(Kitco News) - First Majestic Silver Corp. (TSX: FR; NYSE: AG) has agreed to acquire Primero MiningCorp. (TSX: P) in an all-stockdeal, the companies announced Friday.With the addition ofPrimero’s San Dimas silver-gold mine in Mexico, First Majestic said it anticipatescompany annualized silver-equivalent production of 27 million to 30 millionounces. First Majestic already operates six mi...Read More
(Kitco News) - Gold broke above the $1,322 level as the dollar came underfurther pressure overnight. With growth in Europe accelerating, the markets are expecting the ECB to begin amore aggressive tightening cycle. Physical demand in Asia has also picked upahead of the Chinese Lunar New Year. The recent move in gold has been almostentirely correlated to dollar weakness, which continues to remain t...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
Indonesian authorities inked Friday a deal with state-owned holding Asahan Aluminum, or Inalum, which sets a framework for Freeport-McMoRan (NYSE:FCX) to transfer control of its massive Grasberg copper and gold mine as agreed last year.The country and the Phoenix, Arizona-based miner had arranged in principle in August that up to a 51% stake in Freeport's local unit, PT Freeport Indonesia (PTFI),...Read More
Canada's First Majestic Silver (NYSE:AG) (TSX:FR) has agreed to buy fellow miner Primero Mining (TSX:P) in a cash and stock deal valued at $320 million, including debt.With the acquisition, the Mexico-focused company gains access to Primero's flagship asset, the San Dimas silver-gold mine, located in what First Majestic defines as it "backyard", in the state of Durango.As a result of the trans...Read More
Higher oil prices both boon and curse for gold. Oil rally could boost inflation (good for gold), but Could also force central banks to quicken policy tightening (negative for gold). Brent oil hit $70 a barrel for the first time since December 2014. Will it have a positive impact on gold? As per textbook rules, oil price rally boosts inflation expectations, thus leading to higher demand for gold...Read More
Gold is up 6% since the Fed raised rates last month, despite net outflows in SPDR Gold Shares, (GLD), the world's largest exchange-traded fund, said Vince Lanci, founder of Echobay Partners. ETF investors were net sellers of 4.35 tonnes in December after leaving their holdings broadly unchanged in November (+0.75 tonnes) and October (-0.79 tonnes), Lanci explained. "GLD has reduced holdings, abou...Read More
U.S. filings for unemployment benefits unexpectedly rose to a three-month high last week during a holiday period when claims tend to be volatile, Labor Department figures showed Thursday.Highlights of Jobless Claims (Week Ended Jan. 6)Jobless claims increased by 11k to 261k (est. 245k), highest since week ended Sept. 23, when filings were elevated due to hurricanesContinuing claims fell by 35k to...Read More
The Dow Jones Industrial Average, S&P 500 and Nasdaq all scored new record closes on Thursday, Jan. 11, as Wall Street got a boost from some of its biggest industrial and energy names. The Dow jumped 205 points, or 0.81%. The blue-chip index was led by Chevron Corp. (CVX) , up 3%, General Electric Co. (GE) , which rose 0.5%, Caterpillar Inc. (CAT) , which gained 2%, and Boeing Co. (BA)...Read More
West Texas crude erases advance, natural gas ralliesTraders still shaken by concerns that sparked Wednesday drop"The notion that equities and yields can't rise together isn't accurate," says BlackRock's Russ Koesterich.U.S. stocks rebounded from the first retreat of the year to set fresh records, as resource producers and industrial shares rallied on optimism in the global economy. The dollar fell...Read More
Analysts see gold at $1,400 and copper hitting $8,000Weak dollar, stretched stocks, falling bonds spell gainsWhere to Make Big Money in Commodities, EnergyThe stage may be set for commodities to extend their stellar gains, according to Bank of China International analysts.By the fourth quarter copper will average $7,500 a ton and gold $1,400 per ounce, they wrote in a note this week, as financial...Read More
The Dow Jones Industrial Average and the Nasdaq hit intraday highs on Thursday, Jan. 11, as a rebound in bond yields offset trade tensions linked to Donald Trump's warning on Nafta membership for the U.S. The Dow rose 94 points, or 0.37%. The blue-chip index was led by General Electric Co. (GE) , Boeing Co. (BA) and Caterpillar Inc. (CAT) . The S&P 500 gained 0.36%, and the Nasdaq...Read More
Wall Street futures held onto modest gains heading into the start of trading Thursday, while European and Asia stocks drifted lower as a rebound for bond yields failed to offset trade tensions linked to President Donald Trump's warning on NAFTA membership. Early indications from U.S. equity futures suggest modest gains for the three major benchmarks after stocks snapped a six-day winning st...Read More
Confusion and uncertainty reign in financial markets, helping gold prices rally in the face of higher bond yields, as traders continue to assess whether or not China will continue to buy U.S. Treasuries. Early Thursday, Chinese officials denied reports that the central bank is looking at slowing its U.S. bond purchases. According to reports, while the central bank is diversifying its foreign-exc...Read More
Newest of major royalty companies has rapid growth.Revenue to double in next six years.Investments in juniors to pay off.It is now the turn of the new boy on the block to catch up. A little more than two years ago, I wrote an article, published here, on the major gold royalty companies. One, Franco-Nevada, I called the blue-chip of the group; today, its stock price is virtually doubled where it wa...Read More
Polyus is underperforming despite strong cost dynamics.Significance of Fosun deal is not enough to outperform the stock market.Favorable outlook is imminent with attractive dividends and diverse range of growth projects. Image source: TRUST.UA Investment Thesis Polyus Gold International Limited (LON:PGIL) delivers stable earnings due to higher production, despite wobbly trends in the Russian curr...Read More
In last year's roadmap, I forecast that 2017 would end with gold prices up and the dollar index down, both of which happened. I underestimated the number of Fed hikes by one hike, but globally, average short-term rates have remained around zero. That will be a core pattern throughout 2018.Central banks may tweak a few rates here and there, announce some tapering due to "economic growth", or def...Read More
A monumental policy shift announced by the U.S. federal government on pot last Thursday sent the pot markets into a frenzy.U.S. Attorney General Jeff Sessions' announcement that he will roll back the Obama-era "Cole memo" marijuana protections triggered a massive sell-off of pot stocks, especially in U.S.-based companies.Early morning Friday, it was anyone's guess how the U.S. pot market might be...Read More
The stock market dropped yesterday - finally.For the first time in 2018, the major averages dipped into the red to close out a quiet trading session.I know it sounds ridiculous, but some traders are annoyed that the market broke its streak and finished lower. While I don't think I need to write this, I will anyway: the stock market must go down sometimes. Some people are forgetting this inconvenie...Read More
You have to admire the de facto ruler of Saudi Arabia — the young Saudi Crown Prince Mohammed bin Salman.The man is taking a stand against the decades of corruption that has taken place at the top of Saudi society. The Crown Prince seeks the return of wealth that has been stolen from the Saudi people by a select few...Source: Middle East PressThe main targets of the Crown Prince’s hous...Read More