By Ricky WenMonday's session was a doji range day with the S&P 500 repelled at the morning high near 2780, dropping towards Friday's low around 2750, and then consolidating around the intraday lows for most of the day. Basically, the price action couldn't get out of the danger zone as it remained below 2770-2780 for the EOD close for the daily W-shape pattern.Fast forward to the overnight Globex...Read More
There is an age-old relationship between prices and interest rates that Keynesian economists have called a paradox ("Gibson's Paradox"). The relationship was clearer during the Gold Standard era, but as I explained in a previous post it is still apparent if prices are measured in gold.To understand "Gibson's Paradox" and why it actually isn't a paradox, refer to the earlier post linked above. Su...Read More
Only one digit has changed. But it may have profound consequences, sending the country closer to junk status. Meanwhile, Rome and Brussels clash over budget plan. Will that duel benefit or harm the yellow metal? Only One Notch Above Being Junk Italian drama continues. On Friday, Moody's, one of the most significant rating agencies in the world, downgraded the Italian credit rating from Baa2 to...Read More
- Gold rallied "as stocks retreated" and "market risk became more systemic"- As stock sell-off became systemic globally, gold rose meaningfully - World Gold Council- IMF Global Financial Stability report highlights an increase in level of risk among multiple global metrics - WGC Investment Update*Happy 15th Birthday GoldCore*via Gold.orgThe latest IMF Global Financial Stability report (release...Read More
By Avi GilburtI have now been a contributor at Seeking Alpha for seven years, during which time I have written for approximately six years, as I took a one-year hiatus. And, during that time, I have had the honor of penning almost 400 articles.During the six years I have been actively writing on Seeking Alpha, 30,000 of you have trusted me enough to begin following my work, as I just hit the 30,...Read More
Anyone hoping Treasury rates will ease, cutting stock-market bulls some slack, must first reckon with the chart shown (see inset). It implies that a significant rise in yields on the 30-Year Bond is coming, and that they will hit 3.59% before borrowers get any relief. If this occurs as appears likely, 30-year mortgages will be pushing above 5%, causing an already shaky housing sector to implode,...Read More
By Ira EpsteinGold pulls back a bit but still looks on bullish footing.https://www.iraepstein.com/ Read More
Three-month base metals prices on the London Metal Exchange were for the most part weaker on the morning of Tuesday October 23, with losses averaging 0.4% - the exception being tin where prices were up by 0.1%.Zinc led the rest of the complex downward with a fall of 1.2% to $2,625 per tonne, while copper was down by 0.7% at $6,183 per tonne.The precious metals were split this morning with gold and...Read More
SAN JUAN (Reuters) - Puerto Rico's federally appointed financial oversight board on Tuesday unanimously approved a revised fiscal reform plan meant to put the bankrupt island on a path toward solvency, but faced opposition from the elected government for being too strict.The vote by the seven members of the board was unanimous even though some raised concerns about the plan's ultimate viability to...Read More
(Reuters) - United Technologies Corp (UTX.N) reported a better-than-expected quarterly profit and raised its full-year profit forecast on Tuesday as it benefited from higher sales of aircraft parts, driven by record production at planemakers Boeing and Airbus.A boom in air travel on the back of an improving global economy has boosted profits at major suppliers United Tech and Honeywell (HON.N).Uni...Read More
(Reuters) - Fifth Third Bancorp’s (FITB.O) quarterly profit beat analysts’ estimates on Tuesday, as it earned more from interest-bearing assets and gave out more commercial loans.U.S. banks have benefited from higher interest rates since the Federal Reserve started raising them in 2015. Higher interest rates allow banks to charge customers more for loans, while maintaining relatively l...Read More
LONDON (Reuters) - Oil prices fell on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, reassuring investors ahead of U.S. sanctions on Iran’s crude exports that start next month.Benchmark Brent crude oil LCOc1 fell by $1.96 a barrel to a low of $78.32, down 2.5 percent and below its 50-day moving average for the first time in two months, before recovering a littl...Read More
RIYADH (Reuters) - Saudi Arabia said on Tuesday it would continue to meet customer demand for crude despite looming U.S. sanctions that are expected to reduce oil exports from Iran.Saudi Energy Minister Khalid al-Falih said at an investment conference in Riyadh that the oil market was in a “good place” and he hoped oil producers would sign a deal in December to extend cooperation to mo...Read More
Peter Schiff is an internationally recognized ecoanomist specializing in the foreign equity, currency and gold markets. Mr. made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted often in the print media, including the Wall Street Journal, New York Times, Barron's, BusinessWeek, Tim...Read More
RIYADH (Reuters) - Saudi Arabia signed deals worth more than $50 billion in oil, gas, infrastructure and other sectors at an investment conference in Riyadh on Tuesday, officials there said.Details were announced at the Future Investment Initiative, held in Riyadh in the face of boycotts by Western political figures, international bankers and executives that were prompted by the killing of journal...Read More
"The media has more power than all three branches of government...somebody has to hold them accountable."Read More
Two years after commercial production began in October 2016, Newmont Mining's (NYSE: NEM) Merian mine in Suriname has poured one million ounces of gold.Newmont Suriname - a subsidiary of the Colorado-based company - owns 75% of the mine and Suriname's state-owned oil company, Staatsolie Maatschappij Suriname, owns the remaining 25% stake.Construction of the mine, about 60 km south of Moengo and 1...Read More
Stop providing billions of dollars to Afghan security forces if those forces are sexually abusing young boys. Seems like a pretty reasonable idea... and yet that effort was blocked in the U.S. Senate.Who would continue to provide billions of dollars to security forces when it has been proven that those forces keep young boys as sex slaves?Read More
(Reuters) - A package containing what appeared to be an explosive device was found in a mail box outside the New York residence of billionaire financier George Soros on Monday, police said.Soros, one of the world’s biggest donors to liberal groups and causes, has become a hate figure for right-wing campaigners in the United States and eastern Europe, and the target of a hostile media campaig...Read More
Drilling at Nighthawk Gold's (TSX: NHK; US-OTC: MIMZF) Treasure Island project, about 11 km to the north of its Colomac project in the Northwest Territories, has served up significant, shallow high-grade mineralization.The company was following up on several shallow high-grade gold intersections it had reported in 2011, and in the process has found new near-surface discoveries including a number...Read More