Sentiment in the metals markets was mixed at the 2018 Precious Metals Summit in Beaver Creek. Some miners maintained that markets are seeing a turning point, especially after the announcement of one of the largest mining mergers of all-time between Barrick and Randgold expected to renew investor interest in the sector. Analysts and geologists held different opinions; while some saw the negative re...Read More
(Kitco News) - With the summer sales peak season now over, the U.S. Mint still reported substantial demand for gold and silver coins in September, with the latter showing a massive jump from last year.The number of American Eagle gold coins sold in various denominations reached the highest level since January, with the total for September coming in at 60,500, up 41% from August, according to the l...Read More
(Kitco News) - Gold and silver prices are weaker in early-afternoon U.S. trading today. Keener risk appetite is in the marketplace to start the trading week has the precious metals under pressure, as does a firmer U.S. dollar index today. It’s very likely going to take a geopolitical shock to the marketplace to jumpstart a decent rally in the safe-haven gold market. December gold futures wer...Read More
(Kitco News) - Gold prices may remain under pressure in the near term but are likely to rally into year-end and 2019 with the help of an eventually softening U.S. dollar and many other factors, says TD Securities.“We forecast the yellow metal to average $1,225/oz in the last three months of 2018, with prices moving into the $1,300s by the end of 2019,” the Canadian bank said in a resea...Read More
(Kitco News) - The mining sector continues to build momentum as another merger deal has been announced.Monday, Americas Silver Corporation (TSX: USA) (NYSE: USAS, TSX: USA) and Pershing Gold Corporation (Nasdaq: PGLC TSX: PGLC) announced an all-stock merger agreement to create an Americas focused precious metals producer.According to the press release, Pershing shareholders will receive 0.715 comm...Read More
(Kitco News) - John L. Thornton, the executive chairman of Barrick Gold Corp. (NYSE, TSX:ABX), has nearly doubled his holdings in the company to 5 million shares, the company announced Monday.Thornton has purchased 2,271,029 additional common shares at an average price of $11.11 per share, Barrick said.Barrick, a Canadian producer, plans to acquire Randgold Resources Ltd. (Nasdaq: GOLD) under an a...Read More
(Kitco News) - Bearish hedge funds continue to dominate the gold market with their short bets as the yellow metal has been unable to hold critical support at $1,200 an ounce, according to the latest data from the Commodity Futures Trading Commission. The gold market’s bearish speculative positioning has held near historic highs for a month and some analysts warn that it could still take some...Read More
* Trump calls deal most important ever for United States * Agreement largely leaves NAFTA trade flows intact * Automakers see higher costs from high-wage requirements * Stocks rise; Canadian dollar, Mexican peso gain (Adds analyst quote and automotive details) By Steve Holland and David Lawder WASHINGTON, Oct 1 (Reuters) - President Donald Trump onMonday touted a new trade deal with Canada and Mex...Read More
The dynamics in most of the world's major billet markets continued to be negative over the week ended Friday September 28, on a lack of demand caused by unfavorable conditions in the finished long steel sector and ample stocks in some markets built over previous weeks....Read More
The dynamics in most of the world's major billet markets continued to be negative over the week ended Friday September 28, on a lack of demand caused by unfavorable conditions in the finished long steel sector and ample stocks in some markets built over previous weeks....Read More
Three-month base metals prices on the London Metal Exchange were for the most part firmer, the exception being copper where prices were down by 0.4% at $6,233 per tonne. The rest were up between little changed for aluminium and 0.9% for lead. With Chinese markets closed for the Golden Week holiday to mark the country’s National Day, volume has been light with 1,606 lots traded as at 07:12am L...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 15 points in pre-opening trade. Index futures are responding to a tentative new trade agreement between Canada and the U.S. reached last night that replaces the previous NAFTA agreement. In addition, President Trump signed off on a government spending bill that will avoid a potential shutdown of government services. Th...Read More
Although gold prices have traded higher today, prices have declined this week, this month, as well as the last two quarters. As of 4:30 PM Eastern standard time, gold futures are trading up by $7.90 and fixed at $1,195.30 per ounce. This month's FOMC meeting resulted in a highly anticipated rate hike of 1/4%. More importantly, it laid the groundwork for one more rate hike this year. The CME's Fe...Read More
(Kitco News) - While the gold market is showing some resilience in the final trading day of September, analysts note that the market is remains stuck in a clear down trend as it notches its sixth consecutive monthly drop.While off its lows, gold prices are preparing to end the week and month in negative territory. December gold futures last traded at $1,195.80 an ounce, down 0.50% from the previou...Read More
(Kitco News) - Wall Street looks for gold’s downward momentum to continue next week, while Main Street voters are in a near dead heat on whether gold will rise or fall.After hovering around $1,200 an ounce for several weeks, gold turned south again this week after the Federal Open Market Committee not only hiked interest rates by another 25 basis points but appeared to remain hawkish for the...Read More
(Kitco News) - SOKIMO, the state miner of the Democratic Republic of the Congo, told Randgold Resources Ltd. (Nasdaq: GOLD) Friday that it will “assert its rights” since a merger announcement this week would bring in a new outside partner, but Randgold refuted the claims.Canadian producer Barrick Gold Corp. (NYSE, TSX: ABX) will acquire Randgold in a planned all-stock merger announced...Read More
(Kitco News) - Gold prices are posting modest gains, while silver prices are solidly higher and near the recent four-week high, in morning dealings Friday. Both metals were trading not far from unchanged levels at the opening of U.S. futures trading. Short covering and some bargain buying heading into the weekend are featured. Also, the last trading day of the month and of the quarter today are pr...Read More
On Sunday evening, Global miners Barrick Gold (ABX) and Randgold Resources (GOLD) announced they have agreed to merge in an all share, no premium transaction which will solidify Barrick as the world’s largest gold company by production. The street reacted very favorably, as the share prices of both firms were bid higher combined with 52-week high volume. I reached out to a few junior explor...Read More
Spot gold has hit a six-week low as the U.S. dollar benefits from strong U.S. economic data, says BMO Capital Markets. “Gold prices are trading towards six-week lows as a stronger dollar was buoyed by upbeat U.S. economic data as spot prices trade towards $1,181/oz early on this morning,” BMO says. “Building on momentum from Wednesday's Fed rate hike, yesterday saw the relea...Read More
Just when you thought it was safe to dip into the gold pool, there was no support and gold got crushed on Thursday. The panic and puking sellers forgot about price and time and couldn't wait to sell, taking gold down to $1,186. One of the basic rules of trading and investing is to never let them see you sweat. Of course, gold did come off the bottoms and held support. Gold is now at the bottom end...Read More