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
Yesterday we asked the question -- what's wrong with thispicture? We got the answer that we expected -- the metals are under pressure.Gold sold off about $12 and is now testing key support. Gold doesn't look real healthy here. Although we expect abounce today, we are looking to be sellers. Based on the market action in thelast couple of days, gold should be much higher, but it's not. Markets leave...Read More
• Weaker USD helps regain positive traction. • Subdued US bond yields supportive of the up-move. • Fading safe-haven demand might cap further gains. Gold gained some positive traction on Wednesday and recovered a part of previous session's slump to its lowest level in over three weeks. A big recovery in the US st...Read More
Mr. Joe Campbell reportsTERRAX BEGINS 2018 WINTER DRILL PROGRAM AT YELLOWKNIFE CITY GOLDTerrax Minerals Inc. has commenced its 2018 winter drill program at its Yellowknife City gold project, immediately adjacent to the city of Yellowknife in the Northwest Territories. The initial program will total approximately 6,000 metres and incorporate up to three dill rigs to test dip and strike extensions o...Read More
* About 9 billion rand available* Number of claimants unknown* Miners contracted disease in gold minesBy Ed StoddardA class action suit brought against gold producers in South Africa is likely to be settled "within months" with 9 billion rand ($755 million) going to miners suffering from fatal lung disease, the chair of an industry group said on Wednesday.The suit was launched almost six years ago...Read More
* GRAPHIC-2018 asset returns: * LME/ShFE arb: (Releads, updates prices)By Jan HarveyLONDON, Feb 7 (Reuters) - Copper fell 2 percent on Wednesday and other base metals turned lower as U.S. stock markets resumed this week's hefty sell-off, with concerns that fundamentals do not justify current price levels also weighing on the red metal.Copper, chiefly used in construction, has struggled to make hea...Read More
Rio Tinto (ASX, LON, NYSE:RIO), the world's No.2 mining company, showed investors Wednesday how well it has ridden the wave of higher commodity prices by announcing a record dividend on the back of a big surge in annual profit and its cost cutting drive.Bumper results came on the back of a recovery in the price of key commodities for Rio Tinto, including iron ore, aluminum and copper.The company,...Read More
Two miners have died after a section of Sibanye-Stillwater's (JSE:SGL) (NYSE:SBGL) Kloof gold operation in South Africa collapsed on Wednesday, about a week after more that 1,000 workers were trapped underground at another of the company's mines in the country.Sibanye-Stillwater has suspended production at the affected area pending an investigation into the incident with the participation of the...Read More
Stocks bounced back on Tuesday, Feb. 6 after having swung wildly in and out of positive territory throughout much of the session. The Dow Jones Industrial Average finished up 567 points, or 2.3%. At its lows for the day, the Dow dropped as much as 567 points, putting the index into correction territory. The blue-chip index dropped 1,175 points, or 4.6%, on Monday, Feb. 5, the largest single...Read More
Technology, materials shares lead comeback; VIX gets whipsawedGold, oil and copper decline; Treasuries fall, dollar steadyTony Dwyer, chief equity strategist at Canaccord Genuity, says "we're buying the opportunity volatility is creating."U.S. stocks rebounded from a violent selloff to post the biggest rally in 15 months as investors poured back into some of the most beaten-down sectors.Technology...Read More
Wall Street futures lurched lower again Tuesday, while European stocks suffered steep declines, as global investors attempted to take control of a global market selloff accelerated by sophisticated products tied to the market's benchmark gauge of near-term risk. Futures tied to the Dow have swung more than 600 points during European trading and are now marked 380 points to the downside...Read More
Wall Street's key benchmark for near-term volatility spiked to the highest level nine years Tuesday, following its biggest surge on record, as investors rush from one of the market's most crowded trades in the global equity sell-off. The Chicago Board of Trade's Volatility Index, better-known by its ticker symbol, VIX.X, surged more than 33% to trade past the 50-point mark for the firs...Read More
Investors took a sledgehammer to the face yesterday as the major averages posted their worst drop in more than six years.The Dow shed 1,175 points (its biggest point lost in history) to close lower by a staggering 4.6%. The S&P 500 wasn't far behind, posting a loss of more than 4%. In a dramatic shift, the major averages flipped from extremely overbought to painfully oversold in a matter of da...Read More
Barely a week after it set another record high, the Dow just suffered its worst one-day loss in its entire history.While the latest turmoil hasn't reached the crisis level by any means, I've been warning about a correction for months.Warnings about an imminent collapse of developed economy stock markets, especially the U.S. markets, have been everywhere.Whether you use Shiller's CAPE ratio, Warren...Read More
“The four most dangerous words in investing: ‘This time it’s different.'”- Sir John TempletonIt was just another down day on Wall Street...The selling was vigorous - yet orderly - for much of the day.But shortly after 3 o'clock yesterday afternoon... the porridge hit the propeller... and a gorgeous patch of holy hell broke loose…The Dow Jones plunged 900 sudden points...Read More
Randgold Resources produced its 4th quarter results and held its conference call on Monday 5th February.The results were very badly received by the market and the shares are down over 7% as I write.Projected p/e and price to book ratio below.Details of the companies 4 producing mines can be found at www.randgoldresources.com.The dividend has been doubled to $2 per share.Randgold resources (GOLD) r...Read More
Silver, platinum and gold mining stocks also advanced'People are starting to worry about inflation,' TabatabaiJames Bevan Says Selloff Is 'Most Definitely Not' the Start of a Bear MarketAs the equities selloff spread from Asia to Europe, gold proved its status as a safe haven.The metal added 0.3 percent to $1,343.19 an ounce, extending yesterday’s 0.5 percent advance. FTSE/JSE Africa Gold M...Read More
Inside the 2018 Investing in African Mining Indaba in Cape Town.Photographer: Waldo Swiegers/BloombergMining executives, investors and government ministers are meeting in drought-hit Cape Town for the African Mining Indaba, the continent’s largest gathering of one of its most vital industries.Recent multiyear highs for many commodities have the world’s biggest miners swimming in cash...Read More
CloseGain/LossGold $1315.30-$6.40Silver$16.33-$0.27XAU80.54-1.90%HUI179.84-1.11%GDM609.88-1.60%JSE Gold1174.79-18.33USD90.35+0.64Euro122.71-1.06Yen91.38+0.04Oil$61.79-$1.6010-Year2.841%+0.039T-Bond144.59375-1.4375Dow24893.35-0.08%Nasdaq7051.98-0.90%S&P2681.66-0.50% The Metals: Gold gained $10.60 to $1332.30 in Asia, but it then fell back off in London and New York and ended near its midaft...Read More
CommentaryBy Ira EpsteinCurrent events have injected financial markets with a solid does of volatility. Wage inflation showed up in the latest US Jobs Data numbers both here and in Germany. Japan continues to languish. Stock indices ended a vertical move to the upside, that began on January 1st and ended on January 29th. As you know gold soared at year end along with stock indices. Gold was at...Read More