USD appreciates after Fed’s minutes. Gold drops almost $10, remains clearly above $1300. The yellow metal pulled back further after the release of the minutes from the latest Fed meeting when the US central bank decided to raise rates by 25bp. Gold dropped from $1,315.80/oz to $1,307.25 hitting a fresh daily low. The side took place amid a rally of the greenback on the back of...Read More
A U.S. court has dismissed Canadian gold miner Crystallex's lawsuit against asset transfers by Venezuelan-owned refiner Citgo as part of a long-running dispute over the South American nation's 2008 nationalization of the company's assets.Crystallex International Corp is seeking to collect $1.2 billion plus interest awarded in 2016 by a World Bank tribunal against Venezuela, which Venezuela has ref...Read More
Prince Harry's recent engagement combined with the massive success of Netflix's series The Crown has reignited people's and media's interest in the British monarchy.This is probably why newspapers and news sites around the UK paid special attention this week to the fact that later in 2018 the Clogau St David's mine, located near Bontddu in North Wales, might reopen after two decades of inactivity....Read More
Prince Harry's recent engagement combined with the massive success of Netflix's series The Crown has reignited people's and media's interest in the British monarchy.This is probably why newspapers and news sites around the UK paid special attention this week to the fact that later in 2018 the Clogau St David's mine, located near Bontddu in North Wales, might reopen after two decades of inactivity....Read More
When it comes to market sentiment, many traders believe their focus should be on now rather than later. It seems the overwhelming majority believe in focusing on data and events which are influencing markets currently, rather than focusing on future events. At least this sentiment appears standard as far as the Federal Reserve is concerned.Gold has been in a distinct and pronounced rally since the...Read More
Vancouver-based ML Gold Corp.(TSXV: MLG) announced that is has started a winter drilling program on the Stars property, located 40 kilometres south-west of Houston, British Columbia. The company acquired the mine in November from Pacific Empire Minerals Corp. and Divitiae Resources.In a press release, ML Gold informed that it has mobilized a diamond drill rig and drilling is underway. The program...Read More
In the wake of Tuesday's eleventh-hour record highs, bulls stayed the course in today's trading. Investors appeared to completely brush off some late-night nuclear brinksmanship on the part of President Donald Trump, with the VIX trading firmly lower throughout the course of the session. Meanwhile, the afternoon release of the latest Fed minutes didn't cause any major waves, with policymakers offe...Read More
(Reuters) - Bitcoin was the star of the white-knuckle ride that cryptocurrencies offered in 2017 but lesser-known names, such as Ripple and Ethereum, are seen gaining prominence in 2018.While bitcoin jumped more than 1,200 percent last year, Ripple, created by the founder of bitcoin exchange Mt Gox, surged 35,000 percent in the same period.That means $100 invested in Ripple in January 2017 would h...Read More
(Adds details on specific stocks, updates prices)* TSX finishes up 61.56 points, or 0.38 percent, at 16,371.55* Six of the TSX's 10 main groups move higher By Alastair SharpTORONTO, Jan 3 (Reuters) - Canada's main stock index notched its highest-ever close on Wednesday, boosted by a jump in shares of BlackBerry Ltd after it announced a self-driving deal with China's Baidu and by sharp gains for...Read More
Gold retraces a small part of yesterday's gains. Wall Street starts the day on a positive note. DXY edges higher toward 92 on upbeat data. After closing eight straight days with robust gains, the XAU/USD pair lost traction on Wednesday and pulled away from the highest level since mid-September that was set at $1321 yesterday. As of writing, the pair was trading at $1316.70, down 0.07% o...Read More
Editor's Note: View Kitco News' full 2018 outlook coverage (Kitco News)- "Steadyas she goes" will be the best way to describe the gold market in 2018 with themarket sensitive to upside surprises, according to researchers at Murenbeeld& Co.Chantelle Schieven Head of research at Murenbeeld & Co In aninterview with Kitco News, Chantelle Schieven, head of research at the firm,said that h...Read More
(Kitco News) - News that billionaire entrepreneur Peter Thiel’s Founders Fund bought “hundreds of millions of dollars” in cryptos, boosted bitcoin’s deflating price levels on Wednesday.Thiel’s fund purchased somewhere between $15 million to $20 million worth of digital currencies since mid-2017, the Wall Street Journal reported.Following the news, bitcoin prices surge...Read More
Getty ImagesFederal Reserve Chair Janet Yellen leaves after her last news conference in the leadership role on December 13. The Federal Reserve in December forecast three rate hikes in 2018 but minutes of that central bank meeting released Wednesday show a distinct lack of unity with the projection. The minutes portray two camps, of roughly the same size, who are both uncomfortable with the foreca...Read More
Brokerage firm SunTrust Robinson weighed in bullishly on the restaurant sector today, saying it expects tax reform to provide tailwinds for the group. Included in the note was a price-target hike for burger chain Shake Shack Inc (NYSE:SHAK) to $60 from $50. SHAK stock has added 7.6% as a result to trade at $47.01, earlier hitting a two-year high of $47.39. However, options traders are seemingly b...Read More
* Stock markets globally start 2018 on cheerful note* S&P cruises past 2,700 as tech stocks advance* Dollar up after strong U.S. data, ahead of Fed minutes (Updates with reaction to Fed minutes; adds commentary)By Stephanie KellyNEW YORK, Jan 3 (Reuters) - The U.S. dollar extended gains against key currencies on Wednesday after the release of minutes from last month's Federal Reserve meeting,...Read More
Corning Incorporated (NYSE:GLW) has started 2018 off hot, up almost 4% already, and touching a nearly 17-year high of $33.10 earlier today. It appears this rally might have legs, too, with the iPhone glass manufacturer sending up a buy signal to short-term options traders right now.At last check, Corning stock was trading near its session highs -- up 1.9% at $33.22. The equity has tacked on an imp...Read More
Editor's Note: Carley Garner, president of DeCarley Trading, provided exclusive commentary for Kitco News' 2018 Outlook Series.(Kitco News)- Gold and silver have taken a backseat to Bitcoin-mania,but they are still more relevant assets.Carley Garner, president of DeCarley Trading Bitcoin has dominated the financial news cycle, but inthe long run, this particularcryptocurrency might be more bark th...Read More
Gold rose for a ninth consecutive session Wednesday, settling at its highest since the middle of September, with haven demand for the precious metal supporting prices even as a bruised dollar strengthened. Prices, however, retreated in electronic trading after the release of minutes from the U.S. Federal Reserve's December monetary policy meeting. February gold GCG8, -0.64% rose $2.40, or 0.2%, t...Read More
As the U.S. stock market carves out record highs, several individual equities are making big moves on high-profile collaborative partnerships. Two such names are former smartphone maker BlackBerry Ltd (NYSE:BB) and gene therapy specialist Sangamo Therapeutics Inc (NASDAQ:SGMO). Here's a closer look at what has shares of BB and SGMO gapping higher today.BlackBerry Shorts Could Continue CoveringBlac...Read More
(Kitco News) - Gold prices were moderately lower and hit new daily lows in early afternoon action Wednesday,in the wake of a hawkish FOMC minutes report. Some normal profit taking by theshorter-term futures traders was featured, after recent good gains in gold andsilver. The markets in earlier U.S. trading were in pause modes after gold hita 3.5-month high overnight. Silver prices scored a five-we...Read More