The base metal benefits from massive dollar's sell-off. Spot Nearing 1,356.99, Jan 26th high and the immediate resistance. Persistent dollar's sell-off sent gold prices to their highest for this month, with spot reaching $1,355.42 a troy ounce, almost $40.00 above the low set post-US inflation data release at 1,317.37. The latest dollar's decline came as US Treasury yields reached ne...Read More
SINGAPORE, Feb 15 (Reuters) - The dollar extended its losses against the yen and set a fresh 15-month low on Thursday, with the selling accelerating after it breached the previous day's trough.The dollar dropped below Wednesday's nadir of 106.725 yen and fell to as low as 106.42 yen , its weakest level since November 2016. The U.S. currency later pared some of its losses and was last down 0.3 perc...Read More
(Kitco News) - Barrick Gold Corp. (NYSE, TSX: ABX) reported a fourth-quarter net loss Wednesday largely due to a previously announced impairment charge, but a profit for adjusted net earnings.The world’s largest gold producer listed a net loss of $314 million, or 27 cents per share, compared to a profit of $425 million, or 36 cents, in the same period a year ago. Adjusted net earnings were $...Read More
(Corrects to show REINZ says sales volumes rose for the first time in 19 months, not 7 months in headline, 3rd paragraph)By Charlotte GreenfieldWELLINGTON, Feb 15 (Reuters) - New Zealand house prices jumped and sales volumes picked up in January as the market continued its recovery from a prolonged quiet spell for much of the previous year, the Real Estate Institute of New Zealand (REINZ) said on...Read More
* Share trade halted ahead of company announcement* Broker takes heavy impairment charges* Losses come as Chinese investors lose interest (Adds details on Co's revenue, trading halt, regulatory changes)Feb 15 (Reuters) - Australian real estate broker McGrath Ltd posted an interim loss on Thursday on impairment charges on its sales segment assets.The net loss for the six months to Dec. 31 was A$25....Read More
The most recent economic data released today clearly indicates that as the economy grows inflation is heating up. The consumer price index for January had its most significant increase in five months. Year on year, the consumer price index is up 2.1%.Add to that the recent upticks in wage growth and the data clearly suggests that inflation has increased. The data also indicates that any apprehensi...Read More
MEXICO CITY, Feb 14 (Reuters) - Markets and currencies across Latin America gained on Wednesday, as the U.S. dollar weakened and oil prices rose.However, markets in the region's biggest economy, Brazil, remained closed for the third day due to Carnival celebrations.Shares of Mexico's America Movil, controlled by the family of billionaire Carlos Slim, were up 4.26 percent after reporting fourth-qua...Read More
(Recasts with adjusted earnings; adds production, cost forecast, analyst forecast)Feb 14 (Reuters) - Barrick Gold Corp reported adjusted fourth-quarter earnings on Wednesday in line with market expectations and forecast gold production dropping over the next four years with mining costs seen flat to higher.Barrick, the world's biggest gold producer, said it expects to produce between 4.5 million...Read More
(Kitco News) - Goldcorp Inc. (TSX: G, NYSE: GG) late Wednesday reported that earnings in the fourth quarter more than doubled from the same period a year ago.The gold producer listed a net profit of $242 million, or 28 cents per share, up from $101 million, or 12 cents, in the fourth quarter of 2016.The company said the increased profit was primarily due to higher earnings from Cerro Negro due to...Read More
(Adds details from filings, background, byline)By Jonathan StempelFeb 14 (Reuters) - Warren Buffett's Berkshire Hathaway Inc on Wednesday disclosed a new stake in generic drugmaker Teva Pharmaceutical Industries Ltd and said it bought more shares of Apple Inc , which surpassed Wells Fargo & Co as its largest common stock investment.Berkshire also nearly completed its yearlong exit from Intern...Read More
Feb 14 (Reuters) - Qualcomm Inc said on Wednesday its top executives met with Broadcom Ltd to discuss the latter's revised $121 billion bid, the first time the chipmakers have discussed a potential deal."We met with representatives of Broadcom for two hours earlier today," Qualcomm said, adding that its board would meet to determine the next steps. Qualcomm said the meeting was attended...Read More
NEW YORK, Feb 14 (Reuters) - Paulson & Co kept its stake in SPDR Gold Trust at 4.36 million shares during the fourth quarter of 2017, though the value rose to $539.1 million, up from $530 million in the third quarter, a U.S. Securities and Exchange Commission filing showed on Wednesday.Paulson also left stakes unchanged in mining companies AngloGold Ashanti Ltd , NovaGold Resources Inc , IAMGO...Read More
Feb 14 (Reuters) - Barrick Gold Corp reported a fourth-quarter net loss on Wednesday compared to a profit a year earlier as it wrote down the value of unmined gold at a stalled project in South America after its plans for how to develop the mine changed. Barrick, the world's biggest gold producer by ounces, reported a net loss of $314 million, or a loss of 27 cents a share, in the quarter to end-D...Read More
Gold continues to follow the yen's bullish lead in the near term.Investor uncertainty remains high as gold's safe haven bid returns.A critical test of a benchmark trading level will be made this week.You wouldn't know it by how much stock market volatility has declined in recent days, but investors are still feeling the urge to hedge their bets in what has been a nerve-wracking past two we...Read More
(Recasts lead; adds quotes and details on Rieder's fund; adds byline)By Trevor HunnicuttNEW YORK, Feb 14 (Reuters) - Long-dated bonds "represent a significant risk" as investors focus on signs inflation is rising, a top portfolio manager with BlackRock Inc said on Wednesday.There is a "strong case" for owning short-term U.S. bonds as inflation accelerates, said Rick Rieder, ch...Read More
(Adds background, derivatives and OTC revenue, CEO quote)Feb 15 (Reuters) - Australian Securities Exchange Ltd ,the world's 16th-largest stock market by market capitalisation, said first-half net profit rose 5.0 percent as it experienced a pickup in trading activity in the futures markets.Profit for Australia's dominant bourse operator was A$230.5 million ($182.81 million) for the six months ende...Read More
* Dollar falls as stocks rebound from CPI news* U.S. core CPI posts largest gain in a year (Updates news, quotes, table, prices)By Kate DuguidNEW YORK, Feb 14 (Reuters) - The U.S. dollar fell on Wednesday despite a report of stronger-than-expected inflation data and an increase in interest-rate expectations, raising the possibility that the currency is in a period of secular downturn."We are...Read More
(Corrects to show reversal from 19 months of falling volumes, not seven)* House prices rise 7 pct annually in Jan - REINZ* Sales volumes rise for first time in 19 months* Underscores modest post-election recovery though headwinds loom By Charlotte GreenfieldWELLINGTON, Feb 15 (Reuters) - The New Zealand housing market posted modest price growth in January and sales volumes picked up, snapping 19...Read More
Feb 14 (Reuters) - Warren Buffett's Berkshire Hathaway Inc on Wednesday said it has taken a new stake in Teva Pharmaceutical Industries Ltd , significantly boosted its holdings of Apple Inc and has nearly shed a less successful investment in IBM Corp .In a regulatory filing detailing its U.S.-listed stock holdings as of Dec. 31, Berkshire reported owning about 18.9 million of the American deposita...Read More
Gold prices changed course after Wall Street's reverse three-digit slump. USD sell-off backing base metals' recovery Spot gold trades above $1,347.00 a troy ounce, reversing an early slump to 1,317.37, achieved after the release of US inflation. The numbers fueled panic selling amid concerns over US rates rising at a faster than convenient pace. Gold followed suit, as higher rates in the...Read More