SEOUL (Reuters) - Hyundai Motor Co’s (005380.KS) third-quarter net profit plunged by a shocking two-thirds, hit by a $440 million one-off charge related to U.S. recalls and sending its shares tumbling to near nine-year-lows on Thursday.The unexpected costs relating to Hyundai’s engine recalls came on the heels of mounting U.S. pressure to respond to reports of vehicles catching fires.T...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
(Kitco News)- The European CentralBank left interest rates unchanged Thursday and continued to say it will endits monthly asset purchases at the end of the year.The central bank’s GoverningCouncil left the interest rate on the main refinancing operations and theinterest rates on the marginal lending facility and the deposit facility at 0.00%,0.25% and minus 0.40%, respectively.“The Gov...Read More
All markets go through the samephases from consolidation to blow off; the metals are no different. For months,gold languished in the consolidation pattern churning between $1,180-$1,220. Threeweeks ago today, it broke out right to blow off.Since its blow off, gold settledand resolved the blow-off pattern by consolidating once again but at muchhigher levels. The phase that gold missed was the trend...Read More
The Responsible Artisanal Gold Solutions Forum (Forum), with USAID and local partners, is proud to announce several milestones, including the first conflict-free artisanal gold from the Democratic Republic of the Congo (DRC) exported to U.S. jewelers.Forum member Sasha Lezhnev, Deputy Director of Policy at the Enough Project, said, "This gold proves that it is possible to source conflict-free, res...Read More
Goldcorp Inc. plunged to the lowest since 2002, the steepest decline among gold miners, after the company reported a bigger third-quarter loss than analysts had expected.The Vancouver-based miner posted a net loss of 12 cents a share, compared with the average analysts' estimate of 10 cents compiled by Bloomberg. Operating results were hurt by lower output of all metals from the company's Pe??asqu...Read More
A hidden gem trading under a secret name could be the key to retirement riches.Picture the perfect stock for a moment.What would it look like?No doubt it would have hundreds of billions in revenue - more than tech giants like IBM, Facebook and Google.It would probably be a leader in cutting-edge technology like smartphones, robotics, e-commerce and medical equipment.It would have tens of thousands...Read More
A month after announcing it had acquired full ownership of its Idaho-based Iron Creek project and eliminated its royalty, Canada's First Cobalt (TSX-V: FCC) released a video today aimed at selling high the product of its flagship asset."As federal agencies seek ways to reduce U.S dependency on foreign sources of cobalt, projects such as Iron Creek in mining-friendly Idaho support a strategy to red...Read More
* LME copper on-warrant inventories tumble to lowest since2005 * Nickel touches lowest since December * Aluminium pulls off six-month low(Updates with closing prices)By Eric OnstadLONDON, Oct 25 (Reuters) - Copper prices bounced on Thursdayfrom two-week lows as a sharp drop in inventories to theirlowest in a dozen years outweighed worries about sliding stockmarkets and the potential for slower glo...Read More
(Adds detail)BEIJING, Oct 25 (Reuters) - China's finance ministry said onThursday it will adjust tax rebates on a wide range of exportproducts including soymeal, a widely used animal feedingredient, from Nov. 1.China is scrapping the soymeal export rebate even as itseeks to reduce consumption of soymeal by its huge livestockherd after slapping a 25 percent tariff on imports of soybeansfrom its No....Read More
* Falling stock markets spur interest in gold * Wall Street suffered worst one-day fall since 2011 * ECB keeps policy unchanged even as growth wanes * Palladium moves away from Tuesday's record high (Updates prices, adds details)By Swati VermaBENGALURU, Oct 25 (Reuters) - Gold edged lower on Thursday,with some investors taking advantage of a recent surge in pricesto lock in profits.Spot gold was d...Read More
BUENOS AIRES, Oct 25 (Reuters) - Argentina's lower house ofCongress approved President Mauricio Macri's austere 2019 budgetbill early on Thursday, a political victory for the first termleader as he tries to make steep spending cuts demanded by theInternational Monetary Fund.The spending plan now goes to the Senate, where it isexpected to be voted on next month. Up for re-election in 2019,Macri neg...Read More
A decline that negated the bullish trading pattern.A period of consolidation and a break to the upside.Rising rates pushed gold to lows during the final months of the past three years.Will gold negate the bearish pattern after it ignored the bullish one in 2018?BAR is the cheapest game in town compared to other gold ETF products.The gold market is now preparing to enter a time of the year where th...Read More
BEIJING, Oct 25 (Reuters) - The impact of China-U.S. tradefrictions on China's cross-border capital flows are largelyunder control, the foreign exchange regulator said on Thursday.China will continue opening up its capital markets in anorderly manner and further ease requirements for capitaloutbound remittance for investors its under Qualified ForeignInstitutional Investor (QFII) and the Renminbi...Read More
Is a "Blue Wave" building?Something strange is happening in America.Millions of Americans are furious - and this time, they're taking their anger out on Republicans.All across America, 45 Republicans have lost elections during Trump's presidency in places they shouldn't have possibly been able to lose... even in districts where Trump won in a landslide and remains popular.In the last few months al...Read More
Trump may be facing an uphill battle he can't win in 2020.He's a successful businessman who never held public office before winning the Presidency...He's coming into power after an electoral college landslide...And he did it by beating an out-of-touch New Yorker opponent.Once in office, he launches a vast trade war, promising to stand up for America's heartland, with 890 increased tariffs in total...Read More
On a flight to Brasilia last year, Jair Bolsonaro's carry-on bag contained little more than two small chunks of metal mined in Brazil: One was graphene, used in solar cells; the other niobium, which strengthens steel.At the time, he said he hoped to display them in a TV interview, evidence of the promise mining holds for Brazil's struggling economy. While some of the former Army captain's ideas ha...Read More
Christopher Lewis20 hours agoSilver markets continue to be very jittery, just as the global markets have been. Looking at this chart, I believe that it’s obvious that there are buyers on dips and that’s exactly what we have seen during early Wednesday trading. The $14.70 level has offered enough support to turn the market right back around and crashing into the $14.80 level. Silver i...Read More
Christopher Lewis20 hours agoGold markets fell initially during the day on Wednesday, finding support just below the $1230 level. Ultimately, this is a market that I think continues to find buyers on these dips as gold is a bit of a safe haven trade as of late. I believe that the market continues to be very skittish about global trade and of course rhetoric coming out of the mouths of politicians,...Read More
(Add quotes and update levels)JOHANNESBURG, Oct 25 (Reuters) - The South African randweakened further on Thursday, as investors were rattled by bleakmedium-term budget forecasts a day earlier and a strongerdollar, which dampened appetite for emerging markets globally.At 1500 GMT, the rand traded at 14.5800 versus thedollar, 0.19 percent weaker on the day after falling by around 2percent on Wednesd...Read More