(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
WASHINGTON (Reuters) - U.S. President Donald Trump and Chinese President Xi Jinping plan to meet at the G20 summit in Argentina in late November, the Wall Street Journal reported on Thursday, citing officials in both countries.White House economic adviser Larry Kudlow told reporters at the White House on Thursday that a meeting between the two leader at the global gathering in Buenos Aires is unde...Read More
(Kitco News) - Gold pricesare solidly higher and back above $1,200.00 in early U.S. trading Thursday, onsafe-haven demand amid steep sell-offs in world stock markets that have spookedtraders and investors around the globe. A very tame U.S. inflation report isalso boosting the metals markets. And a lower U.S. dollar index today is alsoworking in favor of the precious metals bulls. December gold fu...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
LONDON (Reuters) - OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group’s secretary-general said on Thursday, suggesting producers are in no rush to expand a June agreement that raises output.Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering shipments from OPEC’s third-largest oil prod...Read More
Turkish steel producers resumed their deep-sea scrap purchasing activity on Thursday October 11, with prices going down, Fastmarkets heard.A steel mill in the Marmara region booked a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shredded, 7,000 tonnes of HMS 1, 2,000 tonnes of busheling and 6,000 tonnes of cut rebar at an average price of...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump warned on Thursday there was much more he could do that would hurt China’s economy further, showing no signs of backing off an escalating trade war with Beijing.Trump imposed tariffs on nearly $200 billion of Chinese imports last month and then threatened more levies if China retaliated. China then hit back with tariffs on about $60 billion...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
WASHINGTON (Reuters) - U.S. consumer prices rose less than expected in September, held back by a slower increase in the cost of rent and falling energy prices, as underlying inflation pressures appeared to cool slightly.The modest price increases come despite a U.S. labor market that looks robust by most measures. A separate report on Thursday showed an unexpected but modest rise in the number of...Read More
* European stocks hit 21-month lows following Wall St slump * Holdings in SPDR Gold Trust rise for first time since July (Adds quotes, updates prices)By Sethuraman N RBENGALURU, Oct 11 (Reuters) - Gold rose more than 1 percentto near three-week highs on Thursday, climbing above $1,200 perounce as sliding global stock markets prompted risk-waryinvestors to seek out the metal, with a weaker dollar a...Read More
(Reuters) - Wall Street opened lower on Thursday, but not as much as stock futures had indicated, after data showed consumer prices rose less than expected in September, indicating inflation pressures were easing.The Dow Jones Industrial Average fell 80.35 points, or 0.31 percent, at the open to 25,518.39. The S&P 500 opened lower by 8.81 points, or 0.32 percent, at 2,776.87. The Nasdaq Compos...Read More
Prophecy Development Corp. (TSX: PCY, Frankfurt:1P2N) announces that Gerald Panneton is the company’s newchief executive officer and president. Panneton, a geologist who was thefounder, president and CEO of Detour Gold Corp. from its incorporationin 2006 until late 2013, succeeds John Lee, who will remainchairman of the Prophecy board of directors. Prophecy...Read More
(Kitco News) - Barrick Gold Corp. (NYSE, TSX: ABX) late Wednesday reported thatproduction of both gold and copper rose in the third quarter from the secondand also reiterated its output guidance for 2018.The world’s largest gold-mining company, which last month agreedto purchase Randgold Resources Ltd. in an all-stock deal, listedJuly-September output of 1.15 million ounces of gold and sales...Read More
NUSA DUA, Indonesia (Reuters) - The Bank of England governor and the head of the International Monetary Fund praised the abilities of Federal Reserve Chairman Jerome Powell on Thursday, after U.S. President Donald Trump said the Fed had “gone crazy” by raising interest rates.Speaking on a panel at this week’s International Monetary Fund and the World Bank meetings in Bali, Govern...Read More
The Thursday Market Minute Wall Street futures point to a heavy opening bell decline Thursday, with the Dow set for a 150 point slump following the biggest single-day decline for U.S. Stocks in at least eight months.Softer-than-expected September CPI reading helped U.S. stocks pare pre-market declines, with annual inflation now measured at a 2.3% clip.European and Asia markets sold off shar...Read More