(Kitco News) - Gold prices continue to get a safe-haven bid and are posting solidgains in late-morning trading Friday--adding to early advances as the U.S.stock market trades sharply lower. The major U.S. stock indexes have hitmulti-month lows today and are presently at daily lows. Look for gold prices tocontinue to appreciate as long as there is turmoil in the marketplace. The move above what was...Read More
The above chart shows daily price action. Gold has broken out of a pennant pattern (green converging lines). It is now challenging overhead resistance. The RSI(9) is above 50 and is indicative of an underlying bullish momentum(blue rectangle). The longer that the indicator stays above the 50 level, the greater the chance that the overhead resistance will be overcome. If gold does overcome this le...Read More
BRUSSELS (Reuters) - Senior euro zone officials preparing meetings of euro zone finance ministers supported this week the European Commission's decision to reject Italy's draft budget for next year, a senior EU official said on Friday.The debate was held in preparation of the monthly meeting of euro zone finance ministers scheduled on Nov. 5 which will discuss the Commission's rejection, the offic...Read More
LONDON (Reuters) - Britain’s budget announcement on Monday and a “Super Thursday” at the Bank of England would normally be key moments for the world’s fifth-biggest economy, but this time they are likely to be overshadowed by the drama of Brexit.Finance minister Philip Hammond and Bank of England Governor Mark Carney have little option but to sit on the fence as they wait t...Read More
While the rest of the stock market has crumbled, AMRN has ralliedWhile the rest of the stock market has suffered in October -- the Nasdaq Composite (IXIC) is set for its worst month since the 2008 financial crisis -- Amarin Corporation (NASDAQ:AMRN) has added more than 30%. What's more, the pharmaceutical concern just yesterday notched a new 11-year high, and one indicator suggests it could be tim...Read More
It's been a dismal morning for corporate earningsThe broader U.S. stock market is deep in the red today due to a round of disappointing corporate earnings. Two names in particular down after quarterly updates are alternative energy concern First Solar, Inc. (NASDAQ:FSLR) and manufacturing issue Flex Ltd (NASDAQ:FLEX). Let's take a closer look at how shares of FSLR and FLEX are getting smacked toda...Read More
Namibia has scrapped a requirement for companies seeking mining exploration licences to be partly owned and managed by black Namibians, the country's mining industry group said on Friday.The policy was introduced in 2015 to increase the participation of historically disadvantaged black Namibians in some of the country's most lucrative business projects, but critics said it threatened the d...Read More
(Reuters) - U.S. stock index futures pared some losses on Friday after economic data showed that the U.S. economy grew at a lower pace than expected.Compared to the third quarter of 2017, the economy grew 3.0 percent, the best performance since the second quarter of 2015, while economists polled by Reuters had forecast GDP expanding at a 3.3 percent pace in the third quarter.At 8:34 a.m. ET, Dow e...Read More
It's been labeled "blood gold," a jarring phrase that ties one of the world's most valuable metals with brutal mining practices and illicit profits that legitimate miners and refiners are rushing to end.With miners facing increasing pressure to guarantee the provenance of gold, the group that oversees the world's largest bullion market is seeking new ways to securely track each step from the mine...Read More
New Gold generated operating cash flow of $43.2 million and net loss of $1.6 million in Q3.Rainy River's Q3 performance was disappointing once again.There is a light at the end of the tunnel, as Rainy River did very well in September.If the September Rainy River production numbers are also reached in the coming months, Q4 may become a turning point for New Gold.New Gold (NGD) released its Q3 2...Read More
(Reuters) - Shares of Amazon.com Inc (AMZN.O) fell 10 percent in trading before the bell on Friday after its sales outlook missed Wall Street targets, fanning concerns that the online retailer’s expansion may finally be losing steam.The third quarter results late on Thursday was the second time running that billionaire Jeff Bezos’ firm had fallen short of Wall Street’s lofty sale...Read More
Marijuana stocks are in "early internet" territory.Amazon's early investors walked away with over 79,000% in profits. And this same phenomenon is happening in the cannabis space right now.Remember, the dotcom bubble separated out the real companies from the fake.Which is why it's so important to "weed" out the companies that might not survive this volatile but opportune time.Now, the race has ser...Read More
NEW YORK (Reuters) - The U.S. dollar index rose to a session high of 96.860 .DXY on Friday morning, holding near a two-month high, after headline third-quarter gross domestic product data topped estimates.The U.S. economy slowed less than expected in the third quarter as a tariff-related drop in soybean exports was partially offset by the strongest consumer spending in nearly four years and a surg...Read More
(Reuters) - Snap Inc (SNAP.N) shares plunged 14 percent on Friday after the Snapchat-owner posted its second straight quarter of user losses and forecast further declines, a boost for Facebook Inc’s (FB.O) Instagram ahead of its results next week.At least four Wall Street analysts cut their price target as Snap’s much-criticized app redesign continued to weigh on daily active user numb...Read More
Mr. Chris Taylor reportsGREAT BEAR ANNOUNCES C$3.5 MILLION PRIVATE PLACEMENT OF FLOW-THROUGH COMMON SHARESGreat Bear Resources Ltd. has entered into an agreement with Cormark Securities Inc., pursuant to which Cormark has agreed to purchase one million common shares that qualify as flow-through shares of the company for the purposes of the Income Tax Act (Canada) at a price of $3.50 per flow-throu...Read More
Puts have been quite popular lately on MLNXWhile the broader semiconductor sector has had a rough week, Mellanox Technologies, Ltd. (NASDAQ:MLNX) is up today 12.8% in electronic trading, after the company hired a financial adviser to explore a possible sale. The chipmaker has received interest from at least two companies, according to a CNBC report. Should today's price action pan out, MLNX woul...Read More
Snap said DAUs fell by a wider-than-expected margin in the third quarterThe shares of Snap Inc (NYSE:SNAP) are spiraling in electronic trading, after the Snapchat parent's quarterly earnings results were met with a round of bearish brokerage notes. At last check, SNAP stock was down 13.2%, on track to open at a new record low of $6.20.For the third quarter, Snap reported a slimmer-than-expected ad...Read More
Mr. Quinton Hennigh reportsNOVO ANNOUNCES BULK SAMPLE RESULTS FROM COMET WELLNovo Resources Corp. has released bulk sample results from its Comet Well joint venture (80-per-cent Novo; 20-per-cent Smith/Gardner Mining), part of Novo's greater Karratha gold project, Western Australia.First-round bulk sample results confirm the potential of the basal conglomerates at Karratha and support Novo's view...Read More
Mr. Eric Edwards reportsTRIMETALS MINING ANNOUNCES CONVERSION OF CONVERTIBLE NOTES, CLOSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FOR $450,000, AND PROVIDES UPDATE ON BOLIVIAN ARBITRATION PROGRESS Trimetals Mining Inc. has closed the first tranche of a non-brokered private placement, raising gross proceeds of $450,000 from the sale of 6,428,571 units priced at seven cents per unit.Eac...Read More
Shares of AMZN and GOOGL are down big before the openIt's setting up to be an ugly day on Wall Street, with Dow Jones Industrial Average (DJI) futures pointing to a more than 250-point sell-off. Likewise, the Nasdaq-100 Index (NDX) is also bracing for a triple-digit drop out of the gate. The latest round of corporate earnings has been thoroughly disappointing, headlined by sharp pre-market losses...Read More