Editor's Note: Carley Garner, president of DeCarley Trading, provided exclusive commentary for Kitco News' 2018 Outlook Series.(Kitco News)- Gold and silver have taken a backseat to Bitcoin-mania,but they are still more relevant assets.Carley Garner, president of DeCarley Trading Bitcoin has dominated the financial news cycle, but inthe long run, this particularcryptocurrency might be more bark th...Read More
Gold rose for a ninth consecutive session Wednesday, settling at its highest since the middle of September, with haven demand for the precious metal supporting prices even as a bruised dollar strengthened. Prices, however, retreated in electronic trading after the release of minutes from the U.S. Federal Reserve's December monetary policy meeting. February gold GCG8, -0.64% rose $2.40, or 0.2%, t...Read More
As the U.S. stock market carves out record highs, several individual equities are making big moves on high-profile collaborative partnerships. Two such names are former smartphone maker BlackBerry Ltd (NYSE:BB) and gene therapy specialist Sangamo Therapeutics Inc (NASDAQ:SGMO). Here's a closer look at what has shares of BB and SGMO gapping higher today.BlackBerry Shorts Could Continue CoveringBlac...Read More
(Kitco News) - Gold prices were moderately lower and hit new daily lows in early afternoon action Wednesday,in the wake of a hawkish FOMC minutes report. Some normal profit taking by theshorter-term futures traders was featured, after recent good gains in gold andsilver. The markets in earlier U.S. trading were in pause modes after gold hita 3.5-month high overnight. Silver prices scored a five-we...Read More
(Kitco News)- The gold market has pushed into negative territory inlate-afternoon activity after the minutes of the December Federal Open MarketCommittee meeting revealed ongoing concerns over low inflation pressures.While the majority of participants supported a rate hike inDecember, the minutes showed a growing divide within the committee and frustrationover the mystery of low inflation. The Min...Read More
Editor's Note: View Kitco News' full 2018 outlook coverage(Kitco News) - Gold’s performance since the last Federal Reserve rate hike in December has been impressive and Bloomberg Intelligence forecasts the rally to continue, with the precious metal looking to beat bitcoin and the U.S. dollar in 2018.“The only currency not subject to parabolic supply increases - gold - should continue t...Read More
• Goodish USD rebound prompts some early profit-taking. • Fading safe-haven demand adds to the downward pressure. • Sliding US bond yields lend immediate support ahead of FOMC minutes. Gold retreated after hitting a 3-1/2 month high and dropped to an intraday low near $1312, albeit has managed to recover majority of its lost gro...Read More
Gold moved visibly higher during the first session of the year and this time mining stocks accompanied it. In fact, it seems that they are back on the track after a short pause. What's the likely reason behind this year's rally and what does it imply going forward?Let's jump right into the mining stock charts (chart courtesy of http://stockcharts.com).Gold stocks indeed broke above the rising supp...Read More
The U.S. stock market is pushing further into record-high territory today, despite some alarming tweets overnight from President Donald Trump. The Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) have each touched all-time peaks, with the healthcare and tech sectors leading the charge once again. Plus, the Institute for Supply Management's (ISM) manufacturing i...Read More
(Changes "last year" to "2016" in third paragraph)CAIRO, Jan 3 (Reuters) - Average yields on Egypt's six-month and one-year treasury bills rose at an auction on Wednesday, data from the central bank showed.The yield on the 182-day bill rose to 19.140 percent from 18.990 percent at the last similar auction, and the yield on the 364-day bill rose to 18.186 percent from 17.689 pe...Read More
Chip stocks are hot today, with rivals of sector behemoth Intel (NASDAQ:INTC) catching a big boost from reports of a design flaw in Intel microprocessors produced over the last decade that compromises security. While INTC is down more than 3.7% -- and the biggest decliner on the Dow today -- primary rival Advanced Micro Devices, Inc. (NASDAQ:AMD) is soaring.AMD stock is up 7.2% at $11.77, and on t...Read More
NEW YORK (Reuters) - The U.S. economy is on track to grow at a 3.2 percent annualized rate in the fourth quarter after data showed construction spending reached a record high in November and stronger-than-forecast December figures on factory activity, the Atlanta Federal Reserve’s GDPNow forecast model showed on Wednesday.The latest estimate for fourth-quarter gross domestic product growth w...Read More
(Bloomberg) - Call it a new golden age.The SPDR Gold Shares ETF (ticker GLD) kicked off 2018 with an advance of 1.2 percent on Jan. 2, extending its streak of gains to 11, a record. It retreated slightly at the start of regular trading on Jan. 3, but is still up for the year.This "stealth rally in gold" has been enabled by the battered U.S. dollar, says Bespoke Investment Group. The Bloomberg Dol...Read More
Weekly Gold Focus - Gold futures will continue to keep an eye on the weakening Dollar Index that isstarting off 2018 at a 3-month low despite three more interest rate hikesexpected throughout the year. Rising Geopolitical risks with North Korea andIran has helped set the stage for the safe-haven trade to back in the cards.The top two events to keep an eye out for with a fairly busy economic schedu...Read More
FRANKFURT, Jan 3 (Reuters) - Germans are investing heavily in gold, Deutsche Boerse said on Wednesday, with holdings of a gold-backed security it offers rising almost 50 percent in 2017.Gold is seen as a safe haven for investors during times of uncertainty. Spot gold prices gained about 14 percent during 2017.Deutsche Boerse said its Xetra-Gold notes, which are backed by physical gold, rose in dem...Read More
Power management provider Eaton Corporation (NYSE:ETN) recently announced that it expects to incur a one-time expense between $90 and $110 million as a result of the new tax bill. The guidance was well-received, with ETN stock gapping higher on Friday. From a longer-term perspective, the shares surged an impressive 17.7% in 2017, and their recent low near $75 represents five times the 2009 low. Wh...Read More
WINNIPEG, Manitoba (Reuters) - Ottawa has launched legal challenges of U.S. duties on imports of certain Canadian softwood lumber products, Canadian Foreign Affairs Minister Chrystia Freeland said on Wednesday.The duties are “unfair, unwarranted and troubling,” harm Canadian lumber producers and raise U.S. home-building costs, Freeland said in a statement.Reporting by Rod Nickel in Win...Read More
Shares of MoneyGram International, Inc. (NASDAQ:MGI) gapped lower out of the gate this morning, down 9.3% at $12.07, after a U.S. government panel blocked the company's sale to China's Ant Financial. The $1.2 billion deal was scuttled by the Committee on Foreign Investment in the United States (CFIUS), reportedly over national security concerns -- though the committee declined to comment on the ru...Read More
Shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) are trading up 4.5% at $22.76, after a U.S. court set a Jan. 16 hearing date for the drugmaker and Bill Ackman's Pershing Square Capital Management to discuss a proposed $290 million settlement between the two parties over an insider trading lawsuit. The accusations were made following Valeant's unsolicited bid for Allergan (AGN) in 2014, and t...Read More
(Adds details, outlook, FinMin comments)PRAGUE, Jan 3 (Reuters) - The Czech central state budget ended 2017 with a 6.15 billion crown ($289.5 million) deficit, narrower than planned due to higher tax income but falling short of a second straight surplus.The result was the second best figure in the past two decades, the finance ministry said on Wednesday. It followed a record 61.77 billion crown s...Read More