MEXICO CITY, Oct 29 (Reuters) - Mexico’s first economic contraction since a recovery began from the coronavirus pandemic poses a challenge to the central bank’s monetary policy tightening cycle, but stubbornly high inflation appears likely to take precedence, analysts said on Friday.The Mexican economy shrank 0.2% here in the July-September period compared with the previous quarter a...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) - It's another Friday, so you knowwhat that means: another day and week where gold prices have been unable to push above $1,800 an ounce. For those of you keeping scoreat home, gold prices have tested a...Read More
ROME (Reuters) - The IMF is narrowing its push for debt-for-climate swaps to focus on countries without major debt issues and has dropped plans to release a joint proposal with the World Bank before next week's UN climate conference, according to sources familiar with the matter.In April, International Monetary Fund (IMF) chief Kristalina Georgieva said green debt swaps could spur accelerated acti...Read More
ROME, Oct 29 (Reuters) - President Joe Biden on Friday called U.S. government actions "clumsy" during his first meeting with French President Emmanuel Macron since a diplomatic crisis erupted last month over a U.S. security pact with Britain and Australia.Biden used the meeting at the G20 summit in Rome, Italy to try to turn the page on a relationship that came under strain over the U.S.-Australia...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) - Codelco was the largest copper mining company in the worldin Q2 2021 (based on attributable copper tonnes). Top 10 copper miners produced2,255 thousand tonnes of copper in Q2 2021, 3% more than a year...Read More
LONDON, Oct 29 (Reuters) - The euro's losses deepened on Friday, retracing nearly half of its gains in the previous session, as euro zone inflation shot past expectations this month to equal its all-time high, creating a policy dilemma for the European Central Bank.The single currency which has broadly struggled against its rivals on Friday, slipped to more than one-year lows against the Swiss fra...Read More
Finally,November is here, and the initial setup for the first week will be challenging,especially for the Gold market. We expect the Federal Reserve to acknowledgethe effectiveness of the QE program since the pandemic started, and with Covidcases declining, there will now be a need to taper. They will reduce assetpurchases by $15 billion each month, effectively taking it to zero by June,when their...Read More
PARIS (Reuters) -A group of bondholders including asset manager BlackRock and an affiliate of private equity firm Carlyle has become the top shareholder in French fashion company SMCP, taking on a 29% equity stake it now wants to sell.The ownership of SMCP, whose brands include Sandro and Maje, has been the subject of speculation after a unit of its Chinese majority owner Shandong Ruyi defaulted o...Read More
PARIS (Reuters) - Europe is still not investing enough in the supply chain for electric vehicle batteries and this could leave its planned gigafactories short of coveted minerals, French mining group Eramet said.Eramet is struggling to attract investment from its home region to process its overseas nickel, lithium and cobalt reserves into battery materials and may have to turn to non-European play...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) -Cameco (TSX: CCO; NYSE: CCJ) said today it had a net loss of$72 million in Q3. The Canadian uranium giant said it has a strong balancesheet. As of September 30, 2021, it had $1.4 billion in cash and sho...Read More
(Kitco News) With gold once again failing at $1,800, Wall Street has turned negative on the gold price for the next week, according to Kitco's weekly gold price survey.This has been a complicated week for gold with mixed economic data and a hawkish Bank of Canada announcement taking momentum away from the precious metal.December Comex gold futures were last trading at $1,778 an ounce, down 1% on t...Read More
NEW YORK, Oct 29 (Reuters) - The U.S. Treasury Department is expected to reduce the size of its upcoming auctions when it announces its funding plan for the coming quarter on Monday, the first step in lowering debt supply as the federal government moves past its emergency-level response to the coronavirus pandemic.The move, which is well anticipated on Wall Street, will likely total an $800 billio...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) -Rio Tinto announced yesterdaythat its entire 2021 Once in a Blue Moon Tender collection of 41 lots ofcarefully curated Argyle blue and violet diamonds, has been won by a singlebidder, the Hong Kong fanc...Read More
Oct 29 (Reuters) - UK shares tracked global markets lower on Friday, with anxiety over potential interest rate hikes and a slide in state-backed bank NatWest dragging the blue-chip FTSE 100 index.NatWest (NWG.L) fell 4.5% even though its profit tripled in the third quarter, as its margin contracted in a sign of how rock-bottom central bank rates have squeezed the income it can make from lending....Read More
ROME, Oct 29 (Reuters) - Finance and health ministers from the world's 20 biggest economies (G20) said on Friday they would take steps to ensure 70% of the world's population is vaccinated against COVID-19 by mid-2022 and created a task force to fight future pandemics.They could not reach agreement on a separate financing facility proposed by the United States and Indonesia, but said the task forc...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) -Yesterday, African Gold Group(TSX-V: AGG) announced that the Ministry of Environmental and SustainableDevelopment of the Republic of Mali has approved the Environmental and SocialImpact Assessment ("ESI...Read More
LONDON/LE HAVRE, France, Oct 29 (Reuters) - British Prime Minister Boris Johnson will meet French President Emmanuel Macron this weekend amid a row over post-Brexit fishing rights in which France has seized a British boat and London has threatened to board French trawlers.The flare-up is part of a wider dispute over post-Brexit trade arrangements between Britain and the European Union that could s...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) -Impala Platinum (JSE: IMP,Implats), a leading producer of platinum group metals, announced today that inSeptember quarter 2021, its total 6E PGM concentrate volumes decreased 6% to809,000 ounces, with a...Read More
Oct 29 (Reuters) - Shares of Meta Platforms Inc (FB.O) rose marginally in premarket trading on Friday after social media giant Facebook rebranded itself to build the "metaverse", a shared virtual environment.Chief Executive Officer Mark Zuckerberg said on Thursday the new name reflects the company's work invested in the metaverse, rather than its namesake social media service, which will continu...Read More
With themining complex attempting to create a sustainable bottom since the beginning ofQ4, the M&A space also began to perk up recently. Once the high-profile Agnico-Eagle/Kirkland Lake Gold"merger of equals" deal was announced at the tail-end of Q3, I suggested the possibility ofthese issues being related in my October 1stcolumn, along withsparking more M&A activity in the near-term.Into the endo...Read More