The easing backwardation in forward London Metal Exchange price spreads gave support to aluminium premiums across the globe this week, with the December-January spread narrowing from a $15 per tonne backwardation to $7.50 per tonne. Rotterdam premiums gain support from easing backwardation in Q1 spreadsMJP premium range widens to $70-85 per tonneUS Midwest premium unchanged as backwardation fears...Read More
CloseGain/LossGold $1216.90-$6.70Silver$14.28-$0.20XAU64.28-1.77%HUI142.82-1.66%GDM525.44-1.36%JSE Gold1163.80-6.70USD97.01+0.02Euro113.25-0.20Yen88.62-0.03Oil$65.31-$0.8710-Year3.147%+0.028T-Bond138.25-0.65625Dow25115.76+0.97%Nasdaq7305.90+2.01%S&P2711.74+1.09% The Metals: Gold fell $11.50 to $1212.10 by midmorning in New York before it bounced back higher at times, but it still ended wit...Read More
(by Reuters from BOSTON, LBMA)The price of gold is expected to rise to $1,532 an ounce by October next year, delegates to the London Bullion Market Association's (LBMA) annual gathering predicted on Tuesday.Gold in USD (10 Years)A poll of delegates at the LBMA conference in Boston also predicted higher prices in a year's time for silver, platinum and palladium.Spot gold has had a difficult few m...Read More
WASHINGTON (Reuters) - The U.S. Federal Reserve unveiled a proposal on Wednesday that would ease regulations for banks with less than $700 billion in assets.PNC Financial Corp (PNC.N), Capital One Financial Corp (COF.N), Charles Schwab (SCHW.N), and U.S. Bancorp (USB.N) would enjoy reduced liquidity and compliance requirements under the proposal, which the Fed board is set to vote on Wednesday mor...Read More
Here Are 3 Hot Things to Know About Stocks Right Now The Dow Jones Industrial Average rose Wednesday, posting its best two-day rally in more than two years, as the blue chip index closed out a tough month that saw the index fall about 5%.Facebook Inc. (FB) rose 3.8% after the social media giant posted quarterly earnings that beat Wall Street estimates. General Motors Co. (GM) &nb...Read More
The Dow Jones Industrial Average surged 241 points, bringing its two-day gain to nearly 650 points, while the S&P 500 gained more than 1 percent.But despite Wednesday's surge, the S&P 500 posted its worst monthly performance since 2011 after worries about higher interest rates and trade rattled investors throughout October. Fred Imbert| @foimbert Published 16 Hours AgoUpdated1 Hour AgoCNBC...Read More
BEIJING (Reuters) - China’s manufacturing sector in October expanded at its weakest pace in over two years, hurt by slowing domestic and external demand, in a sign of deepening cracks in the economy from an intensifying trade war with the United States.Anxiety about China’s cooling growth and its likely drag on the global economy have vexed financial markets recently, and Wednesday&rsq...Read More
Published 19 Hours AgoUpdated6 Hours AgoReuters Gold fell to a near three-week low on Wednesday as the dollar scaled a 16-month peak and a bounce in stock markets following a recent rout revealed renewed appetite for riskier investments.However, the metal remained on track for its best month since January, ending a six-month run of losses in October, the longest such streak since a period from Aug...Read More
WASHINGTON (Reuters) - Chinese intelligence officers conspired with hackers and company insiders to break into private companies’ computer systems and steal information on a turbo fan engine used in commercial jetliners, according to a U.S. indictment unsealed on Tuesday.The indictment said that at the time of the hacks, a Chinese-state owned aerospace company was working to develop a compar...Read More
Turkish deep-sea scrap import prices remained largely stable after a new transaction was heard on Wednesday October 31.A steel mill in the Marmara region booked a Baltic Sea cargo comprising 23,000-25,000 tonnes of HMS 1&2 (80:20) at $335 per tonne and 4,000-5,000 tonnes of bonus at $345 per tonne cfr, late on October 30.Some sources believed that the cargo also contained...Read More
The view north downslope from the old Lone Star Mine at the Lone Star Zone. Source: Klondike Gold Corp.Klondike Gold Corp. [KG-TSXV] on Wednesday October 31 released assay results from drilling at the company's Klondike District property near Dawson City, Yukon.The assays are from a further 12 holes that targeted the Lone Star Zone. It said highlights include 1.32 g/t gold over 47 metres and 1.11...Read More
Logging diamond drill core at the Eskay Creek Project core shack. Source: Skeena Resources Ltd.Skeena Resources Ltd. [SKE-TSXV; SKREF-OTC] on Wednesday October 31 released additional gold-silver assays for six holes from the continuing phase 1 surface drilling program at the Eskay Creek Project located in northwest British Columbia's Golden Triangle region.The multi-faceted Phase 1 program is bein...Read More
NEW YORK (Reuters) - Gridlock, Blue Sweep or Red Repeat? Wall Street is closely watching the U.S. midterm Congressional elections next week, as policy decisions that could sway the economy, corporate decision-making and consumer spending hinge on the results.Should his fellow Republicans maintain or extend their grip on Congress, President Donald Trump may be emboldened to pursue more of his polit...Read More
Comex copper prices recovered from a mid-September low in early morning trading on Wednesday in the United States, with a stronger dollar and modest Chinese growth preventing a major rebound.The copper price for December settlement on the Comex division of the New York Mercantile Exchange inched up 0.05 cents to $2.6645 per lb. Overnight, China's October PMI for the manufacturing industry was reco...Read More
* Gold on track to end six-month losing streak * Shares bounce, dollar hits 16-month high * Silver falls to lowest since Oct. 11 (Updates prices)By Swati VermaBENGALURU, Oct 31 (Reuters) - Gold slid to its lowest innearly three weeks on Wednesday asthe dollar jumped and stockmarkets regained momentum after a spate of heavy losses, but themetal remained on track for its biggest monthly gain sinceJa...Read More
(Reuters) - Oil is likely to stay above $75 a barrel, fueled by supply disruptions exacerbated by U.S. sanctions on Iran, but further gains could be limited as economists and analysts see demand growth slowing next year due to trade wars and economic weakness.A survey of 46 economists and analysts forecast Brent crude LCOc1 to average $76.88 a barrel in 2019, up from the $73.75 forecast in Septemb...Read More
The Wednesday Market Minute Global stocks look to close out a brutal October on a high note, with investors snapping up beaten-down shares despite lingering headline risks related to U.S.-China trade, rising interest rates and weakening corporate earnings.Asia shares were supported by central bank action in Japan and China, with the former trimming its near-term inflation forecast and the latter...Read More
The European copper cathode premium dipped on Tuesday October 30 while the cif Shanghai premium was slightly lower after a sustained import loss and wider backwardation in the London Metal Exchange spread pushed traders to the sidelines; the US premium was steady with the focus on annual negotiations. European market slips on backwardation. Shanghai cif premium slightly lower due to import a...Read More
(left to right) Shaun Pollard, Ed Balon, and Gareth Thomas. Photo taken from the top of Shovelnose Gold Property. Source: Westhaven Ventures Inc.Westhaven Ventures Inc. [TSX-V:WHN] is pleased to report further drill results from its recently completed drill campaign at its 15,542 hectare Shovelnose gold property, located within the prospective Spences Bridge Gold Belt (SBGB), which borders the Coq...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