By: Ira EpsteinGold is $20 from new close highs! Gold negated downtrend on Tuesday, Wednesday trying to build an uptrend. The $1733 area is support on the 18-dma:Read More
Gold is on the way to $1836.70. Comments by Federal Reserve chairman at the Federal Reserve meeting is the reason. Correction of gold price in US session will come only if US weekly jobless numbers beats street expectations by a big margin. Selling gold and silver on the basis of US May nonfarm payrolls has resulted in short covering yesterday post FOMC surprise. I was focused more on copper and...Read More
I am afraid I have got some bad news for all the Silver bugs out there, for the gold / silver ratio chart makes it crystal clear that Silver is NOT a safe haven precious metal. Yes you may still call it a precious metal but it is NOT GOLD! That's for sure! So come to terms with the fact that Silver given the facts on this chart is NOT a safe haven. For if Silver were a safe haven the Gold / Silver...Read More
Thesad truth is that few people really know very much about gold, especially whenit comes to investing in the metal. They don’t understand what makes it sovaluable and unique, and they know even less what moves its price. Since Idon’t want to spend an hour on why it is so precious, I’ll just try and sum itup in a sentence: Gold is extremely rare, beautiful, portable, transferable...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 11 that are worth another look.GFG Alliance is to create its first "Greensteel" facility in Europe at its Liberty Steel facility in Galati, Romania, as part of its plan to become carbon neutral by 2030, the company said this week.A deal for third-quarter aluminium ingot supply to Japan has been concluded at a premium of $68 p...Read More
Some might say “Silver’s performance over the past several weeks has been nothing short of phenomenal.” Others talk and act as if all of their wildly crazy price predictions have already come true.The chart (source) below is a one-year history of daily prices for SLV (Silver ETF)… As of this writing, SLV is up forty-eight percent since striking its most recent low of $10.8...Read More
The most recent U.S. jobs report, which he believes is bound for revision, has Michael Ballanger musing on how economic policies are reflected—or distorted—in the precious metals markets.I was sitting in my den looking out over the swamp—er—lake tonight when it appeared as though something was flailing around near the shoreline. So I threw on my deck shoes and went for a st...Read More
European producers of hot-rolled coil will announce domestic price increases in the middle of June despite low demand, sources told Fastmarkets on Thursday June 11.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?396.70 ($450.74) per tonne on Thursday June 11, down by ?,?1.22 per tonne from ?,?397.92 per tonne on Wednesday June 10.The index w...Read More
All base metals lost ground during trading on Thursday June 11, with the London Metal Exchange three-month aluminium price falling by 2% to close at $1,601.50 per tonne.There were 15,086 lots of aluminium traded on Thursday, and the underlying aluminium price touched an intraday high of $1,629.50 per tonne, although that is still lower than Wednesday's closing price of $1,638 per tonne.LME alumini...Read More
Chinese vanadium price rises have increased the differential with the European vanadium market, sparking interest in import business in China, market sources told Fastmarkets. Fastmarkets assessed the price of ferro-vanadium, 78% V min, fob China at $30-31.50 per kg on Thursday June 11, up by 3.4% week on week and its fourth consecutive weekly rise, while its assessment for the ferro-van...Read More
By: Gary Savage Gold attacked last Friday, right on que. Gold is churning $1800 resistance zone. Banks still stuck in this huge short position:https://blog.smartmoneytrackerpremium.com/Read More
David Haggith The first graph gives you a glimpse of the "huge jobs rebound" that shocked the stock market into spurting past its 200 DMA barriers because retail investors and algos aren't looking past the headlines.The second graph below shows you what a tiny difference that made to the total number of jobs that were lost:Some recovery, huh?In broader context, that looks like this:Why the drama...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 11 that are worth another look.GFG Alliance is to create its first "Greensteel" facility in Europe at its Liberty Steel facility in Galati, Romania, as part of its plan to become carbon neutral by 2030, the company said this week.A deal for third-quarter aluminium ingot supply to Japan has been concluded at a premium of $68 p...Read More
By: Ira EpsteinGold is $20 from new close highs! Gold negated downtrend on Tuesday, Wednesday trying to build an uptrend. The $1733 area is support on the 18-dma:Read More
Gold is on the way to $1836.70. Comments by Federal Reserve chairman at the Federal Reserve meeting is the reason. Correction of gold price in US session will come only if US weekly jobless numbers beats street expectations by a big margin. Selling gold and silver on the basis of US May nonfarm payrolls has resulted in short covering yesterday post FOMC surprise. I was focused more on copper and...Read More
The London Metal Exchange recently reiterated its willingness to facilitate spot trading of low carbon aluminium. While not a new concept for the exchange, it would serve two important purposes. First, it would provide more transparent, digitalized data on the specification of its aluminium brands and determine whether people are actually paying more for low carbon metal. Second, it would pro...Read More
The China virus, the economic lockdowns, and themulti-trillion-dollar rescue efforts of central bankers have dominated marketsover the past three months.However, as lockdowns gradually lift and the 2020 election drawsnearer, investors will begin to focus more on political developments.The once-strong economy that President Donald Trump had hopedwould propel him to re-election has collapsed. The Pr...Read More
The London Metal Exchange has bolstered efforts to explore low-carbon initiatives this month, emphasizing green aluminium production as its target, but at a time of unprecedented distortions across the global raw materials supply chain, market sentiment remains mixed. The exchange is set to begin exploring steps to incorporate diversified aluminium production into its systems, LME chief executive...Read More
The London Metal Exchange aluminium price has climbed 6.5% so far this month, piggybacking on the uptrend in the rest of the complex, even though aluminium stocks at registered warehouses are at a three-year high. The three-month aluminium price hit an intraday high of $1,640 per tonne before closing at $1,627.50 per tonne on June 10, up from $1,528 per tonne at the start of the month. This is up...Read More