Inflation accelerated again in September, and gold prices (finally!) reacted positively. Bad news: the rally was short-lived.Unfortunately, I was right. One month ago, when commenting on the CPI readings for August, I wrote that inflation “doesn’t have to go away anytime soon” and that the economic developments suggest that “inflation isn’t disappearing just yet.&rdqu...Read More
(Kitco News) A monetary system collapse is coming, and the trigger will be raging inflation, said Lawrence Lepard, Equity Management Associates managing partner."We've reached peak debt and peak money printing as a solution to our problems. The growth of the money supply has almost gone vertical," Lepard told Michelle Makori, editor-in-chief of Kitco News. "And this is how inflation, which could b...Read More
Peru president Pedro Castillo heard good words the community of Corani, which is also near Bear Creek Mining's silver project.Today the company (CVE:BCM) traded up 27% to $1.71.Last week representatives from the towns and villages of the Corani District were received by the President of Peru, Pedro Castillo Terrones at the Presidential Palace."During the meeting community representatives formally...Read More
Frontier Lithium (CVE:FL) announced today that it has successfully produced battery grade lithium chemicals from its own spodumene resource from the PAK deposit, part of the PAK lithium project in Ontario.The lithium salts were produced from ‘ore-to-hydroxide’ sulphate conversion route by a mini-pilot plant using core samples taken from the PAK lithium project. The Government of Ontari...Read More
In real estate many agents and investors say the three mostimportant things to the value of a property are location, location, location. Asimilar case can be made for gold with one of the keys and most importantelements to price changes being inflationary pressures. Today it was concernsabout inflationary pressures that took gold moderately higher. While a weakerdollar did provide some tailwinds a...Read More
On a higher timeframe basis: I cautioned on 8/16/18 the breakabove $1,179.7-$1,183.7 warned of renewed strength. We have seen $905.5. Thisis ON HOLD. We held major exhaustion at $2,071.6-93.2 with a $2,089.2high and rolled over $412.8 into the macro bearish correction warned about.This is ON HOLD. On a lower timeframe basis: The decent trade above at $1,771.4warned of decent strength. We saw $14.6...Read More
(Reuters) - The U.S. economy grew at a "modest to moderate" rate in September and early October, as the latest surge of coronavirus cases crested and began to recede, the Federal Reserve said on Wednesday in its latest Beige Book compendium of reports about the economy."Outlooks for near-term economic activity remained positive, overall, but some Districts noted increased uncertainty and more caut...Read More
(The opinions expressed here are those of the author, a columnist for Reuters.)ORLANDO, Fla., Oct 20 (Reuters) - "Inflation expectations" are probably two of the most important and scrutinized words in financial market and central bank circles, playing, as they do, a pivotal role in determining monetary policy decisions.Unfortunately, they may also be two of the most meaningless.Two papers publish...Read More
WASHINGTON, Oct 20 (Reuters) - U.S. Deputy Attorney General Lisa Monaco has a message for corporate America: The U.S. Justice Department needs its help in order to take down cyber criminals."We cannot do this alone," Monaco said on Wednesday during a virtual roundtable on cybersecurity."The bottom line is this: I believe it is bad for companies. It's bad for America and it hurts our efforts to uph...Read More
(Reuters) -PayPal Holdings Inc has offered to buy digital pinboard site Pinterest Inc for $45 billion, people familiar with the matter said on Wednesday, a combination that could herald more tie-ups between financial technology and social media companies in e-ecommerce.The deal talks come as internet shoppers increasingly buy items they see on social media, often following "influencers" on platfor...Read More
WASHINGTON (Reuters) - The Boston Federal Reserve will not release documents that could show whether its former president vetted a series of personal investments last year with its ethics officer, a spokesman for the regional Fed bank said, a key point in an ongoing ethics controversy at the U.S. central bank.Eric Rosengren, along with Dallas Fed President Robert Kaplan, stepped down after details...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 said yesterdaythat the Pueblo Viejo gold mine in the Dominican Republic is continuing toadvance a plant expansion and tailings storage facility project designed toextend its life to 2040 a...Read More
HAVANA (Reuters) - Cuba has reached a deal with the Paris Club of creditor nations to postpone an annual debt payment due in November until next year, according to diplomats from five of the governments involved, the latest sign the Communist-run country is suffering a grave foreign exchange crisis.The historic 2015 Paris Club agreement with Havana forgave $8.5 billion of $11.1 billion in sovereig...Read More
(Reuters) - Federal Reserve Governor Randal Quarles, until recently the U.S. central bank's top financial regulator, on Wednesday said he does not understand the arguments in favor of issuing a central bank digital currency."Until somebody answers me the question why, I don't understand why we would devote the enormous amount of resources and the technological risk and the significant disruption t...Read More
(Adds background)TORONTO, Oct 20 (Reuters) - Chris Hohn's hedge fund firm TCI Fund Management rose over 17% in the first nine months of year, a source close to the firm told Reuters on Wednesday, as the activist investor benefited from its stake in Canadian National Railway Co.TCI, which owns a 5% stake in CN, has been agitating for change at Canada's biggest rail road operator since August after...Read More
WASHINGTON (Reuters) -U.S. President Joe Biden heads on Wednesday to his birthplace of Scranton, Pennsylvania as an agreement among Democrats on the scope of his social spending package appeared within reach.Biden will deliver remarks at the Electric City Trolley Museum in Scranton, Pennsylvania, an election swing state, and talk about how his infrastructure plan will benefit the working class in...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) - Santacruz Silver Mining(TSX.V:SCZ) announced today that the company produced 316,024 ounces of silverin Mexico in Q3 2021, an increase of 4% compared to Q3 2020 (304,123 ounces).In addition, the compan...Read More
By David Alire GarciaACAPULCO, Mexico Oct 20 (Reuters) - The chief executive ofMexico's top precious metals miner Fresnillo on Wednesdaydescribed the current government's policies as "unfavorable" forthe key industrial sector.Mexican President Andres Manuel Lopez Obrador's government has been criticized by the mining industry for its policy of nonew concessions, as well as what have been...Read More
MADRID (Reuters) -Axel Weber, the chairman of UBS, made it clear in September 2018 to his Santander counterpart, Ana Botin, that the bank would not stump up Andrea Orcel's deferred pay if he quit to join the Spanish rival, Weber told a court on Wednesday, showing the pivotal role he played in a high-stakes dispute.Orcel, who was UBS's top investment banker at the time, is suing Santander for compe...Read More
LONDON (Reuters) - The world faces "very prolonged" disruptions to shipping cargo flows, an executive at leading ports operator ICTSI said, as logistical headaches such as truck shortages weigh on backed-up supply chains and rebounding trade drives up volume.Major bottlenecks have formed across the globe in recent months due to a surge in demand for retail goods from people stuck at home under pan...Read More