NEW YORK (Reuters) - Wall Street struggled for direction on Wednesday after the Federal Reserve released meeting minutes showing broad agreement on the need to raise borrowing costs further despite sharp criticism from U.S. President Donald Trump over interest rate hikes.The S&P 500 zigzagged between positive and negative territory after the minutes showed policy makers united on the September...Read More
(Kitco News) - Gold may have a hard time making much forward tractionin the months ahead but at some point should gain upward momentum in 2019 asthe U.S. dollar loses some of its strength, said Metals Focus Wednesday. The consultancy provided a summary from its reporttitled “Precious Metals Investment Focus 2018/2019,” which covers gold, silver,platinum and palladium. The report is bei...Read More
Base metals prices on the London Metal Exchange were mostly trading lower at the close on Wednesday October 17, with sentiment in the market weakening, but zinc continued to outperform. Three-month lead, aluminium and tin prices all started the day in positive territory but weakened this afternoon, while nickel was down 1.2% due to a lack of directional news for the near term. Aluminium prices dip...Read More
NEW YORK (Reuters) - U.S. oil prices tumbled and Brent also fell on Wednesday after crude inventories rose by much more than expected and exports fell, while the dollar added to gains after minutes showed Federal Reserve policymakers generally agreed borrowing costs were set to rise further.A gauge of stocks across the world dipped, tracking Wall Street’s reaction to the Fed minutes, while t...Read More
Fastmarkets MB's nickel premiums were stable across all regions in the week to Tuesday October 16 in quiet trading conditions after the London Metal Exchange Week. Premiums in China were steady due to a closed import window and stock overhang. European premiums were unchanged following the annual gathering of the metals market in London for LME Week. Nickel premiums in the United Stat...Read More
Oct 16, 2018 Guest(s): Matthew Mark Director of U.S. Distribution, World Gold Council The long-term drivers of gold account for 60% of the yellow metal's demand, this according to Matthew Mark, Director of U.S. Distribution at the World Gold Council. "When you look at all drivers of demand, between central banks buying gold as a store of value as a reserve currency, investors investing in coins...Read More
WASHINGTON, (Reuters) - Every Federal Reserve policymaker backed raising interest rates last month in a meeting where they also generally agreed borrowing costs were set to rise further, according to minutes from the meeting released on Wednesday.The hike was the third of this year and the display of unanimity at the Sept. 25-26 meeting could bolster expectations the central bank’s rate-sett...Read More
Bob Moriarty ArchivesOct 17, 2018Amazing Energy (AMAZ-OTCQX) holds rights to over 70,000 acres in the Permian Basin. Recently theyreleased results from drilling and completion of their #30 well. The market yawned at the results going from $.225 to a blistering $.2384, almost up 6% in ten days. Volume in the shares requires a reservation two weeks in advance in order to buy or sell a $1000 position...Read More
Comex copper prices were slightly higher in morning trading on Wednesday October 17 with a rising dollar preventing any significant gain.The copper price for December settlement on the Comex division of the New York Mercantile Exchange gained 0.60 cents to $2.7855 per lb. "We are seeing very quiet conditions in metals so far this week; yesterday ended in a mixed...Read More
EndeavourMining Corp. (TSX: EDV) reports that construction of its Ity carbon-in-leachproject in C??te d'Ivoire is two months ahead of schedule and on budget. Thefirst gold pour is now expected to occur early in the second quarter of 2019,rather than mid-year as previously planned. “Completing the construction sooneris expected to result in material improvement to our 2019 free-cash-flowgener...Read More
A colleague/friend asked today how I thought the "FANG saga" would end. I replied that I don't know about GOOG and FB, but AMZN is maybe worth $50/share as it burns cash every quarter despite manufacturing GAAP "net income" so it's hard to tell for sure - it could be worth less. NFLX is eventually going to have to restructure its debt, which means the equity is worth zero.NFLX soared $50 after...Read More
Holdings of gold by exchange-traded funds has now risen for six days ina arrow, the longest run in nearly six months, says commodities brokerage SPAngel. The ETFs track the price of the commodity but trade like a stock, withmetal put into storage to back the shares. ETF holdings climbed to 2,107.2 tonnes on Tuesday, the mostsince Sept. 10, analysts report, citing data compiled by Bloomberg. &ldquo...Read More
(Kitco News) - The release of the U.S. housing data from September had little impact on gold prices, with the metal holding on to most of the previous gains that pushed prices to a ten-week high earlier this week.U.S. housing starts declined 5.3% to a seasonally adjusted annual rate of 1.201 million units in September, the Commerce Department said on Wednesday. Consensus forecasts compiled by most...Read More
Key data from the Wednesday October 17 pricing session in Europe. Key drivers The European ferro-titanium price range dropped again, extending price losses from the previous week on persistently low demand, which is encouraging cheaper offer prices. Some dealers are away due to holidays in Europe, which has cooled trading activity. Reported trades...Read More
BRUSSELS (Reuters) - Italian Prime Minister Giuseppe Conte said on Wednesday he believed there was no room for changing the Italian draft budget for 2019, which the European Union worries would breach the bloc’s fiscal rules and increase Italy’s debt.“We have prepared (the budget) very carefully. Therefore I think there is no room for change,” Conte told reporters on arrivi...Read More
WASHINGTON (Reuters) - White House economic advisor Larry Kudlow said on Wednesday that U.S. President Trump was not demanding a policy change at the Federal Reserve after Trump heaped more criticism on the Fed on Tuesday, calling rising U.S. interest rates his “biggest threat.”In what has emerged as a pattern recently, the administration official sought the day after Trump’s com...Read More
(Kitco News) - Gold prices are modestly lower in early U.S. trading Wednesday, on a normalcorrective pullback from recent solid gains that saw prices hit a 10-week highearlier this week. Bulls still have the near-term technical advantage. December gold futures were last down $2.30 an ounce at $1,228.70. December Comex silver was last down $0.016 at $14.685 an ounce. TheU.S. economic highlight at m...Read More
Several zinc and lead mining and smelting companies have been targeted for secondary sanctions by the United States Treasury over alleged ties to paramilitary organizations. Companies including Bandar Abbas Zinc Production Co, Calcimin, Iran Zinc Mines Development Co and Qeshm Zinc Smelting and Reduction Co - all producers of zinc concentrates and ingots - have been targeted. These organizations a...Read More
BRUSSELS (Reuters) - The United States demanded rapid results on Wednesday from its trade talks with the European Union and complained that the bloc was stalling progress.“Our purpose in the meeting was to stress the need for speed and of getting to near-term deliverables, including both tariff relief and standards,” U.S. Commerce Secretary Wilbur Ross told a briefing in Brussels.&ldqu...Read More
China's unwrought copper and copper product imports hit a two-year high in September, driven by an open import arbitrage window and market participants replenishing copper inventories amid low stockpiles in Shanghai-bonded and Shanghai Futures Exchange (SHFE) warehouses.China's unwrought copper and copper products imports in September increased by 24% month on month and 21% year on year to 521,000...Read More