Image: freemind-production/Shutterstock.com(Kitco News) - Sotheby’s gold auction that featured a gold Ferrari and a gold Kate Moss sculpture among other items collected a total of $3.9 million in sales.The first ever gold auction, titled ‘The Midas Touch,’ was organized due to rising demand for the precious metal, according to Sotheby’s. The exclusive event was held Oct. 17...Read More
The burgeoning interest in gold has reached Wall Street, with Bank of America Merrill Lynch strategists backing bullish options linked to the precious metal.A negative view on the dollar, large short positions in gold futures and investor demand for portfolio protection are some of the reasons behind the call, investment strategists including James Barty wrote in a note on Friday."The current envi...Read More
The Dow has traded in a 280-point range todayThe Dow Jones Industrial Average (DJI) is down at midday, pivoting lower to surrender modest early gains. Despite optimism stemming from a rally in Chinese markets, the volatility that has come to define this month has flared up once again, with the blue-chip index exploring a280-point trading range on both sides of breakeven today. The S&P 500 Index (...Read More
BIIB is currently trading near its year-to-date breakeven levelShares of Biogen Inc (NASDAQ:BIIB) are hovering around breakeven today at $318.97, as traders gear up for the company's third-quarter earnings report. The pharma name is scheduled to report before the market opens this Tuesday, Oct. 23, and speculative traders are banking on a much bigger-than-usual post-event price swing for BIIB sto...Read More
(Kitco News)- Gold prices are holding moderate losses and have slightlyextended overnight declines, as midday approaches. The U.S. dollar index hasmoved to its daily high, which has added some downside pressure on the gold andsilver markets.However, losses in gold are being somewhat limited byongoing concerns about the health of the U.S. stock market following recentselling pressure that did produ...Read More
LONDON (Reuters) - Oil slipped below $80 a barrel on Monday as Saudi Arabia pledged to raise its crude production to a record, two weeks before U.S. sanctions potentially choke off Iranian crude supplies.Saudi Energy Minister Khalid al-Falih told Russia's TASS news agency that his country had no intention of unleashing a 1973-style oil embargo on Western consumers, but rather was focused on raisin...Read More
LONDON (Reuters) - Sterling suffered its worst day in a month on Monday as fears grew that the prickly Irish border issue and disagreements within the UK ruling party over Brexit would see Prime Minister Theresa May face a serious challenge to her leadership.The Telegraph newspaper's deputy political editor said the DUP, the Northern Irish party which props up May's government, will back an amendm...Read More
(Kitco News) - Large speculators cut their net-bearish positioning by more than half during the most recent reporting week for data compiled by the Commodity Futures Trading Commission.During the week-long period to Oct. 16 covered by the data, Comex December gold rose by $39.50 to $1,231 an ounce, while December silver climbed 30.1 cents to $14.701.BMO Capital Markets said gold prices rallied on...Read More
ROME (Reuters) - Italy told the European Commission on Monday it would stick to its contested 2019 budget plans in defiance of EU fiscal rules, but promised not to inflate its deficit any further in the years ahead.In a letter to the Commission, Economy Minister Giovanni Tria said he recognized that the budget, which is set to hike next year's deficit to 2.4 percent of gross domestic product (GDP)...Read More
For nine years now, every time we have an intermediate degree correction the perma-bears crawl out of the woodwork and start screaming the sky is falling. If you had listened to these people you would have missed one of the greatest bull markets in history.We had one of the most destructive bear markets in history in 2008/09. It stands to reason it should generate one of the strongest bull markets...Read More
JERUSALEM (Reuters) - U.S. Treasury Secretary Steven Mnuchin dismissed concerns that China's weakest economic growth since the global financial crisis could spill into other emerging markets and destabilize U.S. financial markets.China is trying to navigate through multiple challenges after its trade war with the United States sparked a blistering sell-off in domestic stock markets and a steep dec...Read More
(Reuters) - U.S. stocks opened higher at the start of a busy week of earnings on Monday, riding a wave of gains in global stocks due to hopes of economic stimulus in China and easing tensions over Italy's debt.The Dow Jones Industrial Average rose 47.80 points, or 0.19 percent, at the open to 25,492.14.The S&P 500 opened higher by 6.16 points, or 0.22 percent, at 2,773.94. The Nasdaq Composite...Read More
BMY shares have been absolutely obliterated this monthIt's been a horrible month for Bristol-Myers Squibb Co (NYSE:BMY). The shares had been on a strong uptrend since hitting a bottom near $50 back in June, and touched a near-term peak of $63.69 on Oct. 9. Since then, however, the stock has been plagued by heavy selling pressure, closing Friday at $54.30 -- meaning it had shed roughly 15% since th...Read More
The chip concern is slated to report earnings later this weekShares of Advanced Micro Devices, Inc. (NASDAQ:AMD) are higher in early trading, with help from a pair of price-target hikes. Ahead of AMD's expected earnings release on Wednesday, Oct. 24, BMO and UBS lifted their targets on the shares to $20 and $25, respectively. Separately, software firm Acceleware announced a $2.5 million deal to pr...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
Mr. Darin Wagner reportsBALMORAL INITIATES BOREHOLE EM SURVEY ON GRASSET NICKEL TARGETSBalmoral Resources Ltd. has commenced a borehole electromagnetic survey, managed by Discovery Int'l Geophysics Inc., on a series of recently completed and continuing drill holes, which are targeting nickel-copper-cobalt-platinum-palladium mineralization within the Grasset ultramafic complex on the company's whol...Read More
Chinese stocks just had a huge sessionDow Jones Industrial Average (DJI) futures are trading above fair value this morning, signaling a nearly triple-digit jump for the blue-chip index. Stocks look set to follow the lead of their Chinese counterparts, which soared thanks to reports the country could introduce new stimulus measures, while President Xi also promised to support the private sector. Ba...Read More
Joyce LeeSEOUL (Reuters) - The U.S. Treasury Department is “deeply concerned” about planned financial cooperation between North and South Korea and has told South Korean banks that “ U.N. and U.S. sanctions on North Korea remain valid”, a South Korean regulatory document has shown.The document, drafted by South Korea’s Financial Services Commission (FSC) and released...Read More
Hyonhee ShinSEOUL (Reuters) - North and South Korea and the U.N. Command agreed on Monday to withdraw firearms and guard posts in the demilitarized zone village of Panmunjom this week, Seoul’s defense ministry said, the latest move in a fast-improving relationship.The three sides held their second round of talks at Panmunjom to discuss ways to demilitarize the border in line with a recent in...Read More
CMG appears to have found support at its 160-day trendlineThe shares of Chipotle Mexican Grill, Inc. (NYSE:CMG) are 1.7% higher before the open, after RBC upgraded the restaurant stock to "outperform" from "sector perform," while boosting its price target to $510 from $450. The analyst in coverage likes Chipotle's menu innovation and digital initiatives, as well as its commitment to improving res...Read More