ISLAMABAD (Reuters) - Saudi Arabia has agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis, Pakistan’s government said on Tuesday.The $6 billion total exceeds forecasts by analysts and will likely reduce the size of any bailout Pakistan it receives f...Read More
(Reuters) - Wall Street sank on Tuesday, continuing a punishing month for U.S. stocks, as dismal outlook from industrial bellwethers Caterpillar and 3M sparked concerns over corporate growth and added to worries ranging from China’s slowdown to Saudi Arabia’s diplomatic isolation.The S&P 500 has now declined for five straight sessions and had finished higher on only four of the 17...Read More
Two years after commercial production began in October 2016, Newmont Mining's (NYSE: NEM) Merian mine in Suriname has poured one million ounces of gold.Newmont Suriname - a subsidiary of the Colorado-based company - owns 75% of the mine and Suriname's state-owned oil company, Staatsolie Maatschappij Suriname, owns the remaining 25% stake.Construction of the mine, about 60 km south of Moengo and 1...Read More
WASHINGTON (Reuters) - A leading bank regulator on Tuesday fined Capital One Bank [COFCO.UL] $100 million for failing to enforce anti-money laundering controls that have been in place for years.Capital One failed to satisfy a 2015 consent order that demanded the bank improve its anti-money laundering policies, the Office of the Comptroller of the Currency (OCC) said in a statement.“The Bank...Read More
BATON ROUGE, La. (Reuters) - Falling stock prices, uncertainty around global trade and other possible “headwinds” are not enough yet to throw the U.S. economy off course or force the Fed to alter its intent for continued gradual rate increases, Atlanta Federal Reserve bank president Raphael Bostic said on Tuesday.Speaking as equity markets dropped sharply over global concerns and weak...Read More
Drilling at Nighthawk Gold's (TSX: NHK; US-OTC: MIMZF) Treasure Island project, about 11 km to the north of its Colomac project in the Northwest Territories, has served up significant, shallow high-grade mineralization.The company was following up on several shallow high-grade gold intersections it had reported in 2011, and in the process has found new near-surface discoveries including a number...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday accused Puerto Rico’s politicians of using “massive and ridiculously high amounts of hurricane/disaster funding” to pay off other debts, and said he would not allow a bailout with relief money.“The U.S. will NOT bail out long outstanding & unpaid obligations with hurricane relief money!,” Trump said on...Read More
MOSCOW (Reuters) - U.S. President Donald Trump's national security advisor John Bolton used a series of meetings with Russian government officials on Tuesday to complain about China's economic and military policies, the RIA news agency reported.Bolton is due to hold talks with President Vladimir Putin later on Tuesday where he is expected to explain Trump's desire to leave a landmark nuclear arms...Read More
(Kitco News) - Gold prices arehigher in Tuesday afternoon trading, and earlier today hit a nearly three-monthhigh. The yellow metal was boosted by safe-haven demand amid keenergeopolitical uncertainty in the marketplace. Gold prices did back off theirdaily highs as the U.S. stock indexes moved up from their daily lows. December gold futures were last up $11.30 an ounce at $1,236.00. December Comex...Read More
LONDON/MILAN (Reuters) - European shares fell sharply on Tuesday as disappointing company results, particularly in the tech sector and a mix of political worries including Italy’s budget woes piled pressure on markets.The pan-European STOXX 600 STOXX benchmark index fell for its fifth straight day, ending down 1.6 percent at its lowest level since December 2016, while Germany's DAX .GDAXI...Read More
BRUSSELS (Reuters) - Even as British Prime Minister Theresa May battles critics in her own party, she may be closing in on a Brexit deal which has been stymied by arguments over the Irish border. Here’s how:IS A DEAL POSSIBLE?It might be almost done. Negotiators on both sides thought they may have cracked it 10 days ago, EU diplomats told Reuters. The stumbling block seemed to be May calcula...Read More
In February, B2Gold Corp. (TSX: BTO; NYSE: BTG) announced an initial open-pit inferred resource for the newly discovered El Limon Central zone at its El Limon mine in Nicaragua.This week the gold producer announced the results of an expansion study that evaluated the life-of-mine options for combining El Limon's remaining underground inferred resource (17 million ounces of gold) with the new infe...Read More
(Kitco News) - Gold prices could be in store for the “mother of all short-covering” rallies, said one analyst, citing CFTC short positioning and the yellow metal’s strength in the face of higher U.S. dollar.Even $1,500 is not out of the realm of possibilities, according to ThinkMarkets chief market analyst Naeem Aslam, who sees the latest CFTC data as a positive sign for gold pri...Read More
MOSCOW (Reuters) - Russian President Vladimir Putin told U.S. National Security Advisor John Bolton on Tuesday he would like to hold new talks with U.S. President Donald Trump, suggesting they meet in Paris next month.Putin and Trump are expected to take part in an event in Paris on Nov. 11 to commemorate the end of World War One and Putin suggested they could meet on its sidelines, something Bolt...Read More
(Reuters) - Lockheed Martin Corp (LMT.N), the Pentagon’s No. 1 weapons supplier, on Tuesday posted a better-than-expected rise in quarterly profit, driven by higher production of its F-35 fighter jets, and forecast that sales would top Wall Street estimates for next year.Lockheed’s tax rate fell to 6.5 percent in the third quarter, helped by a larger-than-usual $1.5 billion contributio...Read More
Only one digit has changed. But it may have profound consequences, sending the country closer to junk status. Meanwhile, Rome and Brussels clash over budget plan. Will that duel benefit or harm the yellow metal? Only One Notch Above Being Junk Italian drama continues. On Friday, Moody’s, one of the most significant rating agencies in the world, downgraded the Italian credit rating from Baa2...Read More
Maurice Jackson: Joining us for a conversation is Brien Lundin, the president of Jefferson Financial, helping to protect your world.Please tell us about Jefferson Financial and what type of services you provide.Brien Lundin: We are essentially a provider of investment information. We publish Gold Newsletter, which is the oldest precious metals advisory in the world, having been started by Jim...Read More
(Kitco News)- The gold market has suffered under the weight of rising U.S.interest rates and a stronger U.S. dollar, but one bank sees a shift coming asequity markets have seen increased selling pressure this this past month.Analysts at Bank of America Merrill Lynch (BAML) said that inthis current environment they see gold prices pushing to $1,400 an ounce by theend of 2019. Along with their long-...Read More
Trump's trade spat with China directly impacted CAT and MMM earningsIt's an ugly day on Wall Street, with the Dow Jones Industrial Average (DJI) down more than 400 points at midday and on track to breach the 25,000 level on a closing basis for the first time since July 12. Weighing on the blue-chip index are negative earnings reactions for Caterpillar (CAT) and 3M (MMM), with results for both firm...Read More
NEW YORK (Reuters) - Oil prices fell nearly 3 percent to more than one-month lows on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of U.S. sanctions on Iran and as U.S. equity markets sold off.Brent crude futures LCOc1 dropped 2.8 percent, or $2.27, to $77.56 a barrel by 11:21 a.m. EDT (1521 GMT) after plunging to $77.50, the lowest since Sept....Read More