(Kitco News)- While gold faces a lot of headwinds at the start of a new year, analystsat Scotiabank said that this could be the market’s biggest strength.In a recent report, the analysts explained that gold remains anattractive diversifier as global equity markets continue to hit record levels.“Perhaps it is because of the strength in other markets and theapparent complacency regarding...Read More
U.S. stocks have been on fire in 2018 so far, with the Dow rallying more than 1,000 points in under 10 sessions, and the Nasdaq and S&P 500 Index (SPX) carving out record highs of their own. However, the stock market rally may have gotten ahead of itself, if a recent overbought indicator is any tell. Last week, 208 of the 500 SPX stocks notched new 52-week highs, according to Schaeffer's Quantitat...Read More
OSLO, Jan 17 (Reuters) - Some of Europe's richest deposits of valuable materials are in the trash, ranging from gold in smartphones to cobalt in electric car batteries, according to a survey of urban mining published on Wednesday.Scrap vehicles, batteries, computers, fridges and other electronic and electrical waste total about 18 million tonnes a year and contain materials worth billions of dolla...Read More
(Kitco News) - Despitereaching all-time highs this week, one famed investor says that any long-termrallies in the market won’t hold. Robert Kiyosaki,best-selling author of “Rich Dad Poor Dad” and his latest book “Why The RichAre Getting Richer,” said that a market crash is imminent within the next twoto three years. The S&P 500Index has sustained its second-longes...Read More
TRIPOLI, Jan 17 (Reuters) - Libya's currency has gained sharply on the informal market, rising to around six dinars to the dollar on Wednesday compared with around nine dinars to the dollar at the start of the year.The dinar's gains came as the central bank launched this year's programme for selling limited quantities of dollars to citizens at the official exchange rate of 1.3 dinars. One black ma...Read More
(Adds aid worker comment)RIYADH, Jan 17 (Reuters) - Saudi Arabia's King Salman ordered a deposit of $2 billion to be paid into Yemen's central bank on Wednesday to shore up the weak Yemeni currency, the Saudi government said.The move was made a day after the Yemeni prime minister issued a public plea for funds to prop up the rial and help stave off hunger in the war-torn country."It's not a...Read More
Discount retailers Dollar Tree, Inc. (NASDAQ:DLTR) and Dollar General Corp. (NYSE:DG) earned some analyst love today, after Oppenheimer initiated coverage with "outperform" ratings. The brokerage attributed the bullish notes to attractive growth prospects for the retailers over the long term, initiating price targets of $130 and $112, respectively, for DLTR and DG stocks -- in uncharted territory....Read More
Apple Inc. (NASDAQ:AAPL) has put in a strong technical performance over the long term, with the stock boasting a 46.8% year-over-year lead -- and fresh off yesterday's record high of $179.39. And while the bulk of the 29 analysts covering shares maintain a "buy" or better rating, Longbow Research issued a rare Apple downgrade this morning.Specifically, the brokerage firm cut its rating on AAPL sto...Read More
(Kitco News) - Those heady Bitcoin-U.S. dollar traders who climbed onboard the bullish bandwagon after prices pushed above $10,000 a few weeks agoare now under water--after many had doubled their money in just a short time.Bitcoin-U.S. Dollar prices have careened lower in late-morning tradingWednesday and hit a six-week low. The weak-handed longs are bailing out oftheir big losing positions, and t...Read More
(Adds new quote, adds BoE speech details, updates prices)* Graphic: sterling and gilt yields * Graphic: World FX rates in 2017 * Graphic: Trade-weighted sterling since Brexit vote By Tommy Wilkes and Jemima KellyLONDON, Jan 17 (Reuters) - Sterling steadied close to its highest levels against the dollar since Britain's vote to leave the European Union in 2016 on Wednesday, as traders took profits...Read More
(Kitco News) - The Bank of Canada raised its key interest rate to 1.25% on Wednesday, hiking rates for the third time since last summer. Gold priced in Canadian dollars jumped up on the news, last trading at C$1,668.18 an ounce, up 0.24% on the day, according to Kitco’s Gold-Currency charts. The decision was widely expected, as market odds projecting a rate hike were close to 90% prior to th...Read More
* "Urban mines" have materials from cobalt to copper - EU project* Electronic waste worth billions of dollars in Europe By Alister DoyleOSLO, Jan 17 (Reuters) - Some of Europe's richest deposits of valuable materials are in the trash, ranging from gold in smartphones to cobalt in electric car batteries, according to a survey of urban mining published on Wednesday.Scrap vehicles, batteri...Read More
Drug stock Celgene Corporation (NASDAQ:CELG) is trading 1.6% lower at $103.13, after the Wall Street Journal reported the company is in talks to buy Juno Therapeutics (JUNO) (subscription required). According to the Journal, CELG -- who is already the largest shareholder of JUNO stock -- could produce a deal in the coming weeks. This comes after Celgene last weeksaid it would buy Impact Biomedici...Read More
Nicaragua-focused Condor Gold (LON:CNR) (TSX:COG) expects to begin construction at its 100%-owned La India Project in the first half of the year, following the reception of final permits currently being processed by the country's government.The company, which just this week started trading in the Toronto Stock Exchange, knows that acquiring the pending licences would not only represent a signifi...Read More
Nicaragua-focused Condor Gold (LON:CNR) (TSX:COG) expects to gain all the necessary permits for its 100%-owned La India Project in the first half of the year, chief executive Mark Child said.The company, which just this week started trading in the Toronto Stock Exchange, knows that acquiring the pending licences would not only represent a significant milestone, but it would also materially de-ri...Read More
* Reserve bank interest rate decision due on Thursday* Rand recovery, politics boost rate cut chances* Markets point to 56 pct chance of 25 basis point cut By Mfuneko ToyanaJOHANNESBURG, Jan 17 (Reuters) - South Africa's central bank is most likely to cut interest rates by 25 basis points on Thursday, forward markets showed on Wednesday, as the rand currency continues its rally and political tens...Read More
Shares of oncology biotech Halozyme Therapeutics, Inc. (NASDAQ:HALO) are trading 12.2% lower before the open, after Deutsche Bank analyst Andrew Peters cut his price target by $2 to $19. Peters labeled the company's experimental enzyme for hyaluronic acid (HA) as "disappointing" and said the development of the treatment brings on additional risk. On the other hand, Peters noted Halozyme's Enhanze...Read More
NEW YORK, Jan 17 (Reuters) - The dollar held its earlier gains versus a basket of currencies on Wednesday as stronger-than-forecast data on domestic industrial output in December supported the notion of a steady U.S. economic expansion. At 9:27 a.m. (1427 GMT), the index that tracks the greenback against six other major currencies was last up 0.27 percent at 90.639. It fell to a three-year low ear...Read More
One day after the Dow Jones Industrial Average (DJI) took a brief trek north of 26,000 for the first time ever, futures on the blue-chip index are signaling a triple-digit jump out of the gate. Financial earnings continue to be in focus, with Goldman Sachs (GS) stock lower in pre-market trading after the big bank posted its first quarterly loss in six years, though profit beat on an adjusted basis...Read More
The U.S. dollar index is stabilizing Wednesday, afterfalling to a three-year low, but, Lukman Otunuga, research analyst at FXTM,questions whether this is the start of a new uptrend. “Heightened politicaluncertainty in Washington is likely to weigh heavily on the Dollar and may fuelthe downside,” he says. “Dollar bulls are clearly struggling to find freshinspiration from Fed hike...Read More