Originally published on Sat Nov 30 for members of ElliottWaveTrader.net: I want to take you back a bit in time so you can develop the appropriate perspective of a bottoming process in the metals market. - Avi GilburtFor those of you that were with us back towards the end of 2015, you may remember that I was being quite vocal of the fact that I was heavily buying mining stocks. In fact,...Read More
After today's US November nonfarm payrolls, traders will take positions for next week's FOMC meet. NFP will give hint on next week's FOMC meet. Look into US economy and global economy in totality and not just from interest rate perspective. UK election and December 15 deadline for US-China trade deal will also be under close scrutiny by traders and investors alike. US president Trump and his imp...Read More
Brazil's domestic rebar price was unchanged in December while market participants braced for an upcoming hike in January amid higher demand.Fastmarkets assessed the price for steel reinforcing bar (rebar) domestic monthly, delivered Brazil at 2,220-2,320 Reais ($528-552) per tonne on Friday December 6, unchanged from the previous month but up by 1.7% from 2,165-2,300 Reais per...Read More
When gold’s price reached $850 per ounce in January 1980, it seemed as if nothing would stop the runaway train that was headed straight for $1000 per ounce. But it was stopped, and began sliding downhill quickly.By June 1982, two and one-half years later, gold’s price had declined by sixty-five percent. At close to $300 per ounce, the price of gold seemed farther away from the $1000 ma...Read More
Our research and predictive modeling systems have nailed Gold over the past 15+ months. We expected Gold to rally above $1750 before the end of this year, but the global trade wars and news cycles stalled the rally in Gold over the past 2 months. Now, it appears Gold is poised for another rally pushing much higher. But wait, if you’re thinking I’m just another one of those...Read More
Justwhen most traders thought that the previous week is going to end in the red forgold, something exceptional happened. The USD Index reversed after rallying,and gold rallied sharply in response. In the end, gold ended the week in thegreen by forming a clear weekly reversal. Thatwas actually the second weekly reversal that we saw recently. Why is thisimportant? Because of what happened shortly af...Read More
Domestic prices for hot-rolled coil in Northern Europe edged up on Friday December 6, but transaction prices are expected to soon rise more significantly, sources told Fastmarkets. Fastmarkets' steel hot-rolled coil index domestic, exw Northern Europe, was ?,?432.6 ($478.11) per tonne on December 6, edging up from ?,?431.63 per tonne on Thursday.The calculation is based on "workable" pri...Read More
Crudeoil futures declined sharply on Friday. The steep slide’s result was a breakdown below the lower border ofthe rising green trend channel. As the prices closed the day below theformation, it’s clearly a bearish development. Despitethis setback, the bulls opened the week with a green gap, which has triggeredmodest improvement in the following hours. The bulls are fighting to invalid...Read More
Why Shale wasonce Viable at $45WTI but it’s not anymore. That’s why OPEC can dictate theprice again.Some shale operators now saythey can’t make money at $55; so they are cutting-back. But in 2017 when WTI averaged$50; output-growth was 60% higher than today. How come?In 2015, five-hundred frac-spreads,bought and paid for; some from profits, many at fire-sale; were idle; so day-ra...Read More
Teaser: Let’s face it, we live in a world of radical uncertainty. Yet we’re supposed to make perfectly rational decisions – so, how do we cope with the unknown? We tell narratives, and form our decisions around them! Let’s explore the narratives in the financial markets for it reveals their importance to the gold market. Let’s face it, we live in a world of radical un...Read More
In the 1986 classic ‘Platoon’, Charlie Sheen’s character Chris Taylor tells everyone that he dropped out of college to serve in the Vietnam War. This sets him apart from the other grunts and makes Taylor seem noble and patriotic, giving up school to go fight in a war. But his credo is soon shot down by a black soldier nick-named King, played by Keith David, who tells him: &...Read More
The Fed has published thismonth the newest edition of its Financial Stability Report. Generally speaking, the level of vulnerabilities in the financialsystem has moved little since the publication of the May edition of the report.The most of the US central banks’ observations are reassuring: investorappetite for risk generally appears to have returned to a level in the middleof its historica...Read More
Money manager Adrian Day looks at three junior resource companies whose stocks are down significantly in the past few months, and attributes some of this to tax-loss selling. He also lists a handful of companies he believes are best buys right now. Vista Gold Corp. (VGZ:NYSE.MKT; VGZ:TSX, US$0.59) has published an updated prefeasibility study (PFS) on its Mt Todd project in the Northern Territorie...Read More
Central banks’ purchases and repatriations of goldhave caught our attention once again. In October, Serbia’s central bank bought 9 tons of gold, following in thefootsteps of many other central banks that have been adding to their goldreserves recently, including Russia, Hungary, and Poland. Nine tons may seem to be a modest purchase, but thetransaction was worth $438 million at $1,503...Read More
Goldreversed yesterday, and so did the rest of the precious metal sector.Mining stocks and – what’s important – silver showed strength relative to goldand rallied even more than gold. Silver’s strength is important because itindicates that we are already in the second half of the short-term upswing inthe precious metals market. If there only was a tool that would provide us...Read More
The precious metals sector remains in a correction. The miners have shown some positive signs but are not ready to move yet because the metals likely have more correction ahead. Technical support levels can provide us with low risk buy opportunities but combine that with sentiment data and we increase our odds of success. One reason why the sector is stuck in a correction is because the net specul...Read More
Low prices fix low prices, and eventually the shorts will be forced to cover and buy back their shares and force prices higher. This sector is 'this close' to such and event.Both Hurst cycles and Wyckoff supply and demand action are warming up to the bullish side for the energy sector (XLE). This is on the back of growing inflation fears. Inflation sourced from wage growth in the US and world...Read More
This analysis continues from part 1 (Silver Trend Forecast 2019 Update ).Gold Silver RatioThe Gold / Silver ratio has continued to trend lower, currently standing at 83.8, which implies to expect the Silver price to continue to out perform Gold over the coming months. So whilst Silver is no longer the SCREAMING BUY it was when trading at a ratio of 95, nevertheless is still CHEAP! Whilst we can d...Read More
The spread between the 65% and 62% Fe iron ore markets widened last month amid improved profits among Chinese steelmakers and supply issues for Iron Ore Carajas fines.The gap between Fastmarkets' 65% and 62% Fe iron ore indices has held above $10 per tonne since November 8, reclaiming the mark after largely hovering below that since late June. The gap had earlier been above $10 per tonne beginning...Read More
Tin ended higher on the London Metal Exchange on Friday December 6, closing above $17,000 per tonne for the first time since September.Copper also closed positively, ending just below $6,000 per tonne. The three-month tin price finished at $17,075 per tonne, up by 1.7% on Thursday's close. Turnover was high at around 475 lots by the close, the most since November 21.The metal ignored LME tin stock...Read More