History, over hundreds of years, has shown periods of "mega capital migration," and we are currently in the phase of this migration in which capital is shifting towards digital assets, according to Farzam Kamalabadi, chairman of the Future Trends Group. "[Mega capital migration] has happened for 300 years sine the discovery of the North American continent...and building wealth there. Then, the wea...Read More
(Kitco News) The Monetary Authority of Singapore (MAS) has issued a warning to retail investors embracing crypto assets, stating there is a risk of "significant losses."Singapore's central bank "frowns on cryptocurrencies or tokens as an investment asset for retail investors," MAS managing director Ravi Menon said at the Singapore Fintech Festival.Significant rallies can be followed by violent pul...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) -The growing demand for solar power is generating a brightfuture for silver as governments worldwide continue to look to develop greenrenewable energy, according to one European precious metals firm.In a...Read More
BAMAKO, Nov 9 (Reuters) - Industrial gold production inMali, one of Africa's top producers of the precious metal, isexpected to beat the 60.5 tonnes forecast for 2021, a minesministry official said on Tuesday.Gold production from the 13 mines operated by major minersincluding Barrick Gold , B2Gold , ResoluteMining and AngloGold Ashanti stood at 47.1tonnes by the end of September, the ministry said...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) -Gold prices are modestly higher and hit anothertwo-month high in midday dealings Tuesday. The yellow metal bulls are touting aU.S. inflation report that did not tamp down worries about rising prices. De...Read More
* Currencies tread water ahead of U.S. CPI data* Bitcoin, ether scale record highsNEW YORK, Nov 9 (Reuters) - The dollar index was barely higher on Tuesday as traders were cautious a day ahead of highly anticipated U.S. inflation data.The dollar zig-zagged after Tuesday's data showed U.S. producer prices increased solidly in October, indicating that high inflation could persist for a while amid ti...Read More
Monday saw a solid rally in gold, silver and platinum, all reached a small level of resistance. Based on the currenttrend and price action, they should reach their major resistance levels verysoon. We cannot assign a date but soon should be within the next week. If/when the metals reach the next levelthe price action at that time will be important. Many are looking for anexplosion higher, others b...Read More
By Peter HobsonLONDON, Nov 8 (Reuters) - The United Arab Emirates will require all gold refineries to undergo annual audits to ensure their suppliers are responsible, it told Reuters, in an effort to combat illicit trading.Industry figures said this should raise standards in the UAE, one of the world's biggest bullion trade hubs, but may also shift flows of gold linked to crime or human rights abu...Read More
ReutersNIAMEY, Nov 8 (Reuters) - At least 18 people were killed on Sunday in an artisanal gold mine collapse in southern Niger, the local mayor said on Monday.The disaster took place in the southern Maradi region, near the border with Nigeria. The death toll is likely to rise, said Adamou Guero, mayor of the commune of Dan Issa."When we arrived at the site yesterday, people were still searching fo...Read More
By Tom WestbrookSYDNEY, Nov 9 (Reuters) - Bitcoin and ether made record peaks in Asia trade on Tuesday, with enthusiasm for cryptocurrency adoption and worry about inflation driving momentum and flows into the asset class.Bitcoin rose as high as $68,564 in Asian afternoon trade and ether , the second-biggest cryptocurrency by market value, earlier hit $4,825.Both have more than doubled since June...Read More
ReutersLONDON, Nov 8 (Reuters) - Bank of England Governor Andrew Bailey said on Monday that the rise of crypto assets was helping illegal activity."I'm afraid that the advent of digital means of payment, and in particular crypto assets, I'm afraid that the evidence suggests, and we see this, is that it is providing another means of payment for people who want to conduct criminal activity," Bailey...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Bitcoin-U.S. dollar prices are higherand hit a record high in early U.S. trading Tuesday. A price uptrend is firmlyin place on the daily bar chart. The Bitcoin bulls have the solid overallnear-term tec...Read More
Mr. Matthew Gili reports I-80 COMPLETES PEA FOR GRANITE CREEK, NEVADAi-80 Gold Corp. has released the results of a preliminary economic assessment (PEA) for the company's Granite Creek project located in Humboldt county, Nevada.The technical report has also been filed with Canadian Securities regulators and can be found at the i-80 website and under the company's profile on SEDAR.Highlights of the...Read More
Nov 9 (Reuters) - The U.S. government will buy another $1 billion worth of the COVID-19 pill made by Merck & Co Inc (MRK.N) and partner Ridgeback Biotherapeutics, the companies said on Tuesday.The government in June agreed to buy 1.7 million courses of molnupiravir for $1.2 billion and is now exercising options to buy 1.4 million more.That brings the total secured courses to 3.1 million and wo...Read More
Nov 9 (Reuters) - The U.S. Federal Reserve looks at a wide range of indicators in gauging how close the economy is to reaching full employment, Fed Chair Jerome Powell said on Tuesday, as he reiterated the benefits of targeting workers who often remain on the sidelines."When we assess whether we are at maximum employment, we purposely look at a wide range of indicators," Powell told a vi...Read More
Nov 9 (Reuters) - When Elon Musk asked his Twitter followers last weekend if he should sell 10% of his Tesla Inc (TSLA.O) stock, he said he was posing the question because "much is made lately of unrealized gains being a means of tax avoidance."Yet the timing of his upcoming stock sale could solve a major tax headache for himself and save Tesla billions of dollars from its own tax bill b...Read More
* U.S. CPI data due on Wednesday* U.S. yields slip, dollar weakensNov 9 (Reuters) - Gold prices held near a two-month high on Tuesday, drawing support from lower U.S. yields in the run-up to data that could shed more light on the U.S. inflation picture.Spot gold inched up 0.05% to $1,825.25 per ounce by 1334 GMT, around $2 shy of its Sept. 7 high. U.S. gold futures for December delivery gained 0.0...Read More
(Reuters) -U.S. stock indexes were set to open mixed on Tuesday after data showed a solid rise in producer prices last month, while General Electric surged on its plan to split into three public companies.Data from the Labor Department showed U.S. producer prices increased sharply in October, indicating that high inflation could persist for a while amid tight supply chains related to the pandemic....Read More
LONDON, Nov 9 (Reuters) - Britain's economy risks stagnation and sticky inflation over the coming years due to persistent supply-chain bottlenecks and headwinds from Brexit, the National Institute of Economic and Social Research (NIESR) think tank warned on Tuesday.Inflation is on course to hit around 5% next year, while Britain's economy looks set to grow by only 1.7% in 2023 and 1.3% in 2024 aft...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) -Gold and silver prices are slightly lower in early U.S. trading Monday, on routinedownside corrections after recent gains. The precious metals bulls still have someupside momentum. December gold was las...Read More