Merger and acquisitions in the precious metals sector are gaining momentum following Barrick's recently announced $6.1 billion-deal to acquire Randgold Resources.Shortly after, Canada's Americas Silver (TSX:USA) announced it was buying Pershing Gold (Nasdaq:PGLC) for $50.78 million in an all-stock deal."This transaction aligns with our stated initiative of building a profitable and low-cost precio...Read More
Falling prices demolish production and wipe out investors.Buy the SPDR Gold Shares ETF January 2020 $120-$125 call spread for $1.60.China, Russia, and Kazakhstan have been the largest buyers of gold. As incredible as it may sound, I'm starting to hear good things about gold. That's amazing as the barbarous relic has been the red headed step child of the financial markets for the past six years. No...Read More
(Reuters) - Wall Street opened lower on Thursday, but not as much as stock futures had indicated, after data showed consumer prices rose less than expected in September, indicating inflation pressures were easing.The Dow Jones Industrial Average fell 80.35 points, or 0.31 percent, at the open to 25,518.39. The S&P 500 opened lower by 8.81 points, or 0.32 percent, at 2,776.87. The Nasdaq Compos...Read More
The FAANG stock had its worst day since mid-2016 on WednesdayThe shares of Netflix, Inc. (NASDAQ:NFLX) plunged 8.4% during Wednesday's tech rout, marking their biggest one-day drop since July 19, 2016. Nevertheless, analysts are staying upbeat toward the FAANG stock, with several issuing bullish notes overnight.For starters, Piper Jaffray reiterated its "overweight" rating and $420 price target fo...Read More
ROME (Reuters) - The Italian government’s plan to lower the retirement age will cost future generations around 100 billion euros ($115.4 billion), the chief of the state pension agency INPS said on Thursday.The reform “will increase pension debt for young people by about 100 billion euros,” Tito Boeri said in a parliamentary hearing.“We have no choice but to sound an alarm,...Read More
(Bloomberg) - Equities are plummeting, President Donald Trump says the Federal Reserve's gone 'loco' and the trade war's heating up, yet traditional havens in times of trouble such as gold are not getting any love.The biggest selloff in equities since February rolled through Asia and into Europe on Thursday, triggering steep losses in benchmark share indexes, but gold has barely stirred, while ot...Read More
Gold-backed global exchange-traded funds posted a largeinflow Wednesday, says Commerzbank. This came as the U.S. Dow Jones IndustrialAverage fell by more than 800 points. Meanwhile, “the gold ETFs tracked byBloomberg registered an inflow of around eight tonnes yesterday,” Commerzbanksays. “This is attributable to the SPDR Gold Trust in the U.S. and was thefirst daily inflow into...Read More
The stock has seen a significant sell-off since its mid-September record peakShares of Stitch Fix Inc (NASDAQ:SFIX) are 3% lower at $22.81 in early trading, after being hit with a price-target cut to $21 from $23 at Piper Jaffray. Analyst Erinn Murphy cited an internal survey that found a low usage frequency on the Stitch Fix platform. In response, the stock is down 3.3% at $22.92. Following its...Read More
SAN FRANCISCO/FRANKFURT (Reuters) - Apple Inc is buying the power-management technology at the heart of its iPhones in a $600 million deal with Dialog Semiconductor that also secures the German-listed company’s role as a supplier to the U.S. tech giant.The agreement to acquire patents and people from the Anglo-German chip designer is not only unusual, but also the largest of its kind by Appl...Read More
(Kitco News) - Although silver's freefall appears to have ended and prices are holding above their August lows, the precious metal is still struggling to find a new direction, according to one market analyst.In a report published Tuesday, Ira Epstein, director of the Ira Epstein Division of Linn & Associates, Inc., said that in this neutral price environment, he sees silver as a short-term tra...Read More
LU??S EDUARDO, Brazil/BOONE, Iowa (Reuters) - The Bella Vita luxury condominium tower rises 20 stories over the boomtown of Lu?-s Eduardo Magalh??es in northeastern Brazil. Its private movie theater and helipad are symbols of how far this dusty farming community has come since it was founded just 18 years ago.Local soybean producers shell out upwards of a half-million U.S. dollars to live in the c...Read More
(Reuters) - The U.S. Securities and Exchange Commission, Tesla Inc and Chief Executive Officer Elon Musk submitted a joint filing late on Wednesday in support of a settlement, saying the terms were in the best interest of investors.“We therefore respectfully submit that the court should accept and enter the proposed consent judgments,” they said in a letter filed with the U.S. District...Read More
ATHENS (Reuters) - Greece's jobless rate eased to 19 percent in July from 19.1 percent in the previous month, falling to its lowest level since August 2011, data from the country's statistics service ELSTAT showed on Thursday.Seasonally adjusted data showed the number of unemployed at 897,861 people, with younger persons aged up to 24 bearing the brunt of being out of work.Among younger persons ag...Read More
NUSA DUA, Indonesia (Reuters) - The Bank of England governor and the head of the International Monetary Fund praised the abilities of Federal Reserve Chairman Jerome Powell on Thursday, after U.S. President Donald Trump said the Fed had “gone crazy” by raising interest rates.Speaking on a panel at this week’s International Monetary Fund and the World Bank meetings in Bali, Govern...Read More
Shorts have piled on the cannabis stockTilray Inc (NASDAQ:TLRY) is 2.2% lower in electronic trading, after Eight Capital downgraded the cannabis stock to "neutral" from "buy," expressing concern over the company's valuation. While the brokerage firm did boost its price target to $70 from $32, this still stands at a sharp discount to last night's close at $136.80.The cannabis stock craze has tak...Read More
The CPI for September was softer than expectedThere'sbeen notable movement in U.S. stock futures this morning, with a surprising consumer price index (CPI) pulling futures off theirlows. The closely watched inflation gauge came in weaker than expected for September, momentarily calming investor nerves about rising interest rates. While the Dow Jones Industrial Average (DJIA) is still set to open l...Read More
NEW YORK (Reuters) - Rising costs for companies are worrying investors already concerned about a step down in U.S. corporate profit growth next year as Wall Street’s focus turns away from 2018’s tax-fueled earnings boost. *Investors are on edge after a recent sharp pullback in U.S. equities, including the biggest daily drop in the Dow and S&P 500 since Feb. 8 on Wednesday. A spike...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
Prophecy Development Corp. (TSX: PCY, Frankfurt:1P2N) announces that Gerald Panneton is the company’s newchief executive officer and president. Panneton, a geologist who was thefounder, president and CEO of Detour Gold Corp. from its incorporationin 2006 until late 2013, succeeds John Lee, who will remainchairman of the Prophecy board of directors. Prophecy...Read More
Editor's Note: Updating earlier story with more details from report.(Kitco News) - Goldextended early gains after Labor Department data Thursday showed that initialweekly U.S. jobless claims rose by 7,000 to a seasonally adjusted 214,000in the week to Saturday. Consensusexpectations compiled by various news organizations had called for initialclaims to be around 205,000 to 207,000. The govern...Read More