Today is Monday, March 2, 2020, and this is your daily gold market update. Let's look at the latest price of gold, value of the dollar, gold/silver ratio, Commitment of Traders data, and exchange-traded fund (ETF) prices to get a sense of how the yellow metal is faring today.Gold PriceThe price of one troy ounce of gold in U.S. dollars today is $1,601.85. It's up 1.01% from yesterday and up 23.91%...Read More
Today is Monday, March 2, 2020, and this is your daily energy stocks roundup. Today we're looking at the valuations of Valvoline (NYSE: VVV), ProPetro Holding Corporation (NYSE: PUMP), and Solaris Oilfield Infrastructure (NYSE: SOI).Valvoline (NYSE: VVV)Valvoline (NYSE: VVV) is a $3.641 billion company today with a one-year return of 3.78%. Let's look at its price-to-earnings (P/E) ratio, its ente...Read More
The price of oil took a one-two punch during the first two months of 2020, falling almost 26% year to date.And trading at just over $45 per barrel right now (a 14-month low), crude is a screaming buy.The first factor that sent oil plunging beginning this year was an expected oversupply. Late in 2019, the IEA said global crude inventories were expected to rise regardless of deals between OPEC and i...Read More
Here are five Fastmarkets stories you might have missed on Monday March 2 that are worth another look.The China Council for the Promotion of International Trade (CCPIT) has issued 1,615 force majeure certificates to businesses in China affected by the novel coronavirus (2019-nCOV) outbreak.The price of European aluminium ingot 226 continued to climb on Friday February 28 due to strong domesti...Read More
Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK Canadian Insider Index went from notching 2020 highs to plunging a steep 127 points or 10.4% as US and world markets tumbled. The INK CIN did bounce off its intraday low on Friday of 1070.58 to close at 1095.92.MACD plunged 12.1 points to -15.36. RSI plunged a whopping...Read More
Domestic prices for hot-rolled coil in Europe were fairly stable day on day on Monday March 2, buoyed by a continued lack of competitive import offers, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?484.55 ($534.22) per tonne on Monday March 2, down by ?,?0.35 per tonne day on day from ?,?484.90 per tonne on February 28.The index...Read More
The China Council for the Promotion of International Trade (CCPIT) has issued 1,615 force majeure certificates to businesses in China affected by the novel coronavirus (2019-nCOV) outbreak.Local exporters that applied for the force majeure "legal shield" cover over 30 different sectors, according to a CCPIT announcement on its website on February 26. The legal provision is traditionally used...Read More
With competition in the global steel markets remaining fierce, Fastmarkets provides an update on the new, progressing and closed trade cases from around the world in February 2020.The case list below includes only updates. For other continuing cases this year, see the...Read More
The D? 1/4 sseldorf wire and tube fair has been postponed due to the spread of the novel coronavirus (2019-nCoV), the fair organizer, Messe D? 1/4 sseldorf, said on Saturday February 29.The international trade fair for wire, cable, tube and pipe industries was due to take place on March 30 to April 3. "We are following the recommendation of the crisis management team of the German government to ta...Read More
Italy's novel coronavirus (2019-nCoV) outbreak has so far failed to disrupt steel output or shipments, but market participants are concerned it could have a negative impact on the wider economy and on steel demand, sources told Fastmarkets. The Italian authorities have quarantined some regions in the north of Italy to try and contain the outbreak, with 11 towns and villages in the Lombardy an...Read More
Here are five Fastmarkets stories you might have missed on Monday March 2 that are worth another look.The China Council for the Promotion of International Trade (CCPIT) has issued 1,615 force majeure certificates to businesses in China affected by the novel coronavirus (2019-nCOV) outbreak.The price of European aluminium ingot 226 continued to climb on Friday February 28 due to strong domesti...Read More
PlungerI would like to put out a quick special report to update you on the big picture in light of all of the market turmoil and provide some of the concepts which may suggest where we are going from here.First off I you were reading these reports in the late summer of 2018 I put out a 3-part series on the Post Bubble Contraction (PBC). Well the PBC has now arrived. Of course it was virtuall...Read More
Trade very carefully today. Central banks are all out to prevent a big crash in stock markets. Crude oil and copper are bullish at the moment. I used to write a monthly column for a jewelry magazine in India between 2007 and 2012. (Now I do not write articles for any media other than www.goldseek.com). In one of the articles I had written that gold prices will crash when human's survival is ques...Read More
The Turkish steel producers have extended their absence from the deep-sea scrap markets in expectation of lower prices, but suppliers were holding firm, sources said on Monday March 2.After buying several cargoes in the first three weeks of February, the mills stepped back from purchase activity at the beginning of last week.The most recent deep-sea transactions had put the price of HMS 1&2 (80:20...Read More
Global markets continue to grapple with the ongoing outbreak of the Coronavirus. Nouriel Roubini, Professor of Economics at NYU Stern, joins Yahoo Finance to discuss.Nouriel Roubini, a professor at NYU's Stern School of Business and Chairman of Roubini Global Economics, was Senior Economist for International Affairs in the White House's Council of Economic Advisers during the Clinton Administratio...Read More
The China Council for the Promotion of International Trade (CCPIT) has issued 1,615 force majeure certificates to businesses in China affected by the novel coronavirus (2019-nCOV) outbreak.Local exporters that applied for the force majeure "legal shield" cover over 30 different sectors, according to a CCPIT announcement on its website on February 26. The legal provision is traditionally used...Read More
CIS export slab export prices fell in the week to Monday March 2, with deals being done at lower prices and the size of the discount varying depending on the final destination, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel slab, export, fob Black Sea, CIS, was $405-420 per tonne on March 2, down by $5-10 per tonne week on week.A 50,000 cargo of Ukraine-origin slab was rep...Read More
Mar 01, 2020 Guest(s): Chantelle Schieven Research Head, Murenbeeld & Co. Despite gold's recent lackluster performance the price can easily go higher if the Federal Reserve cuts interest rates by 50 basis points at its next meeting, according to Chantelle Schieven, head of research for Murenbeeld & Co. On the sidelines of the Prospectors and Developers Association of Canada (PDAC) 2020 confe...Read More
Steel billet prices in some global markets rose in the week to Friday February 28, supported by firm demand, sources told Fastmarkets.But the spread of the novel coronavirus (2019-nCoV) across the world, including rising infection numbers in other parts of Asia, such as South Korea and Japan, dampened market sentiment, sources said.Scrap prices declined during the week, with Fastmarkets' dail...Read More
Sector expert Michael Ballanger charts tumbling markets amid the scare of a coronavirus pandemic. (Peniaphobia: fear of poverty)This weekend, newsletter writers the world over are scrambling to explain to their paid subscribers why they are now showing losses in portfolios that were supposed to be showing gains, and especially because it was only two weeks ago that the S&P 500 hit all-time highs...Read More