Gold miners must focus on maximising returns and more mergers to attract investors seeking to diversify after years of under-investing in mines, Barrick Gold's chief executive said on Wednesday."The industry is in decline and we have put ourselves in a very a tight spot because we haven't invested in exploration and our future," said Mark Bristow, who took the helm in January at Barrick after its...Read More
Zimbabwe's mining sector was subdued in the first quarter due to a severe dollar crunch that affected production, with gold the most hit, the mining chamber said, adding some bullion miners had experienced recently introduced power cuts.Mining generates most of the export earnings for the southern African nation, which faces a severe shortage of dollars that has led to a scarcity of fuel and medic...Read More
Puts are trading at more than 41 times the expected intraday ratePure Storage Inc (NYSE:PSTG) stock is down 21% at $16.28 -- sinking back toward its late-December lows, and pacing toward its worst day ever. Last night, the data storage name reported a wider-than-anticipated adjusted first-quarter loss of 11 cents per share on $326.7 million in revenue, less than analysts were expecting. PSTG also...Read More
Bloomberg Is gold about to go full bull? Let's check some charts to see. Before we do, here are some basic price facts: Gold GC00, +0.05% peaked in 2011 at just above $1,900 an ounce. Since then, it's been an exercise in dread for gold bugs. (Disclosure: I have no positions in gold.) Gold bottomed in early 2016 and now it's back in the same price range as it's been since 2013. So, basically, the...Read More
Target stock closed just shy of a key trendline yesterdayDespite the retail sector seeing earnings-related weakness this week, shares of Target Corporation (NYSE:TGT) have already gapped 7% higher, to trade at $76.68. Target this morning reported a first-quarter earnings and same-store sales beat, citing same-day fulfillment services for its digital strength especially. The company also shared pl...Read More
A federal judge ruled Qualcomm's practices as a violation of antitrust lawThis morning, U.S. District Judge Lucy Koh in San Jose, California, ruled that Qualcomm, Inc. (NASDAQ:QCOM) has violated antitrust law. More specifically, Koh accused the Apple supplier of marginalizing competition for cellphone chips by exacting steep licensing fees. In her own words, "Qualcomm's licensing practices have s...Read More
The company reported weakening sales growth for its first-quarter The shares of Urban Outfitters, Inc. (NASDAQ:URBN) are slipping today, after the retailer reported slower growth for its first quarter. Specifically, the firm posted per-share earnings that beat analysts' estimates, but came in 7 cents lower than last year's results, as well as weakening sales and shrinking gross margins -- mostly d...Read More
The Philippines has passed a law exempting gold sales by small-scale miners to the central bank from excise and income taxes to beef up the country's foreign exchange reserves and prevent smuggling, the Bangko Sentral ng Pilipinas said on Wednesday.Philippine President Rodrigo Duterte signed the law into effect on March 29, the central bank said in a statement.By law, all gold produced by small mi...Read More
Weekly options traders targeted HD's post-earnings actionLowe's Companies, Inc. (NYSE:LOW) is set for a large sell-off after the company reported quarterly earnings that were below analysts' expectations. On top of that, the retailer lowered its full-year profit forecast. Shortly before the open, LOW shares were down 8.5%, which would put them at $101.68, back below the 200-day moving average. The...Read More
The FOMC meeting minutes are set for release later todayFutures on the Dow Jones Industrial Average (DJI) are trading below fair value, with a busy day already taking off for investors. Retail stocks are weighing heavy after a slew of disappointing earnings reports, while chip stock Qualcomm (QCOM) is down 10% in electronic trading, after U.S. District Judge Lucy Koh ruled the tech firm used antic...Read More
The European elections take place this Thursday in the UK and the polling suggests a win by a large majority by the Brexit Party.Theresa May intends to ask her cabinet to sign off a package of Brexit concessions this week, as she ramps up for one last bid to win over MPs.The lack of clarity surrounding this issue is having a negative effect on both the Pound and the Euro and thus the US Dollar gli...Read More
Rise Gold (CSE: RISE) reported this week that the exploration drill program the company is carrying out at its Idaho-Maryland project intercepted high-grade gold mineralization in multiple vein structures downdip from historic workings.The past-producing high-grade Idaho-Maryland gold mine is located near Grass Valley in northeastern California.Historical records state that the mine produced a tot...Read More
Rise Gold (CSE: RISE) reported this week that the exploration drill program the company is carrying out at its Idaho-Maryland project intercepted high-grade gold mineralization in multiple vein structures downdip from historic workings.The past-producing high-grade Idaho-Maryland gold mine is located near Grass Valley in northeastern California.Historical records state that the mine produced a tot...Read More
Australia's largest gold producer, Newcrest Mining (ASX: NCM), will begin in June the most extensive drilling program to date at Greatland Gold's (LON:GGP) Havieron gold-copper project in the Paterson region of Western Australia.The exploration activities, part of a joint venture the two companies signed in March, aim to define the extent of mineralization along strike and at depths to 1,000m be...Read More
Australia's largest gold producer, Newcrest Mining (ASX: NCM), will begin in June the most extensive drilling program to date at Greatland Gold's (LON:GGP) Havieron gold-copper project in the Paterson region of Western Australia.The exploration activities, part of a joint venture the two companies signed in March, aim to define the extent of mineralization along strike and at depths to 1,000m be...Read More
Since 2010, stocks have tended to struggle Memorial Day Week The unofficial start to summer is next week, with U.S. markets closed on Monday, May 27, for Memorial Day. This week, I'll show you how stocks have performed in the past during the holiday week.Recent Weakness After Memorial DayThe table below summarizes the weekly returns of the S&P 500 Index (SPX) since 1971 (the year Memorial Day offi...Read More
* UK PM May's Brexit deal falls apart, hurting stocks, FX * Sterling hits lowest since Jan flash crash against dollar * But losses curbed on Sky report May will resign tonight * Graphic: World FX rates in 2019* Graphic: Trade-weighted sterling since Brexit vote (Updates prices)By Abhinav Ramnarayan and Saikat ChatterjeeLONDON, May 22 (Reuters) - Sterling fell on Wednesday andwas on track for its l...Read More
Barrick Gold's subsidiary Acacia Mining (LON:ACA) condemned its parent company on Wednesday for keeping it out of discussions with the government of Tanzania about a long-running row over outstanding tax claims.Acacia's comments come on the heels of the Canadian gold giant's bid to take full control of the company, which is Tanzania's No. 1 gold miner.Toronto-based Barrick has proposed to buy the...Read More
Here Are 3 Hot Things to Know About Stocks Right Now Stocks ended higher Tuesday after the Commerce Department eased restrictions on China's Huawei Technologies. Home Depot (HD - Get Report) rose slightly after beating first-quarter earnings expectations but missing on same-store sales growth. Kohl's (KSS - Get Report) missed Wall Street's first-quarter earnings expe...Read More
Steve Savilleemail: sas888_hk@yahoo.comPosted May 21, 2019The price of platinum has pulled back from an early-April high of US$920 to$833, meaning that it has 'corrected' by almost 10% in a little more than amonth. Over the same period the price of the Physical Platinum ETF (PPLT)has dropped from around US$86 to US$78.79. Both platinum and PPLT are now trading very close to their respective 200-da...Read More