The price of gold shot to an 11-week high on Wednesday as escalating geopolitical risks saw investors seeking safe haven assets.Gold reached its highest point since January 25 after the most active gold futures contract on the Comex market in New York jumped 2% from its opening levels to reach $1,369.40 an ounce.Get ready Russia, because they will be coming, nice and new and 'smart!'Wednesday saw...Read More
LONDON (Reuters) - British manufacturing output fell unexpectedly in February, its first month-on-month drop in almost a year, adding to signs that the economy may have slowed in the first quarter.Wednesday’s data, released along with figures for overseas trade, also showed another sharp drop in construction output, defying expectations for a small rebound after a severe downturn in January....Read More
GE has seen a downward spiral for some timeCowen and Company cut its price target on General Electric Company (NYSE:GE) to $12 from $15, and said it expects the industrial manufacturer to report a first-quarter earnings miss next Thursday morning, and that its upcoming financial restatements for 2016 and 2017 will pressure the "show me" stock. What's more, the brokerage firm said GE's dividend is...Read More
LONDON (Reuters) - Five traders from Deutsche Bank (DBKGn.DE) and Barclays (BARC.L) gamed the financial system to rip off counterparties in a four- year plot to rig benchmark interest rates, prosecutors alleged on Wednesday.James Waddington, a lawyer for the UK Serious Fraud Office (SFO), told London’s Southwark Crown Court that the defendants fixed the odds “in a zero sum game”...Read More
MEXICO CITY (Reuters) - A U.S. proposal that automobiles should be built in high-wage areas within the NAFTA region is partly aimed at increasing engine production in the United States, and more details on the plan are expected this week, Mexican officials said.In an idea aimed at breaking a deadlock in talks, Washington last month suggested some automotive production should happen in areas of Nor...Read More
Inovio Pharmaceuticals is teaming up with CEPITwo biotech stocks are making big moves higher this morning, defying the broad-market headwinds related to geopolitical tensions in Syria. Inovio Pharmaceuticals Inc (NASDAQ:INO) scored a critical partnership, while CymaBay Therapeutics Inc (NASDAQ:CBAY) reported upbeat data on its liver disease drug. INO Stock Could Benefit From Short SqueezeThe Coa...Read More
Safe-haven flows into the gold market havecontinued as the world awaits a possible U.S. military response to suspectedchemical-weapons attacks in Syria, says SP Angel. The commodities brokeragecites news reports that flights of coalition aircraft have been spotted nearthe Syria-Iraq border, and U.S. President Donald Trump intensified preparationsfor a response by cancelling a planned weekend trip...Read More
Apple was ordered to pay VHC more than $500 million on patent infringementShares of VirnetX Holding Corporation (NYSEAMERICAN:VHC) have jumped 17.3% to trade at $4.75, after the security technology firm was awarded $502.6 million in damages after a federal jury in Texas found Apple (AAPL) guilty of patent infringement. Today's pop has VHC stock trading at its highest level since mid-November, and...Read More
WASHINGTON (Reuters) - U.S. House Speaker Paul Ryan, the top Republican in Congress, told Republicans in the House of Representatives on Wednesday he will not seek re-election in November, his office said.The House speaker will serve out his full term and retire in January, Brendan Buck, counselor to the Speaker, said in a statement.“After nearly twenty years in the House, the speaker is pro...Read More
WASHINGTON (Reuters) - U.S. consumer prices fell for the first time in 10 months in March, weighed down by a decline in the cost of gasoline, but underlying inflation continued to firm amid rising prices for healthcare and rental accommodation.The drop in the headline monthly inflation reading reported by the Labor Department on Wednesday is likely temporary, with producer prices increasing solidl...Read More
LONDON (Reuters) - The Japanese Bankers Association (JBA) and the China Banking Association (CBA) have joined forces to challenge proposed European Union regulations aimed at policing possible market risk posed by foreign lenders doing business in the bloc.In a letter to the European Commission seen by Reuters, the JBA and CBA - which represent hundreds of lenders from both Asian economic powerhou...Read More
Salares Norte - high-grade gold-silver oxide deposit discovered by Gold Fields in March 2011By Peter HobsonSANTIAGO, April 11 (Reuters) - South African miner Gold Fields Ltd will complete preparatory work in 2019 at its Salares Norte project in northern Chile and is eyeing potential output of around 345,000 ounces of gold a year at the site by the early 2020s, a company executive said.Gold Fields...Read More
The president's Russia-aimed tweets are driving volatile trading ahead of the opening bell Futures on the Dow Jones Industrial Average (DJI) are trading 200 points below fair value, after a tweet from President Donald Trump implied support for a U.S. missile strike in Syria, writing, "they will be coming, nice and new and 'smart!'" This follows an alleged chemical attack on Douma over the weekend,...Read More
(Kitco News)- Gold prices are once again testing the top end of their recentrange as escalating geopolitical tensions grip financial global markets,according to analysts. Gold is solidly higher Wednesday morning as markets digest the mostrecent comments from U.S. President Donald Trump, who in a Twitter comment warnedof imminent military action in Syria. June gold futures last traded at $1,356.60a...Read More
(Kitco News)- Gold prices pushed to session highs after U.S.inflation data came in weaker than expected.Wednesday,the U.S. Labor Department said its U.S. Consumer Price Index fell 0.1% in March,after increasing 0.2% in February. The drop was weaker than expected as consensusforecasts were calling for an unchanged reading.Thedecrease in inflation pressures did not have a major impact on the annual...Read More
Torex Gold Resources Inc. (TSX: TXG) says thecompany has been notified by the Federal Labor Board that the Los Mineros Unionhas withdrawn a challenge to be the legally constituted union for ELG MineComplex employees in Mexico. This means there is no longer a choice betweenunions to be made by employees, the company says. Union-related issues hadresulted in blockades during the last half year. &ldq...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
CPI excluding food and energy has biggest annual gain in yearGasoline prices fell in March, pulling down headline indexU.S. Core Inflation Shows Biggest Annual Gain in a YearA key measure of U.S. inflation finally got a bump in March thanks to a fading drag from mobile-phone service costs, bearing out the Federal Reserve’s forecast for a pickup in price gains.Excluding food and energy, the...Read More
(Kitco News) - Gold prices aremoderately higher and are at a two-week high in early U.S. trading Wednesday.There is anxiety in the marketplace regarding U.S. military intentions afterSyria used poisonous gas on its civilians. President Trump has just tweeted andwarned Russia that U.S. missiles are coming and that Russia won’t be able toshoot them down. He also said Russia should not be align...Read More
(Reuters) - U.S. stock index futures fell sharply on Wednesday due to rising concerns over confrontation between the United States and Russia over military action in Syria.The face-off between the two countries gained ground after Russia warned that any U.S. missiles fired at Syria over a suspected chemical weapons attack on a rebel enclave would be shot down.As a reply, U.S. President Donald Trum...Read More