Indonesia’s ban on nickel ore exports is resonating globally as prices climb to the highest since 2012, prompting companies from Avebury Nickel Mines Ltd. to Poseidon Nickel Ltd. to restart operations at idled mines.
The global glut of nickel will extend into a fourth year in 2014 as new technology lowers costs for Chinese furnaces producing record amounts of a lower-grade substitute that helped drive prices into a bear market.
China has recently revealed the size of its copper inventories – and they scared the hell out of investors when they did it. Do you think China might have an interest in inflating the size of its stockpiles to push prices down?
Significant macroeconomic and geopolitical risk plus the appalling fiscal state of most major industrial nations means that all fiat currencies will almost certainly fall against gold in the coming months.Total gold ETF holdings meanwhile are rising to near record levels.
Gold and silver are higher this morning with the dollar, the British pound and commodity currencies falling in value. It is too early to tell whether the recent margin driven, paper sell off on the Comex is over but demand remains robust.