(Kitco News)- The Mines & Money Conference in Toronto happened duringa tumultuous time for the markets. The theme of discussion inevitably revolvedaround the nosedive that equities took the week before the conference, when theS&P 500 plummeted 7% between October 3rd and 11th andgold reacted by rallying 4% from October 9th to the 16th. Gold has since stayed near the $1,220 to $1,230 an ounc...Read More
(Kitco News) - Gold prices areslightly higher in early-afternoon U.S. trading Thursday. Some mild safe-havenbuying is being offset by solid gains in U.S. stock indexes at midday. However,nobody knows what late-session twists and turns the stock market will make. December gold futures were last up $1.40 an ounce at $1,232.40. December Comex silver was last down $0.041 at $14.635 an ounce. Ahigher U...Read More
Less than a year after B2Gold Corp. (TSX: BTO; NYSE-AM: B2G) declared commercial production at its 80%-owned Fekola mine in southwestern Mali, the gold producer has updated the mine's resource estimate.Based on about 192,000 metres of exploration drilling in 928 holes, B2Gold estimates Fekola now contains 92.81 million indicated tonnes grading 1.92 grams gold per tonne for 5.73 million ounces of...Read More
Robust global steel production numbers released on Wednesday gave another boost to the price of iron ore, sending the steelmaking raw material to the highest price since early February this year.Benchmark prices at the Chinese port of Qingdao of 62% Fe content ore jumped nearly 2% on Thursday to trade at $76.04 per dry metric tonne, according to data supplied by Fastmarkets MB. Steelmaking coal...Read More
(Kitco News)- Gold and silver markets could be two of the few commodities to survive an impending global economic slowdown in the next few years, according to one U.K. research firm.Although analysts at Capital Economics have little hope for gold prices this year, as the yellow metal continues to fight against rising U.S. interest rates, the firm reiterated its long-term forecast as it sees price...Read More
Barrick Gold's (TSX, NYSE:ABX) executive chairman John Thornton said Thursday the company could sell its non-core assets, particularly copper ones, as a result of the merger with Randgold Resources (LON:RRS), a deal which is expected to happen in the first three months of 2019.Barrick and Randgold will focus on Tier 1 assets which produce 500,000 ounces of gold annually, have a mine life of more...Read More
Oct 25, 2018 Guest(s): Andrew Hecht Author, Hecht Commodity Report Silver has the best potential for growth of all the metals, according to Andrew Hecht, author of the Hecht Commodities Report. Hecht noted that the gold-silver ratio is at the highest level since 1993, and while the white metal has been a laggard to its gold counterpart lately, it has the potential to see sudden moves. "Silver is...Read More
Mr. Mark Kolebaba reportsADAMERA CONTINUES TO INTERSECT GOLD MINERALIZATION AT OVERSIGHT Adamera Minerals Corp.'s drill hole OS18-03 on the Cooke Mountain project in Washington State intersected two gold-bearing zones. The hole was drilled 50 metres south of OS18-02 along the same north-south-trending induced polarization (IP) anomaly. The upper intercept assayed 1.6 grams per tonne gold over 0.45...Read More
Western Uranium & Vanadium Corp. (CSE: WUC) announced plans to re-open the Sunday Mine Complex, located in western San Miguel County, Colorado.The complex extends for 3,748 hectares and consists of five individual mines currently in temporary cessation. These are the Sunday mine, the Carnation mine, the Saint Jude mine, the West Sunday mine and the Topaz mine. Last time they were mined was between...Read More
(Kitco News) - European Central Bank President Mario Draghi cautioned markets following the central bank’s rate announcement, promising that even if the asset purchase programme (APP) ends at the end of the year, the monetary policy will still remain “very accommodative.”The ECB left interest rates unchanged on Thursday, noting that it was still planning to end its monthly asset...Read More
Mr. Greg Smith reportsCALIBRE MINING AND ROSITA MINING CONCLUDE AGREEMENT WITH NEW PARTNER FOR A US$8.5 MILLION INVESTMENT IN THE ROSITA D JOINT VENTURE, NORTHEASTERN NICARAGUACalibre Mining Corp., together with its joint venture (JV) partner, Rosita Mining Corp., has entered into a joint venture agreement with Century Mining for the further development and advancement of the Rosita D joint ventur...Read More
The stock market sold off sharply yesterday following the main indexes' breakdown below their October the 11th local lows. The S&P 500 broke below its long-term upward trend line, after falling below 2,700 mark again. Will the decline extend even further?The U.S. stock market indexes lost 2.4-4.4% on Wednesday, accelerating their downtrend, as investors' sentiment much worsened following globa...Read More
(Kitco News) - Newmont Mining Corp. (NYSE: NEM) Thursday reported a modest decline froma year ago in third-quarter adjusted net income due to lower metals prices andoutput.The company listedadjusted income of $175 million, or 33 cents per share, compared to $184million, or 34 cents, in the same period a year ago. This beat forecasts centeredaround 19 cents a share, according to news reports.On a n...Read More
BloombergEmployees prepare fabric for clothing at the 9B Apparel manufacturing facility in Los Angeles. The numbers: The flash reading of IHS Markit's manufacturing purchasing managers index rose to a five-month high of 55.9 in October from 55.6, while the flash services PMI rose to a two-month high of 54.7 from 53.5 in September. Any reading above 50 indicates improving conditions. A flash readi...Read More
OceanaGold Corp.(TSX, ASX: OGC) reported a net profit for the third quarter of $21.7 million,or 4 cents a share, which was the same as in the third quarter of 2017. Thecompany lists production of 138,034 ounces of gold, up from around 136,000 inthe year-ago period. All-in sustaining costs were $761 an ounce. The averagegold price fell to $1,202 from $1,276. OceanaGold also produced 4,310 tonnes of...Read More
All markets go through the samephases from consolidation to blow off; the metals are no different. For months,gold languished in the consolidation pattern churning between $1,180-$1,220. Threeweeks ago today, it broke out right to blow off.Since its blow off, gold settledand resolved the blow-off pattern by consolidating once again but at muchhigher levels. The phase that gold missed was the trend...Read More
NEW YORK, Oct 25 (Reuters) - The recent cratering of stockmarkets is nowhere near severe enough to rattle confidence andsignificantly hurt U.S. business and consumer spending, a Fedofficial said on Thursday, in the latest unruffled message fromthe U.S. central bank.In a speech, Loretta Mester, president of the Cleveland Fed, reinforced the U.S. central bank'[s steady-as-she-goesexpectation to keep...Read More
WASHINGTON (Reuters) - Richard Clarida, U.S. President Donald Trump’s most recent addition to the Federal Reserve Board, made his debut speech on Thursday just days after Trump again slammed the Fed for raising interest rates. His message: rates should continue higher.“If the data come in as I expect, I believe that some further gradual adjustment in the federal funds rate will be appr...Read More
Base metals prices on the London Metal Exchange were mixed at the close of trading on Thursday October 25, with continued strength in the US dollar index capping gains, while stronger earnings reports and a broadly positive European Central Bank outlook safeguarded commodity investments. Over the afternoon, the three-month nickel price largely under-performed amid slight downticks in aluminium and...Read More
NEW YORK (Reuters) - U.S. stocks gained on Thursday as Microsoft’s strong earnings helped Nasdaq-listed companies stage a rebound from the tech-heavy index’s worst decline since 2011 in the previous session.Traders said investors also went bargain-hunting after the market rout on Wednesday that erased the Dow and the S&P 500’s gains for the year and confirmed a correction for...Read More