LONDON (Reuters) - The five banks that settle every transaction in London’s $6.8 trillion a year gold market are changing the rules of their clearing house to make it easier for newcomers to join.The reform is part of a broad overhaul of institutions that underpin the world’s largest bullion trading center to make them more transparent after accusations of price manipulation by banks a...Read More
The restriction on imports of some copper scrap products to China has already caused the industry to make some process changes but many questions are still unanswered, a panel of scrap experts said at the Metal Bulletin Copper conference.The number of licenses granted by the Chinese government for copper scrap imports dropped by 94% year on year to account for 136,685 tonnes in the first two...Read More
WASHINGTON (Reuters) - Gary Cohn, the top economic adviser to U.S. President Donald Trump and a voice for Wall Street in the White House, said on Tuesday he would resign, a move that came after he lost a fight over Trump’s plans for hefty steel and aluminum import tariffs.The departure of Cohn, director of the National Economic Council, was expected to be finalized in a few weeks and will bl...Read More
Turkish steel mills have booked more deep-sea scrap for April, with prices rising slightly on strong demand for rebar and billet in the domestic market, sources told Metal Bulletin on Wednesday March 7."Steel mills have already sold a number of billet cargoes to the domestic market at around $585-590 per tonne ex-works," a Turkish source said."Rebar demand in the domestic market is also strong, [s...Read More
A Belgian court fined a man ?,?3,000 ($3,700) for telling a female police officer that she should do a job more “adapted to women.”It is the first time that anyone has been convicted of sexism under a new Belgian law.The driver was found guilty of three charges: contempt of a police officer, making threats and sexist remarks in public, and a serious violation of another person's digni...Read More
OTTAWA (Reuters) - Canada is sticking to its keep-calm strategy as U.S. President Donald Trump ramps up trade war rhetoric, convinced that no move is the best move for the country with the most to lose, but critics say it risks being a soft target if its strategy fails.While the European Union immediately drew up a list of U.S. products from bourbon to blue jeans to hit if Trump follows through on...Read More
Comex copper prices dipped in the US morning on Wednesday March 7 with a confluence of bearish signals, including a potential trade war and higher dollar, weighing on the base metals complex. Copper for May settlement on the Comex division of the New York Mercantile Exchange fell 2.80 cents or 0.9% to $3.1310 per lb. "Most of the base metals remain on a back footing this morning and that seems to...Read More
Via Sovereignman.comWeek before last, I told you about how the brand-new President of South Africa, Cyril Ramaphosa, made an impassioned speech calling for the confiscation of real estate from white land owners.It was a pretty remarkable thing to say during what was literally his first week in office.You'd think the new president would take the opportunity to address more immediate, more critical...Read More
Editor's Note: Gold and silver has been, at best, a frustrating trade. Exclusive to Kitco News, expert trader, Todd "Bubba" Horwitz, chief market strategist and founder of 'Bubba Trading provides a strategy investors can use in a range-bound gold price environment. Sign up before March 10 for the Kitco News Weekly Rundown newsletter to receive Horwitz's exclusive report and trading strategy.(Kitco...Read More
Base metals traded on the London Metal Exchange are down across the board by an average of 0.3% this morning, Wednesday March 7. Nickel leads the decline with a 0.9% drop to $13,520 per tonne, while the rest are off between less than 0.1% and 0.3%, with three-month copper prices at $6,977 per tonne.Volume has been average with 6,272 lots traded as of 06.48am London time. Precious metals prices are...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump said on Wednesday that China has been asked to develop a plan to reduce its trade surplus with the United States, without giving any details on how such a request had been conveyed.Trump is pressing to implement campaign promises of hardening the U.S. stance on trade. Last week, he announced that he planned to impose heavy tariffs on imported stee...Read More
NEW YORK (Reuters) - The dollar held steady on Wednesday, recouping earlier losses tied to the exit of a top economic adviser to U.S. President Donald Trump, which had raised concerns that tensions over a global trade war were entering a heightened phase.Doubts among traders persist over whether Trump’s proposed tariffs on imported steel and aluminum will be enacted, even after the White Hou...Read More
CloseGain/LossGold $1325.20-$8.50Silver$16.48-$0.26XAU78.79-2.48%HUI173.41-2.50%GDM605.87-1.64%JSE Gold1138.24-1.85USD89.58-0.04Euro124.13+0.03Yen94.35+0.09Oil$61.15-$1.4510-Year2.882%-0.002T-Bond144.125-0.28125Dow24801.36-0.33%Nasdaq7396.65+0.33%S&P2726.80-0.05% The Metals: Gold fell $10.90 to $1322.80 in early afternoon New York trade before it edged back higher into the close, but it st...Read More
By Graham Summers The financial media is awash with claims that Gary Cohn's resignation as Chief Economic Advisor is triggering a market collapse. While it's true that a market collapse is starting again, it has nothing to do with Gary Cohn. How do I know? Because Gary Cohn first wrote a resignation letter back in August 2017 in the wake of the Charlottesville mess... and stocks exploded hig...Read More
David Stockman on "Mornings with Maria" (Fox Business, March 7, 2018)David Stockman is a former Republican congressman from Michigan and was President Reagan's budget director from 1981 to 1985. After leaving the White House, Stockman became a managing director at Salomon Brothers, and he later founded a private equity fund. David is the founder of David Stockman's Contra Corner, and he is the aut...Read More
WASHINGTON, (Reuters) - The U.S. trade deficit increased to a more than nine-year high in January, with the shortfall with China widening sharply, suggesting that President Donald Trump’s “America First” trade policies are unlikely to have a material impact on the deficit.The Commerce Department said on Wednesday the trade gap jumped 5.0 percent to $56.6 billion. That was the hig...Read More
By Jordan Roy-Byrne CMT, MFTA The precious metals sector continues to correct and consolidate. Gold remains in a bullish consolidation. It recently reached resistance again and even though it has failed to breakout, it remains above long-term moving averages which are sloping upward. However, the gold stocks and Silver remain in correction mode. They are trading below the long-term moving avera...Read More
Northern Star Resources (ASX: NST) announced today that it has agreed to pay Westgold Resources (ASX: WGX) $62.6 million for the South Kalgoorlie mine, located about 50 kilometres from its Kundana operations in Western Australia.In a press release, Northern Star explained that the acquisition comprises the project's operating processing facility, which has an annual throughput capacity of 1.2 mill...Read More
Gregory Mannarino started his financial career working for the securities and trading arm of the now defunct Bear Stearns before the dot-com bubble. He is an active trader of the capital markets and has published several books pertaining to finance, global economics, and equity trading; His most recent book is titled Ultimate Guide To Money and The Markets (free ebook). Gregory currently hosts a b...Read More
(Reuters) - Wall Street’s main indexes fell on Wednesday as investors worried the exit of staunch free trade supporter Gary Cohn from the White House made the imposition of hefty steel and aluminum tariffs and eruption of a global trade war more likely.The Dow fell as much as 1 percent at opening before trimming some of those losses as markets again debated how serious Donald Trump was about...Read More