Apple will release earnings on TuesdayEarnings season will continue to dominate the headlines next week, as Dow stocks McDonald's (MCD), Merck & Co.,Inc (MRK), and Pfizer (PFE) will all be featured. Meanwhile, FAANG name Apple (AAPL), Elon Musk-led Tesla (TSLA), and social media giant Snap (SNAP) will also have their moment in the spotlight. Earnings are hardly the only highlight of the week, t...Read More
NEW YORK/LONDON (Reuters) - U.S. retail investors are losing their appetite for physical gold as buoyant stock markets offer tempting alternatives, sending sales of newly minted coins to their lowest in a decade.More and more coins are also being sold back onto the market, further eroding demand for newly minted products.Gold American Eagle bullion coin sales from the U.S. Mint slumped to a third...Read More
Mr. Eric Fier reportsSILVERCREST ANNOUNCES C$15 MILLION BOUGHT DEAL FINANCINGSilvercrest Metals Inc has entered into an agreement with a syndicate of underwriters led by PI Financial Corp. and Cormark Securities Inc., pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 7,143,000 common shares of the company at a price of $2.10 per share for aggregate gross proceeds...Read More
FRANKFURT (Reuters) - The European Central Bank kept policy unchanged on Thursday and ECB chief Mario Draghi played down concern over recent softness in the euro zone economy, leaving the door open to ending lavish bond purchases by the end of the year.Having tweaked its guidance last month to reflect solid growth, Draghi argued that the economy remained strong, although he acknowledged evidence o...Read More
As global growth decelerates, sentiment is weakening while the dollar is rising.When both growth and inflation are rising, the Fed tends to get hawkish.While gold signaled easy conditions last year, there is a risk the Fed goes too far today.Last week, we wrote that weakness in the US dollar is masking growing risks. As equities, commodities and corporate credit are inversely correlated to USD, in...Read More
TIJUANA, Mexico (Reuters) - Hundreds of Central American migrants from a caravan through Mexico reunited in Tijuana on Wednesday and planned to cross into the United States together this weekend, in defiance of threats by President Donald Trump to repel them.The timing of the migrants’ arrival could compromise a flurry of talks to renegotiate the North American Free Trade Agreement (NAFTA),...Read More
Detroit (Reuters) - U.S. auto sales in April likely fell nearly 8 percent from the same month in 2017 despite big discounts for consumers, industry consultants J.D. Power and LMC Automotive said on Thursday.For much of the past two years, the discounts offered by automakers have remained at levels that industry analysts say are unsustainable and unhealthy in the long term.April U.S. new vehicle sa...Read More
The social media name reported encouraging profit and revenue in the first quarterThe U.S. stock market is on track for a positive open, with Facebook's (FB)first-quarter earnings beat boosting investor sentiment. Most recently, FB stock is up 7.5% in pre-market action, and futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are trading comfortably above fair value. Futures on the Dow Jo...Read More
HOUSTON (Reuters) - U.S. oil producer ConocoPhillips (COP.N) posted a bigger-than-expected quarterly profit on Thursday, on rising crude prices CLc1 and cost cuts.Conoco, like many of its peers, has seen results steadily improve in recent quarters alongside commodity prices and as better technology makes operations more efficient.The company’s stock has also risen as it has prioritized share...Read More
LONDON (Reuters) - The Bank of England is studying how funds and insurers could cope with sudden demands for cash to back trades without resorting to a destabilizing fire sale of assets, a senior BoE official said on Thursday.Alex Brazier, the Bank’s executive director for financial stability strategy, said the simulation exercises will check how the investment sector could deal with a big i...Read More
HONG KONG/SHANGHAI (Reuters) - China’s state-backed semiconductor fund is near to closing a 120 billion yuan ($18.98 billion)investment round for a second fund to support the domestic chip sector and help cut reliance on imports amid a bruising trade standoff with the United States.The National Integrated Circuitry Investment Fund, also known as the “Big Fund”, is close to announ...Read More
(Kitco News) - Newmont Mining Corp. (NYSE: NEM) Thursday reported arise in its first-quarter profit as the price of gold climbed, althoughproduction eased from the same quarter a year ago.Netincome attributable to shareholders was listed at $192 million, or 36 cents pershare, compared to $47 million, or 9 cents, in the same quarter a year ago.Thecompany put its adjusted net income at $18...Read More
(Kitco News)- Gold pricesremains relatively unchanged on the day, hovering near the bottom of theircurrent trading range following mixed U.S. manufacturing data.Thursday,the U.S. Census Bureau said that new durable goods orders increased $6.4billion or 2.6 percent to $254.9 billion, in March, beating expectations.Consensus forecasts were calling for an increase of 1.6%.However, core orders, which...Read More
FRANKFURT (Reuters) - Deutsche Bank’s (DBKGn.DE) new chief executive Christian Sewing took firm action on its long-troubled investment bank on Thursday, cutting back bond and equities trading after a dramatic drop in quarterly profit.“Deutsche Bank is deeply rooted in Europe - here we want to provide our clients access to global financing and treasury solutions,” Sewing said, jus...Read More
Mr. Ivan Bebek reportsAURYN EXPANDS SOMBRERO DISTRICTAuryn Resources Inc. has staked a substantial land position in the Andahuaylas-Yauri belt in southern Peru. This area hosts significant large-scale porphyry and skarn deposits such as the Las Bambas, Tintaya, Antapaccay, Cotabambas, Los Chancas and Constancia deposits, as well as Auryn's undrilled Sombrero project. Approximately 60,000 hectares...Read More
Editor's Note: Updating earlier story with more details from report.(Kitco News) - Initialweekly U.S. jobless claims fell by 24,000 to a seasonally adjusted 209,000in the week to Saturday, the Labor Department reported. This was the lowestlevel since December 1969.Consensusforecasts compiled by various news organizations had called for initial claimsto be around 230,000. The government revise...Read More
(Kitco News) - Gold and silver prices areslightly higher in early U.S. trading Thursday, as the precious metals aretrying to stabilize after selling off most of this week. Gold prices hit afour-week low on Wednesday. June Comex gold futures were last up $1.60 an ounceat $1,324.40. May Comex silver was last up $0.008 at $16.51 an ounce. Worldstock markets were mostly firmer overnight. U.S. stock in...Read More
LONDON (Reuters) - Oil rose on Thursday, supported by expectations of renewed U.S. sanctions on Iran, declining output in Venezuela and ongoing strong demand.Brent crude oil futures LCOc1 were last up 60 cents at $74.60 a barrel at 0930 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 43 cents at $68.48 per barrel.The oil price has risen by 15 percent in the last four weeks than...Read More
Canada's GoldCorp (TSX:G, NYSE:GG) is investing $3.7 million to acquire a 14% interest in a newly formed gold exploration company born Thursday from the merger of Matamec, Canada Strategic Metals and Sphinx Resources.The new explorer, named Quebec Precious Metals Corp. (QPM), will focus on the James Bay area, bordering the provinces of Quebec and Ontario, where it will own three projects until now...Read More
LONDON (Reuters) - Royal Dutch Shell reported on Thursday a 42 percent rise in first-quarter profit to its highest in more than three years on stronger oil prices and production, but its shares fell as the oil major’s cash flow missed forecasts.Expectations are high for Shell to continue generating strong profits and cash flow after the Anglo-Dutch company beat larger rival Exxon Mobil on bo...Read More