11+$0.2610-Year2.863%+0.002T-Bond145.0625-0.0625Dow24919.66+0.58%Nasdaq7759.20+0.04%S&P2793.84+0.35% The Metals: Gold fell $10.80 to $1247.40 in London before it bounced back higher in New York, but it still ende...Read More
The physical iron ore market stayed rangebound while steel prices rose on Tuesday July 10 amid more concerns over potential restrictions on blast furnaces in China's steelmaking hub.Metal Bulletin 62% Fe Iron Ore Index: $63.91 per tonne cfr Qingdao, down $0.01 per tonneMetal Bulletin 62% Fe Pilbara Blend fines Index: $62.82 per tonne cfr Qingdao, up $0.21 per tonneMetal Bulletin 58% Fe Premium Ind...Read More
By Ira EpsteinGold continue to drift lower with no story to prop it up.https://www.iraepstein.com/ Read More
NEW YORK (Reuters) - Facing a court-imposed deadline on Tuesday, the U.S. government has said it expects to have reunited 54 young children and parents separated by immigration officials after crossing into the United States from Mexico.The government said in court on Monday it could not meet the July 10 deadline for all of the roughly 100 children under five years old it had been ordered to reuni...Read More
BEIJING/SHANGHAI (Reuters) - U.S. carmaker Tesla Inc has hiked prices on its Model X and S cars by about 20 percent in China, the first automaker to do so in the world’s top automotive market in response to mounting trade tensions between the countries.The move is the earliest indication of how much higher Chinese tariffs on certain U.S. imports will flow through to buyers, with other automa...Read More
China's domestic rebar prices experienced a sharp rebound on Tuesday July 10 amid anticipation of production cuts in the country's steelmaking hub of Tangshan in the northern region.Domestic Eastern China (Shanghai): 4,000-4,050 yuan ($604-612) per tonne, up 60-70 yuan per tonne Northern China (Beijing): 3,940-3,990 yuan per tonne, up 70-80 yuan per tonne A document is being spread around in the s...Read More
By Ed Steer10 July 2018 -- TuesdayYESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUMThe gold price began to head quietly but unevenly higher as soon as trading began at 6:00 p.m. EDT in New York on Sunday evening. That rally lasted until shortly after 12:30 p.m. BST in London on their Monday afternoon -- and as soon as COMEX trading began, a dollar index 'rally' commenced almost at the same mom...Read More
By Craig HemkeThe evidence is mounting, and we invite you to consider the implications. First, a few items of background information. Perhaps these are unrelated, perhaps they are not. In 2013, a major Chinese conglomerate called Fosun International purchased One Chase Manhattan Plaza from JP Morgan: https://money.cnn.com/2013/10/18/news/china-jpmorg... Why would this be significant? Because it'...Read More
By Dave KranzlerThe economy is melting down - the only support for the Propaganda Narrative of a "booming economy" is a rising stock market. Without a doubt Trump has ordered the Working Group on Financial Markets - AKA "the Plunge Protection Team" - to push stocks higher for now so insiders can unload.The huge jump in credit card debt reported yesterday by the Fed was received as "good news"...Read More