Vale says still looking to sale stake in New Caledonia nickel mine

By analyst By Cecilia Jamasmie Brazil’s Vale (NYSE:VALE) denied Monday it had decided to suspend the sale of a stake in its loss-making New Caledonia nickel mine (VNC), adding it continues to seek for a partner. The statement, contained in a securities exchange filing, comes in response to a Reuters’ report indicating the company would delay the sale of the asset, located on the remote South Pacific island of New Caledonia, for up to a year after initial bids came in at the lower end of expectations. Production costs at VNC, one of the world’s top nickel mines, continue to be too high for it to be profitable. At the same time, prices for the metal are expected to fall in the coming year due to a flood of cheap ore entering the market. BMI Research said in a note Monday it expected nickel miners to witness subdued output growth … Continue reading

How Thanksgiving Dinner Is Getting Cheaper

By Alexander Green I may not know much about your personal circumstances. But I know something you should be grateful for this Thursday. The American Farm Bureau Federation just released its latest price survey of items typically found at a Thanksgiving dinner. And the cost of that big bird and all the trimmings has gone down. Feeding 10 people will run an average of $49.12 – down from $49.87 last year. A one-time blip? Not at all. In inflation-adjusted terms, the cost of Thanksgiving is 23% less expensive today than it was in 1986. In fact, economist Mark Perry at the American Enterprise Institute points out that when you calculate how many hours we need to work to pay for the average Thanksgiving dinner, the price drop is 31%. That’s because the average worker today would need to put in 2.21 hours of work to pay for the meal versus … Continue reading

Anglo to halt Minas Rio in Brazil if expansion licence delayed further

By analyst By Cecilia Jamasmie Anglo American (LON:AAL) will have to shut its massive Minas Rio in Brazil next year if authorities for the state of Minas Gerais, where the iron ore operation is located, further delay a licence needed to kick off a final and key expansion. The miner, which has already been granted permission for a second phase at Minas Rio, has been trying for months to secure the environmental license for the mine’s third and last expansion, but has faced several roadblocks along the way. Chief executive of Anglo American Brazil, Ruben Fernandes, told local paper Hojeemdia (in Portuguese) the permit was first expected in July this year, but ongoing requests from the state’s public prosecutor and the rescheduling of necessary public hearings have pushed the deadline to December. Without phase three, Anglo says, Minas Rio will run out of ore next year; cutting down output not … Continue reading

Kick These Dumb Trading Mistakes to the Curb

By Greg Guenthner This post Kick These Dumb Trading Mistakes to the Curb appeared first on Daily Reckoning. The market is finally showing us a little back-and-forth action as we begin a short trading week. It’s important to stay on top of our game as the holidays approach. While the bulls and bears duke it out this morning, we have the perfect opportunity to review our fixes for 12 of the market’s most common trading mistakes. Even seasoned traders can fall into these traps. That’s why it’s so important to step back from the markets and take a critical look at our trading process. With that in mind, here are 12 common mistakes many traders of every skill level tend to make: 1. Persistence in the face of repeated failure. I’m not talking about the good kind of persistence over adversity. That would involve introspection, research, learning— you get the … Continue reading

TheDailyGold Premium Update #544

By Jordan Roy-Byrne CMT, MFTA The 26-page premium update has been published, emailed to subscribers and uploaded to the website. This update covers (among other things) the sector outlook and short-term upside potential, expectations for when the next leg higher could begin, Gold in real terms, lengthy Q&A, buy price targets and a second developer with big insider buying. …read more Source:: The Daily Gold The post TheDailyGold Premium Update #544 appeared first on Junior Mining Analyst. … Continue reading

Jack Chan’s Weekly Precious Metals Market Update

Source: Jack Chan for Streetwise Reports 11/20/2017 Technical analyst Jack Chan charts the latest movements in the gold and silver markets. Our proprietary cycle indicator is down. The gold sector is on a long-term buy signal. Long-term signals can last for months and years and are more suitable for investors holding for long term. The gold sector is on a short-term buy signal. Short-term signals can last for days and weeks, and are more suitable for traders. Speculation favors overall higher gold prices. A pullback on the dollar is supportive for the metals. Our stocks/gold ratio is now at the same level as in December 2016, with a divergence to boot. Silver is on a long-term buy signal. SLV is on a short-term buy signal, and short-term signals can last for days to weeks, more suitable for traders. Speculation favors overall higher silver prices. SummaryThe precious metals sector is on … Continue reading

Hong Kong taking on Singapore for iron ore trading dominance

By analyst By Andrew Topf The commodity most closely watched, along with copper, for signs of economic activity, has a new trading hub. Last week Hong Kong Exchanges and Clearing started trading iron ore futures, challenging Singapore’s leading position as futures trader for the commodity used in steelmaking. According to Bloomberg, the dollar-denominated futures contracts will go head to head with those offered by SGX, which started its first swap contracts in 2009 and is now the world’s largest clearer of the derivatives – used by mining companies for hedging, as well as traders and hedge funds. As an incentive, all fees will be waived for the next six months. The Hong Kong stock exchange (HKEX) bought the London Metal Exchange in 2012 for 1.4 billion pounds (US$2.2 billion), which signalled the shift in mining influence from the United Kingdom to Asia. The new offering is its first foray into … Continue reading

Zsa Zsa Gabor’s diamond necklace could fetch up to $1.5 million

By analyst By Andrew Topf A diamond necklace owned by the late actress Zsa Zsa Gabor is expected to sell for between $1.2 and $1.5 million at auction. Forbes reported on Friday that the stunning necklace, made by Harry Winston in 1964, features 66 carats of diamonds – some weighing as much as 8 carats – and ranging in quality from F to I with a clarity of VVS2. The necklace will be auctioned by Bonhams in New York on December 4. The auctioneer will organize previews in a number of cities including Los Angeles, Hong Kong and New York, prior to the auction date. Zsa Zsa Gabor came from a family with three sisters whose Hungarian mother was a jeweller. All three sisters became actresses including Zsa Zsa, who starred in a number of films including the original Moulin Rouge in 1952. She died last year at the age … Continue reading

Northern Quebec iron ore mine to re-open by March

By analyst By Andrew Topf The Bloom Lake mine in northern Quebec will be back in business by March of next year, according to its new owners. Quebec Iron Ore Inc., a subsidiary of Champion Iron Ltd. (TSX:CIA), said last week that its 250 workers on site will be joined by 450 more by Christmas, reported Duluth News Tribune, on Saturday. In 2016 Champion Iron Ore, an iron ore explorer with offices in Canada and Australia, bought the Bloom Lake operation along with its rail assets. Montreal-based Champion has so far raised $350 million to restart the mine including $51 million from the Quebec government and debt financing worth $180 million announced in July. The large loan follows the granting of a $40 million bridge financing back in May plus offtake agreement. Sojitz Corporation, which loaned $20 million, has agreed to buy up to 3 million tonnes a year from … Continue reading

Societal Commentary – Sun 19 Nov, 2017

By Big Al Timmy brings up an interesting twist in the affairs of the Clinton’s interestingly enough published in the Washington PostScandals force Dems to rethink Bill Clinton BY KAREN TUMULTY AND KATIE METTLER Washington Post A torrent of sexual abuse allegations against powerful figures in politics and media has reignited the defining political fight of the 1990s. But this time, the battle is being waged within the ranks of Democrats and their allies, including leaders of the feminist movement. A growing number now say they were wrong to have so stridently defended former president Bill Clinton against the women who over the years accused him of offenses that included groping, exposing his genitals, and rape. The uncomfortable question is whether Democrats then were guilty of the sin they accuse Republicans of committing now by continuing to support President Trump and Alabama GOP Senate nominee Roy Moore, despite allegations of … Continue reading