NEW YORK (Reuters) - Oil prices slumped to more than two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by a bigger-than-expected U.S. crude inventories build.Brent crude LCOc1 futures fell $2.10, or 2.5 percent, to $80.99 a barrel, by 12:55 p.m. EDT (1655 GMT), after hitting a low of $80.69, its weakest since Sept. 24. The global benchmark has retrea...Read More
Codelco's Chuquicamata division will be running at reduced operating rates until mid-November following a technical fault at the Teniente copper converter last month, the company told Fastmarkets.The Teniente converter that is used in Chuquicamata for copper smelting has been closed for nearly three weeks already, a well-informed source said on Wednesday October 10. It will remain paralyzed until...Read More
VIDEO: Coral Gold Resources (TSX.V: CLH; OTCQX: CLHRF) has emerged from a Nevada-based gold exploration company into a royalty company. Barrick Gold is now drilling the Robertson property in search of the extension from the world class Pipeline and Cortez properties located along trend to the south. An open-pit heap leach resource of over 2 million ounces has been outlined, but the big upside...Read More
(Kitco News) - Gold pricesare trading sharply higher and have hit nearlythree-month highs in late-morning action Thursday. Safe-haven buying interestamid very shaky world stock markets is featured today. Also, chart-based buyinginterest has kicked in after buy stop orders were triggered in the gold futuresmarket when prices pushed above key technical resistance levels. Now, the dooris opened to p...Read More
Jack ChanPosted Oct 11, 2018GLD – on buy signal.***SLV – on buy signal.***GDX – on buy signal.***XGD.TO – on buy signal.***CEF – on buy signal.***GDXJ – on buy signal.***Speculation remains at multi decade low.Speculation remains at multi decade low.A potential bottoming pattern is now in progress.SummaryLong-term – on sell signal.Short-term – on buy...Read More
The London Metal Exchange benefitted from 2018's "economic turbulence" and the exchange should be proud of its growth in volume, LME chief executive Matthew Chamberlain said. Speaking at the LME Week annual dinner on Tuesday October 9, Chamberlain said: "For the LME, 2018 should be remembered as the year that our volumes returned to growth, and our exchange returned to confidence." He accepted tha...Read More
WASHINGTON (Reuters) - U.S. Trade Representative Robert Lighthizer told members of Congress this week that the United States wants to open trade talks with the European Union, United Kingdom, Japan and the Philippines, but did not give any indication of when the administration will give formal notice.Under the U.S. “fast track” trade rules - known as Trade Promotion Authority - the adm...Read More
(Kitco News) - Gold prices rose to daily highs and were firmly above the key $1,200 level following September’s inflation data, which fell short of market expectations. The U.S. Consumer Price Index rose 0.1% in September after advancing 0.2% in August, the U.S. Labor Department said on Thursday. Consensus forecasts were calling for a rise of 0.2%. In an immediate reaction to the data, gold...Read More
(Kitco News) - Although silver's freefall appears to have ended and prices are holding above their August lows, the precious metal is still struggling to find a new direction, according to one market analyst.In a report published Tuesday, Ira Epstein, director of the Ira Epstein Division of Linn & Associates, Inc., said that in this neutral price environment, he sees silver as a short-term tra...Read More
Tungsten miner Wolf Minerals' UK subsidiary has fallen into administration after failing to secure funding, the company said on Thursday October 11. The company said it had been unable to satisfactorily conclude its discussions with its key financial stakeholders. It subsequently put its Drakelands mine in Hemerdon, Devon, into administration because it is not in a position to meet its short-term...Read More
Gold Stocks? Just let investors sell their gold shares if they want to! Wise and prudent advice? Three weeks ago I was speaking to a very successful and exceptionally wealthy investor whom I have known for many years. He has made substantial profits by investing in gold and gold mining stocks-including the small cap "juniors." As well, he was and has always been a "bottom fisher" i...Read More
LONDON (Reuters) - A selloff in global stocks tore like a wrecking ball through emerging equities on Thursday with the key index flirting with its biggest daily tumble since the surprise Brexit vote stunned markets in June 2016.A toxic cocktail of rising U.S. Treasury yields and a strong dollar; tighter funding costs and slowing domestic growth; an escalating Sino-U.S. trade war and rising oil pri...Read More
Fastmarkets MB published one of its chrome ore and two ferro-chrome prices later than scheduled on October 5.As a result of a technical error, Fastmarkets' Chrome Ore South Africa UG2 concentrates index, ferro-chrome European benchmark indicator and ferro-chrome China import charge chrome index for October 5 were published on the Fastmarkets MB price book later than scheduled.Fastmarkets MB's pric...Read More
NEW YORK (Reuters) - The dollar fell to a near two-week low on Thursday against a basket of currencies as traders pared greenback holdings on lower U.S. Treasury yields and further losses on Wall Street.A weaker-than-forecast rise in U.S. consumer prices in September also reduced bets for a faster pace of interest rate increases by the Federal Reserve, further eroding the dollar’s appeal.The...Read More
(Reuters) - U.S. stocks dropped on Thursday, extending a sell-off from a day earlier, after the major indexes broke though some key technical levels as risk-appetite showed no signs of picking up.The benchmark S&P 500 dropped below its 200-day moving average price, while the Dow Jones Industrial Average slipped below its 100-day moving average. The Nasdaq was also trading below its 200-day mov...Read More
Codelco's Chuquicamata division will be running at reduced operating rates until mid-November following a technical fault at the Teniente copper converter last month, the company told Fastmarkets.The Teniente converter that is used in Chuquicamata for copper smelting has been closed for nearly three weeks already, a well-informed source said on Wednesday October 10. It will remain paralyzed until...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump launched a second day of criticism against the Federal Reserve on Thursday, calling its interest rate increases a “ridiculous” policy that was making it more expensive for his administration to finance its escalating deficits.“I’m paying interest at a high rate because of our Fed. And I’d like our Fed not to be so agg...Read More
CloseGain/LossGold $1222.70+$29.60Silver$14.55+$0.25XAU69.97+6.80%HUI154.20+7.40%GDM550.29+6.40%JSE Gold1155.96+107.41USD95.02-0.52Euro115.98+0.75Yen89.21+0.27Oil$70.97-$2.2010-Year3.144%-0.050T-Bond138.71875+1.46875Dow25052.83-2.13%Nasdaq7329.06-1.25%S&P2728.37-2.06% The Metals: Gold held near unchanged for most of the day in Asia, but it then began a steady advance in London, accelerated...Read More
- Gold gains 2.5% as stock markets fall globally- EuroStoxx -2%, FTSE -1.9%, Nikkei -4%, Shanghai -5.3%- Gold, silver outperform all assets in stock market rout- Trump accuses Fed of going "crazy" by continuing to raise rates- Huge spike in VIX and volatility on deepening concerns of market correction or crash1 Day Relative Performance (Finviz)Gold has gained 2.5% today on safe-haven demand as...Read More
WASHINGTON (Reuters) - White House economic adviser Larry Kudlow said in an interview with CNBC on Thursday that the Federal Reserve remained independent and U.S. President Donald Trump is not dictating policy to the Fed.His remarks came hours after Trump criticized the Fed for raising interest rates too quickly, in his second attack against the central bank in the past 24 hours.Reporting by Lisa...Read More