Capstone Mining's Cozamin Mine in Mexico. Source: Capstone Mining Corp.Capstone Mining Corp. [CS-TSX] on Thursday November 8 made reductions to its organizational structure, including changes to its senior executive team. Capstone said the move is designed to improve financial and operating performance by further empowering mine general managers and their teams to deliver profitable, safe and sust...Read More
(Kitco News) - Gold andsilver pricesaremodestly lower in early U.S. trading Thursday. A rebound in the U.S. dollar index today, following selling pressure this week, is working against theprecious metals market bulls. December gold futures were last down $2.50 anounce at $1,226.30. December Comex silver was last down $0.044 at $14.525 anounce. Focustoday is on the conclusion of the Federal Reserv...Read More
Turkish steel producers continued to book deep-sea scrap for December deliveries with slightly lower prices on Thursday November 8.A steel mill in the Marmara region booked a US cargo, comprising 33,000 tonnes of HMS 1&2 (80:20) at $338 per tonne, 5,000 tonnes of shredded at $343 per tonne and 2,000 tonnes of bonus at $348 per tonne cfr, late on November 7.On Thursday, another...Read More
(Reuters) - The S&P 500 and the Nasdaq edged lower on Thursday, as weak earnings reports and caution ahead of the Federal Reserve’s interest rate decision stalled a rally from the previous session, which was spurred by the outcome for midterm elections.Among the biggest deliners on the S&P 500 were Perrigo Co (PRGO.N), Wynn Resorts Ltd (WYNN.O) and D.R. Horton Inc (DHI.N), all fallin...Read More
WASHINGTON (Reuters) - Congressional Democrats on Thursday demanded emergency hearings in the U.S. House of Representatives to investigate President Donald Trump’s ouster of Attorney General Jeff Sessions, calling the move an effort to undermine a federal probe into Russian meddling in the 2016 U.S. election.Trump forced the resignation of Sessions on Wednesday, a day after elections in whic...Read More
Comex copper prices fell to a one-week low on Thursday morning in the US amid a stronger dollar and a lack of fresh catalysts.The copper price for December settlement on the Comex division of the New York Mercantile Exchange declined 2.75 cents to $2.7270 per lb. Earlier in intraday trading, the contract touched a low of $2.7030 per lb, the weakest...Read More
Ontario's Government for the People is protecting jobs and the economy of Northern Ontario by working with Huron Central Railway to keep the rail line running between Sault Ste. Marie and Sudbury.Today, Ross Romano, MPP for Sault Ste. Marie and Parliamentary Assistant to Greg Rickford, Minister of Energy, Northern Development and Mines, announced the government is supporting a request by Huron Cen...Read More
* Dollar extends recovery on post-election relief* China October copper imports fell, data shows (Recasts, adds detail, closing prices)By Maytaal AngelLONDON, Nov 8 (Reuters) - Copper steadied on Thursday astraders weighed an uptick in the dollar and a drop in China'simports of the metal against improved Chinese growth prospects.China, which consumes nearly half the world's copper,registered a 19...Read More
David LawderWASHINGTON (Reuters) - The new Democrat majority in the U.S. House of Representatives is likely to back President Donald Trump’s trade war with China and could even egg him on, but will offer tougher scrutiny of his negotiations with allies, trade experts and lawmakers say.Trump has imposed tariffs on $250 billion of Chinese goods to pressure Beijing to stop intellectual property...Read More
PARIS (Reuters) - French prosecutors argued in a Paris court on Thursday for Swiss bank UBS AG (UBSG.S) to be fined 3.7 billion euros for helping wealthy French people evade taxes.After a seven-year investigation and aborted settlement negotiations, UBS faces accusations of laundering the proceeds of tax fraud and illegally soliciting clients in France.“Tax evasion is nothing more than theft...Read More
Cobalt demand from the consumer electronics industry will continue to grow, with no shift away from lithium-cobalt-oxide (LCO) batteries on the cards, according to battery manufacturer ATL's procurement director, Xu Shihui. "The price of cobalt has been fluctuating and there have been questions about whether cobalt can be substituted by nickel, but for consumer electronics the direction is LCO bat...Read More
For months I've been telling you...Something big is going to happen in Michigan on November 6th.And it did.Two nights ago, the good people of Michigan voted to legalize the adult use of cannabis.This means any adult over the age of 21 will soon be able to purchase, grow, or consume cannabis without a prescription from a doctor.Although the Michigan legalization vote didn't create as much of a buzz...Read More
DUBLIN (Reuters) - Nominal wage growth, the best predictor of inflation in the euro zone, is gradually improving and increasing so as a result of permanent features, the head of the European Central Bank said on Thursday.“Recent data, the last say six to 12 months’ data, shows that wages are gradually going up. They’re going up now because of temporary effects but more and more b...Read More
First Cobalt Corp has started testing cobalt hydroxide material as feedstock for its refinery in Ontario, Canada, with the goal of producing cobalt sulfate or metallic cobalt products for sale into the North American market. The company has retained inspection and certification firm SGS Canada to test the suitability of different cobalt feed material using the refinery's current flowsheet and is a...Read More
Chinese nickel demand from stainless steel and battery materials producers will continue to rise in near future, although extensive investments in nickel projects will cap higher nickel prices, Fastmarkets learned from Antaike's Nickel & Cobalt Conference in Xiamen on November 6-8. Much of the apparent Chinese demand for nickel over the next couple of years will come from the country's s...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
Coral Gold shareholders may be keeping a close eye on drilling activity at the Renaissance Gold (REN) Ecru project which is located just to the north east of the Barrick Gold (Sunny; ABX) Robertson project. As John Kaiser explains in his November 7th Discovery Watch broadcast, Renaissance has optioned up to 70% of the project to Australia-listed S2 Resources which has a drilling program underway...Read More
Insiders can help make sense of short selling data when it is released in the middle and at the end of every month. There are three general scenarios that can arise. First, if a stock is seeing both short covering and insider buying, we have two positive pieces of information leading to a bullish consensus. 1. Bullish ConsensusInsiders typically buy when they have a positive outlook about a stoc...Read More
(This Nov. 7 story corrects paragraph 8 to read “Brian Nick, chief investment strategist for Nuveen in New York,” instead of “Nuveen Asset Management”)By Sin?(C)ad CarewNEW YORK (Reuters) - Wall Street rose 2 percent on Wednesday, led by the technology and healthcare sectors as investors breathed a sigh of relief following the U.S. midterm elections and made bets that a div...Read More
China's finished steel exports were up by more than 10% year on year in October, but fell when compared with September's volumes, according to preliminary Chinese customs data published on Thursday November 8.The country exported 5.5 million tonnes of finished steel in last month, up 10.4% from the 4.98 million tonnes shipped out in October 2017, according to the customs data. October shipmen...Read More