Bristol-Myers Squibb Co (NYSE:BMY) is trading up 1.4% today at $64.33, after the company posted better-than-expected earnings and said its blockbuster lung cancer treatment Opdivo -- in combination with its immunotherapy drug Yervoy -- met its goals in a late-stage study. Meanwhile, the news is pressuring shares of rival Merck (MRK), which makes a competing product. Despite these positive developm...Read More
(Kitco News)- Thegold market is seeing little reaction to stronger-than-expected momentum in the servicesector last month, according to the latest data from the Institute of SupplyManagement (ISM).Monday, the ISMsaid its Non-manufacturing Purchasing Managers Index showed a reading of 59.9%in January, up from December's reading of 55.9%. The increase was well above expectationsas consensus forecast...Read More
(Kitco News) - Gold prices have lost their modest early gains as theU.S. dollar index has pushed higher and is trading near its daily high. Still,shaky U.S. stock index that are solidly lower to start the trading week arekeeping the gold and silver sellers timid. April Comex gold was last down $1.10at $1,336.10.By Jim Wyckoff For Kitco NewsFollow @jimwyckoffjwyckoff@kitco.comwww.kitco.com Disclaim...Read More
Wells Fargo & Co (NYSE:WFC) stock is sinking this morning, down 8.2% to trade at $59.01, after the Federal Reserve on Friday took action over the big bank's fake account scandal, discovered in 2016. Under outgoing Fed Chair Janet Yellen -- who will be replaced today by Jerome Powell -- the central bank cited "widespread consumer abuses," and restricted WFC from any additional asset growth until it...Read More
* Gecamines wants renegotiations to start in second quarter* Congo is Africa's biggest miner of cobalt, copper* Foreign investors raise concern about new mining law By Barbara LewisCAPE TOWN, Feb 5 (Reuters) - Democratic Republic of Congo's state mining company Gecamines said on Monday it wanted to renegotiate contracts with its international partners this year to give the state a bigger share of...Read More
Mr. Walt Coles Jr. reportsSKEENA COMMENCES TRADING ON OTCQXSkeena Resources Ltd. has been accepted by the OTC Markets Group Inc.to trade on its OTCQX Best Market. Skeena Resources begins trading today on OTCQX under the symbol SKREF. "We are pleased to welcome Skeena Resources to the OTCQX Best Market," said Jason Paltrowitz, executive vice-president of corporate services at OTC Markets Group. "S...Read More
Interest rates are running higheras the Fed proves how worthless it is as they lose control. The game ofmanipulation is over, and the Fed is being backed into a corner. This is not anew story; the Fed has never been right in their exit and they are going to bewrong again.The equities are gettingclobbered for the third day in a row, and the metals are struggling to staynear the unchanged level. Gol...Read More
Stock futures are signaling an extended sell-off after Friday's historic pullback. Specifically, the Dow Jones Industrial Average (DJI) is pacing for a more than 200-point drop at the open, while the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are set for sharp slides, as well. As such, volatility will likely remain in focus, as the CBOE Volatility Index (VIX) comes off its highest close since...Read More
"Another headline that took me back to the mid-1990s was the one describing the longest overbought streak in 21 years. On Friday, the SPX's 14-day Relative Strength Index (RSI) was above 70 for the 17th straight day. According to the Bloomberg article, the last time the index had an 'overbought' streak like this was 18 days in November-December 1996...This overbought streak may be worth watching i...Read More
Inflows ofgold into physically backed exchange-traded products hit 32 tonnes in Januaryafter a lackluster fourth quarter, when holdings rose by a modest 10 tonnes,says Standard Chartered. “ETP inflows since the start of 2017 are at profitablelevels; only if prices fall below $1,200/oz do almost 250 tonnes becomeloss-making, which is not our base-case scenario,” the bank says in a resea...Read More
(Kitco News) - The sell-off in equities gained momentum overnight as globalinvestors stewed over the weekend following Friday’s carnage. The market wasalready stretched and the rise in the yield curve and a hawkish Fed was thecatalyst that created the sell-off. Metals reacted as in past equity marketsell-offs, with investors initially raising cash to meet margins and pick up perceived value....Read More
(Kitco News) - Gold and silver markets are modestly higher in early U.S. trading Monday, on a bitof safe-haven demand as world equity markets are under strong selling pressure.A stabilized U.S. dollar index is limiting the upside in the precious metalsmarkets early this week. April Comex gold futures were last up $2.30 an ounceat $1,339.70. March Comex silver was last up $0.116 at $16.825 an ounce...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
• Subdued USD demand lends some support. • Risk-off mood provides an additional boost. • Fed rate hike prospects to cap strong gains. Gold consolidated Friday's downfall to over 2-week lows and was seen oscillating in a narrow trading band around the $1330 region. Friday's robust US jobs data raised prospects of at...Read More
(Kitco News) - While some have been shying awayfrom the gold market, with prices seeing their biggest daily decline in twomonths Friday, one country is paying close attention to the precious metal --Russia.According to Shae Russell, leadeditor of Markets & Money, the country’s path to increasing its goldreserves is something that shouldn’t be ignored.“Even though the precious...Read More
The Democratic Republic of Congo's state-owned miner, G?(C)camines, is seeking to take advantage of the country's new mining code and revise contracts with its international partners, as it claims the old rules meant foreign firms benefitted more from the country's riches than local producers.The company, which is heavily indebted and has consistently failed to meet production targets as of late,...Read More
Mr. Mark Kolebaba reportsADAMERA STARTS DRILLING THE SE-01 VTEM TARGETAdamera Minerals Corp. has begun drilling on the SE-01 targets, the first of a number of gold targets recently approved for drilling by the U.S. Forest Service (see news release dated Jan. 29, 2018).The target is located approximately four kilometres from the Kettle River gold mill in Washington State. The SE-01 target was init...Read More
Africa-focused gold producer Randgold Resources (LON:RSS) has doubled its full-year dividend after solid 2017 results, but it's warning the good times may be over soon as it's now facing demanding new regulations in Congo, one of its key jurisdictions.The company, which has five operating gold mines across west and central Africa, boosted shareholder payout by 100% to $2 a share, after a year of...Read More
A third of South Africa's largest mining companies are not considering any new investments in the sector in 2018 while one of them may even decide to pull out of the country, according to an industry survey published by the Chamber of Mines on Monday.The mining sector in the world's top platinum producer has in recent years been laid low by soaring wage and power costs, depressed prices, violent s...Read More
Outgoing Fed chair says feels 'great' about economy's strengthFinal-hour move at central bank a growth ban on Wells FargoJanet Yellen, chair of the U.S. Federal Reserve, listens to a question during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C., U.S., on Wednesday, Dec. 13, 2017. Federal Reserve officials followed through on an expected interest-rat...Read More