ROME, Oct 22 (Reuters) - Prime Minister Giuseppe Contedefended on Monday Italy's 2019 budget, which has fallen foul ofthe European Commission, saying the failure of previous effortsto stimulate the economy meant a new approach was needed.In a wide-ranging news conference, Conte said he wantedconstructive dialogue with the Commission over the contestedfiscal package, and predicted that growth would...Read More
* Spot gold hovering near 100-day moving average * Speculators cut net short position in week to Oct. 16 * Palladium hits highest in nearly 9 months (Updates prices, adds comment)By Sumita LayekBENGALURU, Oct 22 (Reuters) - Gold fell on Monday as risingstock markets pointed to improved investor appetite for risk,with a slightly firmer dollar also sapping bullion's appeal. Spot gold was down 0.2 pe...Read More
* Italian yields slide on ratings decision, Rome comments* Euro gives up rally against dollar, holds vs Swiss franc * Chinese stimulus expectation boosts market sentiment * Graphic: World FX rates in 2018 (Adds quotes, details, updates prices)By Tommy WilkesLONDON, Oct 22 (Reuters) - The euro failed to holdearly-session gains on Monday as investors focused on thelikelihood of further political unc...Read More
(Adds details on succession, stake, background)Oct 22 (Reuters) - Glencore Chief Executive IvanGlasenberg has told investors he plans to retire from thecommodities trader and miner in three to five years, Bloombergreported on Monday. Glasenberg has started training three to four people tosucceed him in the job, but did not disclose the shortlist ofcandidates, Bloomberg reported, citing people fami...Read More
Oct 22 (Reuters) - Hindustan Zinc Ltd reported a29.8 percent fall in second-quarter profit on Monday, dented byhigher expenses.Net profit dropped to 18.15 billion rupees ($247.43 million)in the quarter ended Sept. 30, from 25.84 billion rupees a yearearlier, the zinc miner said.Revenue from operations fell 10 percent to 47.77 billionrupees. However, mined metal production in the quarter rose sixpe...Read More
(Updates with closing prices)By Pratima DesaiLONDON, Oct 22 (Reuters) - Copper prices hit one-week highson Monday due to expectations of stronger demand afterauthorities in top consumer China said they would take measuresaimed at bolstering growth and liquidity.Benchmark copper on the London Metal Exchange endedup 0.3 percent at $6,242 a tonne. It earlier touched $6,331.50 atonne, the highest sinc...Read More
Glencore chief executive officer Ivan Glasenberg is said to be planning to retire from the commodities trader and miner in three to five years, and has even begun training a small group of front runners to take over the post.Glasenberg (62), whose strategic brilliance has made Glencore's - and his own - prodigious fortune, is coaching three to four people to succeed him in the job, Bloomberg repo...Read More
Oct 22 (Reuters) - Lonmin Plc on Monday signed a$200 million metal purchase agreement, which will provide theplatinum miner better liquidity as it awaits the closure ofSibanye-Stillwater's takeover of the company.However, the new facilities still do not address"fundamental business challenges facing Lonmin and do not offeran opportunity to avoid the announced retrenchments and shaftclosures,&...Read More
JOHANNESBURG, Oct 22 (Reuters) - South Africa's rand firmedagainst the U.S. dollar in early trade on Monday, as investorsawaited the new finance minister's medium-term budget speech andconsumer price inflation numbers due in the week. * At 0634 GMT, the rand traded at 14.3425 perdollar, 0.4percent firmer than its close on Friday. * Market focus is on Wednesday's budget speech by newfinanceminister...Read More
Published9:21PM ET Sun, 21 Oct 2018Updated6 Hours AgoReuters Gold prices slipped on Monday, pressured by a rallying dollar and the metal's failure to break above a key technical level.Spot gold fell 0.37 percent to $1,2210 per ounce, having hit a 2-1/2-month peak last week at $1,233.26 per ounce.Prices were on track to register their biggest daily percentage decline since Oct. 12.U.S. gold futures...Read More
I see too many bullish gold mining investors and traders who have jumped into the 3x leveraged junior gold miner fund, JNUG.With JNUG, there is no good entrance and exit strategy that doesn't risk excessive losses on the front end or giving back your gains on the back end.JNUG is designed only for short-term trades that last one week or less, and is certainly not for 6-month or longer time fra...Read More
Bob Moriarty ArchivesOct 22, 2018The market has been more than willing to reward exploration companies showing high-grade gold results lately. After releasingincredible resultsfrom aRed Lake Districtdrill program, Great Bear Resources shot from $.58 a share on August 20th to an amazing $3.25 today.I wrote up Westhaven Ventures several times in the last six months starting at $.19 a share. Ilast ta...Read More
CloseGain/LossGold $1222.80-$3.60Silver$14.57-$0.06XAU69.04-1.50%HUI153.48-1.35%GDM553.54-0.98%JSE Gold1165.95-28.97USD96.03+0.31Euro114.69-0.41Yen88.80-0.32Oil$69.36+$0.0810-Year3.197%+0.001T-Bond137.75+0.03125Dow25317.41-0.50%Nasdaq7468.63+0.26%S&P2755.88-0.43% The Metals: Gold saw slight gains in Asia before it drifted down to $1220.50 by midmorning in New York and the...Read More
By Clint SiegnerThe outcome of the November 6th voting will be a big deal for investors, including gold and silver bugs. The metals, perhaps more than most other asset classes, are sensitive to geopolitics.Let's break down what the potential voting outcomes might mean for the factors currently driving the metals.Let's start with the equity markets. Stocks got a boost from President Trump's elect...Read More
TECHNICAL SCOOPCharts and commentary by David ChapmanPhone: 416-523-5454 Email: david@davidchapman.comdchapman@enrichedinvesting.comTwitter: @Davcha12October 22, 2018 Q. Mr. President, the Democrats say that it's your economic policies that caused that downturn on Wall Street yesterday.The President. "Yes, it's funny, Bill [Bill Plante, CBS News], that I couldn't understand, at the beginning, t...Read More
By Frank HolmesStrengths? The best performing metal this week was palladium, up 1.41 percent. Philip Newman, founding director of Metals Focus, said this week that palladium is the new market favorite and could hit an all-time record high next year. This week spot gold held near its highest level since late July as holdings of gold-backed ETFs rose to the most since early Septemb...Read More
Huge recent imbalances in the gold futures market led many to predict that speculators (usually wrong at big turning points) would be forced to close out their historically extreme short bets. Put another way, too many traders were using gold futures contracts to bet that precious metals will go down, and when those bets are reversed out it will make gold and silver go up. Last week this predict...Read More
There were not many changes in gold, silver and mining stocks on Friday, and not much has changed in terms of the weekly closing prices either. Gold and gold stocks closed modestly higher, and silver was up by $0.01 last week (after declining $0.01 in the previous week). Some data sources point to $0.02 movement in both weeks, but the overall implication is the same - nothing really happened sin...Read More
By Gary SavageFor 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 stronge...Read More
By Keith WeinerLet's continue to look at the fiasco in the franc. We say "fiasco", because anyone in Switzerland who is trying to save for retirement has been put on a treadmill, which is now running backwards at - 3/4 mph (yes, miles per hour in keeping with our treadmill analogy). Instead of being propelled forward towards their retirement goals by earning interest that compounds, they are lo...Read More