WASHINGTON (Reuters) - U.S. President Donald Trump on Monday said he has spoken with Saudi Arabia’s King Salman about missing Saudi journalist Jamal Khashoggi, and that he was sending U.S. Secretary of State Mike Pompeo to meet with the king immediately.Trump also said Salman denied “any knowledge of whatever may have happened” to Khashoggi, who disappeared after he went to the S...Read More
(Reuters) - Sears Holdings Corp filed for Chapter 11 bankruptcy on Monday with a plan to close 142 more stores, throwing into doubt the future of the century-old retailer that once dominated U.S. malls but has withered in the age of internet shopping.The Chapter 11 filing to reorganize debts of the parent of Sears, Roebuck and Co and Kmart Corp follows a decade of revenue declines, hundreds of sto...Read More
Dow futures are below fair value but are off their earlier lowsLast week's stock market volatility looks set to continue today. While Dow Jones Industrial Average (DJIA) futures are still signaling a lower open for stocks, they're far off their lows from earlier in the morning, and it's a similar setup for the S&P 500 Index (SPX) and Nasdaq-100 (NDX). Traders are preparing for a full week of dat...Read More
The options market likely had a hand in last week's selling"It will be critical for the indexes to mount a bounce this week, as they come into the week at support levels that, if broken, could generate sell-offs like we saw in February and March."-- Monday Morning Outlook, October 8, 2018It did not take long. Major equity indices broke below support levels that I discussed last week, and the impli...Read More
Editor's Note: Updating earlier story with more details from report.(Kitco News) - The headline index in the New YorkFederal Reserve's Empire State manufacturing survey climbed to a reading of21.1 in October from 19.0 the prior month.Going into the report, consensusexpectations compiled by various news organizations had been for the reading tobe roughly where it stood in September. Readings above...Read More
(Kitco News) - Gold prices edged up, trading near ten-week highs, as retail sales fell short of expectations in September. U.S. retail sales rose 0.1% in September following a downwardly revised advance of 0.1% in August, according to the latest data from the U.S. Commerce Department. Economists were expecting to see an increase of 0.7% in last month’s headline number. In an immediate reacti...Read More
(Kitco News) - Gold prices are holding good gains and scored a 10-week high in early U.S. trading Monday.Some more safe-haven demand, technical buying and short covering are boostingthe yellow metal. December gold futures were last up $11.90 an ounce at $1,234.00.December Comex silver was last up $0.135 at $14.77 an ounce. Globalstock markets were mostly lower overnight. U.S. stock indexes are po...Read More
Mr. Chris Taylor reportsGREAT BEAR DISCOVERS KEY ULTRAMAFIC GEOLOGY DURING SUMMER MAPPING PROGRAM AT DIXIE PROJECT, RED LAKE DISTRICTGreat Bear Resources Ltd. has provided results from summer geological mapping, including a new geological discovery at its flagship Dixie project in the Red Lake district of Ontario.These new findings have provided additional high-priority drill targets.A fully finan...Read More
ANKARA/WASHINGTON (Reuters) - Saudi Arabia’s King Salman on Monday ordered an internal probe into the unexplained disappearance of prominent journalist Jamal Khashoggi as a joint Turkish-Saudi team was set to search the Saudi consulate in Istanbul where he was last seen on Oct. 2.A Turkish diplomatic source said investigators would inspect the consulate on Monday afternoon, following delays...Read More
Gold isgetting a lift from geopolitical tensions at the start of a new trading week,says Phil Flynn, senior market analyst with at Price Futures Group. Just after8 a.m. EDT, Comex December gold was $10.50 higher to $1,232.50 an ounce. TheU.S. has threatened to punish Saudi Arabia if it turns out that journalistJamal Khashoggi was killed in the Saudi consulate in Turkey, and Saudi Arabiaresponded b...Read More
(Reuters) - Sears Holdings Corp CEO Eddie Lampert has stepped in to contribute toward a financing package of between $500 million and $600 million that the U.S. department store operator was close to securing on Sunday to fund operations during bankruptcy proceedings, people familiar with the matter said.Lampert, who is also the company's largest shareholder and lender, is hoping the deal, combine...Read More
BRUSSELS (Reuters) - Euro zone banks have a large shortfall in their loss-absorbing buffers and now face tougher market conditions for building them up due to higher volatility and widening spreads in sovereign yields, the bloc’s banking watchdogs said on Monday.Under international and EU banking rules, large banks must issue special loss-absorbing debt known as TLAC and MREL that can be con...Read More
(Reuters) - Bank of America Corp (BAC.N) reported a better-than-expected rise in quarterly profit on Monday as the second-largest U.S. lender reined in costs, while higher interest rates and loan growth helped offset lower bond trading revenue.Like its peers, the bank has benefited from U.S. President Donald Trump’s tax cuts and a rise in interest rates. A strong job market has also kept bad...Read More
LONDON, Oct 15 (Reuters) - Portuguese and Italian government bond yields fell on Monday, outperforming euro zone peers after ratings agency Moody's upgraded Portugal's credit rating by one notch back to investment grade.Portugal's bond yields fell up to four basis points after Moody's lifted Portugal's credit rating to Baa3 on Friday, a move that came after the close of European markets.Its 10-yea...Read More
ROME (Reuters) - The Italian cabinet was due to meet on Monday to approve a 2019 budget which envisages a jump in the deficit that has upset financial markets and drawn criticism from the European Commission and other international bodies.The government, backed by the right-wing League and the anti-establishment 5-Star Movement, has already issued the financial framework for the budget, raising th...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
DUBAI/WASHINGTON (Reuters) - Saudi Arabia on Sunday warned against threats to punish it over last week’s disappearance of journalist Jamal Khashoggi, as European leaders piled on pressure and two more U.S. executives scrapped plans to attend a Saudi investor conference.Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh’s policies, disappeared on Oct. 2 after en...Read More
Mining at the Gruyere project, a joint venture between Gold Road (ASX: GOR) and Gold Fields (JSE, NYSE: GFI) in Western Australia, could begin as early as next month with first gold production expected to come in the second half of next year, the companies said Monday.Overall project engineering at the 270,000 ounce-a-year project, which is already more than A$100 million over its original budget...Read More
Mining at the Gruyere project, a joint venture between Gold Road (ASX: GOR) and Gold Fields (JSE, NYSE: GFI) in Western Australia, could begin as early as next month with first gold production expected to come in the second half of next year, the companies said Monday.Overall project engineering at the 270,000 ounce-a-year project, which is already more than A$100 million over its original budget...Read More
Mr. Chuck Jeannes reportsORLA MINING APPOINTS JASON SIMPSON AS NEW PRESIDENT & CEO Jason Simpson will succeed Marc Prefontaine as Orla Mining Ltd.'s president and chief executive officer effective Nov. 12, 2018.In addition to the role of president and chief executive officer, Mr. Simpson will also serve as a director of the company.Marc Prefontaine, current president and chief executive office...Read More