I've been to Italy four times, including my most recent trip two weeks ago. So it's really interesting to look at the different foreign exchange rates in place at the time of my various visits.Just as an example, on this most recent trip I was getting roughly 21% more for my money than the last time I visited four years ago. That makes a huge difference!Of course, unless they're frequent travelers...Read More
Dear Reader,If the supply of money in an economy is $1 billion, each unit of currency buys X (the purchasing power of each unit of currency).If the money supply is doubled without any expansion in the consumers' pool of goods and services, the purchasing power of each unit of currency falls in half. This reduction in the purchasing power of each unit of currency is called inflation.Governments fac...Read More
San Francisco, California November 5, 2019Editor's note: We've discussed Modern Monetary Theory, which is essentially money printing on a colossal scale, in The Daily Reckoning before. Today Charles Hugh Smith gives you an objective account of MMT and arrives at a disturbing conclusion.Dear Reader,We've heard a lot about Modern Monetary Theory (MMT) for several months now. The Daily Reckoning has...Read More
Finnish stainless steelmaker Outokumpu has reported a "challenging quarter" and a drop in earnings for the period July-September 2019, due to a weak market and a sharp increase in the price of nickel, the company said in its quarterly results statement.Earnings before interest, taxes, depreciation and amortization (Ebitda) were ?,?45 million ($50 million) in the third quarter of the year, down fro...Read More
Four years ago, Argentines elected Mauricio Macri as their president on his promise to fix the country's troubled economy after 12 years of populist government under Cristina Fernandez de Kirchner and her husband Nestor Kirchner.Macri - who comes from a wealthy family and was the first centre-right president to lead Argentina since its return to democracy in 1983 - took office in December 2015.T...Read More
Nordic Mining prepares for lift-offSPONSOREDnordic miningIronRidge derisks through diverse discoveries SPONSOREDironridge resources Polymetal building with good momentumSPONSOREDpolymetal internationalAfrica's rising resource nationalism ups stakes for minersSPONSOREDverisk maplecroftEven positive newsflow from the likes of Pan African Resources and Bushveld Minerals hasn't significantly moved...Read More
Cartier Resources (TSXV: ECR) has released a maiden resource for the Central Gold Corridor on its Chimo mine property, 45 km east of Val-d'Or, Quebec.Indicated resources stand at 3.26 million tonnes grading 4.4 grams gold per tonne for 461,280 contained oz. gold. Inferred resources add 3.68 million tonnes grading 3.53 grams gold per tonne for 417,250 contained oz. gold.The maiden resource was bas...Read More
Shares of gold producer Guyana Goldfields (TSX: GUY) dropped as much as 38% on a weaker-than-expected performance during the third quarter from its wholly owned Aurora gold operation in western Guyana.Gold output for the three months ended Sept. 30 came in at 22,100 oz., a record low since the open-pit mine started commercial production at the beginning of 2016, and well below market expectations,...Read More
The Dow Jones Industrial Average rose 1.44% to 27,347.36 and the S&P 500 Index increased 1.47% to 3,066.91. Spot gold gained 0.67% to US$1514.10 per ounce.Compania de Minas Buenaventura climbed US$1.59 per share, or 11.27% to US$15.70. Peru's largest publicly traded precious metals mining company reported third-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) from di...Read More
The S&P/TSX Venture Composite Index fell 0.9% to 541.49. Spot gold finished at US$1,514.10, up 0.67%.Abitibi Royalties shares jumped 68 ?, or 4.78%, to $14.90. The company's board of directors approved a dividend of 3 ? per common share for the fourth quarter, which would amount to 12 ? per common share on an annual basis. The company generated total cash during the third quarter of $988,000, of w...Read More
The S&P/TSX Composite Index rose 1.16% to close at 16,594.07. The S&P/TSX Global Mining Index gained 2.07% to 76.65 and the S&P/TSX Global Base Metals Index went up 2.96% to 100.64. The S&P/TSX Global Gold Index increased 1.53% to 247.01, and spot gold moved 0.67% higher to US$1514.10 per ounce.Torex Gold Resources shares jumped $2.37, or 13.7%, to $19.68. The company reported record gold producti...Read More
Trish SaywellThis episode features an interview with acting editor-in-chief and senior reporter Trish Saywell on John Felderhof and his life after Bre-X. Trish discusses what it was like to spend three days with Felderhof in the Philippines and what his views were on one of Canada's biggest financial scandals.All this and more with online editor and host Adrian Pocobelli.Music Credits:"Rattlesnak...Read More
When Apple Inc's video streaming service made its debut on Friday, it came ...Read full newsRead More
While its four local mines are back in operation, the company has doubled it expected production loss for 2019 to about 10,000 tonnes.Read full newsRead More
The Japan Automobile Manufacturers Association attributed the drop to weather and potential headwinds from the country's new consumption tax rate... Read full newsRead More
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