(Kitco News) - The Federal Reserve announced it will be windingdown its bond-buying program later this month. The process will involve a $15billion monthly reduction from the current $120 billion a month the Fed isbuying currently. "The bull market is going to crack eventually because theconsecutive monthly tapering is going to hurt the markets the most," AlasdairMacleod, Head of Research at Gold...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - IAMGOLD (TSX: IMG) (NYSE:IAG) yesterday reported Q3 2021 net loss of $75.3 million or $0.16 per shareand adjusted net loss of $20.1 million or $0.04 per share attributable toequity holdersAdditionally,...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - The gold market is once again in striking distance of $1,800. Newmomentum could propel it higher as markets could readjust their expectationsregarding potential interest rate hikes from the Federal Res...Read More
Nov 4 (Reuters) - The S&P 500 and the Nasdaq hit record highs on Thursday on stellar earnings reports, with investors looking past the Federal Reserve's asset tapering plan as borrowing costs remain low.The Dow slipped from an all-time closing high hit on Wednesday, dragged down by big banks JPMorgan Chase & Co (JPM.N) and Goldman Sachs Group (GS.N) which slipped 1.7% and 2.6% despite steepeni...Read More
OTTAWA, Nov 4 (Reuters) - Ontario, Canada's most populous province, on Thursday projected a smaller budget deficit for the current fiscal year as stronger-than-expected economic growth helped boost tax revenues, a fiscal update showed.The province forecast a budget deficit of C$21.5 billion ($17.3 billion) for the 2021-2022 fiscal year, compared to the C$32.4 billion deficit forecast in an update...Read More
WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen said on Thursday that investments and revenue provisions of President Joe Biden's social policy and climate change package would raise more than $2 trillion in offsets.That would make the entire package paid for over 10 years and reduce deficits over the long term, Yellen said in a statement.Reporting by Chris Gallagher Disclaimer: The v...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Yesterday, OceanaGold (TSX:OGC) announced the commencement of processing at the Didipio gold-copper minein the Philippines.The Didipio process plant isexpected to ramp up to its throughput rate of 3.5...Read More
(Updates throughout, recasts)LONDON, Nov 4 (Reuters) - Aluminium prices fell sharply on Thursday as the biggest producer China said its coal output had shot up and would continue to rise, helping to ease a power crisis that has forced smelters to produce less metal.Benchmark aluminium on the LME was down 3.3% at $2,568.50 a tonne at 1604 GMT after touching $2,552, its lowest since Aug. 20.Prices h...Read More
LONDON, Nov 4 (Reuters) - German government bond yields dropped to their lowest levels in a month on Thursday after the Bank of England kept its interest rates on hold, surprising markets that had priced in a 15 basis-point rate hike.Following the U.S. Federal Reserve's announcement overnight that it would taper its bond purchases, the BoE confounded those expecting it to become one of the first m...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Minera Alamos (TSX VENTURE: MAI)announced Thursday that it has made an initial delivery of gold dor?(C) from itsSantana gold project in Sonora, Mexico. The gold was recovered fromearly material stack...Read More
WASHINGTON/LONDON (Reuters) -Stocks climbed globally to new records on Thursday after the U.S. Federal Reserve decision to start scaling back its bond-buying program this month and the Bank of England's plan to keep interest rates on hold, dashing investors' expectations for a hike.European stocks held their own highs [.EU] while the pound tumbled nearly 1% after the hotly anticipated decision by...Read More
LISBON, Nov 3 (Reuters) - The tech sector needs to compromise with regulators and take governments and people's concerns seriously, Microsoft (MSFT.O) president Brad Smith said in an interview on Wednesday."Tech is going to have to lean in...with real concrete ideas...even make concessions, so that we can all compromise and build a common platform that better protects people than ... the interne...Read More
(Kitco News) The gold market is stuck in a Groundhog Day time loop, with prices trading in a narrow range between $1,750-$1,800 an ounce, according to MKS PAMP GROUP.There is no driver strong enough to push gold below $1,750 an ounce or above $1,800 an ounce, said MKS PAMP GROUP head of metals strategy Nicky Shiels."There's certainly an apprehension to sell gold post the Powell presser for fear of...Read More
OTTAWA, Nov 4 (Reuters) - Canada's exports fell in September as a semi-conductor chip shortage weighed on motor vehicle and parts production, though that decline was partially offset by record high crude oil exports, Statistics Canada data showed on Thursday.Imports were down 3.0%, also hit hard by the worsening supply chain issues for motor vehicle and parts. Canada's trade surplus with the world...Read More
SHANGHAI, Nov 4 (Reuters) - China's Lenovo Group (0992.HK), the world's biggest maker of personal computers, said that a global chip shortage would persist into the first half of next year as it reported a 65% rise in second-quarter profit on Thursday.The company said it was able to outgrow the market by securing more supply of components than its peers, but acknowledged that a dearth of chips wa...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Gold and silver prices onThursday recovered all of Wednesday"s sharp losses. It appears metals traders werepreparing for a hawkish FOMC statement and tone from Fed Chairman Jerome PowellWednesday afte...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Teck Resources and OldendorffCarriers today announced an agreement to employ energy efficient bulk carriersfor shipments of Teck steelmaking coal from the Port of Vancouver tointernational destinations...Read More
Nov 4 (Reuters) - London's FTSE 100 rallied on Thursday as the pound plunged following the Bank of England's decision to defy markets by leaving rates unchanged, while heavyweight energy stocks tracked crude prices higher.The pound weakened 1.33% after BoE's decision, boosting the FTSE 100 index and dollar earning companies. read moreThe export-oriented FTSE 100 index (.FTSE), which was flat bef...Read More
NEW YORK, Nov 4 (Reuters) - The Fed's well-telegraphed taper announcement has done little to soothe the nerves of some investors, who remain on edge about stubbornly persistent inflation and are looking to trim risk as they prepare for rockier times.The Federal Reserve on Wednesday said it will begin paring its monthly bond purchases this month with plans to end them in 2022, marking the beginning...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Yesterday, Aura Mineralsannounced that its Board of Directors has decided not to continue investing inits indirect wholly owned subsidiary Z79 Resources, Inc. ("Z79") and itsindirect wholly owned subsi...Read More