The London Metal Exchange is modifying its technology to allow it to launch multiple contracts at once, something it plans to do at the end of the year, according to the exchange's chief executive officer. Matthew Chamberlain said that the move, designed to add a level of dynamism to the LME's systems, would delink the launch of new contracts from the release of new technology. The exchange is the...Read More
WASHINGTON (Reuters) - U.S. Special Counsel Robert Mueller has subpoenaed the Trump Organization for documents, including some related to Russia, the New York Times reported on Thursday, citing two people briefed on the matter.U.S. stock prices fell on the report, with the S&P 500 reaching session lows, while the dollar slipped against the euro and yen and yields on U.S. government debt moved...Read More
A 'An-12' airplane taking off after refuelling at an airport in Siberia lost almost 172 bars of gold/silver dore that fell to the ground after breaking through the loading bay fuselage. The bars, which originally came from Kinross' Kupol mine in Chukotka, northeastern Russia, weighted 20 kilos each and ended up scattered on the runway and the fields that surround the airport.According to local med...Read More
By Michael J. KosaresGold is trading lower this morning and most media reports attribute the weakness to next week's Federal Reserve Open Market Committee meeting. At that meeting, as we have heard endlessly, the Fed is scheduled to raise interest rates by a quarter of a point, and rising interest rates are bad for gold.But are they? Paul Farrugia of First Macro Capital put together a fairly d...Read More
North China's hot-rolled coil prices picked up on Thursday March 15 amid an extension of production limits in some parts of the region while those in the east narrowed upward on improved sentiment following a drop in supply.DomesticEastern China (Shanghai): 3,950-3,980 yuan ($625-630) per tonne, narrowed upward by 20 yuan per tonneNorthern China (Tianjin): 3,900-3,940 yuan per tonne, up 40 yuan pe...Read More
By Shree Kargutkar Volatility is backThe calm of equity markets across the world was rudely interrupted in February by a sudden spike in volatility which impacted virtually every asset class. Volatility across equities, bonds, currencies and commodities rose sharply during the month and remained elevated into March. For the month of February, gold equities declined 10.10%, while gold bullion fell...Read More
Big miners operating in the Democratic Republic of Congo took President Joseph Kabila's word seriously.Less than a week ago, Kabila signed into law a new mining code that raises royalties and taxes on operators. As he did so, the President assured them that their questions around the legal instrument would be resolved through transitional arrangements, mining regulations and agreements, and guaran...Read More
The London Metal Exchange is modifying its technology to allow it to launch multiple contracts at once, something it plans to do at the end of the year, according to the exchange's chief executive officer. Matthew Chamberlain said that the move, designed to add a level of dynamism to the LME's systems, would delink the launch of new contracts from the release of new technology. The exchange is the...Read More
BRUSSELS (Reuters) - U.S. Commerce Secretary Wilbur Ross and European Trade Commissioner Cecilia Malmstrom have agreed to meet next week in an attempt to resolve a deepening dispute over trade tariffs, a European Commission source said on Thursday.Ross and Malmstrom spoke on the telephone on Thursday and discussed U.S. plans to impose import duties of 25 percent on steel and 10 percent on aluminum...Read More
CloseGain/LossGold $1316.50-$8.70Silver$16.39-$0.16XAU78.81-1.23%HUI171.57-1.50%GDM600.49-1.22%JSE Gold1067.94-9.34USD90.15+0.41Euro123.05-0.62Yen94.11-0.03Oil$61.19+$0.2310-Year2.825%+0.008T-Bond145.96875+0.09375Dow24873.66+0.47%Nasdaq7481.74-0.20%S&P2747.33-0.08% The Metals: Gold edged up to $1327.90 in Asia before it dropped back to $1315.00 in midafternoon New York tr...Read More
Who will win: bulls or bears? The LBMA published its annual forecast survey for precious metals prices in 2018. Gold prices range from $1,120 to $1,510. Where is the price of the yellow metal headed?Summary of the SurveyThe views of about 30 analysts in the 2018 forecasts are strongly divergent. The average price of gold is projected to be $1,318, so it is expected to be around the current level,...Read More
By RambusIf you've been following me for any length of time you know I've been a major bull when it comes to the stock markets. The last two years were some of the best years to be a bull in one of the greatest bull markets of all time and I don't say that lightly.A little over a month ago we got our first correction of 12% in over two years on the SPX. Everyday the SPX would be up four or five...Read More
China's ferrous futures ended the morning trading session little changed from their opening prices on Thursday March 15 amid an announcement that steelmakers in some parts of the country are to stop all blast furnace operations until the end of this month.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,748 yuan ($593.20) per tonne, up 8 yuan per tonne May hot-rolled...Read More
CARACAS, March 15 (Reuters) - Gold held by Venezuela'scentral bank fell 14 percent in value in 2017 compared with theprevious year, according to the bank's financial statement.Gold represents just under 70 percent of the bank'sinternational reserves, which at the end of 2017 totaled $9.665billion.The value of Venezuela's monetary gold stood at $6.626billion as of December 2017, according to the mo...Read More
The Russia-Britain spat needs to be closely watched. Any deterioration of relations between the two nations will be bullish for gold and bearish for the US dollar. Theresa May is using Russia as a way to divert attention from her political woes and Brexit fears. All international treaties and conventions have been broken by the UK over the killing of an ex spy. I am not even sure whether the UK...Read More
The Russia-Britain spat needs to be closely watched. Any deterioration of relations between the two nations will be bullish for gold and bearish for the US dollar. Theresa May is using Russia as a way to divert attention from her political woes and Brexit fears. All international treaties and conventions have been broken by the UK over the killing of an ex spy. I am not even sure whether the UK...Read More
Breakthrough Sound Money Bill Becomes Law Todaywith Wide SupportCheyenne, Wyoming (March 14, 2018) – Sound money activists rejoiced as theWyoming Legal Tender Act became law today. The bill restores constitutional,sound money in Wyoming.Backed by the Sound Money Defense League, Campaign forLiberty, Money Metals Exchange, and in-state grassrootsactivists, HB 103 removes all for...Read More
Gold is trading lower this morning and most media reports attribute the weakness to next week's Federal Reserve Open Market Committee meeting. At that meeting, as we have heard endlessly, the Fed is scheduled to raise interest rates by a quarter of a point, and rising interest rates are bad for gold.But are they? Paul Farrugia of First Macro Capital put together a fairly detailed analysis of the...Read More
The insanity of Central Bankers knows no bounds.The latest indication of just how far "down the rabbit hole" the financial world has gone comes from Japan where it was announced that the Bank of Japan bought 75% of Japanese Government Debt issuance in FY17.That is not a typo. Japan's Central Bank bought $3 out of every $4 in debt Japan issued in fiscal year 2017. And it now owns 40% of Japan's tot...Read More