LONDON, Oct 11 (Reuters) - Lack of growth is the biggest economic challenge facing developing economies, the World Bank's chief economist said on Monday.Economic growth was essential for poverty reduction, as well as creating government revenues to use for fiscal space, social safety nets and the provision of public goods, said Carmen Reinhart, the World Bank's chief economist."We had a challenge...Read More
Ona higher timeframe basis: I cautionedon 8/16/18 the break above $1,179.7-$1,183.7 warned of renewed strength. Wehave seen $905.5. This is ON HOLD. We held major exhaustion at$2,071.6-93.2 with a $2,089.2 high and rolled over $412.8 into the macrobearish correction warned about. This is ON HOLD. Ona lower timeframe basis: The decentbreak above $1,729.9 (-4 tics per/hour) has brought in $52.9 of r...Read More
StrengthsOf the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Nano Dogecoin INTC, rising 50,429,343,990%.According to Bloomberg, Bank of America (BofA) has now launched research coverage of cryptocurrencies due to growing institutional interest in the sector and massive appetite among retail clients. On Bloomberg Surveillance this week, head of global research from...Read More
NEW YORK (Reuters) - Oil prices surged on Monday to multi-year peaks, boosting U.S. materials and energy stocks, but fears that rising prices would exacerbate supply-chain snags caused Wall Street to give up early gains.Higher vaccination rates against the coronavirus have supported a revival in economic activity, helping Brent prices to gain for five weeks and U.S. crude for seven.U.S. crude jump...Read More
STOCKHOLM, Oct 11 (Reuters) - Economists David Card, Joshua Angrist and Guido Imbens won the 2021 Nobel economics prize on Monday for pioneering "natural experiments" to show real-world economic impacts in areas from minimum wage increases in the U.S. fast-food sector to migration from Castro-era Cuba.Unlike in medicine or other sciences, economists cannot conduct rigidly controlled clinical trial...Read More
StrengthsThe best performing precious metal for the week was palladium, up 8.19% despite hedge funds taken their net-short position to record levels. Gold extended gains after a key U.S. jobs report fell well short of expectations in September, complicating a potential decision by the Federal Reserve to begin scaling back monetary support before year end. The U.S. added fewer jobs than forecast fo...Read More
NEW YORK (Reuters) - Jamie Dimon, JPMorgan Chase & Co chief executive, said on Monday at a conference that cryptocurrencies will be regulated by governments and that he personally thinks bitcoin is "worthless.""No matter what anyone thinks about it, government is going to regulate it. They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax," Dim...Read More
Oct 11 (Reuters) - Activist investor Elliott Investment Management on Monday urged Healthcare Trust of America to launch a strategic review and explore a potential sale of the real estate investment trust.Elliott, which is one of HTA's largest investors, said the company's longstanding underperformance compared to its peers has stoked frustration and shareholders want it to aim for a sale. HTA sha...Read More
BOGOTA, Oct 11 (Reuters) - Colombia will seek up to $2 billion in World Bank financing for 2022 efforts on climate change, biodiversity, improvements to the healthcare and help for young people, President Ivan Duque said on Monday.Duque met in Washington with officials at the bank, which had already supplied $2 billion in funding for this year for programs meant to help the Andean country's post-p...Read More
WASHINGTON (Reuters) -The U.S. Treasury is being held hostage by Republican Senator Ted Cruz's efforts to halt a Russia-to-Germany gas pipeline, blocking critical appointments when the federal debt limit remains a pressing issue, White House officials and Democrats in Congress say.Only four confirmed nominees are in place in the top ranks of the Treasury, of about 20 slots for presidential picks,...Read More
ANKARA (Reuters) - The head of Turkey’s central bank said on Monday that a 100 basis-point interest-rate cut last month was not a surprise and had little to do with the selloff that resulted in the lira.Responding to questions from a parliamentary commission, Governor Sahap Kavcioglu said the central bank had not neglected its duties in cutting the policy rate to 18% from 19%."I can say very...Read More
LONDON (Reuters) - Under pressure to act as inflation jumps towards double its 2% target, the Bank of England appears to be gearing up to be the first of the world's big central banks to raise interest rates since the coronavirus pandemic struck.Governor Andrew Bailey said in an interview published on Friday that inflation running above target must be managed to prevent it from becoming permanentl...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) - Seligdar, one of the leading gold producers in Russia, announced yesterday that it has won an auction for a license to develop Kyuchus, the largest gold deposit in the Republic of Sakha (Yakutia), Russ...Read More
Oct 11 (Reuters) - A strong rally in mining stocks on Monday boosted an index of European equities, which retraced all losses logged early in the session on worries about inflation and the upcoming earnings season.Europe's mining sector (.SXPP) surged 3% to post its biggest daily gain in three months as iron ore and coking coal rallied on supply fears, while base metals prices jumped on concerns...Read More
RIO DE JANEIRO, Oct 11 (Reuters) - Brazilian miner SamarcoMineracao SA, an iron-ore joint-venture between Vale SA and BHP , obtained an extension of its stayperiod for additional 180 days, according to a court decision onSaturday reviewed by Reuters.The company had requested an extension of its protectionagainst creditors in order to maintain ongoing talks withbondholders and reach an agreement ab...Read More
(Reuters) - Weeks of stock market volatility have done little to dent the record-setting pace of U.S. initial public offerings, with capital market insiders forecasting a strong finish to the year and a robust pipeline of listings in 2022.More than 2,000 IPOs raised a combined $421 billion globally by the end of September, a record high, as private companies rushed to attain the soaring valuations...Read More
AUSTIN, Texas, Oct 11 (Reuters) - Austin prides itself on "keeping it weird," but the city's success at luring more big companies such as Tesla Inc (TSLA.O) has some residents wary of getting priced out of their unique culture.Tesla's CEO, Elon Musk, said on Thursday the electric car maker will move its headquarters from Palo Alto, California, to Austin, Texas. read moreHousing prices in the...Read More
(Kitco News) - Despite Ethereum underperforming Bitcoin recently because ofthe so called "Ethereum killers," Aydin Kilic, COO of HIVE Blockchain, is stillvery bullish on Ethereum. The "Ethereum killers" are competitors like Solana,Polygon, Cardano, and others.Kilicdiscussed cryptocurrencies with David Lin, Anchor at Kitco News. HIVE Blockchain is the first publicly traded crypto minerlisted on th...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) - Barrick Gold announced yesterday that its Tanzanian mines, North Mara and Bulyanhulu, are both set to meet their 2021 production targets as well as to replace depleted reserves through brownfields expl...Read More
(Kitco News) Bridgewater Associates is warning investors that inflation will not be transitory and central banks worldwide will be powerless to contain price surges without hurting the economy."We're in this situation where you still have this inertia from demand, it is pushing up against constrained supply and that has pushed inflation up," Bob Prince, co-chief investment officer at Bridgewater A...Read More