Source: Streetwise Reports 04/27/2018Precious metals expert Michael Ballanger discusses the U.S. dollar, the Fed, gold and silver.When I was a young lad long before Atari video games and during the era of rotary telephones, hula hoops, and Red Ball Jets running shoes, I used to love to read Action Comics that featured the original "Superman" created by Jerry Siegel and Joe Shuster. All of the...Read More
Mr. Anthony Makuch reportsKIRKLAND LAKE GOLD IDENTIFIES POTENTIAL NEW SOURCE OF GOLD PRODUCTION IN NORTHERN TERRITORY OF AUSTRALIAKirkland Lake Gold Ltd. has released positive drill results at Union Reefs, where the company's processing plant in the Northern Territory is located. The company's Northern Territory operations, including the Union Reefs mill and Cosmo mine, have been on care and maint...Read More
Saqib Iqbal AhmedNEW YORK (Reuters) - The February volatility shock may be receding in the U.S. stock markets’ rear-view mirror, but it has dramatically altered VIX-land - the market where traders place bets on volatility via products linked to the VIX, the stock market’s so-called “fear gauge.”U.S. equity investors spent 2017 cocooned in one of the most tranquil periods in...Read More
David Shepardson, David LawderWASHINGTON (Reuters) - The latest U.S. proposal for increasing NAFTA’s regional automotive content would carry a four-year phase-in to meet a higher, 75 percent regional value threshold and new labor content rules requiring substantial work at wages of $16 an hour or higher.A summary of the proposal, seen by Reuters and circulating among auto industry officials...Read More
MEXICO CITY (Reuters) - Mexico’s central bank said on Monday it was investigating an apparent attempt to hack into the payment systems of at least three local financial institutions, but no funds were stolen.Connections to the central bank’s payment system at two banks and a brokerage were compromised, said Lorenza Martinez, head of the central bank’s own payment system.“At...Read More
Jonathan StempelNEW YORK (Reuters) - A U.S. judge on Monday rejected Alibaba Group Holdings Ltd’s bid for a preliminary injunction to block the Dubai cryptocurrency firm Alibabacoin Foundation from using the Alibaba name.U.S. District Judge Paul Oetken in Manhattan said Alibaba did not show he had jurisdiction, having failed to establish a “reasonable probability” that Alibabacoi...Read More
(Kitco News) - Frustrated gold bulls will see their wishes of $1,400 an ounce gold come true, they just need to stay patient, according to a recent note published by Capital Economics.In the near-term, gold prices will remain supported by rising geopolitical tensions, but gains will be capped by U.S. monetary policy tightening and weak consumer demand in India and China.“Strong safe-haven de...Read More
(Adds more detail on market background and gold coin sales in paragraph 5)By Renita D. YoungNEW YORK, April 30 (Reuters) - Sales of U.S. Mint American Eagle gold coins dropped to their weakest April since 2007, while silver coin purchases for the month rose 10 percent higher than last year, U.S. government data showed on Monday.The U.S. Mint sold 4,500 ounces of American Eagle gold coins in April,...Read More
The precious metals complex is trading lower on the day, and with the exception of palladium, today’s lower pricing is a combination of selling pressure and a stronger dollar. The dollar index continues to strengthen, gaining over a third of a percent today, trading up 30 points and currently fixed at 91.65.Dollar strength is an overwhelming contributing factor to lower precious metals prici...Read More
Greenback extends rally as currencies across Europe crumbleTech shares resist downward trend; 10-year yields push higherKevin Giddis of Raymond James, Keith Parker of UBS and Neil Dwane at Allianz Global discuss the yield curve.U.S. stocks closed mixed, with Apple Inc. leading a late afternoon rally in tech shares that helped offset a drop in industrials sparked by weak production data. The dollar...Read More
Gold still pressured by U.S. dollar in the immediate term.The odds of a short-covering rally this week have increased, though.Gold's upcoming test of the 200-day MA could serve as the catalyst.As per our recent discussions, gold has been pressured by a strengthening dollar born of higher Treasury rates. The currency component of gold's price is making it difficult to remain a bull right now, a...Read More
Following an operation against illegal mining in the north-central Carabobo state, General Juan Carlos Du Boulay Perozo, Commander of the Carabobo Defense Operating Zone No. 45, said that illegal miners in Venezuela have created "unions" in charge of controlling gold trading activities. In the region under Du Boulay's oversight, such illicit organizations operate in an area called Negra Matea, whe...Read More
A solid earnings reaction for MCD wasn't enough to lift the DJIU.S. stocks fell today, with the Dow giving up an early lead. A solid earnings showing from McDonald's (MCD) and a strong day from Apple (AAPL) weren't enough to keep the blue-chip index afloat, with Verizon (VZ) stock among the telecoms hit after an official merger announcement from Sprint (S) and T-Mobile (TMUS). In addition, traders...Read More
Sales of U.S. Mint American Eagle gold coins dropped to their weakest April since 2007, while silver coin purchases for the month rose 10 percent higher than last year, U.S. government data showed on Monday.The U.S. Mint sold 4,500 ounces of American Eagle gold coins in April, down 25 percent from the year prior. However, April sales were up 29 percent from March.During April, spot gold prices ral...Read More
WASHINGTON (Reuters) - The latest U.S. proposal for updating NAFTA's automotive rules would carry a four-year phase-in to meet a higher, 75 percent regional value threshold as well as new labor content rules requiring substantial work at hourly wages of at least $16.A summary of the proposal, seen by Reuters and circulating among auto industry officials based on descriptions from Canadian and Mexi...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump said on Monday the demilitarized zone between North and South Korea would be an excellent venue for his planned summit with North Korean leader Kim Jong Un but that Singapore was also a possible site.Trump’s comments at a news conference with visiting Nigerian President Muhammadu Buhari suggested the Peace House on the DMZ, where Kim met Sou...Read More
NEW YORK (Reuters) - Weaker-than-expected German data hurt the euro against the U.S. dollar on Monday, with investors further unwinding short positions on the greenback that were based on assumptions that the European Central Bank was nearer to unwinding its stimulus.German monthly retail sales unexpectedly dropped in March, dampening cheer around a consumer-led upswing in Europe’s biggest e...Read More
MEXICO CITY (Reuters) - The latest U.S. proposal to redraw auto sector rules under a revised North American Free Trade Agreement (NAFTA) is not acceptable and not viable, the head of Mexico's automotive industry association (AMIA) said on Monday.AMIA President Eduardo Solis said the U.S. proposal sought to raise the regional automotive content requirement to 75 percent, from 62.5 percent now, and...Read More
(Reuters) - Wall Street dipped on Monday afternoon, reversing gains from earlier in the session, weighed down by healthcare stocks, while surging oil prices added to worries about rising costs for companies.Oil prices rallied after Israeli Prime Minister Benjamin Netanyahu said that Iran had lied about not pursuing nuclear weapons and had continued to preserve and expand its nuclear weapons knowle...Read More
(Kitco News)- Although theU.S. dollar has room to move higher in the next quarter, there are a number of difficultheadwinds that could drive gold prices higher later in the year, according tothe latest research from Bank of America Merrill Lynch (BAML).In a reportMonday, the investment bank said it has increased its gold forecast for theyear. The analysts now see the yellow metal averaging around...Read More