Alan Broome, chairman of Strategic Minerals Plc (LON:SML), tells Proactive's Andrew Scott they've hired Jeff Harrison as a Non-Executive Director.Over the last year Harrison's been a consultant to Cornwall Resources Limited, the joint venture to which Strategic Minerals owns 50%.Broome says Jeff's experience will be invaluable as they advance Redmoor through to operations. Meet Anglo Asian M...Read More
(Kitco News) - Gold would face somecross-currents from rising inflation expectations, benefitting as an inflationhedge but also facing potential selling as Treasury yields rise, saysMitsubishi in a weekly report on precious metals.Meanwhile, strategist JonathanButler points out that palladium’s premium over platinum is slowlydisappearing.Global equities sold off sharplyat the start of the we...Read More
(Kitco News) - Gold would face some cross-currents from rising inflation expectations, benefitting as an inflation hedge but also facing potential selling as Treasury yields rise, says Mitsubishi in a weekly report on precious metals. Meanwhile, strategist Jonathan Butler points out that palladium’s premium over platinum is slowly disappearing. Global equities sold off sharply at the start o...Read More
Shares of resort and casino company Wynn Resorts, Ltd. (NASDAQ:WYNN) are soaring after CEO Steve Wynn stepped down amid recent sexual misconduct claims. Wynn appointed the company's president, Matt Maddox, as his successor, and in response, the casino stock has received a handful of mixed analyst reactions. Specifically, WYNN was upgraded by J.P. Morgan Securities to "overweight" from "neutral,"...Read More
Options traders are cheering well-received earnings from Akamai Technologies, Inc. (NASDAQ:AKAM), with shares of the cloud stock up 7.2% this morning at $68.25. Call buying was extremely popular leading up to the event, evidenced by a 10-day call/put volume ratio of 4.63 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), a reading tha...Read More
Shares of Snap Inc (NYSE:SNAP) have surged 22.5% out of the gate to trade at $17.24, lifting fellow social media stock Twitter (TWTR) along with it. The Snapchat parent reported better-than-expected fiscal third-quarter revenue of $285.7 million, and said its daily active users jumped 18% year-over-year to 187 million -- more than analysts were expecting. The company's adjusted quarterly loss of 1...Read More
Exchange-traded-fund holdings of gold and palladium have fallen,says Commerzbank. Gold prices slid Tuesday as the Dow JonesIndustrial Averagegained nearly 5% from its low to its high. “The price slide was accompanied byhigh outflows from the gold ETFs. Holdings in the gold ETFs tracked byBloomberg were reduced by 7.4 tonnes in all, while the SPDR Gold Trust in theU.S. even lost a good 12 ton...Read More
Stock futures are once again pointed lower, after Tuesday's incrediblyvolatile session that saw the Dow Jones Industrial Average (DJI) trade in a more than 1,100-point range before ending higher. Today, however, Dow futures are pointing to a triple-digit drop, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are alsoin the red. Along with the latest batch of earnings reports, trade...Read More
The board of directors at Freeport-McMoRan Inc. (NYSE: FCX)has reinstated a cash dividend on its common stock, the company says. The boardintends to declare a quarterly dividend of 5 cents per share, with the next oneto be paid on May 1. “Our board’s action to reinstate common-stock dividends reflectsstrong execution of our plan to strengthen FCX’s financial position over thelast...Read More
(Kitco News) - Goldprices are modestly down in early morning action Wednesday. A higher U.S.dollar index is working against the precious metals market bulls so far today.However, selling interest in safe-haven gold and silver is being limited bylower U.S. stock indexes amid still-volatile trading. April Comex gold futureswere last down $2.90 an ounce at $1,326.60. March Comex silver was last down...Read More
Twitter Inc (NYSE:TWTR) is slated to report fourth-quarter earnings tomorrow morning. Ahead of the quarterly event, TWTR stock saw its price target hiked to $22 from $18 at Deutsche Bank. The brokerage firm is just the latest to weigh in on Twitter's turnaround efforts, waxing optimistic over the microblogging firm's impressive user growth and ad revenue. This still represents a discount to last n...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
Shares in Canada's Northern Vertex Mining (TSX-V: NEE) were up Wednesday after the miner said is closer than ever to pour first gold at its Moss mine, in northwestern Arizona.The Vancouver-based company said that roughly 7,800 tonnes of ore have been stacked on the pad to date, and production is ramping up towards an initial stacking rate of 2,500 tpd, to later reach 5,000 tpd.Production is rampin...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
Shares in Canada's Northern Vertex Mining (TSX-V: NEE) were up Wednesday after the miner said is closer than ever to pour first gold at its Moss mine, in northwestern Arizona.The Vancouver-based company said that roughly 7,800 tonnes of ore have been stacked on the pad to date, and production is ramping up towards an initial stacking rate of 2,500 tpd, to later reach 5,000 tpd.Production is rampin...Read More
(Kitco News) - Gold continues to experience pressure as investors generateliquidity in the wake of the global equity shakeout. The bounce in equityvaluations yesterday was actually a negative for gold prices, as investors assumedthe recent drop was merely a retracement, as with past sell-offs, and jumpedback into the equity space. Gold, a proxyfor liquidity, came under selling pressureas investors...Read More
(Kitco News) - Gold continues to experience pressure as investors generate liquidity in the wake of the global equity shakeout. The bounce in equity valuations yesterday was actually a negative for gold prices, as investors assumed the recent drop was merely a retracement, as with past sell-offs, and jumped back into the equity space. Gold, a proxy for liquidity, came under selling pressure as inv...Read More
(Kitco News) - BarrickGold Corp. (NYSE, TSX: ABX) says it will take a pre-tax $429 million impairmentcharge for the fourth quarter due to a reclassification of reserves at its Pascua-Lama project located on the border between Argentina and Chile.Last month, Chile’s Superintendencia del Medio Ambiente orderedthe closure of existing infrastructure on the Chilean side of the project as partof a...Read More
(Kitco News) - Barrick Gold Corp. (NYSE, TSX: ABX) says it will take a pre-tax $429 million impairment charge for the fourth quarter due to a reclassification of reserves at its Pascua-Lama project located on the border between Argentina and Chile.Last month, Chile’s Superintendencia del Medio Ambiente ordered the closure of existing infrastructure on the Chilean side of the project as part...Read More
What else is there to talk about after the largest single-day decline in the history of the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX)? In this article, I'm going to focus on the S&P 500, which closed about 8% off its highest level ever on Monday, and barely stayed above correction territory -- often defined as a 10% pullback -- on an intraday basis. Below, I'll try to answer what...Read More