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
* U.S. Treasury yield spike fails to boost dollar* Euro holds close to $1.25 mark; gains on week* Traders prepare for non-farm payroll data* Chinese yuan hits fresh 2 1/2 year high* Graphic: World FX rates in 2018 By Tommy WilkesLONDON, Feb 2 (Reuters) - The dollar reversed earlier falls against the euro on Friday as traders took some profits ahead of U.S. non-farm payroll numbers, although its ri...Read More
(Kitco News) - U.S. nonfarm payrolls areback and gold is under pressure, but one analyst says the focus should be onthe U.S. dollar when it comes to gold’s next move. “The gold market wentsideways during yesterday’s [Thursday’s] session as the market is looking forclarity in the movement of the dollar index,” noted Colin First of FX Empire ina post Friday.“...Read More
(Writes through with new quotes, detail)JOHANNESBURG, Feb 2 (Reuters) - All the miners who were trapped underground for more than 24 hours after a storm knocked out powerlines supplying electricity to the Beatrix gold mine in South Africa have been rescued, operator Sibanye-Stillwater said on Friday.In a painstaking rescue mission, the exhausted miners were hoisted up one by one after temporary p...Read More
* Gold in India trades at premium for first time in 5 weeks* Premiums in China at $6-$8/oz* Spot gold rates headed for weekly drop By Nithin ThomasPrasad and Rajendra JadhavBENGALURU/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 m...Read More
Mining and metal companies are rediscovering the downside of rallying prices: higher costs.A sharp rebound in commodity markets in the past two years put producers in a profitability sweet spot after years of cost-cutting to cope with low prices. Now, as the upturn matures and the higher cost of energy and other materials starts to bite, some companies are beginning to struggle to maintain margins...Read More
Toronto-based Yamana Gold said on Friday that an accident at its Gualcamayo mine in Argentina resulted in two fatalities.The accident involved two employees of a local contractor traveling in a light truck on an access road at the Las Vacas exploration site, the company said, adding that no additional details were available.Read More
* U.S. Treasury yield spike fails to boost dollar* Euro holds above $1.25 mark; gains on week* Traders prepare for non-farm payroll data* Chinese yuan hits fresh 2 1/2 year high* Graphic: World FX rates in 2018 By Tommy WilkesLONDON, Feb 2 (Reuters) - The euro held above $1.25 on Friday, continuing a strong week in which rising U.S. treasury yields failed to lift the dollar while the euro zone's e...Read More
Precious metal miner Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL) said Friday all the workers that were trapped since Wednesday night at its Beatrix gold mine in South Africa have been rescued.Nearly 1,000 miners got stuck underground for more than 24 hours after a storm knocked out power lines supplying electricity to Beatrix. Emergency power supply from backup generators enabled 64 employees to ret...Read More
MOSCOW, Feb 2 (Reuters) - Russian anti-monopoly service has allowed the mid-sized gold miner GV Gold to acquire Zoloto Kamchatki and other gold assets from Russian businessman Viktor Vekselberg and his partners, the service said in a statement on Friday. (Reporting by Oksana Kobzeva; writing by Polina Devitt; editing by Katya Golubkova) Disclaimer: The views expressed in this article are those o...Read More
Gold gains on US Dollar woes. US Treasury yields remain a threat to Gold gains. Gold is up almost three percent in 2018, trading just beneath 1,350.00 today during Tokyo, spurred on by a weaker US Dollar. The usual relationship between Gold and US bonds seems to have broken down as of late; rising U STreasury yields normally depress Gold prices, but that relationship hasn't manifested...Read More
Rate hike odds soared after the latest FOMC meeting, and the upcoming March meeting looks "live".Despite the threat of rising rates, gold is more strongly influenced by ex-US global growth.Thanks to the Eurodollar system, Fed rate hikes have a limited impact on the dollar.Following yesterday's statement from the Federal Reserve, the odds of a rate hike are soaring, according to the CME's...Read More
Even with solid U.S. economic growth, construction spending rose in 2017 by the least in six years, as nonresidential building slowed and outlays by governments declined.The value of construction put in place increased 3.8 percent to $1.23 trillion last year, according to Commerce Department figures released Thursday in Washington. That’s the smallest gain since a 2.6 percent drop in 2011....Read More
U.S. factories expanded more than forecastin January and near the fastest pace in more than 13 years,indicating manufacturing was still powering ahead at the startof 2018, Institute for Supply Management data showed Thursday.Highlights of ISM Manufacturing (January)Factory index was little changed at 59.1 (est. 58.6) from 59.3 in Dec.; readings above 50 indicate expansion Gauge remains close to Se...Read More
U.S. Productivity Slows as Unit Labor Costs Jump 2% Productivity in the U.S. unexpectedly fell for the first time since early 2016 as working hours slightly outpaced output, underscoring a sluggish pace of efficiency gains during this expansion, a Labor Department report showed Thursday.Highlights of Productivity (Fourth Quarter)Measure of nonfarm business employee output per hour decreased at 0.1...Read More
The Dow Jones Industrial Average finished higher on Thursday, Feb. 1, with the S&P 500 and Nasdaq declining slightly. Investors were anticipating earnings from Apple Inc. (AAPL) , Alphabet Inc. (GOOGL) and Amazon.com Inc. (AMZN) , all reporting after the bell. The Dow was up 37 points, a gain of 0.14%. The S&P 500 was 0.07% lower and the Nasdaq was down by...Read More
10-year yield climbs above 2.78% as fear of contagion mountsApple headlines afterhours tech earnings with AmazonBMO Capital Markets Grows Cautious on Apple U.S. stocks and Treasuries fell in tandem Thursday ahead of a slew of technology earnings, as the threat of higher rates from the Federal Reserve continued to rattle equity markets coming off their best month since March 2016.The Nasdaq 100 Ind...Read More
The bond bubble will be the critical one, Greenspan saysNotes that the U.S. is working toward higher interest rates"The bond market bubble will eventually be the critical issue," Greenspan tells Bloomberg Television.The man who made the term “irrational exuberance” famous says investors are at it again.“There are two bubbles: We have a stock market bubble, and we have a bond m...Read More
Aaron Gentzler: Thanks for making time today with your busy schedule. How's it going down south?Ray Blanco: Doing great down here in Florida. Nice and warm.Aaron Gentzler: Excellent. Always great to hear. Let's get right to it. Today, I want to talk artificial intelligence (AI). Can you give a big picture overview?Ray Blanco: Sure, traditionally the way we've dealt with computers is, you pro...Read More
Short sellers are having a tough time.The market's record-setting run has repeatedly mauled the bears. Investors continue to pile into stocks as they approach nosebleed territory. Few vulnerable plays are offering major paydays for the shorts - until this week.Short sellers just booked $294 million in a single day on a rare triumph against the health care sector. Traders booked their gains on the...Read More