Gold futures ended lower on Friday, down more than 1% for the week, after a stronger-than-expected U.S. jobs report drove up the dollar and Treasury yields as the data laid some groundwork for a potentially more aggressive Federal Reserve interest-rate response this year. April gold GCJ8, +0.19% shed $10.60, or 0.8%, to settle at $1,337.30 an ounce, building a total loss of roughly 1.5% for the we...Read More
(Kitco News)- As the saying goes: “to the victor go the spoils.”And there is a lot on the line as the Philadelphia Eaglesand the New England Patriots meet in Minneapolis for Super Bowl LII, on thefield and off.The competition for football dominance is not just played in the stadium, but in jewelry and precious metals as Super Bowl rings get more intricate and include more attitude. Cur...Read More
It's sharping up to be a miserable week for the U.S. stock market, but that's done little to slow down shares of small-cap sporting goods stock Johnson Outdoors Inc. (NASDAQ:JOUT). At last check, JOUT was trading up 18.8% at $72.50, making it among the best Nasdaq stocks in today's session, thanks to the company's better-than-expected fiscal first-quarter sales. Revenue was clocked at $116.6 milli...Read More
* U.S. jobs, wages better than expected* U.S. 10-year Treasury yields post largest rise since June 2009* Palladium on track for biggest weekly drop since September 2017* GRAPHIC-2018 asset returns: (Recasts throughout; updates prices, headline; adds comment, NEW YORK to dateline)By Renita D. Young and Jan HarveyNEW YORK/LONDON, Feb 2 (Reuters) - Gold prices declined on Friday as the U.S. dollar ti...Read More
By Caroline ValetkevitchNEW YORK, Feb 2 (Reuters) - Profit forecasts for 2018 are rising fast as analysts factor in benefits from the U.S. tax overhaul, a trend that could temper worries about rising interest rates in the near term.Wall Street's main indexes on Friday were headed for their worst week in two years as rates soared in the bond market and renewed fears of inflation gripped investors....Read More
(Recasts, adds backing from Regal shareholder)Feb 2 (Reuters) - UK's Cineworld said its $3.6 billion deal to buy U.S. cinema chain Regal Entertainment was on track to close in March after it secured support from a majority of its own shareholders and the largest investor in Regal on Friday.Cineworld said 87.34 percent of votes cast at a general meeting in London on Friday were in favour of the de...Read More
Global investors are radically underinvested in gold today. Years of relentless stock-market rallying to endless new record highs have left this classic alternative investment deeply out of favor. But this gold-demand ebb is ending. The same central banks that fueled these extreme stock markets through epic easing are reversing to massive and unprecedented tightening. As stocks roll over, gold inv...Read More
RIO DE JANEIRO, Feb 2 (Reuters) - Brazilian pension fund Caixa de Previdencia dos Funcionarios do Banco do Brasil, known as Previ, is sticking to its plans for an initial public offering of power holding company Neoenergia SA, the fund's Chief Executive Officer Geitiro Genso said on Friday."We will try to list Neoenergia in a better moment," Genso said. Neoenergia canceled a planned IPO...Read More
With some profit taking on tap when gold’s 6-week rally paused fora bit last week, the GDX has been sold down to strong support at the $23 level.The major miner ETF move up from its mid-December low was stopped cold justbefore it could reach long-term resistance at the $25 region, when it had astrong volume intra-day reversal from this critical level on January 25th.Since then,the miner pric...Read More
FREETOWN, Feb 2 (Reuters) - Sierra Leone's finance minister on Friday played down a decision by the IMF to delay a disbursement because of the West African country's failure to improve revenue collection, saying the fund would return in May to discuss the programme.The IMF said on a statement on its website on Wednesday it had delayed its disbursement of the second tranche of programme financing &...Read More
BENGALURU/MUMBAI, Feb 2 (Reuters) - Demand for physical gold improved this week in India as jewellers resumed purchases after the government kept import taxes on the precious metal unchanged, while buying remained subdued in most other centres in Asia.Jewellers in India had delayed purchases earlier this week and offered gold at a discount anticipating a reduction in the tax in the country's annua...Read More
• A modest USD rebound prompts fresh selling. • Surging US bond yields offset risk-off environment. • Focus remains on the key US monthly jobs data. Gold traded with a mild negative bias through the mid-European session on Friday and has now eroded all the previous session's modest gains. The precious metal stall...Read More
By Dasha Afanasieva, Pamela Barbaglia and Arno SchuetzeLONDON, Feb 2 (Reuters) - British buyout firm Bridgepoint has mandated Rothschild to sell the residential care business of Care UK, four financial sources familiar with the matter said.Private equity backers have been ubiquitous in Britain's care homes sector. Another British private equity firm Terra Firma had to write down its investment in...Read More
(Kitco News)- Theuptrend in gold prices might not be able to outlast the winter as bond yieldsare surging higher into the weekend, increasing the yellow metal’s opportunitycosts.Punxsutawney Phil saw his shadow Friday, which means six more weeks of winter. Can the gold rally last that long too? Image courtesy of Alessandro M.Friday,Punxsutawney Phil, the famous weather pontificating groundho...Read More
MGM Resorts International (NYSE:MGM) is one of the worst S&P 500 stocks to own in February, going back 10 years. Shares of the casino stock have shed 6.87% on average during the month over that time span, finishing positive just three times. Plus, the stock has been stung by negative earnings reactions, with MGM losing 9.3% and 8.3%, respectively, in the sessions immediately following the last two...Read More
The survey by the London Bullion Market Association of analysts' predictions for the gold price this year suggest a wild ride for bullion after a fairly uneventful 2017.The LBMA, a standards setting body for the industry, says the 34 analysts polled are divided on the paths that precious metal prices will take in 2018:"Opinions differ as to the level of US real interest rates, the likely impact...Read More
(Kitco News) - Gold is expected to see a sustained rally on the back of aweakening dollar, overvalued stock markets, and heightening geo-politicaltensions, according to a report from Sucden Financial.In the near term, analysts at the international brokeragefirm said they see a modest retracement in the yellow metal to $1,320 an ouncebefore climbing higher to test resistance at $1,400 an ounce, be...Read More
LONDON, Feb 2 (Reuters) - Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.1/ SUPER THURSDAY It's "Super Thursday" for the Bank of England next week when it decides on interest rates, publishes minutes from its last meeting, and issues its quarterly Inflation Report. No move on rates is expected...Read More
* GRAPHIC-2018 asset returns: * LME/ShFE arb: (Updates with closing prices)By Eric OnstadLONDON, Feb 2 (Reuters) - Lead prices hit 6-1/2 year highs on Friday on worries about shortages after key Chinese mines shut for the winter. Lead pared gains and other industrial metals sunk into the red under pressure from a rebound in the dollar following strong U.S. jobs data.Benchmark lead on the London Me...Read More
Stocks are in a downward spiral, after this morning's nonfarm payrolls report strengthened the case for a March rate hike -- and sent the 10-year Treasury yield spiking to a four-year high. Looking closer, the Dow Jones Industrial Average (DJI) is staring at a more than 300-point loss, with blue-chip energy names Chevron (CVX) and Exxon Mobil (XOM) applying the most pressure after earnings. If th...Read More