Gold is still outperforming several major assets on a long-term basis.This is an argument in favor of its long-term bull market continuing.Demographic trends also provide support for gold's fear component.We often discuss the importance of short-term relative price strength when evaluating the gold price in this report. What's not often looked at, though, is gold's longer-term relative strengt...Read More
(Updates prices) * British PM May's government wins no confidence vote * GRAPHIC-Gold vs currencies: By Arijit BoseBENGALURU, Jan 16 (Reuters) - Palladium rose to a recordhigh on Wednesday on increasing demand and lower supply of themetal used in auto catalysts, while gold gained on expectationsof a pause in the U.S. Federal Reserve's rate-hiking cycle.Palladium jumped to an all-time high of $1,35...Read More
NFLX will report earnings after tomorrow's closeEarnings season is about to hit high gear, and first up among the FAANG names is Netflix, Inc. (NASDAQ:NFLX), scheduled to report its fourth-quarter earnings after the close this Thursday, Jan. 17. While NFLX is known for making massive moves after its quarterly reports, the options market is expecting an even bigger-than-usual post-earnings swing i...Read More
Goldman Sachs lead the Dow with a nearly 7% gainThe Dow Jones Industrial Average (DJI) is still riding high on bank earnings -- up over 140 points at midday. Goldman Sachs (GS), in particular, is leading the blue chips with a nearly 7% gain. Apple (AAPL) stock is also higher, amid reports the company is in talks with several private Medicare plans to distribute Apple Watches to seniors. Traders a...Read More
Mortgage application volume rose 13.5 percent last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.That is its highest level since February and came after a 23 percent jump the previous week. Volume was just 0.5 percent lower than a year ago.Refinance demand drove the gains, with those applications rising 19 percent for the week to t...Read More
Mexican mining-union leader and newly installed Senator Napoleon Gomez Urrutia is ready to take on companies that he says don't pay enough taxes, pollute the environment and enjoy concessions he deems are too long. Mining shares tumbled.An old foe of Grupo Mexico SAB, Gomez Urrutia is reviewing mining concessions in the country and thinks companies in the industry should contribute more to the gov...Read More
Pinduoduo has had a drama-filled history on Wall StreetPinduoduo Inc (NASDAQ:PDD) has had a tumultuous time in the public markets. The shares began trading publicly in the U.S. back in July, and since then the company has been subjected to accusations of selling counterfeit products and increased attention from short sellers. However, PDD stock is higher today following upbeat analyst attention.Sp...Read More
GS is the only Wall Street bank, so far, to report increased trading revenue The shares of Goldman Sachs Group Inc (NYSE:GS) are up 4.9% at $188.72 in early market trading, after the company announced a fourth-quarter earnings beat. In fact, the company reported an increase in trading revenue last quarter -- the only Wall Street bank, so far, to do so. Now, GS stock is pacing for its fourth straig...Read More
The stock recently climbed above two key technical levelsBarclays initiated coverage on Parsley Energy Inc (NYSE:PE) with an "overweight" rating and $38 price target -- a 103% premium to last night's close at $18.70. The brokerage firm said the Texas-based oil and natural gas firm's "steady activity program" will create a constant cash flow.In reaction to the bull note, PE stock is up 1.2% to trad...Read More
Consolidation season has finally arrived in the goldfields, just as many experts and analysts have been predicting for some time now. With exploration budgets having been slashed since their 2012 peak, and because there are today fewer and fewer ounces of gold available to be mined, one way forward for producers of all sizes will be to ramp up mergers and acquisitions (M&A) activity. The world's l...Read More
SNAP had added almost 19% in 2019 prior to todayThe shares of Snap Inc (NYSE:SNAP) are headed for trouble today, down 11.6% to trade at $5.78, after the company's Chief Financial Officer (CFO) Tim Stone resigned, the second CFO exit in 12 months. An analyst at Summit Insights Group trimmed its price target to $5, while RBC downgraded the stock to "sector perform" from "outperform." This is overs...Read More
IAMGOLD (TSX: IMG; NHYSE: IAG) expects to produce fewer gold ounces while incurring higher all in sustaining costs and total cash costs in 2019 compared to 2018, the company said in its year end production results and 2019 guidance.IAMGOLD produced 882,000 attributable oz. gold in 2018, achieving the higher end of its production guidance. However, the company expects its total cash costs and all...Read More
Goldman Sachs' impressive earnings release is resulting in a risk-on approach this morningDow Jones Industrial Average (DJI) futures are trading above fair value this morning, as traders digest another round of big bank earnings. Blue chip Goldman Sachs (GS) is leading the way with a huge earnings beat, sending the stock higher before the open. On top of a busy day of quarterly earnings, there's a...Read More
Alamos Gold (TSX: AGI; NYSE: AGI) produced 505,000 ounces of gold from its four mines in North America last year and expects a "similar rate of production" this year.The company anticipates production of between 480,000 and 520,000 ounces of gold in 2019 at total cash costs of between $710 and $750 per oz., down 10% from its revised 2018 guidance of $810 per oz., and all-in sustaining costs of be...Read More
Detour Gold Corp. enjoyed a strong fourth quarter - with record output of 158,200 oz. - bringing the 2018 total to 621,128 oz. of gold. The total was 9% more than for 2017.The average mining rate was 56,594 t/d, but Q4 was even better at 305,000 t/d, making it the third consecutive quarter of improvement and the most tonnes mined in a quarter since operations began. The month of December averaged...Read More
Platinum could be the dark horse among precious metals, according to a money manager at Pacific Investment Management Co.Nic Johnson, Pimco's managing director and portfolio manager for commodities, says he prefers the metal over gold. Used in autocatalysts of diesel engines and jewelry, it's near the cheapest ever relative to both bullion and palladium, after tumbling 14 percent last year.While i...Read More
ATAC Resources of Vancouver has received the final assays from the 2018 exploration program at the Rau project. Rau is located at the western end of the company's Rackla property 55 km northeast of Keno City.The company says its exploration program points toward multiple intrusive related systems on the property - of which the Rackla Pluton is only one. Intrusive polymetallic mineralization has be...Read More
Hudbay Minerals' (TSE, NYSE: HBM) second-largest investor, Waterton Global Resource Management, is seeking to oust the Canadian miner's chief executive officer and overhaul its board.The private-equity firm, which holds about 12% of Hudbay, wants to replace eight of the board's 10 members with its own nominees and, as part of its plan, wants former Nevsun Resources CEO, Peter Kukielski, to lead th...Read More
* Poor German data, Draghi warning, weighs on singlecurrency * UK PM May loses historic vote, no-confidence motion called * Second referendum hopes boosts pound against euro * Graphic: World FX rates in 2018 (Recasts; updates prices; adds analyst quote; changes byline,changes dateline from LONDON to NEW YORK)By Kate DuguidNEW YORK, Jan 16 (Reuters) - The dollar rose against theeuro on Wednesday as...Read More
(Updates with closing prices)By Peter HobsonLONDON, Jan 16 (Reuters) - Nickel touched a 10-week high onWednesday as falling stockpiles and a tightening of time spreadssuggested an undersupplied market.Benchmark nickel on the London Metal Exchange (LME)closed down 0.4 percent at $11,630 a tonne after reaching$11,770, its highest level since Nov. 8.The stainless steel ingredient is up around 10 perc...Read More