The social media name reported encouraging profit and revenue in the first quarterThe U.S. stock market is on track for a positive open, with Facebook's (FB)first-quarter earnings beat boosting investor sentiment. Most recently, FB stock is up 7.5% in pre-market action, and futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are trading comfortably above fair value. Futures on the Dow Jo...Read More
HOUSTON (Reuters) - U.S. oil producer ConocoPhillips (COP.N) posted a bigger-than-expected quarterly profit on Thursday, on rising crude prices CLc1 and cost cuts.Conoco, like many of its peers, has seen results steadily improve in recent quarters alongside commodity prices and as better technology makes operations more efficient.The company’s stock has also risen as it has prioritized share...Read More
LONDON (Reuters) - The Bank of England is studying how funds and insurers could cope with sudden demands for cash to back trades without resorting to a destabilizing fire sale of assets, a senior BoE official said on Thursday.Alex Brazier, the Bank’s executive director for financial stability strategy, said the simulation exercises will check how the investment sector could deal with a big i...Read More
HONG KONG/SHANGHAI (Reuters) - China’s state-backed semiconductor fund is near to closing a 120 billion yuan ($18.98 billion)investment round for a second fund to support the domestic chip sector and help cut reliance on imports amid a bruising trade standoff with the United States.The National Integrated Circuitry Investment Fund, also known as the “Big Fund”, is close to announ...Read More
(Kitco News) - Newmont Mining Corp. (NYSE: NEM) Thursday reported arise in its first-quarter profit as the price of gold climbed, althoughproduction eased from the same quarter a year ago.Netincome attributable to shareholders was listed at $192 million, or 36 cents pershare, compared to $47 million, or 9 cents, in the same quarter a year ago.Thecompany put its adjusted net income at $18...Read More
(Kitco News) - Newmont Mining Corp. (NYSE: NEM) Thursday reported a rise in its first-quarter profit as the price of gold climbed, although production eased from the same quarter a year ago. Net income attributable to shareholders was listed at $192 million, or 36 cents per share, compared to $47 million, or 9 cents, in the same quarter a year ago.The company put its adjusted net income at&nb...Read More
(Kitco News)- Gold pricesremains relatively unchanged on the day, hovering near the bottom of theircurrent trading range following mixed U.S. manufacturing data.Thursday,the U.S. Census Bureau said that new durable goods orders increased $6.4billion or 2.6 percent to $254.9 billion, in March, beating expectations.Consensus forecasts were calling for an increase of 1.6%.However, core orders, which...Read More
FRANKFURT (Reuters) - Deutsche Bank’s (DBKGn.DE) new chief executive Christian Sewing took firm action on its long-troubled investment bank on Thursday, cutting back bond and equities trading after a dramatic drop in quarterly profit.“Deutsche Bank is deeply rooted in Europe - here we want to provide our clients access to global financing and treasury solutions,” Sewing said, jus...Read More
Mr. Ivan Bebek reportsAURYN EXPANDS SOMBRERO DISTRICTAuryn Resources Inc. has staked a substantial land position in the Andahuaylas-Yauri belt in southern Peru. This area hosts significant large-scale porphyry and skarn deposits such as the Las Bambas, Tintaya, Antapaccay, Cotabambas, Los Chancas and Constancia deposits, as well as Auryn's undrilled Sombrero project. Approximately 60,000 hectares...Read More
Mr. Ivan Bebek reportsAURYN EXPANDS SOMBRERO DISTRICTAuryn Resources Inc. has staked a substantial land position in the Andahuaylas-Yauri belt in southern Peru. This area hosts significant large-scale porphyry and skarn deposits such as the Las Bambas, Tintaya, Antapaccay, Cotabambas, Los Chancas and Constancia deposits, as well as Auryn's undrilled Sombrero project. Approximately 60,000 hectares...Read More
Editor's Note: Updating earlier story with more details from report.(Kitco News) - Initialweekly U.S. jobless claims fell by 24,000 to a seasonally adjusted 209,000in the week to Saturday, the Labor Department reported. This was the lowestlevel since December 1969.Consensusforecasts compiled by various news organizations had called for initial claimsto be around 230,000. The government revise...Read More
(Kitco News) - Gold and silver prices areslightly higher in early U.S. trading Thursday, as the precious metals aretrying to stabilize after selling off most of this week. Gold prices hit afour-week low on Wednesday. June Comex gold futures were last up $1.60 an ounceat $1,324.40. May Comex silver was last up $0.008 at $16.51 an ounce. Worldstock markets were mostly firmer overnight. U.S. stock in...Read More
LONDON (Reuters) - Oil rose on Thursday, supported by expectations of renewed U.S. sanctions on Iran, declining output in Venezuela and ongoing strong demand.Brent crude oil futures LCOc1 were last up 60 cents at $74.60 a barrel at 0930 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 43 cents at $68.48 per barrel.The oil price has risen by 15 percent in the last four weeks than...Read More
Canada's GoldCorp (TSX:G, NYSE:GG) is investing $3.7 million to acquire a 14% interest in a newly formed gold exploration company born Thursday from the merger of Matamec, Canada Strategic Metals and Sphinx Resources.The new explorer, named Quebec Precious Metals Corp. (QPM), will focus on the James Bay area, bordering the provinces of Quebec and Ontario, where it will own three projects until now...Read More
LONDON (Reuters) - Royal Dutch Shell reported on Thursday a 42 percent rise in first-quarter profit to its highest in more than three years on stronger oil prices and production, but its shares fell as the oil major’s cash flow missed forecasts.Expectations are high for Shell to continue generating strong profits and cash flow after the Anglo-Dutch company beat larger rival Exxon Mobil on bo...Read More
MILAN (Reuters) - Fiat Chrysler Automobiles (FCA) (FCHA.MI) reduced its debts by more than expected in the first quarter, putting the carmaker well on course to become cash positive later this year.Chief Executive Sergio Marchionne expects to cancel all debt during 2018 - possibly by the end of June - and generate around 4 billion euros ($5 billion) in net cash by the end of the year.Marchionne ha...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
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
ROME (Reuters) - Italy’s caretaker government on Thursday passed its latest multi-year economic plan, forecasting 1.5 percent growth this year, the same rate as in 2017 and confirming its previous projection made in September.Speaking after a Cabinet meeting, Economy Minister Pier Carlo Padoan said the government’s forecast was “prudent”.In 2019, gross domestic product is s...Read More
DETROIT (Reuters) - Ford Motor Co (F.N) on Wednesday outlined a plan to cut costs and boost profit margins at a faster pace than previously announced, which includes dropping traditional sedan models in North America that have become increasingly unpopular with consumers.The No. 2 U.S. automaker said it now plans to cut $25.5 billion in costs by 2022, up from $14 billion in cuts it announced last...Read More