For nine years now, every time we have an intermediate degree correction the perma-bears crawl out of the woodwork and start screaming the sky is falling. If you had listened to these people you would have missed one of the greatest bull markets in history.We had one of the most destructive bear markets in history in 2008/09. It stands to reason it should generate one of the strongest bull markets...Read More
JERUSALEM (Reuters) - U.S. Treasury Secretary Steven Mnuchin dismissed concerns that China's weakest economic growth since the global financial crisis could spill into other emerging markets and destabilize U.S. financial markets.China is trying to navigate through multiple challenges after its trade war with the United States sparked a blistering sell-off in domestic stock markets and a steep dec...Read More
(Reuters) - U.S. stocks opened higher at the start of a busy week of earnings on Monday, riding a wave of gains in global stocks due to hopes of economic stimulus in China and easing tensions over Italy's debt.The Dow Jones Industrial Average rose 47.80 points, or 0.19 percent, at the open to 25,492.14.The S&P 500 opened higher by 6.16 points, or 0.22 percent, at 2,773.94. The Nasdaq Composite...Read More
BMY shares have been absolutely obliterated this monthIt's been a horrible month for Bristol-Myers Squibb Co (NYSE:BMY). The shares had been on a strong uptrend since hitting a bottom near $50 back in June, and touched a near-term peak of $63.69 on Oct. 9. Since then, however, the stock has been plagued by heavy selling pressure, closing Friday at $54.30 -- meaning it had shed roughly 15% since th...Read More
The chip concern is slated to report earnings later this weekShares of Advanced Micro Devices, Inc. (NASDAQ:AMD) are higher in early trading, with help from a pair of price-target hikes. Ahead of AMD's expected earnings release on Wednesday, Oct. 24, BMO and UBS lifted their targets on the shares to $20 and $25, respectively. Separately, software firm Acceleware announced a $2.5 million deal to pr...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
Mr. Darin Wagner reportsBALMORAL INITIATES BOREHOLE EM SURVEY ON GRASSET NICKEL TARGETSBalmoral Resources Ltd. has commenced a borehole electromagnetic survey, managed by Discovery Int'l Geophysics Inc., on a series of recently completed and continuing drill holes, which are targeting nickel-copper-cobalt-platinum-palladium mineralization within the Grasset ultramafic complex on the company's whol...Read More
Chinese stocks just had a huge sessionDow Jones Industrial Average (DJI) futures are trading above fair value this morning, signaling a nearly triple-digit jump for the blue-chip index. Stocks look set to follow the lead of their Chinese counterparts, which soared thanks to reports the country could introduce new stimulus measures, while President Xi also promised to support the private sector. Ba...Read More
Joyce LeeSEOUL (Reuters) - The U.S. Treasury Department is “deeply concerned” about planned financial cooperation between North and South Korea and has told South Korean banks that “ U.N. and U.S. sanctions on North Korea remain valid”, a South Korean regulatory document has shown.The document, drafted by South Korea’s Financial Services Commission (FSC) and released...Read More
Hyonhee ShinSEOUL (Reuters) - North and South Korea and the U.N. Command agreed on Monday to withdraw firearms and guard posts in the demilitarized zone village of Panmunjom this week, Seoul’s defense ministry said, the latest move in a fast-improving relationship.The three sides held their second round of talks at Panmunjom to discuss ways to demilitarize the border in line with a recent in...Read More
CMG appears to have found support at its 160-day trendlineThe shares of Chipotle Mexican Grill, Inc. (NYSE:CMG) are 1.7% higher before the open, after RBC upgraded the restaurant stock to "outperform" from "sector perform," while boosting its price target to $510 from $450. The analyst in coverage likes Chipotle's menu innovation and digital initiatives, as well as its commitment to improving res...Read More
Chris Prentice, Frank Jack DanielNEW YORK/MEXICO CITY(Reuters) - The new North American trade agreement ends key legal protections for many U.S. businesses operating in Mexico, leaving their operations exposed to a risk they had avoided under the old trade deal: Mexico’s court system.For thousands of U.S. firms, the change could add complications and uncertainty to doing business south of th...Read More
• Fading safe-haven demand prompts some fresh selling at the start of a new trading week. • Fed rate hike prospects further driving flows away from the non-yielding yellow metal. • Investors look forward to this week’s key event/data for a fresh directional impetus. Gold traded with a mild negative bias through...Read More
ELKO, Nev/MOSCOW (Reuters) - President Donald Trump said Washington would withdraw from a landmark Cold War-era treaty that eliminated nuclear missiles from Europe because Russia was violating the pact, triggering a warning of retaliatory measures from Moscow.The Intermediate-Range Nuclear Forces Treaty, negotiated by then-President Ronald Reagan and Soviet leader Mikhail Gorbachev in 1987, requir...Read More
Doina Chiacu, Kylie MacLellanWASHINGTON/LONDON (Reuters) - Saudi Arabia on Sunday called the killing of journalist Jamal Khashoggi at its Istanbul consulate a “huge and grave mistake,” but sought to shield its powerful crown prince from the widening crisis, saying Mohammed bin Salman had not been aware.The comments from Foreign Minister Adel al-Jubeir were some of the most direct yet f...Read More
Spot gold remains above chart support that starts around $1,220 an ounce, says MKS (Switzerland) S.A. “Trade concerns between the U.S. and China remain elevated and the ongoing U.S.-Saudi tensions are likely to continue to underpin a bid tone for bullion over the near term,” MKS says. “Supportive price action around $1,210-$1,220 should restrict declines amid current global polit...Read More
How to (carefully!) play a negative sentiment extreme in the options market"...put open interest at the SPY 280 strike was huge, and a break of this level proved devastating for bulls, as selling accelerated under heavy futures selling."...If the SPY remains above 272 and, better yet, 275, time is on the side of the bulls, as short-covering related to put open interest at these strikes and below c...Read More
The metals continue to pick up strength and look like they are getting ready to blast off. The key here is not to be too impatient and force the trade too early. There will be plenty of time to enter, but the key levels right now are $1,220-$1,240.After breaking out to the upside a couple of weeks ago, gold has found new support within its new consolidation range. The action has been bullish and i...Read More
(Kitco News) - Gold prices are modestly down in early U.S. trading Monday, pressured a bit by a return of trader and investor risk appetite to the world marketplace—despite potentially disruptive elements that still loom over the stock and financial markets. December gold futures were last down $3.20 an ounce at $1,225.50. December Comex silver was last down $0.01 at $14.64 an ounce.Global s...Read More
Canada's RNC Minerals (TSX: RNX), the company that last month unearthed more than 9,000 ounces of high-grade gold from a single blast at its Australian Beta Hunt mine, said Monday the first mobile diamond drill has arrived at site and underground drill crews have started the exploration program at the site.The Toronto-based miner said, set to release third-quarter production results to this...Read More