With gold prices having climbed higher this year, investors have flocked to senior producers instead of the juniors, favoring steady cash flow over speculation and this trend may shape miners' priorities going forward, this according to Joe Mazumdar, co-editor, Exploration Insights."I think the majors have changed mindsight thinking that it's not about production profile, it's about generating fre...Read More
Global scrap prices in all the major markets recovered during the working week ended Friday October 18, boosted by lower material availability and rising Turkish import prices. Turkish import prices up as mills resume November buying US export prices up on bulk sales to Turkey Taiwan import prices up on reduced supply, Vietnam import prices stable Indian import prices up in line with Turkish marke...Read More
John Newell of Fieldhouse Capital Management explores the investment opportunities presented by this project generator in a district rich with historic mine strikes. If the adage in the mining business is "that the best place to find a mine is next to an old mine," then by extension, the best place to explore for gold is next to a successful exploration play, and GoldON Resources Ltd. (GLD:TSX.V)...Read More
The production numbers are reviewed in a BMO Capital Markets report. In an Oct. 15 research note, BMO Capital Markets analyst Andrew Mikitchook reported that Wesdome Gold Mines Ltd.'s (WDO:TSX) Q3/19 production was a beat and management raised full-year production guidance. "Eagle continues to outperform, delivering strong cash flows," the analyst added, referring to the company's Ontario mine. D...Read More
Pig iron import prices in the United States rebounded during the week ended Friday October 18, but more as a result of lower material availability than better demand.Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US, was $300-310 per tonne on October 18, up from $290-300 per tonne a week before."Demand in the US is recovering and we see that some market participants who ar...Read More
The inter-merchant spot market for UK-origin light iron scrap was steady in the week ended Friday October 18, extending a run of stability into a third week amid a recovery in European steel scrap export prices.Fastmarkets' price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?60-80 ($77-102) per tonne on Friday. The market is around where it was when...Read More
* Lead hits 15-month peak, zinc strongest since end-July * GRAPHIC-2019 asset returns: (Updates with closing prices)By Eric OnstadLONDON, Oct 18 (Reuters) - Copper prices rose on Fridayafter positive Chinese data on property and infrastructuregrowth, while zinc and lead hit multi-month highs as investorsworried about shortages.Industrial metals prices were volatile after China'seconomic growth slo...Read More
Prices in Southeast Asia's steel billet market climbed during the week ended Friday October 18 because of higher scrap prices in the bellwether Turkish market and a closing arbitrage window for billet imports into China.Chinese buyers were reported to have booked two cargoes involving at least 50,000 tonnes of Malaysia- and India-origin billet at $395-400 per tonne cfr China, while another transac...Read More
Netflix stock reversed course, dragging down the tech sector Stocks suffered a steep slump today, with tech stocks among the top laggards as Netflix (NFLX) reversed yesterday's post-earnings pop. Meanwhile, the Dow ended the week on a 255-point dip, dragged lower by the latest Boeing scandal. The 737 Max parent wasn't the only blue chip receiving backlash today, though; an asbestos recall for its...Read More
China's domestic rebar prices dropped on Friday October 18 amid renewed expectations of looser steelmaking restrictions in the northern region over the next few months of the cold season.Eastern China (Shanghai): 3,580-3,610 yuan ($505-510) per tonne, down 30-40 yuan per tonneNorthern China (Beijing): 3,550-3,590 yuan per tonne, down 10-20 yuan per tonneThe Ministry of Ecology & Environment has re...Read More
Dow earnings are expected to come in droves again next weekThe start to a fresh earnings season was at the forefront of headlines this week. The Dow Jones Industrial Average (DJI) locked in a 237-point win on Tuesday, surging on the back of early wins by JPMorgan Chase (JPM) and UnitedHealth (UNH). Eyes were also on the U.K., where Prime Minister Boris Johnson said a "great new Brexit deal" was dr...Read More
The broader stock market is much lower this afternoon, thoughThe U.S. stock market is trading lower today on disappointing economic data out of China, though all three major indexes are headed toward weekly wins. Among individual stocks making notable moves today are skin disease specialists Dermira Inc (NASDAQ:DERM) and Menlo Therapeutics Inc (NASDAQ:MNLO). Here's a quick roundup of what's moving...Read More
The firm is set to release its third-quarter results before the open on MondayThe shares of oilfield services name Halliburton Company (NYSE:HAL) are getting a halo lift on Schlumberger's (SLB) third-quarter earnings and revenue beat -- out earlier today. The stock has added 1.6% to trade at $18.81 so far today -- eyeing its highest close this week. HAL will soon be joining it's sector peer in t...Read More
Put options are flying off the shelves after a Reuters reportThe shares of Boeing Co (NYSE:BA) are getting wrecked today, down 4.3% at $353.34, after Reuters reported that employees may have misled the Federal Aviation Administration (FAA) about a critical 737 MAX safety system. The planes have been grounded since a pair of fatal crashes earlier this year, and sources say the airline issue turned...Read More
Credit Suisse cut the equities to "underperform" and slashed their price targetsCredit Suisse weighed in on the retail sector today, downgrading a trio of stocks to "underperform" from "neutral" amid expectations for a sluggish holiday season. Specifically, the analyst firm cut its ratings on Gap Inc (NYSE:GPS), Victoria's Secret parent L Brands Inc (NYSE:LB), and department store concern Macy's I...Read More
However, the DJI and SPX are heading toward their second straight weekly winsThe Dow Jones Industrial Average (DJI) is off at midday --- and was down triple digits at its session lows -- but is still clinging to what would be its second straight weekly win. Theblue-chip index is shaking off a revenue beat from Coca-Cola (KO), and is instead being dragged down by Johnson & Johnson's (JNJ) baby po...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 319,37066,34357,254167,700455,975544,324579,572 Change from Prior Reporting Period -15,0137,5233,953-55-22,722-11,115-11,246 Traders 19782875451278195 Small Speculators LongShortOpen Interest 63,06327,815607,387 1,5451,676-9,570 non report...Read More
Metals investors are positioning themselves for rapidly developing political and geopolitical events, as well as a rapidly expanding Federal Reserve balance sheet. What started out as a limited intervention to provide temporary liquidity to overnight lending markets has morphed into a massive $60-billion-per-month Treasury-buying campaign. By some measures, it's even bigger than the last Quant...Read More
By: Ira EpsteinGold trend turns up if it gets above $1,503. 18 day moving average also at $1,503 area, important resistance area to get above for the gold markets to turn into a more bullish bias:Read More
By: Rick Ackerman, Rick's PicksI like gold here, but I'd like it even more a somewhat lower levels. How much lower? Here are two charts to judge, including one in GLD for those of you who don't trade futures.www.RickAckerman.comRead More