Turkish deep-sea scrap prices inched up with news of a fresh deal from the Baltic Sea on Thursday January 11. A steel mill in northern Turkey booked the cargo, comprising 12,000 tonnes of HMS 1&2 (80:20) at $375 per tonne, 12,000 tonnes of shredded at $380 per tonne and 4,000 tonnes...Read More
By Dave KranzlerI fully expect the Government's Census Bureau to post a mind-blowing headline retail sales number for December. Hyperbolic headline economic statistics derived from mysterious "seasonal adjustments" based on questionable sampling methodology is part of the official propaganda policy mandated by the Executive Branch of Government.But I also believe that retail sales were likely...Read More
* Euro gains after ECB minutes released* Dollar up against yen after hitting 6-week low* Traders still see dollar weakness* Graphic: World FX rates in 2017 By Tommy WilkesLONDON, Jan 11 (Reuters) - The euro jumped almost a cent on Thursday after the European Central Bank said it could revisit its communication stance in early 2018, boosting expectations that policymakers are getting ready to reduc...Read More
YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY) ("Yamana" or "the Company") herein provides preliminary fourth quarter and full year production results for 2017. The Company is also pleased to report on construction activities at its Cerro Moro project in Argentina.Fourth quarter and 2017 operational highlightsStrong production momentum continued into the fourth quarter and for the full year 2017. Preliminar...Read More
By Graham SummersIf you want to make money investing, you first need to understand the structure of the asset classes in our current financial system.Everyone likes to go bonkers over stocks, but the reality is that the stock market is in fact one of the smallest and least liquid markets on the planet. All told, US stocks are roughly $26 trillion in market cap.By way of contrast, the US debt mar...Read More
By Craig HemkeBeginning in late 2016, we began to question what we termed "The Generally Accepted Narrative of 2017". This allowed us to accurately forecast rising precious metal prices last year. For 2018, we will generally rely upon three overriding themes, and we discuss them in detail today. As a recap, what was GAN2017? We first spelled it out in a formal post on January 17, 2017. You can r...Read More
By George SmithIf Tom Cruise was Born on the Fourth of July, then he can thank Thomas Paine, who it can be said was born on January 10, 1776 with the publication of his incendiary essay, Common Sense, that argued for independence from England. He priced it cheaply (two shillings), argued passionately, and wrote in a direct style so that readers could understand him. It was sold and distribute...Read More
Iron ore prices rose just above $79 per tonne cfr China on Thursday January 11 following news of a cyclone developing off the coast of Western Australia resulting in the closure of the Port of Port Hedland.Metal Bulletin's 62% Fe Iron Ore Index Today: $79.08 per tonne cfr Qingdao Daily change: up by $0.77 per tonne Month-to-date average: $77.08 per tonne Metal Bulletin's...Read More
- Gold prices rise to $1,326/oz on concerns China may slow U.S. Treasury buying- Equities fell sharply on the report as did Treasurys and the U.S. dollar- Chinese officials think U.S. debt is becoming less attractive compared to other assets- Trade tensions could provide a reason to slow down or halt U.S. debt purchases- U.S. dollar vulnerable as China remains biggest buyer of U.S. sovereign de...Read More
In my view there is nothing special about China's intention of reducing US treasury investment. This was bound to happen much earlier. China is "thee" happening place for the global financial service industry. It has opened up its economy for global investors. China is moving towards a service oriented growth from a manufacturing growth. Chinese moves economically or geopolitically is antagonizi...Read More
Seaborne iron ore prices picked up on Thursday January 11 following news of a cyclone in Western Australia that led to the closure of Port of Port Hedland.Key driversTropical Cyclone Joyce formed off the west coast of Western Australia earlier in the day and is expected to intensify in the evening as it moves toward the coast in a south to south-westerly direction, the Pilbara Ports Authority said...Read More
(Adds detail on current category of Alphabet and Facebook)By Noel RandewichSAN FRANCISCO, Jan 11 (Reuters) - S&P Dow Jones Indices and MSCI said on Thursday they would rename their Telecommunication Services Sector and add Comcast Corp , Netflix , Facebook and Alphabet to the newly broadened category. In an overhaul of the Global Industry Classification Standard, or GICS, an industry taxonomy...Read More
Turkish imported billet prices have inched up on higher scrap prices, while the country's domestic and export billet prices have remained stable over the past week, sources said on Thursday January 11.Metal Bulletin's weekly price assessment for billet imports into Turkey was $525-530 per tonne cfr on Thursday, narrowing upward from last week's $520-530 per...Read More
(Adds comments from central bank and analyst, context)LIMA, Jan 11 (Reuters) - Peru's central bank lowered the benchmark interest rate to 3 percent as widely expected on Thursday, citing disappointing government spending in the fourth quarter and weak economic growth that was starting to dampen inflation.The decision follows a sharp drop in business expectations for growth following a political c...Read More
China's domestic rebar market weakened on Thursday January 11 after a major mill announced lower list prices for mid-January. Domestic Eastern China (Shanghai): 3,830-3,900 yuan ($588-599) per tonne, narrowed downward by 20 yuan per tonne Northern China (Beijing): 3,870-3,890 yuan per tonne, narrowed downward by 10 yuan per tonne Shagang, a major producer of rebar in east China, lowered its list p...Read More
* NZ November dwelling consents rise 10.4 pct* Reverses sharp drop in previous month* Points to much needed pick-up in development - economists (Recasts, adds economist comment, market reaction)WELLINGTON, Jan 12 (Reuters) - New Zealand residential building approvals bounced in November after a sharp drop the previous month, quelling concerns housing development had run out of steam as the governm...Read More
CloseGain/LossGold $1321.80+$4.40Silver$16.98UNCHXAU87.04+1.13%HUI195.52+0.64%GDM653.12+0.43%JSE Gold1325.12+12.06USD91.90-0.42Euro120.32+0.75Yen90.03+0.24Oil$63.80+$0.2310-Year2.536%-0.016T-Bond150.3125+0.25Dow25574.73+0.81%Nasdaq7211.78+0.81%S&P2767.56+0.70% The Metals: Gold edged down to $1315.70 in Asia, but it then chopped up to as high as $1323.90 in New York and ended with a gain of...Read More
China may slow down its U.S. debt buying. Will gold rally or plunge, then?Dragons Love Hoarding Gold and Not OnlyDragons love gold. In Greek mythology, dragons were set by the gods to guard golden treasures. It makes perfect sense, since it would be rather difficult to find better guards. Everybody who watched The Hobbit series knows that this is true – the powerful Smaug hoarded a lot and w...Read More
- Gold prices rise to $1,326/oz on concerns China may slow U.S. Treasury buying- Equities fell sharply on the report as did Treasurys and the U.S. dollar- Chinese officials think U.S. debt is becoming less attractive compared to other assets- Trade tensions could provide a reason to slow down or halt U.S. debt purchases- U.S. dollar vulnerable as China remains biggest buyer of U.S. sovereign de...Read More