Richard (Rick) Mills, Ahead of the herdThe US economy is nowhere near recovering from the lockdown measures imposed by cities and states during the covid-19 pandemic, and that is weighing on the US dollar, which has fallen sharply since March. The beneficiary, as expected, has been gold (and silver), which normally moves in the opposite direction as the greenback. Year to date, spot gold has ri...Read More
Silver is moving up quite shortly today, whichsounds bullish, until one realizes that silver tends to be particularly strongright before the precious metals market tops. And you know what’s the otherthing that quite often happens at the tops, in addition to silver’s temporarystrength? Miners tend to underperform. What did goldminers do on the last trading day of the previous week? Min...Read More
Seaborne iron ore concentrate and pellet trading with limited by poor demand in China last week, but bullish futures and fines markets led to a rise in prices, sources told Fastmarkets.Fastmarkets' index for iron ore 66% Fe concentrate, cfr Qingdao stood at $112.61 per tonne on Thursday July 9, up by $4.73 per tonne (4.4%) from $107.88 per tonne a week earlier. Fastmarkets' index for iron ore...Read More
Every market corrects, maybe profit taking, maybe of allowing those who missed out, to get in!The current open interest on the gold contract looks to high after a very fast price move, it looks like 2008 may be repeating. A quick flushing out of the weak hands open interest may take place before a real advance in price takes place. The correction may be on the back of a wider sell off of risk asse...Read More
Here are five Fastmarkets stories you might have missed on Monday July 13 that are worth another look.Brazilian miner Vale has entered into a non-binding agreement with Japanese companies Kobe Steel and Mitsui to form a low-emission steel joint venture, it said in a filing to Brazil's securities commission CVM on July 13.Russian multi-metal miner Nornickel reported a second Arctic fuel spill durin...Read More
Gold, silver, and theirminers’ stocks suffer their weakest seasonals of the year in early summers. With traders’ attention normally diverted to vacationsand summer fun, interest in and demand for precious metals usually wane. Without outsized investment demand, goldtends to drift sideways dragging silver and miners’ stocks with it. Feared as the summer doldrums,...Read More
Hot-rolled coil prices in the United States rose slightly on Monday July 13 while demand remained flat and market participants shared mixed outlooks.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $23.58 per hundredweight ($471.60 per short ton) on Monday, a 1.4% increase from $23.25 per cwt on Friday July 10 but 2% lower than $24.06 per cwt a week earlier on July 6.I...Read More
Gold stocks have led the market for a year, and with economic deceleration and Fed policy response that leadership looks to continue [edit: today’s ‘in the bag’ bounce-back Jobs report does little to alter the economic deceleration theme]We have been on a bullish gold mining view for over a year now. Over that time there have been three interruptions, the downward-biased consolid...Read More
Export prices for steel billet from the Commonwealth of Independent States (CIS) continued to rise over the week to Monday July 13, supported by a fresh sale and a positive mood in China.A cargo of Ukraine-origin wire rod-quality billet was reported sold to the Mediterranean Sea basin at $373 per tonne fob Black Sea late last week, Fastmarkets has learnt.The price for wire rod-quality material is...Read More
The entire global financial structure is in theprocess of faltering, breaking, and crumbling. It is better described assabotage by the Globalist cabal in league with their fascist partners. As theentire economy fractures, as all debt faces failure, as most assets break down,as countless households struggle, the King Dollar faces a certain sunset, truesafe haven will be uniformly sought. Correspond...Read More
Federal Reserve Chair Jerome Powell and San Francisco Fed President Mary Daly both recently denied that the Federal Reserve's policies create economic inequality. Unfortunately for Powell, Daly, and other Fed promoters, a cursory look at the Fed's operations shows that the central bank is the leading cause of economic inequality.The Federal Reserve manipulates the money supply by buying and sell...Read More
Dear Friend of GATA and Gold:Surreptitious intervention in the gold market by the U.S. government is the target of legislation introduced in the House of Representatives by Rep. Alex X. Mooney, R-West Virginia.In a letter to House colleagues seeking support for his Gold Reserve Transparency Act, H.R. 2559, Mooney writes: "Because there are concerns the U.S. Treasury may have sold, swapped, lease...Read More
Strengths? The best performing precious metal for the week was silver, up 4.25 percent. Investors poured money into silver-backed ETFs this week as the precious metals trade begins to increase in scope. Spot gold prices reached the key $1,800 an ounce level. This milestone could help push the metal closer to its all-time high above $1,900. Bloomberg notes that gold futures traded alm...Read More
Richard (Rick) Mills, Ahead of the herdThe US economy is nowhere near recovering from the lockdown measures imposed by cities and states during the covid-19 pandemic, and that is weighing on the US dollar, which has fallen sharply since March. The beneficiary, as expected, has been gold (and silver), which normally moves in the opposite direction as the greenback. Year to date, spot gold has ri...Read More
[A friend who made his fortune in the laundry business has enjoyed enviable returns on his nest egg by staying fully invested in stocks. The following is a personal letter from his financial advisor telling him why, even after the stock market's spectacular rally since late March, he should stay in equities. The advisor's list of pros and cons nicely sums up the thinking of many of advisors with...Read More
Data ProblemsPermanent LossesJob OpeningsSticky ProblemsWargaming with Uncle DougYou Need to Have a Plan B, C, D, and...A World I Don't RecognizeWork has always been a fact of life. Paycheck-producing jobs are actually a recent development. Until the Industrial Revolution, most people lived on subsistence agriculture, sustaining themselves with whatever they could produce or working as slaves/se...Read More
Key information from the pricing session for Fastmarkets' alumina index, fob Australia on Monday July 13. The index was calculated at $277.26 per tonne, up from $275.49 per tonne on Friday July 10 and at its highest since March 19. Key drivers: Multiple deals concluded after publication on Friday July 10 for September loading. The highest deal was concluded at $284 per tonne fob Western Aust...Read More
What a crazy six months! Let’s look at the chart below. As you can see, over the first half of the year, gold gained more than 16 percent, rising from $1,515 at the end of December 2019 to $1,762 at the end of June 2020. The beginning of the year was, as usual, positive for the gold prices. However, gold did not rally in January as it did in just like in the previous years. Instead, it shot...Read More
Saudi Arabia’s Energy Minister Prince Abdulaziz claimed last week that the Kingdom will be the world’s biggest hydrocarbon producer “even” in 2050.“I can assure that Saudi Arabia will not only be the last producer, but Saudi Arabia will produce every molecule of hydrocarbon and it will put it to good use … It will be done in the most environmentally sound and s...Read More