Over the last few days, we have seen market sentiment shift from an overall bullish demeanor in regard to U.S. equities to a bearish outlook. The Dow Jones Industrial Average has now lost over 5% in trading since Wednesday, with a net decline of over 1,300 points in just two days of trading. Following yesterday????s decline of over 800 points in the Dow, today traders continued their liquidation s...Read More
Merger and acquisitions in the precious metals sector are gaining momentum following Barrick's recently announced $6.1 billion-deal to acquire Randgold Resources.Shortly after, Canada's Americas Silver (TSX:USA) announced it was buying Pershing Gold (Nasdaq:PGLC) for $50.78 million in an all-stock deal."This transaction aligns with our stated initiative of building a profitable and low-cost precio...Read More
A Canadian company focused on develop mining technologies and robotics for the resource sector is partnering with Moon Express, the first American private space exploration firm to have been granted government permission to travel beyond Earth's orbit, on future opportunities in outer space.Northern Ontario-based Deltion Innovations will help Florida-based Moon Express collect, process, store a...Read More
Equities got clobbered onWednesday and this morning we are seeing some follow-through to the downside.Gold and silver rallied on Wednesday but not as much as you would have thoughtbased on the trashing of equities. However, both are joining the Jeffersonsthis morning and are “moving on up.”As we have written many times, wedon’t look at gold as a safe-haven play; we look at it as...Read More
Canada's Leagold Mining (TSX:LMC) has had to temporarily shut down its Riacho dos Machados (RDM) mine in Brazil as a result of continued drought conditions in the country's Minas Gerais State.The Vancouver-based miner said it planned to resume operations in early December, with the commissioning of the grid powerline project.RDM was closed in August last year and restarted, on an intermittent basi...Read More
(Kitco News) - Gold bullstoday got a quadruple dose of bullish fuel that boosted prices to nine-weekhighs and above the recent sideways trading range. Today’s surprising gains ingold set the table for sideways-to-higher price action at least into the end ofthe year. December gold futures were last up $32.70 an ounce at $1,226.20.December Comex silver was last up $0.269 at $14.60 an ounce. H...Read More
(Kitco News) - With this overdue gold rally finally setting in and gold prices at six-week highs, analysts are anxiously eyeing the next key resistance level in hopes of seeing a sustainable move up.Following global equity sell-off and weaker-than-expected U.S. inflation data, gold finally saw the strength that was sorely missing these past six months.December Comex gold futures powered to six-wee...Read More
(Kitco News) - The CNN Fear & Greed Index is currently at 7 - the “Extreme Fear” category, which is anotch lower than Wednesday’s close at 8, when the Dow Jones Industrial Averageplummeted more than 800 points.The index tracks seven indicators to gauge investor sentiment inthe markets: stock price momentum, stock price strength, stock price breadth,put and call options, junk...Read More
President Donald Trump continued to attack the Federal Reserve on Thursday, criticizing Chairman Jerome Powell as being too stringent with monetary policy.He blamed the Fed for causing a massive drop in stocks this week.Despite the criticism, Trump says he will not fire Powell.Michael Sheetz | Thomas Franck Published 9 Hours AgoUpdated6 Hours AgoCNBC.com show chapters President Trump continues...Read More
(Kitco News) - With Dow Jones Industrial Average plunging more than 800points on Wednesday and gold climbing more than 2% on Thursday, are investorsfinally giving up on risk assets and shifting their weight to gold? The Denver Gold Forum was a mixed bag when it came tosentiment in gold. There’s no denying, however, that the following threespeakers had the most unequivocal, bullish outlook. C...Read More
Here Are 3 Hot Things to Know About Stocks Right Now The Dow Jones Industrial Average and the S&P 500 fell sharply again Thursday as volatility ripped through markets for a second day. The S&P 500 has closed lower for six straight days.The Nasdaq declined into correction teritorry on Thursday, a day after the tech-heavy index had its biggest percentage drop since June...Read More
Gold-backed global exchange-traded funds posted a largeinflow Wednesday, says Commerzbank. This came as the U.S. Dow Jones IndustrialAverage fell by more than 800 points. Meanwhile, “the gold ETFs tracked byBloomberg registered an inflow of around eight tonnes yesterday,” Commerzbanksays. “This is attributable to the SPDR Gold Trust in the U.S. and was thefirst daily inflow into...Read More
(Kitco News)- Gold finds its legs after the crush in global equity marketsyesterday. The rising yields with the uncertainty of the trade war with Chinabecame too much for equity investors and the herd headed for the exits. Thescenario suggests that it was a safe haven play, but generally when equitiescollapse the first move for gold is lower, as investors raise cash to meetmargin calls. This move...Read More
Editor's Note: Updating earlier story with more details from report.(Kitco News) - Goldextended early gains after Labor Department data Thursday showed that initialweekly U.S. jobless claims rose by 7,000 to a seasonally adjusted 214,000in the week to Saturday. Consensusexpectations compiled by various news organizations had called for initialclaims to be around 205,000 to 207,000. The govern...Read More
NEW YORK (Reuters) - Wall Street indexes continued their decline on Thursday as investors continued to shun risky investments, and Nasdaq looked like it could confirm a correction.By late afternoon the S&P was down another 2 percent after shedding 3 percent in the previous day's session and Nasdaq fell as much as 10.3 percent from its closing record high, reached on Aug. 29. If it closes at th...Read More
(Reuters) - Major U.S. banks, beginning on Friday, are expected to report earnings growth that exceeds that of the broader market, but that may not be enough to impress investors, who have been unimpressed by loan growth and are anticipating higher deposit rates and credit costs.Investors skepticism has been significant in 2018. The S&P 500 Banks Index .SPXBK has fallen 3.7 percent year to dat...Read More
OTTAWA (Reuters) - Canada does not hold out much hope that Washington will quickly lift tariffs that it imposed on steel and aluminum exports and is resisting a U.S. push to agree to strict quotas, two sources familiar with the matter said.The administration of U.S. President Donald Trump imposed the tariffs on Canada and Mexico in June, citing national security reasons. Although Canada and Mexico...Read More
Movements in the prices of base metals on the London Metal Exchange were mixed at the close of trading on Thursday October 11, under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin.The three-month lead price rose by 4.4% over the afternoon to recover losses made earlier in the week, reaching an intraday high of $2,...Read More
WASHINGTON (Reuters) - A stock sell-off, rising trade tension with China, slower global growth and verbal pressure from the White House are unlikely to dent the U.S. Federal Reserve’s rate hike plans in an economy performing in line with the central bank’s forecasts.A bumpy 48 hours included an 800 point drop in the Dow Jones Industrial Average and hefty declines in other stock indexes...Read More
(Updates with closing prices)By Peter HobsonLONDON, Oct 11 (Reuters) - Industrial metals prices fell onThursday, caught by a global stock market sell-off, with leadhitting its lowest in more than two years, but the market hadmostly recovered by the close of trading.Benchmark LME lead sank to its lowest sinceSeptember 2016 at $1,876 but ended the session 4.7 percenthigher at $1,999 per tonne. Alumi...Read More