RNC Minerals (TSX: RNX) announced a record quarterly gold production of 31,360 mined gold ounces in the third quarter of 2018.According to the Toronto-based company, such production represents a 199% increase when compared to the third quarter of 2017 and a 135% increase when compared to the second quarter of 2018.The Toronto-based miner also reported that gold production for the first nine months...Read More
S&P and Nasdaq-100 futures are in the red, howeverDow Jones Industrial Average (DJI) futures are trading above fair value this morning, overcoming earlier weakness to now signal a nearly triple-digit jump at the open for the index. It's another huge day of Dow earnings, with Boeing (BA) setting the tone with an impressive quarterly report that has the shares ready to rally at the open. There will...Read More
BEIJING (Reuters) - Sinopec Group and China National Petroleum Corp (CNPC), the country’s top state-owned refiners, have not made any nominations to load Iranian oil for November because of concerns they would be violating U.S. sanctions, two persons with direct knowledge of the matter said.Washington is set to re-impose sanctions on oil exports from Iran on Nov. 4 to force Tehran to halt it...Read More
Boeing shares had been in a ugly slump heading into todayThe shares of Boeing Co (NYSE:BA) are up 4.2% ahead of the bell, after the Dow name posted an impressive third-quarter earnings beat. The aerospace and industrial giant reported adjusted quarterly profit of $3.58 per share, exceeding the average analyst estimate of $3.47. Boeing also upped its fiscal-year revenue and profit forecasts. Boe...Read More
Up to $5 billion worth of mining assets may be offloaded as a result of the merger between Barrick Gold (TSX, NYSE:ABX) and Randgold Resources (LON:RRS), expected to happen in the first three months of 2019.According to BMO Capital Markets analyst Andrew Kaip, it is almost certain that the New Barrick will sell a number of non-core assets to position the company as the lowest cost western-based g...Read More
LONDON (Reuters) - Euro zone business growth slowed much faster than expected this month, dragged down by waning orders that put a big dent in confidence, adding to evidence the bloc’s halcyon days are behind it for now, a survey showed.October’s disappointing survey is likely to concern policymakers at the European Central Bank, who are expected to end their bond-buying program in les...Read More
LONDON (Reuters) - Oil slipped to around $76 a barrel on Wednesday, paring losses after hitting its lowest since late August, pressured by concern that demand is weakening and supply ample even as U.S. sanctions loom on oil exporter Iran.In a sign supply is plentiful, industry group the American Petroleum Institute said on Tuesday U.S. crude stocks had risen by 9.9 million barrels - more than fore...Read More
(Reuters) - AT&T Inc posted a surprise gain in U.S. wireless subscribers on Wednesday but quarterly profit rose less than expected, held back by its declining satellite TV business, sending its shares down more than 3 percent before the bell.The second-largest U.S. wireless carrier has been reducing its dependency on the phone business with its $85-billion acquisition of Time Warner this year,...Read More
FRANKFURT (Reuters) - Deutsche Bank’s (DBKGn.DE) bleak third quarter results and revenue forecast overshadowed its assertion on Wednesday that it is on track to return to profit this year, knocking its shares.After three years of losses, a failed stress test, several attempts to restructure, a leadership shake-up and a ratings downgrade, many investors have lost faith in Germany’s bigg...Read More
GENEVA (Reuters) - The World Trade Organization is scrambling to develop a plan for the biggest reform in its 23-year history after U.S. President Donald Trump brought the world’s top trade court to the brink of collapse by blocking appointments of its judges and threatening to pull the United States out of the organization.Trump’s administration has targeted the WTO, the watchdog of g...Read More
JOHANNESBURG (Reuters) - South Africa said on Wednesday that the United States had granted some local steel and aluminum producers exemptions from tariffs imposed by U.S. President Donald Trump this year.Trump’s decision to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum riled metals producers worldwide, though some major exporting nations secured exemptions f...Read More
(Kitco News) - Gold prices aremoderately lower in early U.S. trading, on a normal corrective pullback aftergood gains Tuesday that pushed prices to a nearly three-month high. Also, thereis a modest uptick in investor risk appetite at mid-week. December gold futures were last down $7.50 an ounce at $1,229.30. December Comex silver was last down$0.073 at $14.715 an ounce. Globalstock markets were mi...Read More
Freeport-McMoRanInc. (NYSE: FCX) reports net income of $556 million, or 38 cents per share, inthe third quarter, roughly double $280 million, or 19 cents, in the same perioda year ago. Excluding special items, third-quarter adjusted net income was $514million, or 35 cents a share, the company reports. Third-quarter copper salesof 1.04 billion pounds were 8% higher than the July estimate of 970 mil...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
Tuesday saw gold make an attemptto break out above our resistance level of $1,240, trading as high as $1,243before failing and closing below. As we wrote on Tuesday, we expected the firstrun at $1,240 to fail, and it did.The good news -- gold continuesto make higher lows. The next test of $1,240 should create a breakout to theupside, taking us to our next target of $1,275. At the same time, silver...Read More
Canadian miners Pan American Silver (TSX: PAAS) and Canasil Resources (TSX:CLZ) signed a non-binding Letter of Intent providing for Pan American to acquire Canasil's interest in the Sandra-Escobar project in Durango, Mexico.The LOI provides for the parties to enter into a Definitive Agreement covering the acquisition of Canasil's interest by Pan American for a payment of CDN $2 million and grant o...Read More
(Removes erroneous reference to price in paragraph 2) * All six LME industrial metals fall * Zinc touches 3-week high on supply fears * Zinc deficit grows to 76,200 tonnes in August-ILZSGBy Peter HobsonLONDON, Oct 24 (Reuters) - Industrial metals prices fell onWednesday, pushed lower by a stronger dollar and losses onglobal stock markets that reflected a lack of appetite for riskyassets, though zi...Read More
It's rare to see the VIX and SPX both higher year-to-date this late in the yearAfter yesterday's down day, the S&P 500 Index (SPX) is positive on the year by over 2%. The Cboe Volatility Index (VIX), however, has nearly doubled. The VIX is the 30-day implied volatility of the S&P 500 and it usually moves in the opposite direction as stocks. For each year since 1990 (the first year we have VIX data...Read More
Chilean miner Antofagasta Plc. (LON:ANTO) said Wednesday that copper output for the first nine months of the year fell 4 percent, but it forecast an increase in production in 2019 as grades begin to improve at its operations.The company, majority-owned by Chile's Luksic family, one of the country's wealthiest, said year-to-date copper production declined to 505,500 tonnes, from 526,500 tonnes in...Read More
Christopher Lewis20 hours agoSilver markets broke higher during the trading session on Tuesday, breaking above the 50 EMA. At this point, it looks as if the market is probably going to try to reach the $15 level which I see as a massive barrier. Gold markets have already turned higher and above the 50 EMA, and it looks as if silver is trying to do the same thing. However, I recognize that the $15...Read More