ONDON (Reuters) - Prince Charles was approved as the successor to Queen Elizabeth as head of the Commonwealth at a meeting of the group’s heads of government in Windsor on Friday, Sky News reported citing unnamed sources.There have been calls for the role to be rotated around the 53 member-states, most of which are former British territories, but in recent days the queen, the British governm...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump on Friday criticized OPEC for output reductions that have helped raise oil prices and said the action would not be tolerated, as oil prices appeared set for a second consecutive week of gains.“Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Ve...Read More
GE's post-earnings upside is helping limit pre-market losses for the broader marketDow Jones Industrial Average (DJI) futures are trading modestly below fair value, as pre-market downside for tech stocks Apple (AAPL) and Intel (INTC) overpowers a positive earnings reaction for General Electric (GE). Nevertheless, the Dow, S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all on track for weekly...Read More
(Kitco News) - A rise inphotovoltaic demand should improve silver’s supply/demand fundamental picturein the coming years, said BMO Capital Markets.Analystsdescribed silver as a “frustrating commodity” for investors lately, withprospects for outperformance that do not yield results. In a report lateThursday, the bank said it sees the gold/silver ratio eventually falling to 60,whic...Read More
(Kitco News) - Gold and silver prices are modestly lower in early U.S. trading Friday. It’s been a slownews week, which has helped gold to drift in a choppy fashion. However, it’sbeen a very good week for the silver market bulls, as prices hit a 2.5-monthhigh Thursday and the market is now in an uptrend. June Comex gold futures werelast down $4.00 an ounce at $1,344.80. May Comex sil...Read More
(Reuters) - Oilfield services provider Schlumberger NV (SLB.N) reported an 88 percent rise in quarterly profit on Friday as rising crude oil prices encouraged its North American clients to ramp up spending.The company’s revenue from North America jumped nearly 52 percent to $2.84 billion. Schlumberger is a bellwether for the oilfield services and drilling industries.U.S crude oil prices CLc1...Read More
(Reuters) - Baker Hughes, the oilfield services company controlled by General Electric, posted a quarterly profit that beat Wall Street estimates on Friday as improving oil prices prompted companies to ramp up production.The cost of a barrel of U.S. crude rose 7.5 percent in the first quarter, energizing oil producers to step up investments after holding back over the past few years to counter a s...Read More
LONDON (Reuters) - Oil prices fell on Friday after U.S. President Donald Trump criticized OPEC and said oil prices were artificially high, but they were still set for a weekly gain.Brent crude oil futures LCOc1 were at $73.26 per barrel at 1139 GMT, down 52 cents from their last close.U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 48 cents at $67.81 a barrel.“Looks like OPEC...Read More
April 20 (Reuters) - Custody bank State Street Corp reported a 36 percent rise in first-quarter profit on Friday, helped by strong asset servicing and management fees.Net income available to common shareholders rose to $605 million, or $1.62 per share, from $446 million, or $1.15cents per share, a year ago.Total revenue rose 13.2 percent to $3.02 billion. (Reporting by Diptendu Lahiri in Bengaluru...Read More
* German 10-year yield set for biggest weekly rise since Feb* Long-term inflation expectations highest since mid-March* BoE’s Carney dampens May rate hike expectations in UK* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Adds Trump tweet, background, updates prices)By Abhinav RamnarayanLONDON, April 20 (Reuters) - German government bond yields were set for their biggest weekly ri...Read More
LONDON (Reuters) - The euro weakened below $1.23 on Friday and is poised for its biggest weekly drop in two months as investors trimmed record high bets before a European Central Bank meeting next week where policymakers are largely expected to signal no change in policy.Commodity currencies such as the Australian dollar and the Kiwi came under pressure thanks to a drop in Chinese stocks, while st...Read More
BEIJING (Reuters) - China will retaliate if the United States insists on initiating a trade war, China's ambassador to the United States was quoted as saying by the state news agency Xinhua on Friday.Speaking at an event held by the Fairbank Center for Chinese Studies at Harvard University this week, Cui Tiankai said any dispute should be worked out through dialogue and a trade war would poison th...Read More
CHICAGO (Reuters) - Several ships carrying cargoes of sorghum from the United States to China have changed course since Beijing slapped hefty anti-dumping deposits on U.S. imports of the grain, trade sources and a Reuters analysis of export and shipping data showed.Sorghum is a niche animal feed and a tiny slice of the billions of dollars in exports at stake in the trade dispute between the world&...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
Holdings of gold by global exchange-traded fundshave now risen for 12 straight business days, analysts report. The ETFs tradelike a stock but track the price of the commodity, with metal put into storageto back the shares. Commodities brokerage SP Angel reports that ETFs added112,781 troy ounces to their holdings in the last trading session, taking totalaccumulation to 74.7 million ounces. Commerz...Read More
Just a week ago, gold appeared onthe verge of breaking out to the upside and traded as high as $1,369, makinghigher highs and higher lows. Out of nowhere, gold has reversed and is makinglower highs and lower lows, also known as the torture of a consolidatingmarket.On the other hand, silver hasbroken out to the upside and has one more hurdle to pass before it will beconsidered in an uptrend. With s...Read More
April oil rally, tax stimulus, Fed 'feeds on itself': LovricsTraders take higher yields in stride, TIPs rally bluntedStrong Underlying Pressure Driving Inflation Globally Says Aviva's MunroRising inflation expectations in the world’s biggest economy are pushing up U.S. benchmark yields, putting pressure on rates to climb around the world and causing more than a few heads to swivel.Federal R...Read More
* Gold long positions being closed -analyst* Silver off 2-1/2-month highs hit in previous session* Platinum down from Thursday's 3-week highs * GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (New throughout, updates prices, market activity and comments,adds second byline, NEW YORK dateline)By Renita D. Young and Zandi ShabalalaNEW YORK/LONDON, April 20 (Reuters) - Gold prices eased onFriday and wer...Read More
Gold struggles to find acceptance above $1,350. USD better bid, tracking a rise in Treasury yields. Gold (XAU/USD) faded spike to $1,354 yesterday as the rise in the treasury yields put a bid under the US dollar. As of writing, the yellow metal is changing hands at $1,342/Oz, representing a 0.30 percent drop on the day. Meanwhile, the dollar index (DXY) has hit an 11-day high of 89.74. The US tw...Read More
The gold-silver ratio has averaged 81x to date in April, a level only briefly surpassed in 2016 and otherwise unseen since the global financial crisis. Our conviction that this ratio is too high and set to turn was reinforced by the recently published 2018 GFMS Silver Survey. The report shows that the silver market recorded a deficit last year for a fifth consecutive year, even as retail investmen...Read More