Stock futures are once again pointed lower, after Tuesday's incrediblyvolatile session that saw the Dow Jones Industrial Average (DJI) trade in a more than 1,100-point range before ending higher. Today, however, Dow futures are pointing to a triple-digit drop, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are alsoin the red. Along with the latest batch of earnings reports, trade...Read More
The board of directors at Freeport-McMoRan Inc. (NYSE: FCX)has reinstated a cash dividend on its common stock, the company says. The boardintends to declare a quarterly dividend of 5 cents per share, with the next oneto be paid on May 1. “Our board’s action to reinstate common-stock dividends reflectsstrong execution of our plan to strengthen FCX’s financial position over thelast...Read More
(Kitco News) - Goldprices are modestly down in early morning action Wednesday. A higher U.S.dollar index is working against the precious metals market bulls so far today.However, selling interest in safe-haven gold and silver is being limited bylower U.S. stock indexes amid still-volatile trading. April Comex gold futureswere last down $2.90 an ounce at $1,326.60. March Comex silver was last down...Read More
Twitter Inc (NYSE:TWTR) is slated to report fourth-quarter earnings tomorrow morning. Ahead of the quarterly event, TWTR stock saw its price target hiked to $22 from $18 at Deutsche Bank. The brokerage firm is just the latest to weigh in on Twitter's turnaround efforts, waxing optimistic over the microblogging firm's impressive user growth and ad revenue. This still represents a discount to last n...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
Shares in Canada's Northern Vertex Mining (TSX-V: NEE) were up Wednesday after the miner said is closer than ever to pour first gold at its Moss mine, in northwestern Arizona.The Vancouver-based company said that roughly 7,800 tonnes of ore have been stacked on the pad to date, and production is ramping up towards an initial stacking rate of 2,500 tpd, to later reach 5,000 tpd.Production is rampin...Read More
(Kitco News) - Gold continues to experience pressure as investors generateliquidity in the wake of the global equity shakeout. The bounce in equityvaluations yesterday was actually a negative for gold prices, as investors assumedthe recent drop was merely a retracement, as with past sell-offs, and jumpedback into the equity space. Gold, a proxyfor liquidity, came under selling pressureas investors...Read More
(Kitco News) - BarrickGold Corp. (NYSE, TSX: ABX) says it will take a pre-tax $429 million impairmentcharge for the fourth quarter due to a reclassification of reserves at its Pascua-Lama project located on the border between Argentina and Chile.Last month, Chile’s Superintendencia del Medio Ambiente orderedthe closure of existing infrastructure on the Chilean side of the project as partof a...Read More
What else is there to talk about after the largest single-day decline in the history of the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX)? In this article, I'm going to focus on the S&P 500, which closed about 8% off its highest level ever on Monday, and barely stayed above correction territory -- often defined as a 10% pullback -- on an intraday basis. Below, I'll try to answer what...Read More
Yesterday we asked the question -- what's wrong with thispicture? We got the answer that we expected -- the metals are under pressure.Gold sold off about $12 and is now testing key support. Gold doesn't look real healthy here. Although we expect abounce today, we are looking to be sellers. Based on the market action in thelast couple of days, gold should be much higher, but it's not. Markets leave...Read More
• Weaker USD helps regain positive traction. • Subdued US bond yields supportive of the up-move. • Fading safe-haven demand might cap further gains. Gold gained some positive traction on Wednesday and recovered a part of previous session's slump to its lowest level in over three weeks. A big recovery in the US st...Read More
Mr. Joe Campbell reportsTERRAX BEGINS 2018 WINTER DRILL PROGRAM AT YELLOWKNIFE CITY GOLDTerrax Minerals Inc. has commenced its 2018 winter drill program at its Yellowknife City gold project, immediately adjacent to the city of Yellowknife in the Northwest Territories. The initial program will total approximately 6,000 metres and incorporate up to three dill rigs to test dip and strike extensions o...Read More
* About 9 billion rand available* Number of claimants unknown* Miners contracted disease in gold minesBy Ed StoddardA class action suit brought against gold producers in South Africa is likely to be settled "within months" with 9 billion rand ($755 million) going to miners suffering from fatal lung disease, the chair of an industry group said on Wednesday.The suit was launched almost six years ago...Read More
* GRAPHIC-2018 asset returns: * LME/ShFE arb: (Releads, updates prices)By Jan HarveyLONDON, Feb 7 (Reuters) - Copper fell 2 percent on Wednesday and other base metals turned lower as U.S. stock markets resumed this week's hefty sell-off, with concerns that fundamentals do not justify current price levels also weighing on the red metal.Copper, chiefly used in construction, has struggled to make hea...Read More
Rio Tinto (ASX, LON, NYSE:RIO), the world's No.2 mining company, showed investors Wednesday how well it has ridden the wave of higher commodity prices by announcing a record dividend on the back of a big surge in annual profit and its cost cutting drive.Bumper results came on the back of a recovery in the price of key commodities for Rio Tinto, including iron ore, aluminum and copper.The company,...Read More
Two miners have died after a section of Sibanye-Stillwater's (JSE:SGL) (NYSE:SBGL) Kloof gold operation in South Africa collapsed on Wednesday, about a week after more that 1,000 workers were trapped underground at another of the company's mines in the country.Sibanye-Stillwater has suspended production at the affected area pending an investigation into the incident with the participation of the...Read More
Stocks bounced back on Tuesday, Feb. 6 after having swung wildly in and out of positive territory throughout much of the session. The Dow Jones Industrial Average finished up 567 points, or 2.3%. At its lows for the day, the Dow dropped as much as 567 points, putting the index into correction territory. The blue-chip index dropped 1,175 points, or 4.6%, on Monday, Feb. 5, the largest single...Read More
Technology, materials shares lead comeback; VIX gets whipsawedGold, oil and copper decline; Treasuries fall, dollar steadyTony Dwyer, chief equity strategist at Canaccord Genuity, says "we're buying the opportunity volatility is creating."U.S. stocks rebounded from a violent selloff to post the biggest rally in 15 months as investors poured back into some of the most beaten-down sectors.Technology...Read More
Wall Street futures lurched lower again Tuesday, while European stocks suffered steep declines, as global investors attempted to take control of a global market selloff accelerated by sophisticated products tied to the market's benchmark gauge of near-term risk. Futures tied to the Dow have swung more than 600 points during European trading and are now marked 380 points to the downside...Read More
Wall Street's key benchmark for near-term volatility spiked to the highest level nine years Tuesday, following its biggest surge on record, as investors rush from one of the market's most crowded trades in the global equity sell-off. The Chicago Board of Trade's Volatility Index, better-known by its ticker symbol, VIX.X, surged more than 33% to trade past the 50-point mark for the firs...Read More