Friday, February 05, 2021 12:07:13 PM
*The Morning Misty Metals Miner News*
Price advances for gold, silver after mostly as-expected U.S. jobs data
Friday February 05, 2021 08:43
(Kitco News) - Gold and silver futures prices are trading higher in early U.S. dealings Friday, following the key U.S. data point of the day that saw the U.S. January jobs report come in mostly as expected. Gold and silver did rally modestly after the jobs report because even though there were no big surprises in the data, the data does suggest a U.S. economy that is listing again. April gold futures were last up $12.60 at $1,803.40 and March Comex silver was last up $0.461 at $26.695 an ounce.
The U.S. employment situation report for January, arguably the most important U.S. data point of the month, showed a non-farm payrolls rise of 49,000 and an unemployment rate of 6.3%. The non-farm jobs number was very close to market expectations and the unemployment rate was a bit lower than expected. Still, the data suggests the world’s largest economy is still far from fully recovered from the Covid-19 pandemic and is still down 12 million jobs from last year at this time.
Global stock markets were mixed to firmer overnight. U.S. stock indexes are pointed toward higher openings and record highs when the New York day session begins. Once again, the U.S. stock index bulls have shown keen resilience in coming right back from recent solid losses, to keep their longer-term price uptrends alive and well. Trader/investor risk sentiment continues upbeat. The Biden administration is working to get fresh stimulus funds to Americans and such will likely occur in the coming weeks. Also, new Covid 19 cases and hospitalizations in the U.S. are ticking down a bit, suggesting the virus may have already peaked.
A theme that may be flying under the radar of much of the marketplace is the recent change in near-term price trends for the major currencies. In the past month, the U.S. dollar index has been trending higher, while currencies like the Euro common currency, Australian and Canadian dollars, the Swiss Franc and the Japanese yen have been trending down against the greenback.
The key “outside markets” today see the U.S. dollar index a bit weaker after hitting a two-month high Thursday. Meantime, Nymex crude oil futures prices are higher, hit a 12-month high, and are trading around $56.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note stands at 1.136%.
Other U.S. economic data due for release Friday includes the international trade in goods and services report and the consumer credit report.
Technically, the February gold futures bears have the overall near-term technical advantage amid a price downtrend in place on the daily chart. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at last week’s high of $1,878.80. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the November low of $1,771.30. First resistance is seen at the overnight high of $1,812.40 and then at $1,825.00. First support is seen at today’s low of $1,792.20 and then at $1,771.30. Wyckoff's Market Rating: 4.0
March silver futures bulls still have the slight overall near-term technical advantage but have faded badly this week. Silver bulls' next upside price objective is closing prices above solid technical resistance at the January high of $28.105 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at $27.00 and then at $27.26. Next support is seen at the overnight low of $26.255 and then at $26.00. Wyckoff's Market Rating: 5.5.
By Jim Wyckoff
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As we have come to expect on a Non-Farm Payrolls report the metals were subjected to a smashing and fearless bear raid.
But Yellen and crew will be looking carefully at the little pack of Redditors, who singed a hedge fund or two by piling on to their lazy short positions in Gamestop.
There are ways to reform this. We used to have them. We lost them in the great crusade to roll backk all the New Deal Reforms at the end of the last century.
Stocks rallied on the triumph of the status quo, and the waves of Fed-driven liquidity.
If you trade every day, and look carefully at the mechanics of the market around your orders, you may get the sense that your trades are being front-run, and gaming in the markets.
And you might not be incorrect in this.
Your order flow from your non-commission broker is probably being run through a gauntlet of mammoth hedge funds who are paying for a look at your hand milliseconds after you play it, and before it can have any effect.
There are ways to counter this. Use limit orders only and do not chase.
Or better yet, do not trade at all. This is a vicious market, and not well-regulated at all.
Do not expect to knock down all the regulations, and then stand against the powerful winds of malice and oppression that blow across the markets, with little or nothing
https://jessescrossroadscafe.blogspot.com/
.
.
METALS-Industrial metals rise on risk appetite, firm dollar weighs
HANOI, Feb 5 (Reuters) - Most industrial metals rose on Friday as appetite for riskier assets returned following a fading GameStop-style frenzy, although a stronger dollar limited gains.
LME three-month copper rose 0.7% to $7,875 a tonne by 0809 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange closed 1% higher at 58,210 yuan ($8,993.71) a tonne.
LME aluminium rose 0.3% to $1,999.50 a tonne, nickel advanced 1.4% to $17,890 a tonne and zinc increased 1.2% to $2,659 a tonne.
ShFE aluminium rose 2.5% to 15,555 yuan a tonne, nickel climbed 2.1% to 132,850 yuan a tonne, while lead added 2% to 15,275 yuan a tonne.
“The meme stocks are gone .. washed down the drain so no more forced liquidation by funds to pay for their losses on those,” said a metals trader, referring to the trading frenzy involving GameStop Corp and silver.
“So everything can now go up, but commodities’ upside is capped due to strong USD,” the Singapore-based trader said.
The dollar, which was heading for its best weekly gain in three months, made greenback-priced metals on the London Metal Exchange more expensive for holders of other currencies.
Markets in China, the world’s biggest metals user, will close from Feb. 11-17 for Lunar New Year holidays, potentially slowing demand for industrial metals.
FUNDAMENTALS
* ShFE zinc stocks ZN-STX-SGH jumped 34.9% week-on-week to 60,361 tonnes, while ShFE tin inventories SSN-TOTAL-W rose 18.4% and ShFE aluminium stockpiles AL-STX-SGH increased 10.2% within the same period.
* Cash tin on the LME was at a $990 a tonne premium over the three-month contract CMSN0-3, indicating tight nearby supplies. LME tin inventories MSNSTX-TOTAL fell to 810 tonnes, hovering around the lowest level since May 2019.
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State legislatures eye sound-money reforms
Submitted by cpowell on Thu, 2021-02-04 16:26. Section: Daily Dispatches
By JP Cortez
Money Metals News Service, Eagle, Idaho
Monday, February 1, 2021
More state lawmakers than ever are introducing sound-money legislation in the opening days of the 2021 legislative session.
Several states will consider measures to remove sales or general excise taxes from the purchases of gold, silver, and other precious metals.
Many other states will weigh bills to eliminate income taxes on gold and silver.
Still others will decide whether state funds can be held in physical gold and silver -- and may even consider establishing a state-chartered bullion depository.
With debt-funded spending and money-printing in our nation's capital proceeding at breakneck speed, will states see the wisdom of enacting measures to counteract these policies of currency debasement?
Here’s a rundown on newly introduced state legislation. ...
... For the remainder of the report:
https://www.moneymetals.com/news/2021/02/01/state-legislatures-eye-sound...
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PGMs could be next to attract Reddit crowd
PLATINUM group metals may prove irresistible to the WallStreetBets crowd having whetted their appetite on silver, John Reade, chief strategist at the World Gold Council said this week.
PGMs could be next to attract Reddit crowd
WGC's John Reade believes PGMs are susceptible to Redditors
Gold And Silver > Events-coverage
05 February 2021
comments
share
Tom Hoskyns
An attempted short squeeze by retail investors in Reddit's WallStreetBets group on silver late last week and early this week saw the precious metal rise from just over US$25/oz on Thursday to almost $30/oz on Monday. Silver retreated to just shy of $27/oz overnight.
Reade told the audience that the Virtual Mining Indaba conference a lack of liquidity in PGMs made the market susceptible to similar treatment.
"I think platinum and palladium also have the potential for a crowd of small investors - or not so small investors - to have an impact," Reade said.
Asked whether he thought gold could be affected by similar fluctuations, Reade said the higher liquidity present in the gold market made it far harder to manipulate to such a degree.
"Silver is such a smaller market; about a 10th of the size of the gold market in terms of value of trade…so you can take a relatively illiquid market and see an impact on it," Reid said.
"The gold market is much bigger. This is an asset that changes hands about US$150 billion worth a day so it would take more money than has been thrown around by the WallStreetBets crowd, although if they'd like to try and prove me wrong, I'd be more than welcome to see that too."
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Nevada's Vast Stores Of Lithium Could Fuel The Energy Transition. But At What Cost?
By Noah Glick • Dec 23, 2020
Mountain West News Bureau
A landscape with mountain peaks made of volcanic rock and dirt in the foreground. Snowcapped mountains line the background.
Buried underneath the ancient volcanic rock and dirt of the Silver Peak Range in central Nevada lies millions of tons of lithium.
Noah Glick
The Sony Handycam, of all things, foretold what may soon be a massive mine on public lands in Nevada.
In the early 1990s, the camcorder became the first product to use lithium-ion batteries commercially. Since then, the technology has been used to power our laptops, smartphones, and now electric vehicles and homes.
Listen
Listening...
3:57
Listen to Part 1 of this story.
Some estimate the lithium-ion battery market will be worth more than $100 billion by 2027. Much of that growth can be attributed to the meteoric rise of electric vehicles, thanks in large part to Tesla.
And that makes lithium – specifically lithium carbonate, the industrial chemical made from lithium to make batteries – very valuable. According to the U.S. Geological Survey, the average U.S. price was $13,000 per metric ton last year.
And there are tons of lithium – millions of tons – in Nevada.
continues
https://www.kunr.org/post/nevadas-vast-stores-lithium-could-fuel-energy-transition-what-cost#stream/0
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Silver Coins Still in High Demand Even With Drop in Metal Price
Yvonne Yue Li, Bloomberg News
One-ounce silver coins sit on a one-kilogram silver bar at Gold Investments Ltd. bullion dealers in this arranged photograph in London, U.K., on Wednesday, July 29, 2020. Gold held its ground after a record-setting rally as investors awaited the outcome of a Federal Reserve meeting amid expectations policy makers will remain dovish, potentially spurring more gains. , Bloomberg
(Bloomberg) -- Americans can’t get enough silver coins despite declining metal prices since the Reddit buying frenzy unraveled.
Premiums on American Eagle silver coins have risen to more than $7 on Thursday from about $5 this past weekend, according to Everett Millman at Gainesville Coins in Florida. His company’s website has a notice saying all orders may face extended delays.
Dealers including Apmex were unable to process orders over the weekend because of unprecedented demand. Apmex’s website currently tells customers to expect a three- to five-day delay in processing times due to increased volume of orders.
Normally when prices of the physical metal fall, premiums come down as well. That hasn’t happened this time, when spot silver has slipped 2.4% since Friday after a retail buying frenzy fueled by posts on Reddit forums spread to silver stocks.
It’s “partly because there’s suppliers who have really depleted their inventories of a lot of popular products like silver eagles and the U.S. Mint isn’t going to have many more until probably the middle of the spring,” Millman said by phone.
The U.S. Mint said Tuesday it is still rationing its sales of silver coins because of “continued exceptional market demand,” as well as limited supplies and manufacturing capacity.
Gainesville Coins has a much higher volume of first-time orders and buyers than in the past, according to Millman.
“It’s giving some people the first introduction to the silver market to even know that these coins exist,” he said, referring to the Reddit-driven buying mania that at one point drove silver prices to an eight-year high.
©2021 Bloomberg L.P.
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Have a Wonderful day everyone good luck and Thanks
.
.
..................................................
Price advances for gold, silver after mostly as-expected U.S. jobs data
Friday February 05, 2021 08:43
(Kitco News) - Gold and silver futures prices are trading higher in early U.S. dealings Friday, following the key U.S. data point of the day that saw the U.S. January jobs report come in mostly as expected. Gold and silver did rally modestly after the jobs report because even though there were no big surprises in the data, the data does suggest a U.S. economy that is listing again. April gold futures were last up $12.60 at $1,803.40 and March Comex silver was last up $0.461 at $26.695 an ounce.
The U.S. employment situation report for January, arguably the most important U.S. data point of the month, showed a non-farm payrolls rise of 49,000 and an unemployment rate of 6.3%. The non-farm jobs number was very close to market expectations and the unemployment rate was a bit lower than expected. Still, the data suggests the world’s largest economy is still far from fully recovered from the Covid-19 pandemic and is still down 12 million jobs from last year at this time.
Global stock markets were mixed to firmer overnight. U.S. stock indexes are pointed toward higher openings and record highs when the New York day session begins. Once again, the U.S. stock index bulls have shown keen resilience in coming right back from recent solid losses, to keep their longer-term price uptrends alive and well. Trader/investor risk sentiment continues upbeat. The Biden administration is working to get fresh stimulus funds to Americans and such will likely occur in the coming weeks. Also, new Covid 19 cases and hospitalizations in the U.S. are ticking down a bit, suggesting the virus may have already peaked.
A theme that may be flying under the radar of much of the marketplace is the recent change in near-term price trends for the major currencies. In the past month, the U.S. dollar index has been trending higher, while currencies like the Euro common currency, Australian and Canadian dollars, the Swiss Franc and the Japanese yen have been trending down against the greenback.
The key “outside markets” today see the U.S. dollar index a bit weaker after hitting a two-month high Thursday. Meantime, Nymex crude oil futures prices are higher, hit a 12-month high, and are trading around $56.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note stands at 1.136%.
Other U.S. economic data due for release Friday includes the international trade in goods and services report and the consumer credit report.
Technically, the February gold futures bears have the overall near-term technical advantage amid a price downtrend in place on the daily chart. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at last week’s high of $1,878.80. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the November low of $1,771.30. First resistance is seen at the overnight high of $1,812.40 and then at $1,825.00. First support is seen at today’s low of $1,792.20 and then at $1,771.30. Wyckoff's Market Rating: 4.0
March silver futures bulls still have the slight overall near-term technical advantage but have faded badly this week. Silver bulls' next upside price objective is closing prices above solid technical resistance at the January high of $28.105 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at $27.00 and then at $27.26. Next support is seen at the overnight low of $26.255 and then at $26.00. Wyckoff's Market Rating: 5.5.
By Jim Wyckoff
.
.
.
.
As we have come to expect on a Non-Farm Payrolls report the metals were subjected to a smashing and fearless bear raid.
But Yellen and crew will be looking carefully at the little pack of Redditors, who singed a hedge fund or two by piling on to their lazy short positions in Gamestop.
There are ways to reform this. We used to have them. We lost them in the great crusade to roll backk all the New Deal Reforms at the end of the last century.
Stocks rallied on the triumph of the status quo, and the waves of Fed-driven liquidity.
If you trade every day, and look carefully at the mechanics of the market around your orders, you may get the sense that your trades are being front-run, and gaming in the markets.
And you might not be incorrect in this.
Your order flow from your non-commission broker is probably being run through a gauntlet of mammoth hedge funds who are paying for a look at your hand milliseconds after you play it, and before it can have any effect.
There are ways to counter this. Use limit orders only and do not chase.
Or better yet, do not trade at all. This is a vicious market, and not well-regulated at all.
Do not expect to knock down all the regulations, and then stand against the powerful winds of malice and oppression that blow across the markets, with little or nothing
https://jessescrossroadscafe.blogspot.com/
.
.
METALS-Industrial metals rise on risk appetite, firm dollar weighs
HANOI, Feb 5 (Reuters) - Most industrial metals rose on Friday as appetite for riskier assets returned following a fading GameStop-style frenzy, although a stronger dollar limited gains.
LME three-month copper rose 0.7% to $7,875 a tonne by 0809 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange closed 1% higher at 58,210 yuan ($8,993.71) a tonne.
LME aluminium rose 0.3% to $1,999.50 a tonne, nickel advanced 1.4% to $17,890 a tonne and zinc increased 1.2% to $2,659 a tonne.
ShFE aluminium rose 2.5% to 15,555 yuan a tonne, nickel climbed 2.1% to 132,850 yuan a tonne, while lead added 2% to 15,275 yuan a tonne.
“The meme stocks are gone .. washed down the drain so no more forced liquidation by funds to pay for their losses on those,” said a metals trader, referring to the trading frenzy involving GameStop Corp and silver.
“So everything can now go up, but commodities’ upside is capped due to strong USD,” the Singapore-based trader said.
The dollar, which was heading for its best weekly gain in three months, made greenback-priced metals on the London Metal Exchange more expensive for holders of other currencies.
Markets in China, the world’s biggest metals user, will close from Feb. 11-17 for Lunar New Year holidays, potentially slowing demand for industrial metals.
FUNDAMENTALS
* ShFE zinc stocks ZN-STX-SGH jumped 34.9% week-on-week to 60,361 tonnes, while ShFE tin inventories SSN-TOTAL-W rose 18.4% and ShFE aluminium stockpiles AL-STX-SGH increased 10.2% within the same period.
* Cash tin on the LME was at a $990 a tonne premium over the three-month contract CMSN0-3, indicating tight nearby supplies. LME tin inventories MSNSTX-TOTAL fell to 810 tonnes, hovering around the lowest level since May 2019.
.
.
State legislatures eye sound-money reforms
Submitted by cpowell on Thu, 2021-02-04 16:26. Section: Daily Dispatches
By JP Cortez
Money Metals News Service, Eagle, Idaho
Monday, February 1, 2021
More state lawmakers than ever are introducing sound-money legislation in the opening days of the 2021 legislative session.
Several states will consider measures to remove sales or general excise taxes from the purchases of gold, silver, and other precious metals.
Many other states will weigh bills to eliminate income taxes on gold and silver.
Still others will decide whether state funds can be held in physical gold and silver -- and may even consider establishing a state-chartered bullion depository.
With debt-funded spending and money-printing in our nation's capital proceeding at breakneck speed, will states see the wisdom of enacting measures to counteract these policies of currency debasement?
Here’s a rundown on newly introduced state legislation. ...
... For the remainder of the report:
https://www.moneymetals.com/news/2021/02/01/state-legislatures-eye-sound...
.
.
PGMs could be next to attract Reddit crowd
PLATINUM group metals may prove irresistible to the WallStreetBets crowd having whetted their appetite on silver, John Reade, chief strategist at the World Gold Council said this week.
PGMs could be next to attract Reddit crowd
WGC's John Reade believes PGMs are susceptible to Redditors
Gold And Silver > Events-coverage
05 February 2021
comments
share
Tom Hoskyns
An attempted short squeeze by retail investors in Reddit's WallStreetBets group on silver late last week and early this week saw the precious metal rise from just over US$25/oz on Thursday to almost $30/oz on Monday. Silver retreated to just shy of $27/oz overnight.
Reade told the audience that the Virtual Mining Indaba conference a lack of liquidity in PGMs made the market susceptible to similar treatment.
"I think platinum and palladium also have the potential for a crowd of small investors - or not so small investors - to have an impact," Reade said.
Asked whether he thought gold could be affected by similar fluctuations, Reade said the higher liquidity present in the gold market made it far harder to manipulate to such a degree.
"Silver is such a smaller market; about a 10th of the size of the gold market in terms of value of trade…so you can take a relatively illiquid market and see an impact on it," Reid said.
"The gold market is much bigger. This is an asset that changes hands about US$150 billion worth a day so it would take more money than has been thrown around by the WallStreetBets crowd, although if they'd like to try and prove me wrong, I'd be more than welcome to see that too."
.
.
Nevada's Vast Stores Of Lithium Could Fuel The Energy Transition. But At What Cost?
By Noah Glick • Dec 23, 2020
Mountain West News Bureau
A landscape with mountain peaks made of volcanic rock and dirt in the foreground. Snowcapped mountains line the background.
Buried underneath the ancient volcanic rock and dirt of the Silver Peak Range in central Nevada lies millions of tons of lithium.
Noah Glick
The Sony Handycam, of all things, foretold what may soon be a massive mine on public lands in Nevada.
In the early 1990s, the camcorder became the first product to use lithium-ion batteries commercially. Since then, the technology has been used to power our laptops, smartphones, and now electric vehicles and homes.
Listen
Listening...
3:57
Listen to Part 1 of this story.
Some estimate the lithium-ion battery market will be worth more than $100 billion by 2027. Much of that growth can be attributed to the meteoric rise of electric vehicles, thanks in large part to Tesla.
And that makes lithium – specifically lithium carbonate, the industrial chemical made from lithium to make batteries – very valuable. According to the U.S. Geological Survey, the average U.S. price was $13,000 per metric ton last year.
And there are tons of lithium – millions of tons – in Nevada.
continues
https://www.kunr.org/post/nevadas-vast-stores-lithium-could-fuel-energy-transition-what-cost#stream/0
.
.
Silver Coins Still in High Demand Even With Drop in Metal Price
Yvonne Yue Li, Bloomberg News
One-ounce silver coins sit on a one-kilogram silver bar at Gold Investments Ltd. bullion dealers in this arranged photograph in London, U.K., on Wednesday, July 29, 2020. Gold held its ground after a record-setting rally as investors awaited the outcome of a Federal Reserve meeting amid expectations policy makers will remain dovish, potentially spurring more gains. , Bloomberg
(Bloomberg) -- Americans can’t get enough silver coins despite declining metal prices since the Reddit buying frenzy unraveled.
Premiums on American Eagle silver coins have risen to more than $7 on Thursday from about $5 this past weekend, according to Everett Millman at Gainesville Coins in Florida. His company’s website has a notice saying all orders may face extended delays.
Dealers including Apmex were unable to process orders over the weekend because of unprecedented demand. Apmex’s website currently tells customers to expect a three- to five-day delay in processing times due to increased volume of orders.
Normally when prices of the physical metal fall, premiums come down as well. That hasn’t happened this time, when spot silver has slipped 2.4% since Friday after a retail buying frenzy fueled by posts on Reddit forums spread to silver stocks.
It’s “partly because there’s suppliers who have really depleted their inventories of a lot of popular products like silver eagles and the U.S. Mint isn’t going to have many more until probably the middle of the spring,” Millman said by phone.
The U.S. Mint said Tuesday it is still rationing its sales of silver coins because of “continued exceptional market demand,” as well as limited supplies and manufacturing capacity.
Gainesville Coins has a much higher volume of first-time orders and buyers than in the past, according to Millman.
“It’s giving some people the first introduction to the silver market to even know that these coins exist,” he said, referring to the Reddit-driven buying mania that at one point drove silver prices to an eight-year high.
©2021 Bloomberg L.P.
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.
Have a Wonderful day everyone good luck and Thanks
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