Stock futures are pointed lower to kick off the new month, as traders continue to digest the Fed statement that sent bond yields surging Wednesday afternoon. Dow Jones Industrial Average (DJI) futures are down nearly 120 points, while Nasdaq-100 Index (NDX) futures are also trading well below fair value amid mixed earnings reactions from the likes of Microsoft (MSFT) and Facebook (FB). Expect th...Read More
Drug stock Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) was one of the best S&P 500 Index (SPX) performers of 2017, and that momentum is carrying over into the new year. VRTX shares are currently trading 5.8% higher in pre-market action, putting them on pace to open at a record high of $176.50, after the company's earnings release and drug announcements were met with a round of bullish analys...Read More
CIBC looks forthe recent softer trend in the U.S. dollar to eventually continue althoughperhaps with a pause for now. “The U.S. dollar weakness we had projected camefaster than we thought, making a plateau likely,” the Canadian bank says in amonthly foreign-exchange outlook. “But there’s still another leg of USDdepreciation down the road when overseas central banks turn mor...Read More
(Kitco News)- TheU.S. labor market is holding steady as the Labor Department report showed thatweekly U.S. jobless claims dropped by 1,000 to 230,000 claims in the weekto Saturday.Thedata was in line with consensus expectations. The government revised theprevious week's data down by 2,000 claims to 231,000.Meanwhile,the four-week moving average for new claims - often viewed as a more reliable...Read More
(Kitco News) - Gold is on the defensive, but thestill-soft U.S. dollar is likely to cushion the downside for gold, says FXTM.Around 8 a.m. EST Thursday, spotgold was down $5.05 to $1,339.50 an ounce, while the euro was up to $1.2454from $1.2413 late Wednesday. Lukman Otunuga, research analyst at FXTM,commented that gold eased after a Federal Open Market Committee meetingWednesday in which policyma...Read More
Mr. Jeff Pontius reports CORVUS GOLD CONTINUES TO EXPAND MOTHER LODE DEPOSIT EAST, AT DEPTH AND WEST, DRILLING 70.1 METRES at 1.45 G/T GOLDCorvus Gold Inc. has received assay results from the final eight drill holes from its 2017 phase I drill program at its Mother Lode project in southern Nevada. Results from the first drill hole to specifically target to the east of the deposit (ML17-42 with 28....Read More
Mr. Joe Campbell reportsTERRAX CHANNEL SAMPLING CONFIRMS A 100 METER WIDE MINERALIZED ZONE AT SAM OTTO SOUTHTerrax Minerals Inc. has released channel sample results from the Sam Otto South zone on Screamer Island.Sam Otto South is up to 3.5 kilometres south and along trend from the main Sam Otto and extends the potential strike length of that target area to over five km.Channel sample results conf...Read More
Wednesday the Fed announced adecision on interest rates and once again there was no surprise; they didnothing. The equity markets were wild with a 300-point trading range on heavyvolume and volatility. As history has proven, the Fed has no idea of what to donext; in other words, they are clueless.The metals also were volatile,with gold trading in a $16 range between $1,335 and $1,351, closing near...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
(Kitco News) - Gold andsilver markets are near steady levels in early U.S. trading Thursday. Themarkets are pausing ahead of a heavy slate of U.S. economic data due forrelease. April Comex gold futures were last down $0.10 an ounce at $1,342.90.March Comex silver was last down $0.04 at $17.195 an ounce.U.S.economic data due for release Thursday includes the weekly jobless claimsreport, the Challen...Read More
Mr. Brian Groves reportsGENESIS METALS PROVIDES SUMMARY OF 2017 DRILLING RESULTS FROM CHEVRIERGenesis Metals Corp. has provided a summary of significant assay results from core drilling within the main zone completed in 2017 at the Chevrier gold project near Chibougamau, Que. The company completed a total of 6,430 metres of drilling on the main zone. The objective of the program was to validate th...Read More
Over 1,000 miners at Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL) Beatrix gold mine in South Africa were trapped underground as a result of a storm that knocked out power on Wednesday night.Storm knocked out power on Wednesday night, preventing evening shift workers from exiting the mine.Spokesman James Wellsted told Eye Witness News that sixty-four workers had been rescued overnight, but over 900 oth...Read More
The bond bubble will be the critical one, Greenspan saysNotes that the U.S. is working toward higher interest ratesThe man who made the term “irrational exuberance” famous says investors are at it again.“There are two bubbles: We have a stock market bubble, and we have a bond market bubble,” Alan Greenspan, 91, said Wednesday on Bloomberg Television with Tom Keene and S...Read More
It raises size of 3-, 10- and 30-year debt sales next weekTreasury also plans to lift all other tenors sold over quarterHarvard Professor Martin Feldstein says the projected deficits are "terrible."President Donald Trump’s administration will increase the amount of long-term debt it sells to $66 billion this quarter, marking the first boost in borrowing since 2009 as the Treasury seeks to c...Read More
The gold price has moved ahead this year, despite rising US interest rates and a persistent bull market in equities. Looking ahead, there are several reasons to believe that gold could maintain upward trajectory, as John Reade, Chief Market Strategist at the World Gold Council, explains.Investor attention may have been focused on US equity markets, technology stocks and crypto currencies this year...Read More
Gold is projected to reach $1,460 or potentially more, silver about $20 and platinum at about $1,150 by the end of the year, according to an informal survey conducted between January 16-24, 2018 of some of the country's leading precious metals retail dealers, according to the nonprofit Professional Numismatists Guild (www.PNGdealers.org).Members of the Guild's Accredited Precious Metals Dealer pro...Read More
At the Vancouver Resource Investment Conference, the Investing News Network interviewed Jeffrey Christian, managing director of CPM Group, to talk about what's ahead for 2018 and beyond. Christian expects a modest increase for gold in 2018, with growth relatively flat in the first half of the year. He expects the price to somewhat accelerate in the second half of 2018 and into 2019. Christian is s...Read More
Adds 'further' for emphasis in outlook for gradual hikesInflation 'is expected to move up this year,' FOMC saysThe Fed keeps borrowing rates unchanged. Bloomberg's Chris Condon reports.Federal Reserve officials, meeting for the last time under Chair Janet Yellen, left borrowing costs unchanged while adding emphasis to their plan for more hikes, setting the stage for an increase in March under her...Read More
Stocks rose on Wednesday, Jan. 31, after a robust outlook from Boeing Co. (BA) but then began to fall as Wall Street digested an announcement on interest rates from the Federal Reserve. But Wall Street rebounded and stocks finished the day higher. The U.S. central bank decided not to raise interest rates at its meeting Wednesday. But economists do expect the central bank to lift rates whe...Read More
Late recovery lifts S&P 500 to best start of year since 1997Gold, crude oil settle higher for first time in three daysTroy Gayeski, senior portfolio manager at Skybridge Capital, on the outlook for the dollar and impact from the Fed.Treasury yields touched almost four-year highs and U.S. stocks managed to hold onto late gains after Federal Reserve officials set the stage for an rate increase in Ma...Read More