Holiday in India Means Demand for Gold Will Rise

If you were in India right now, someone is bound to tell you that it’s that time of the year. He or she would be referring to the almost-three months of festivals and wedding season, which India sees starting from sometime late August and continues until early September. More specifically, just under a week remains…

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from Precious Metals – Steel, Aluminum, Copper, Stainless, Rare Earth, Metal Prices, Forecasting | MetalMiner https://agmetalminer.com/2017/10/16/holiday-in-india-means-demand-for-gold-will-rise/

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Week in Review: A Noisy Week in the World of Metals

Before we head into the weekend, let’s take a look back at the week that was.  Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up In case you missed it, our October MMI report is out. Make sure to check out the free PDF download for the rundown on…

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from Precious Metals – Steel, Aluminum, Copper, Stainless, Rare Earth, Metal Prices, Forecasting | MetalMiner https://agmetalminer.com/2017/10/13/kobe-steel-data-scandal-opec-aluminum-glencore-zinc-coal-india/

Global Precious MMI: Palladium Pulls Ahead of Platinum for First Time Since 2001

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

Here’s What Happened

  • MetalMiner’s Global Precious MMI, tracking a basket of precious metals from across the globe, cooled off considerably after a sharp rise last month. For October, the sub-index dropped 3.4% to hit 86. That’s nearly back to the August 2017 level.
  • Palladium held steady for a month, but still continues a measurable march upwards. The platinum group metal held above the $900 per ounce level for the second straight month.
  • Platinum did lose a bit of its luster, however, falling back toward the $900 per ounce level and receding from its most recent high of March 2017 (when it landed above $1,000 per ounce). What does that mean? Something quite historic (see the section below)
  • After breaking and holding above the $1,300 per ounce threshold at the beginning of September for the first time since October 2016, the U.S. gold price retraced its steps as well, diving back under that level for the beginning of October.

What’s Going On in the Background?

  • We have quite the record to report. ICYMI, my colleague Fouad Egbaria noted recently that the platinum-palladium relationship reached a milestone: “As of Oct. 1, palladium closed higher than platinum. The last time that happened? Sixteen years ago.”
  • According to a research note from commodities broker SP Angel quoted within a report by Kitco News, “Palladium is benefitting from its inclusion in catalytic converters in gasoline-powered vehicles, which is expecting robust growth from the shift from diesel engines following the 2015 Volkswagen emissions-rigging scandal, and hybrid electric vehicle demand.”

What Metal Buyers Should Look Out For

  • Other analysts have thoughts on platinum/palladium outlook as well. “In the short term, we think platinum is undervalued for a whole host of reasons. Therefore, we think there is scope for platinum to move back to a slight premium in the short to medium term,” Robin Bhar, metals analyst at Societe Generale, was quoted as saying in the Kitco News report. “We don’t see a sustainable premium of palladium over platinum…until about 2020 or 2021.”
  • Overall, however, investors have been seeing nice returns, according to International Banker. The article notes a Reuters poll “of 26 analysts and traders conducted in July, [in which] the average palladium price for 2017 [was] being predicted at $811 per ounce for this year, which is 5 percent above the previous poll conducted in April…[and] the highest annual average price on record, going back three decades.” Well, now we’ve broken $900 per ounce.
  • That makes Standard Chartered rosy as well. “We remain constructive on palladium’s outlook,” according to the bank’s analyst, Suki Cooper. “Not only is the market set to deliver a deficit this year, but it looks set to be undersupplied over the coming years.”

Free Sample Report: Our Annual Metal Buying Outlook

Key Price Movers and Shakers

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from Precious Metals – Steel, Aluminum, Copper, Stainless, Rare Earth, Metal Prices, Forecasting | MetalMiner https://agmetalminer.com/2017/10/11/global-precious-mmi-palladium-pulls-ahead-of-platinum-for-first-time-since-2001/

This Morning in Metals: Precious Metal Prices Fall, H2O as Renewable Energy Source?

This morning in metals, the U.S. dollar index is up, while gold and silver prices are on a downward trend and oil prices dip slightly from Monday’s high. In addition, there’s a very intriguing potential source of renewable energy on the horizon. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it…

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from Precious Metals – Steel, Aluminum, Copper, Stainless, Rare Earth, Metal Prices, Forecasting | MetalMiner https://agmetalminer.com/2017/09/27/this-morning-in-metals-precious-metals-renewable-energy-h2o/

Fed’s Unwinding of Stimulus Program Could Have Global Ripple Effects

Investors sometimes have short attention spans. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up Just a month ago, worried by the escalating tension between the U.S. and North Korea, the gold price was rising, hitting its highest level in over a year at $1,358 an ounce as the…

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from Precious Metals – Steel, Aluminum, Copper, Stainless, Rare Earth, Metal Prices, Forecasting | MetalMiner https://agmetalminer.com/2017/09/27/gold-silver-interest-rates-federal-reserve-donald-trump-north-korea/

Global Precious MMI: Platinum, Palladium Rise; Gold Breaks $1,300 Threshold

Here’s What Happened

  • MetalMiner’s Global Precious MMI, tracking a basket of precious metals from across the globe, tore itself away from a one-month downward trend to rise 4.7% for a reading of 89. That value was up from 85 at the beginning of August.
  • Palladium continues its steady yet undeniable march upward. The platinum-group metal (PGM) crushed it with yet another recent high, ending up above the $900 per ounce level as of Sept. 1. As of this writing, palladium is holding on to that increase, still hovering near that level.
  • Platinum is no slouch either, creeping upward even closer to its recent high of March 2017, when it landed above $1,000 per ounce.
  • The U.S. gold price broke — and held above — the $1,300 per ounce threshold at the beginning of the month for the first time since October 2016.

Two-Month Trial: Metal Buying Outlook

What’s Going On in the Background?

  • Unless you’ve been living in a cave, you would’ve been hard-pressed to miss the hurricane and tropical storm news of the past couple weeks. No sooner did Hurricane Harvey slam into the Texas Gulf Coast region, Hurricane Irma made her way up into the center of Florida soon after.
  • Aside from natural disasters, other price drivers, such as political uncertainty surrounding North Korea and the U.S. Congress’ tussle over how to deal with the debt ceiling — and potential government shutdown — certainly have taken their toll on investor sentiment.

What Metal Buyers Should Look Out For

  • How will the recent storm disasters affect precious metals prices? It could hit gold and silver refiners especially hard, as South Florida is home to one of the biggest precious refiners in the country and is also a hub for “assaying, refining, logistics and financing operations,” according to this article citing, ultimately, reporting done by the Miami Herald. If you’re in the market for those two metals, keeping an eye on the short-to-medium term aftermath of Hurricane Irma looks to be crucial.
  • As for the PGMs, platinum prices may turn around to the downside soon, if the recent outlook of the World Platinum Investment Council (WPIC) is to be believed. The WPIC foresees a stalling of supply out of South Africa for the balance of 2017, while demand will equally stall, according to the council. In terms of palladium’s future, analysts at Commerzbank told DigitalLook “the metal used by the auto industry in emissions-controlling catalytic converters was benefiting from strong Chinese car sales data but that sales there are likely to weaken.”
  • Of course, vehicle replacement in Texas and Florida post-hurricanes could do their part to support platinum and palladium prices. Be sure to check out how MetalMiner’s Automotive MMI fared.

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Key Price Movers and Shakers

After Harvey, Irma Leaves Its Own Trail of Destruction

Hurricane Harvey left a trail of destruction throughout southeastern Texas and southwestern Louisiana. Those impacted regions have a long road to recovery. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up But not long after Harvey, Hurricane Irma made landfall in the continental United States, compounding the havoc wreaked…

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from Precious Metals – Steel, Aluminum, Copper, Stainless, Rare Earth, Metal Prices, Forecasting | MetalMiner https://agmetalminer.com/2017/09/12/hurricane-irma-florida-nickel-cuba-scrap-steel/