It was a strange day. Inflation surged yesterday. But gold dropped initially, only to quickly reverse the fall and fly into the air. What happened? And - importantly - will gold soar on the inflation fuel?Inflation rears its ugly head (or tries to, at least)The recent payrolls report showed that wages had jumped 2.9 percent in January on an annual basis. It was the best result since 2009, which aw...Read More
Square Inc (NYSE:SQ) stock is in focus today, after receiving a price-target hike to $43 from $37 at Deutsche Bank. The brokerage firm noted that the payment processing company has solid revenue momentum, and traders are willing to pay for high-profile growth and massive market opportunity. As a result, Square stock is up 3.8% to trade at $43.42 this morning.After touching a record high of $49.56...Read More
(Updates with Romanian auction, prices)* Polish zloty leads gains with 0.3 pct rise vs euro* Helped by comments from EU Commission head - analyst* Romania fails to sell bonds, leu still near record low* Stocks rise following gains across the globe By Marcin GoettigWARSAW, Feb 15 (Reuters) - Weakness in the dollar fuelled gains in most central European currencies on Thursday, with the zloty gettin...Read More
OSLO, Feb 15 (Reuters) - Norway's central bank awarded 12.73 billion Norwegian crowns($1.63 billion) in an F-loan for Feb. 15-20 with a lowest rate of 0.50 percent, it said on Thursday.There was 100 percent awarded at the lowest rate. A total of 12.73 billion crowns was sought by banks.($1 = 7.7911 Norwegian crowns) (Reporting by Oslo newsroom) Disclaimer: The views expressed in this article are...Read More
Getty ImagesHomebuilder enthusiasm is on the rise. The numbers: The National Association of Home Builders/Wells Fargo housing market index stayed at 72 in February. That's a very strong reading, and just slightly below December's cycle-high reading of 74, as any reading over 50 indicates "good" performance. What happened: The component on sales expectations in the next six months rose two points...Read More
The accompanying daily chart of Cboe Global Markets (NASDAQ:CBOE) provides a prototype illustration of the most prominent risk of "momentum investing" (even more profoundly highlighted over this past week with the implosion of the inverse volatility exchange-traded funds). Share price action can be strong over lengthy time frames -- sometimes strong enough to result in gains of 100% or more in per...Read More
Shares of Cisco Systems, Inc. (NASDAQ:CSCO) are up 4.7%to trade at $44.17, hitting a 17-year high of $45.21 out of the gate. The tech firm reported adjusted fiscal second-quarter profit of 63 cents per share on $11.9 billion in revenue -- its first quarterly revenue increase in more than two years, thanks to its shift to software. The results beat expectations, and gave upbeat current-quarter guid...Read More
A handful of pharmaceutical stocks are higher out of the gate today. Among them, Teva Pharmaceutical Industries Ltd (NYSE:TEVA) is making noise after a big Buffett boost, while the shares of AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) are soaring after a nod from the Food and Drug Administration (FDA). What's more, an unwinding of skepticism on Wall Street could add fuel to the fire for TEVA and AMAG...Read More
Shares of Shopify Inc (NYSE:SHOP) are in focus this morning as traders react to the e-commerce platform's fourth-quarter earnings report. SHOP announced a net loss of 3 cents per share, with adjusted earnings arriving at 15 cents per share, while revenue jumped 71% to $222.8 million. The results topped analysts' expectations, but SHOP was trading down more than 2% ahead of the market open this mor...Read More
What a day for the bears onWednesday. CPI came out at 8:30 EST, and the equities fell 500 points, gold fell$15 and the dollar spiked. By the end of the day, gold reversed by $50, the Dow by 600 and the dollar got pounded, another beating for the bears.The action looked more like shortcovering as the bears got squeezed again. The excitement is back, and buyersare everywhere, because this time is di...Read More
Stock futures are soaring once again, on track to extend the bullish momentum that fueled yesterday's big gains. While futures tanked early Wednesday in response to hotter-than-forecast inflation data, traders today are shrugging off a 0.4% jump in the producer price index (PPI), which arrived in line with consensus estimates. Dow Jones Industrial Average (DJI) futures are up over 185 points, whi...Read More
Pembridge Resources (LON:PERE) said Thursday it was buying Capstone Mining's (TSX:CS) Minto copper-gold-silver mine in Canada's Yukon for $37.5 million in cash plus a 9.9% stake in the company.The miner, which last year moved from the Aim to LSE main board, said the acquisition makes of Pembridge a cash flow generating copper producerThe London-based company said it plans to raise $50 mill...Read More
Pembridge Resources (LON:PERE) said Thursday it was buying Capstone Mining's (TSX:CS) Minto copper-gold-silver mine in Canada's Yukon for $37.5 million in cash plus a 9.9% stake in the company.The miner, which last year moved from the Aim to LSE main board, said the acquisition makes of Pembridge a cash flow generating copper producerThe London-based company said it plans to raise $50 mill...Read More
Gold and silver prices failed as a hedge against the recent stock market correction, in my opinion, because of U.S. dollar appreciation.The U.S. dollar appreciated because of a robust U.S. economy and an intensifying expectation for a worthy tightening of Fed monetary policy as a result.Precious metals investors should be aware of scenarios through which the tide might turn for their fortunes; tho...Read More
(Kitco News) - Hecla Mining Co. (NYSE: HL)posted a net loss in the fourth quarter, hurt by a strike at the Lucky Fridaymine in Idaho, a number of special items and an income-tax provision due to newU.S. tax legislation, the company said Thursday.Meanwhile, Hecla said the companyhas agreed to binding third-party arbitration with the United Steelworkers inan attempt to end the Lucky Friday strike in...Read More
Mr. John Burzynski reports OSISKO INTERSECTS 2.51 G/T AU OVER 73.0 METRES AT GARRISON Osisko Mining Inc. has provided the final results from the 2017 drill program at its 100-per-cent-owned Garrison gold project located in Garrison township, Ontario. Over 85,000 metres of new drilling have been conducted by Osisko on the Garrison project since its acquisition in late 2015. A total of 15 new interc...Read More
(Kitco News) - Goldpricesare modestly lower in early U.S. trading, on a minor corrective pullbackfrom the strong gains scored Wednesday. Still, the bulls this week have gainedgood momentum to suggest still more upside is likely in the near term. April Comex gold futures were last down $2.60 an ounce at $1,355.40. March Comex silver was last down $0.078 at $16.795 an ounce.Thejust-released January...Read More
Getty ImagesWholesale inflation in the U.S. surged in January mostly because of higher oil prices, according to a measure of costs known as PPI. The numbers: U.S. wholesale prices shot up 0.4% in January, the latest sign that inflation is perking up. The biggest culprit: higher oil prices. Yet a more stable measure known as core PPI also rose 0.4%, suggesting price pressures are more widespread....Read More
(Kitco News)- Hotter-than-expected pipeline inflation pressures are not having much impact on gold, one day after the metal's biggest gains in nearly two years.Thursday, the U.S. Labor Department said its Producer Price Index (PPI) rose 0.4% last month following a 0.1% decrease in December. The data was in line with consensus forecasts. The report said that annual inflation rose2.7%.However, Core...Read More
Editor's Note: Updating earlier story to include more details from report, prices.(Kitco News) - Gold prices moved little after initial weekly U.S. jobless claims climbedby 7,000 to a seasonally adjusted 230,000 in the week to Saturday, accordingto a Thursday Labor Department report.Consensusexpectations compiled by various news organizations called for initial claimsto be around 230,000. The...Read More