Markets

Gold tops $2,000 for first time ever on US stimulus hopes

Spot Gold briefly touched a record high of $US2,000 an ounce on Tuesday amid a rally for the commodity. Traders piled into the so-called safe-haven asset on hopes that another US stimulus bill is in the works. An additional bill could put further liquidity into markets and weigh on rates, […]
Gold tops $2,000 for first time ever on US stimulus hopes
Markets

Silver surges as the ‘buy-everything’ sentiment in markets pushes the precious metal higher, gaining 85% since March

Silver exploded 7% on Tuesday, likely driven by positive news from promising COVID-19 vaccine candidates and the European Union’s $US860 recovery package aimed at long-term investments. The commodity may benefit from the “buy-everything” global reflation trade prevalent in markets this week, a market analyst at OANDA said. “The reopening trade […]
Silver surges as the ‘buy-everything’ sentiment in markets pushes the precious metal higher, gaining 85% since March
Markets

This chart will bolster the spirits of commodity bulls around the world

Now here’s a chart to bolster the spirits of commodity bulls around the world. From Macquarie Bank, it shows the relationship between global industrial production growth compared to manufacturing purchasing managers indices (PMIs) over the past five years. According to Macquarie, the global weighted average of manufacturing PMIs hit 54.5 […]
This chart will bolster the spirits of commodity bulls around the world
Markets

Iron ore is getting dumped, again

Iron ore markets fell heavily on Monday, dragged lower once again by weakness in Chinese steel prices. According to Metal Bulletin, the spot price for benchmark 62% fines tumbled 3.27% to $55.90 a tonne, completely reversing a similarly-sized surge on Friday. It has now fallen 29.1% this year, leaving it […]
Iron ore is getting dumped, again
Markets

Oil just suddenly plunged

Oil prices slumped below $US45 a barrel — levels last seen in November 2016 when key OPEC producers agreed on production cuts. Concerns of a supply glut, thanks to soaring U.S. oil production, appears to have more than negated moves by OPEC members and 11 other large producers to cut […]
Oil just suddenly plunged
Markets

The Australian dollar is under huge pressure after the Fed

The Australian dollar dropped to its lowest level in almost four months as commodity prices dropped and the US Federal Reserve indicated it is not concern about the American economy, boosting the greenback against its major peers. The Aussie dropped to $US0.7423 in the previous session and was little changed […]
The Australian dollar is under huge pressure after the Fed
Markets

CHART: China’s LNG imports are surging

Research from RBC Capital Markets shows that China’s Liquefied Natural Gas (LNG) imports have recently spiked. According to RBC, China imported 3.4 million tonnes of LNG in January, up 39% on the previous period, the second highest monthly import number on record. The result comes on the back of record […]
CHART: China’s LNG imports are surging
Markets

BHP’s half-yearly profit just beat expectations

BHP Billiton’s half yearly results announced on Tuesday underscored the boom and bust cycle of mining profits and commodity prices. The world’s largest miner reported a seven-fold surge in profits, boosted dividends and slashed debt. It posted a $US3.24 billion ($4.2 billion) underlying profit for the six months to December […]
BHP’s half-yearly profit just beat expectations