Gold scores biggest one day rally since March, silver jumps nearly 7% due to Fed-inspired ‘short squeeze’

Gold and silver rose sharply on Thursday, with gold logging its biggest one-day percentage gain since March and silver rallying by nearly 7% to finish at its highest price in a month. Price action Gold GC00, +1.76% GCQ22, +1.76% for October delivery gained $31.20, or 1.8%, to settle at $1,750.30 per ounce. That was the … Read more

Gold Has Been a Disappointment This Year. What Could Change That.

Rising interest rates and strength in the dollar contributed to gold’s drop to $1,700.20 an ounce on July 20, the lowest finish since March 30, 2021. Here: a row of gold ingots in a foundry. Andrey Rudakov/Bloomberg Text size Gold has failed to show its value as a haven investment so far this year, with … Read more

LME used ‘expert judgement’ to wipe $4bn trades, defence to Elliott and Jane Street suit claims

The London Metal Exchange asked a High Court judge to respect its “specialist” judgment and refuse payment of $456m and $15.3m, respectively, sought by activist hedge fund Elliott Management and market maker Jane Street over cancelled nickel trades in early March. The view from the LME in the 13 July court filings — still in the early … Read more

SocGen accuses Clifford Chance of negligence in £384m gold bullion dispute

Societe Generale has accused Clifford Chance of negligence over its work for the bank in a dispute over £384m-worth of gold bullion. SocGen engaged the Magic Circle law firm in 2008 to pursue Turkish jewellery maker Goldas. The bank claimed Goldas had failed to pay for 15.725 metric tonnes of gold bullion. The bank obtained a … Read more

Bitcoin Just Crashed Below $20,000. Where It Might Be Headed Next.

Text size Bitcoin prices have been crashing and could fall even further. Courtesy Ethan Lou The Bitcoin carnage continues, as the cryptocurrency breaks $20,000 to trade at its lowest level since 2020. Don’t be surprised if $10,000 is the next stop. Bitcoin has dropped 7.2% to $19,027.52 during the past 24 hours, bringing it to … Read more

Hedge fund boss Ken Griffin says LME was ‘incomprehensibly wrong’ to wipe $4bn in nickel trades

Kenneth Griffin, chief executive and founder of hedge fund Citadel, is the latest finance giant to criticise the London Metal Exchange after a March spike in nickel prices led the trading platform to cancel almost $4bn in trades. “That was one of the worst days in my professional career in terms of watching the behaviour of … Read more

Metals guru on the ‘apoplectic rage’ of nickel traders over LME debacle

The London Metal Exchange’s unprecedented move earlier this month to cancel close to $4bn in nickel transactions shocked market participants far beyond London commodity trading. LME boss Matthew Chamberlain appeared on television for days afterward defending the move, while hedge fund boss Clifford Asness led a chorus of financial voices in slamming the exchange. Mark Thompson is … Read more

UK watchdog says LME ‘needs to learn lessons’ after nickel chaos leads exchange to wipe $4bn in trades

The nickel fiasco at the London Metal Exchange offers lessons for the exchange and the market, said a senior official at the City’s watchdog, the Financial Conduct Authority. “The London Metal Exchange and the rest of the market need to learn lessons from episodes such as this, it’s important they do so,” FCA head of … Read more

The LME made a hash of it — but nickel traders were warned

Traders on the London Metal Exchange may be furious. But they can hardly claim they weren’t warned. Laying out its ‘strategic pathway’ five years ago, the LME’s chief executive Matthew Chamberlain made plain that the exchange’s first principle was an “absolute commitment” to the physical market. “If there is ever a conflict between the physical … Read more

Soaring Nickel Will Drive Tesla, EV Players to Do This With Batteries

A basket of metals that go into lithium ion batteries is up 64% so far in 2022, which theoretically raises the sticker price of an average electric vehicle. Ronny Hartmann/AFP via Getty Images Text size Inflation is hitting the electric vehicle supply chain as the prices for metals that go into batteries soar. It isn’t … Read more