Yellow metal heads for the highest close in three months. Price keeps hovering around $1,230/oz with a positive outlook. Gold prices are about to post a modest the second daily gain in-a-row but the bullish tone eased amid risk aversion. The price peaked during the Asian session at $1,233/oz and then quickly dropped, finding support above $1,225 on European hours. Since then it has b...Read More
Although global stock markets had moderate gains today, U.S. equities were once again under dynamic pressure which resulted in a 600+ decline in the Dow Jones Industrial Average. The Dow lost 608 points (-2.41%) in trading and is currently fixed at 24,583.42. The NASDAQ composite also had substantial losses in trading today, and after giving up almost 4 1/2 %, today's 321-point decline takes the...Read More
Evidence of a looming financial crisis may be growing, according to Harry Dent.The man who warned of the 2001 tech crash, the 2008 subprime financial disaster and China's recent stock market decline - years before they happened - has issued a new earth-shattering statement:"The Dow is set to embark on a catastrophic plunge...all the way down to 6,000."Harry Dent recently explained: "Nations are...Read More
A December rate hike is still on the table after the latest Beige Book reportStocks extended yesterday's sell-off, with major U.S. equity benchmarks closing deep in the red. Early enthusiasm over Boeing's (BA) post-earnings surge evaporated after disappointing housing data -- and selling intensified in the afternoon, as the Fed's Beige Book release appeared to bolster the case for a December rate...Read More
(Kitco News) - If the Fed continues to steadily raise interest rates higher, gold will replace U.S. Treasuries as the “ultimate risk-off asset,” according to the New York-based INTL FCStone.“If, as I expect, rates will go higher for longer, much higher for much longer, gold will replace Treasuries as the ultimate risk-off asset, and investors should own it as an insurance against...Read More
WASHINGTON, (Reuters) - U.S. factories have raised their prices because of tariffs, although inflation has appeared modest or moderate in most parts of the country, the Federal Reserve said on Wednesday in its latest report on the economy.The U.S. central bank also said in its latest “Beige Book” report that the economy appeared to be growing modestly to moderately and that businesses...Read More
WASHINGTON (Reuters) - Medical treatment will be more widely available to opioid abusers while mailing illicit drugs will be more difficult under a measure to fight drug addiction that was signed into law on Wednesday by U.S. President Donald Trump.In a year more typically marked by partisan gridlock, Trump signed the rare bipartisan package passed by Congress earlier this month to tackle a proble...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump said on Wednesday that threats of political violence have no place in the United States, promising a full investigation into suspicious packages that were mailed to prominent Democrats and others.“The full weight of our government is being deployed to conduct this investigation and bring those responsible for these despicable acts to justice...Read More
LONDON (Reuters) - British Prime Minister Theresa May received a show of support from her Conservative Party on Wednesday at a meeting in parliament, shifting the focus away from talk of an imminent leadership challenge over her Brexit strategy.May has angered both supporters of Brexit and pro-EU lawmakers since failing to clinch a deal at an EU summit last week by raising the possibility of exten...Read More
(Kitco News)- There appears to be light at the end of the miningsector’s very long and very dark tunnel, according to one research firm.In an interviewwith Kitco News on the sidelines of the Mines and Money conference in Toronto,Michael Curran, managing director with Beacon Securities, said that his firm isstarting to see improving sentiment within the mining sector. “We are seeingjuni...Read More
NEW YORK (Reuters) - Oil prices rose modestly on Wednesday, rebounding after several days of weakness as a much bigger-than-expected drawdown in U.S. gasoline and diesel inventories augured a seasonal increase in refining demand.However, traders remain concerned about worldwide demand, and that weakness in global equities would also reduce buying of assets like oil by investment managers. On Tuesd...Read More
Stifel lowered its rating on WING stockStocks have fallen into the red today despite a strong start to the session. Three names making notable moves are restaurant chain Wingstop Inc (NASDAQ:WING), social media concern Snap Inc (NYSE:SNAP), and salon supplies retailer Sally Beauty Holdings, Inc. (NYSE:SBH). Here's what moving shares of WING, SNAP, and SBH today.WING Stock Down After Bear NoteWING...Read More
Thanks to a pullback in bond yields and an equity market sell-off, yesterday saw gold climbed to its best level since July to reach a critical resistance level around $1238-40. The metal is now up for the fourth consecutive week as a result of investors moving out of equities and into the relative safety of government debt. In the event yields were to fall further then gold could potentially rise...Read More
(Kitco News) - Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term. Create your own user feedback survey Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12 PM EDT) along with the results from our...Read More
BRUSSELS (Reuters) - NATO’s top official on Wednesday blamed Russia for breaching a landmark nuclear arms pact that Washington is talking about quitting, but said he did not believe the Russian threat would lead to new deployments of U.S. missiles in Europe.The NATO allies are due to meet on Thursday to hear Washington explain the thinking behind President Donald Trump’s move to quit t...Read More
WASHINGTON (Reuters) - The U.S. Federal Reserve will consider a proposal that would ease rules for all but the nation’s largest banks at an Oct. 31 board meeting, the central bank announced on Wednesday.The proposal, which has yet to be unveiled, would implement several major provisions of a bank deregulation bill Congress passed in May. Most notably, the law directs the Fed to ease oversigh...Read More
Barrick Gold Corp, which has agreed to a $6.1 billion deal to acquire Randgold Resources Ltd, reported a drop in third-quarter adjusted profit and revenue on Wednesday, hit by lower prices for gold and copper alongside higher fuel costs.As it readies for a November shareholder vote on its no-premium, all-stock transaction with African miner Randgold, Barrick made some modest changes to forecasts.B...Read More
The weekly 10/26 options series is hot on NVDA stock todayIt's another day of sharp losses for chip stocks, with the semiconductor sector taking a hit on weak guidance from Texas Instruments (TXN) and STMicroelectronics (STM). One name seeing notable downside is Nvidia Corporation (NASDAQ:NVDA), with the shares off 5.6% to trade at $208.60 -- on track for their lowest close since Feb. 2.Against th...Read More
OTTAWA (Reuters) - The Bank of Canada on Wednesday raised interest rates as expected and said it might speed up the pace of future hikes given the economy was running at almost full capacity and did not need any stimulus.The central bank, which has now lifted rates five times since July 2017, also hailed the signing of a new North American trade pact it forecast would reduce economic uncertainty.T...Read More
(Reuters) - President Donald Trump has said he plans to work with Congress to craft a U.S. response to the killing of prominent journalist Jamal Khashoggi at the Saudi consulate in Istanbul.“In terms of what we ultimately do, I’m going to leave it very much - in conjunction with me - up to Congress. And that means Congress, both Republicans and Democrats,” Trump said, adding that...Read More