(Kitco News)- Gold prices are holding moderate losses and have slightlyextended overnight declines, as midday approaches. The U.S. dollar index hasmoved to its daily high, which has added some downside pressure on the gold andsilver markets.However, losses in gold are being somewhat limited byongoing concerns about the health of the U.S. stock market following recentselling pressure that did produ...Read More
LONDON (Reuters) - Oil slipped below $80 a barrel on Monday as Saudi Arabia pledged to raise its crude production to a record, two weeks before U.S. sanctions potentially choke off Iranian crude supplies.Saudi Energy Minister Khalid al-Falih told Russia's TASS news agency that his country had no intention of unleashing a 1973-style oil embargo on Western consumers, but rather was focused on raisin...Read More
LONDON (Reuters) - Sterling suffered its worst day in a month on Monday as fears grew that the prickly Irish border issue and disagreements within the UK ruling party over Brexit would see Prime Minister Theresa May face a serious challenge to her leadership.The Telegraph newspaper's deputy political editor said the DUP, the Northern Irish party which props up May's government, will back an amendm...Read More
(Kitco News) - Large speculators cut their net-bearish positioning by more than half during the most recent reporting week for data compiled by the Commodity Futures Trading Commission.During the week-long period to Oct. 16 covered by the data, Comex December gold rose by $39.50 to $1,231 an ounce, while December silver climbed 30.1 cents to $14.701.BMO Capital Markets said gold prices rallied on...Read More
(Kitco News) - Large speculators cut their net-bearish positioning by more than half during the most recent reporting week for data compiled by the Commodity Futures Trading Commission.During the week-long period to Oct. 16 covered by the data, Comex December gold rose by $39.50 to $1,231 an ounce, while December silver climbed 30.1 cents to $14.701.BMO Capital Markets said gold prices rallied on...Read More
ROME (Reuters) - Italy told the European Commission on Monday it would stick to its contested 2019 budget plans in defiance of EU fiscal rules, but promised not to inflate its deficit any further in the years ahead.In a letter to the Commission, Economy Minister Giovanni Tria said he recognized that the budget, which is set to hike next year's deficit to 2.4 percent of gross domestic product (GDP)...Read More
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
STOCKHOLM, Oct 22 (Reuters) - Swedish battery manufacturing startup Northvolt has partnered with South Bay Solutions, a Tesla supplier, to jointly set up a plant in Poland to produce battery systems for energy storage companies and the mining industry.Northvolt's plans are seen as a central part of Europe's effort to compete with Asian rivals such as CATL, Samsung and LG Chem, which have gained a...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
South Africa's Petra Diamonds (LON:PDL) increased sales by more than a fifth in the first quarter of its financial year, as higher production, better quality stones and a weakening of the rand offset a slump in the price of the precious rocks it mines.Revenue rose 22 percent in the quarter to $80.2 million from $65.8 million a year prior, despite diamond prices being 5 percent lower when compa...Read More
South Africa's Petra Diamonds (LON:PDL) increased sales by more than a fifth in the first quarter of its financial year, as higher production, better quality stones and a weakening of the rand offset a slump in the price of the precious rocks it mines.Revenue rose 22 percent in the quarter to $80.2 million from $65.8 million a year prior, despite diamond prices being 5 percent lower when compa...Read More
South Africa's Petra Diamonds (LON:PDL) increased sales by more than a fifth in the first quarter of its financial year, as higher production, better quality stones and a weakening of the rand offset a slump in the price of the precious rocks it mines.Revenue rose 22 percent in the quarter to $80.2 million from $65.8 million a year prior, despite diamond prices being 5 percent lower when compa...Read More
FRANKFURT/MOSCOW, Oct 22 - Germany's BASF and Russian miner Norilsk Nickel (Nornickel) have struck a nickel and cobalt supply deal to meet growing demand for electric vehicle (EV) batteries.Underpinned by a new BASF cathode plant in Finland, the agreement could provide fresh impetus to European efforts to create battery cell manufacturing capacity in a market dominated Chinese and Korean producers...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
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
FRANKFURT/DUESSELDORF, Oct 22 - ArcelorMittal, the world's largest steelmaker, has declared force majeure for its Duisburg-Ruhrort site in Germany due to the Rhine river's low water levels, a spokesman for the group said in e-mailed comments on Monday."The currently low water level of the Rhine means that the company has adjusted production in Ruhrort to reflect lower pig iron supplies from Thysse...Read More