Silver Rigging: The End Is Near!

Tom Beck, senior editor of Portfolio Wealth Global, examines how awareness that banks have "fixed" silver prices affects the market, and what putting a stop to that manipulation means for investors.

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AbraPlata: New Argentinian Player Advancing Substantial Resource with Exploration Upside

AbraPlata has completed a reverse takeover and closed an oversubscribed private placement, and is now moving quickly to explore its properties in Argentina.

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Gold prices hold on to gains

FastMarkets

Gold prices are little changed this morning, Tuesday May 30, at $1,267.21 per oz, palladium prices are up 0.8%, silver prices are up 0.6% and platinum prices are bucking the trend with a 0.5% decline. Given the friction between European leaders and US president Donald Trump after the G7 and Nato meetings, it is surprising that gold prices have not picked up more.

The base metals prices are split this morning. Copper, lead and zinc prices are off 0.4%, 0.3% and 0.1%, respectively, with three-month copper prices at $5,642 per tonne. While aluminium prices are up 0.1%, nickel prices are up 0.3% and tin prices are up 0.7%.

With China closed for the Dragon Boat Festival, volume on the London Metal Exchange has been extremely low with just 731 lots traded as of 06:47 BST.

Equities in Europe on Monday did not react too negatively to the rhetoric following the G7 and Nato meetings, the Dax closed up 0.2%, the Cac 40 was off 0.1% and the Euro Stoxx 50 was unchanged. This this morning markets in Asia are mixed, the Nikkei is little changed, the ASX 200 is up 0.3% and the Kospi is off 0.5%.

The dollar index is firmer at 97.71, this after last week’s low of 96.79 on May 22, conversely the euro is weaker at 1.1122, as is the pound at 1.2809, the yen is firmer at 110.98, while the Australian dollar is weaker at 0.7438.

The yuan has strengthened further to 6.8295, this has taken it out of the February to late-May range that centred around 6.8900 – this suggests the authorities have given the yuan a boost following Moody’s downgrade. The other emerging market currencies are for the most part slightly weaker today, suggesting there may be a degree of risk-off in the market.

Although markets are off to a quiet start, it is a busy day on the economic front, with Japan’s household spending disappointing – it fell 1.4% – but retail sales climbed 3.2%, the unemployment rate remained unchanged at 2.8%, while the Bank of Japan’s core CPI climbed 0.2%. European data includes German import prices and preliminary CPI, French consumer spending and GDP, Spanish CPI and US data includes personal income, spending and prices, composite house price index and consumer confidence. See table below for more details.

The base metals are for the most part consolidating with copper, aluminium, zinc and tin price rallies all paused with prices just below recent highs, while lead is attempting to rebound off recent lows and nickel prices are holding just above recent lows. The markets may now wait for further information out of China, which we should get tomorrow with the release of manufacturing and non-manufacturing PMI data.

Gold prices moved up above recent resistance on Friday May 26 and prices are holding on to those gains – given the frosty aftermath of President Trump’s trip to Europe and the fact he is returning to political heat in Washington over his dealings with the US Federal Bureau of Investigation, we would not be surprised to see gold prices remain bid. Silver and palladium are firmer too, while platinum prices are consolidating after recent gains.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

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Jack Chan’s Weekly Precious Metals Sector Update

Technical analyst Jack Chan charts the latest moves in the gold and silver markets, noting COT data supports higher silver prices.

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Gold prices look well placed

FastMarkets

Base metals prices are little changed this morning, Friday May 26, with three-month prices on the London Metal Exchange up an average of 0.2%.

Nickel and lead prices, the two weakest metals of late, are up 0.4%, zinc prices are up 0.3% and aluminium and tin prices are little changed, while copper prices are off 0.2% at $5,719 per tonne. Volume has been light with 4,237 lots traded.

This follows a mixed performance on Thursday that saw nickel prices fall 0.9%, zinc prices decline 0.6% while the rest had gains of between 0.4% and 0.6%.

The precious metals prices are firmer by an average of 0.3% this morning, led by a 0.6% rise in platinum price to $950.90 per oz, gold prices are up 0.2% at $1,258.09 per oz. On Thursday, palladium prices rebounded 0.8%, to $771 per oz, while the rest were down between 0.1 and 0.2%.

Base metals prices trading on the Shanghai Futures Exchange are split three-ways. Nickel and zinc prices are down either side of 0.8%, aluminium and lead prices are up 0.5%, while copper and tin prices are little changed with copper prices at 45,910 yuan ($6,669) per tonne. Spot copper prices in Changjiang is up 0.1% 45,790-45,890 yuan per tonne and the LME/Shanghai copper arb ratio is weaker at 8.03.

September iron ore prices on the Dalian Commodity Exchange remain weak with prices down 0.9% today at 453 yuan per tonne, while on the SHFE, steel rebar prices are down 1.9%, gold prices are off 0.2% and silver prices down 0.1%.

In international markets, spot Brent crude oil prices fell on Thursday after Organization of the Petroleum Exporting Countries (OPEC) ministers agreed to extend the production cuts for another nine months, but decided against extending it for longer, which disappointed the market. This morning prices are off 0.2% at $51.20 per barrel. The yield on the US ten-year treasuries is little changed at 2.25%.

Equities were mixed on Thursday with the Euro Stoxx 50 closing down 0.1% and the Dow closed up 0.3% at 21,082.95. Asia, however, is weaker with the ASX 200 down 0.7%, the Nikkei is off 0.6%, the CSI 300 is off 0.1%, the Hang Seng is little changed and the Kospi is bucking the trend with a 0.6% gain.

The dollar index at 97.32 is consolidating recent weakness, the recent low was 96.79, seen on Monday May 22. With the dollar looking heavy further weakness seems likely, which may well help support metals prices. The euro is also consolidating at 1.1194, the Australian dollar is weaker at 0.7430, as is the sterling at 1.2869, while the yen is firmer at 111.44.

The yuan is strengthening, it was recently quoted at 6.8446, as is the ringgit, while the other emerging market currencies we follow are trading sideways, with a slight stronger bias.

Japan’s economic data this morning showed firmer a CPI reading, although services PPI was slightly lower than expected. Data out later is focused on the USA and includes durable goods orders, preliminary GDP and GDP prices and revised University of Michigan (UoM) consumer sentiment and inflation expectations. See table below for more details.

Aluminium and copper are the base metals looking the strongest as prices gradually work higher, while zinc and tin prices are consolidating recent gains and lead and nickel remain under pressure. Nickel prices continue to look vulnerable, while the rest of the metals look well placed to work higher, especially lead that is looking oversold. With long weekends in the UK and USA, trading is likely to be subdued unless interested parties try to take advantage of the likely low liquidity to give prices a push.

Gold prices are consolidating and are holding up well as they do. We wait to see if resistance at $1,265 per oz is overcome, which could then lead to a challenge of the April highs. Silver and platinum prices are mapping gold’s performance, while palladium prices are consolidating after their earlier correction – we wait to see if a base is in place, or whether there will be another down leg.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

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What Is Chen Buying? Gold, Cobalt, Phosphate and Biotech. . .

With the market in flux, Chen Lin of the popular newsletter What Is Chen Buying?, What Is Chen Selling? is hedging his bets with investments in a variety of companies in different sectors.

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The Zinc Race Is Heating Up and One Company Just Made a Big Move Forward

Trevali Mining added new weapons to its zinc arsenal by acquiring interest in Glencore's African zinc mines.

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An Action-Packed Exploration Year for These Three Companies

As the first half of 2017 comes to a close, Thibaut Lepouttre, editor of Caesars Report, takes a close look at three companies with hot prospects for a productive second half.

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Gold prices hold up well but face headwinds

FastMarkets

Base metals prices are little changed this morning, Thursday May 25, with three-month zinc prices off 0.5% at $2,638 per tonne, copper is off 0.1% at $5,696 per tonne, while the rest are up between 0.1% to 0.2%.

Volume has been low with 3,718 lots traded as of 06:27 BST, with most of the volume seen in zinc. This comes after a negative day of trading on Wednesday, when prices closed down an average of 0.7%, which was somewhat skewed by a 2.4% drop in nickel prices.

The precious metals prices are up an average of 0.2% this morning with gains spread between 0.1% for spot gold at $1,258.80 per oz and platinum where prices are up 0.3% at $948.50 per oz. Wednesday generally saw firmer prices with gold, silver and platinum up an average of 0.4%, while palladium prices remained under pressure with prices down 1% at $765 per oz.

Base metals prices trading on the Shanghai Futures Exchange are for the most part stronger this morning, the exception is nickel that is down 1.4%, while the rest are up between 0.1% for tin prices and 0.4% for aluminium prices. Copper is up 0.2% at 45,940 yuan ($6,666) per tonne. Spot copper prices in Changjiang down 0.2% at 45,760-45,860 yuan per tonne, while the LME/Shanghai copper arb ratio is weaker at 8.07. Given the Moody’s cut of China’s debt rating on Wednesday, the metals have generally taken the news in their stride.

September iron ore prices on the Dalian Commodity Exchange continue their volatile trading, prices are down 2.8% today at 453.50 yuan per tonne, while on the SHFE, steel rebar prices are off 0.2% and gold and silver prices are little changed.

In international markets, spot Brent crude oil prices are stronger, up 1.1% at $54.43 per barrel, this as Organization of the Petroleum Exporting Countries (OPEC) ministers meet today in Vienna. The yield on the US ten-year treasuries has eased, it is 2.25%.

Equities were mixed on Wednesday with the Euro Stoxx 50 closing down 0.2% and the Dow closed up 0.4% at 21,012.42. Asia, however, is firmer with the CSI 300 up 1.2%, the Kospi is up 1.1% after setting a record high earlier today, the Hang Seng is up 0.8%, the Nikkei is up 0.4% and he ASX 200 is up 0.2%. Again, the strength in Asia suggests the markets have not been too fazed by Moody’s downgrade.

The dollar index got some lift on Tuesday and saw some follow through-buying on Wednesday morning, but then went on to slip in the afternoon, it was recently quoted at 96.94 – the recent low was 96.79, seen on Monday May 22. With the dollar looking heavy further weakness seems likely, which may well help support metals prices. The euro is firm at 1.1238, as is the Australian dollar at 0.7503, while the sterling and the yen are consolidating at 1.2989 and 111.67, respectively.

The yuan has strengthened to 6.8560, from 6.8802 on Wednesday – this suggests the authorities have given the yuan a boost to avoid any negative effect from Moody’s downgrade. The other emerging market currencies are also stronger, which is a sign of confidence and suggests the market is putting risk back on again.

Today’s economic agenda is focused on the UK and USA, with UK data including a second reading on GDP, business investment, mortgage approvals and an index of services. US data includes initial jobless claims, goods trade balance, preliminary wholesale inventories and natural gas storage. See table below for more details.

The base metals are split into three camps; copper, aluminium and tin have regained their upward bias, zinc is consolidating in high ground, while lead and nickel prices remain weak. Nickel’s weakness is understandable given the boost supply has been given from Indonesia and the Philippines in recent months, but lead’s weakness is surprising, especially with data from the International Lead and Zinc Study Group showing a meaningful swing back to a supply deficit in March, while the other metals are reflecting our quietly bullish outlook.

Gold, silver and platinum prices are holding up well, but given the firmer tone in equities we are not particularly bullish, although we do expect prices to be well supported. We see palladium prices correcting after their recent strength and given some poor auto sales data, but again we expect dips will be well supported.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

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Gold prices consolidate, firmer dollar a headwind

FastMarkets

Gold prices are little changed this morning at $1,251.92 per oz, as are palladium prices at $772.50 per oz, while silver prices are off 0.6% and platinum is off 0.4%. On Tuesday, gold and silver prices closed down either side of 0.6%, platinum prices were off 0.2% and palladium prices rebounded 0.5%.

Base metals prices are weaker this morning, Wednesday May 24, with prices down an average of 1.1% on the London Metal Exchange, as Moody’s Investors Services has cut China’s debt rating to A1 from Aa3 – the first cut since 1989.

Nickel prices are down the most, off 1.7%, zinc prices are down 1.5% and three-month copper prices are off 1.1% at $5,661 per tonne, while the rest are off between 0.6% and 0.9%. Volume has been above average at 7,576 lots.

This comes after a mixed performance on Tuesday that saw zinc prices rise 0.8%, aluminium prices were up 0.6% and nickel prices dipped 0.6%, while the rest were little changed, although the overall trends in most of the metals have had an upside bias of late, the exception being lead.

In Shanghai this morning, most of the base metals prices trading on the Shanghai Futures Exchange are weaker, the exception is aluminium that is little changed, while the rest are down by an average of 0.9%. This is skewed by a 2.4% fall in nickel prices, with tin prices down 1%, lead and zinc prices off 0.3% and copper prices off 0.4% at 45,770 yuan per tonne. Spot copper prices in Changjiang are down just 0.1% at 45,750-45,950 yuan per tonne, while the LME/Shanghai copper arb ratio is little changed at 8.09. Given the Moody’s news, it is perhaps surprising that prices are not down more, but the country as a whole is not dependent on external financing.

September iron ore prices on the Dalian Commodity Exchange continue their volatile trading, prices are down 6.7% today at 456.50 yuan per tonne, while on the SHFE, steel rebar prices are down 3.1% and gold and silver prices are off 0.7%.

In international markets, spot Brent crude oil prices are up 0.3% at $54.30 per barrel, this as Organization of the Petroleum Exporting Countries (OPEC) ministers meet on Thursday and the yield on the US ten-year treasuries is firmer at 2.28%, suggesting some relaxing in haven demand.

Equities were firmer on Tuesday with the Euro Stoxx 50 closing up 0.5% and the Dow closed up 0.2% at 20,937.91. Asia is mixed, the CSI 300 is off 0.6%, the Hang Seng is off 0.1%, so the Chinese focused markets are weaker following Moody’s downgrade but not meaningfully so, conversely, the Nikkei is up 0.6%, the Kospi is up 0.2% and the ASX 200 is little changed.

The dollar index got some lift on Tuesday and has seen some follow-through buying to 97.42 this morning, this after a low of 96.79 on Monday May 22. Key now will be whether the dollar’s correction has run its course – given that the US Federal Open Market Committee’s (FOMC’s) May meeting minutes are out this evening and the market is still expecting a rate rise in June, it may well be that the dollar rebounds some. As the dollar rises, the euro has turned lower, last at 1.1176, the sterling is flat at 1.2969, the yen is weaker at 111.97, as is the Australian dollar at 0.7448 – which is not surprising given the drop in iron ore prices and Moody’s downgrade of Chinese debt.

The yuan is little changed at 6.8802 and most of the other emerging market (EM) currencies are generally consolidating, with a slightly weaker bias.

The economic agenda is fairly light but influential all the same with data including GfK German consumer climate and with US data including house prices index, existing home sales and crude oil inventories. The focus will be on the FOMC meeting minutes and later FOMC member Robert Kaplan is speaking. See table below for more details.

Moody’s downgrade has knocked the wind out of the rising base metals prices’ sails this morning but Chinese markets have not reacted too negatively so far, so it may be that we are seeing early knee-jerk reactions. Key now will be whether there is follow-through selling, or whether the dips are seen as a buying opportunity in line with the firmer trends of late. However, the downgrade is a warning that China’s move to reduce risk in the financial sector could worsen the debt situation in the months ahead. On balance, we still view the underlying economic trends as being bullish for base metals prices, the weakness seen since February seems to be the market having to adjust as it absorbs the extra supply that high prices between November and February prompted. But, once absorbed supply is expected to tighten again. Prices still have more work to do on the upside before they will look bullish though and any pullback now could further delay that.

Gold prices are consolidating again. Political uncertainty in the USA continues, but the rhetoric has died down while US president Donald Trump is on his foreign tour. In addition, generally firmer equities increase the opportunity cost of holding gold, so we are not surprised the market is not overly bullish at the moment. That said, Moody’s downgrade will focus attention on Chinese debt and that may encourage some investors to diversify their portfolios more as an insurance against corrections in other markets. As such, we expect precious metals to remain well supported.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

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Castle Silver Should be Called Castle Cobalt

With the price of cobalt increasing, Bob Moriarty of 321 Gold profiles Castle Silver, which has turned its focus to cobalt.

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Disputes, Higher Dividends and New Study: Mostly Good News

Money manager Adrian Day reviews news from several companies, mostly positive developments, and notes that some stocks are good buys at current levels. 

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