With the first half of 2018 now drawn to a close, much of the financial medias’ headlines and commentary relating to the gold market has been focusing on the fact that the US dollar gold price has moved lower year-to-date. Specifically, from a US dollar price of $1302.50 at close on 31 December 2017, the price of gold in US dollar terms has slipped by approximately 3.8% over the last six mon...Read More
With the first half of 2018 now behind us, it’s an opportune time to look at whats been happening in the Chinese Gold Market. As a reminder, China is the largest gold producer in the world, the largest gold importer in the world, and China’s Shanghai Gold Exchange is the largest physical gold exchange in the world.For various reasons such as cross-border trade rules, VAT rules and de...Read More
This blog post is a guest post on BullionStar's Blog by the renowned blogger JP Koning who will be writing about monetary economics, central banking and gold. BullionStar does not endorse or oppose the opinions presented but encourage a healthy debate.The Turkish government, in particular its central bank, has a relatively unique relationship to gold. Few governments directly involve themselve...Read More
In March of this year, the London Bullion Market Association (LBMA) released a series of short videos about various aspects of the London precious metals markets and the role the LBMA claims to plays in those markets. In the words of the LBMA:“LBMA, the Global Authority for Precious Metals, has released five short films highlighting the pivotal role it plays in the global wholesale precious...Read More
It's proving to be an ugly day for the market. As of this writing, all major stock market indices are down at least 1.5%, dragging stocks to the lowest levels seen since the start of this summer. Simply put, the price action we're seeing in the broad market Tuesday doesn't paint a particularly rosy picture for stocks' staying power during the rest of 2018. But while Mr. Market gets gut-punched t...Read More
Gold is glittering this October - and miners are proving to be one of the best ways to play the trend. Since bottoming back in the middle of September, the average gold mining stock has surged around 15% higher, vs. a 3.3% stumble in the S&P 500 over that same time frame. That's not totally surprising. After last week's big "risk off" moment on Wednesday and Thursday, a flight to quality to gold...Read More
Canada's Barrick Gold Corp. is reportedly near an agreement to buy London-listed Randgold Resources Ltd. in a deal that could be worth as much as $18 billion, according to media reports. The agreement could be announced as soon as Monday, according to a report from Reuters citing a person familiar with the talks. Mining blog IKN first reported the news on Sunday, and Bloomberg later said the t...Read More
Gold prices have taken it on the chin, but don't be scared to shop the space. Goldcorp (GG) saw a weak second quarter, with lower gold production and higher-than-estimated costs. The company has advised the third quarter will also be soft, while forecasting a strong fourth quarter. The company's grand 20/20/20 goal (for 20% higher production, 20% higher reserves, and 20% lower costs) was resta...Read More
As the adage goes, buy the dip. Copper's recent pullback to around $6,000 a metric ton due to trade tensions between the U.S. and China presents a buying opportunity, according to Citigroup Inc. analysts. Copper is often known as Dr. Copper -- the metal with a Ph.D. in economics -- because of its ability to anticipate shifts in the global economy. Copper is used in industries including construct...Read More
Commodities from oil to precious metals showed their strength Wednesday, April 18, pushing higher across the board. While gold futures for June delivery were up 0.34% to $1,354.10 per ounce, other metals were rallying harder. Silver futures for May delivery gained 2.61% to $17.23 per ounce. Copper futures for July delivery soared 2.37% to $317.65 per pound. Platinum spot prices jumped 0.95% to $...Read More
Amid the threat of a trade war breaking out between the U.S. and China, Wall Street and Main Street alike look for gold prices to continue their rally next week. The yellow metal rose sharply this week and by late Friday morning was up some $40 from the lows of Tuesday. The first leg higher came when the Federal Reserve did not appear to be signaling any increase in policymakers' pace of monetar...Read More
The markets are tanking on Thursday, with the Dow down 500 points earlier in the session amid concerns about rising interest rates and ongoing troubles at Action Alerts PLUS holding Facebook (FB) . And that was before President Trump slapped China with $60 billion in tariffs. Here are three top takes from the columnists ofReal Money andReal Money Pro, our premium site for active investor...Read More
A weight has been lifted from the gold market after the Federal Reserve signaled Wednesday that it is in no hurry to raise rates faster than it was already expecting this year, according to one gold analyst. In a telephone interview, George Milling-Stanley, head of gold investments at State Street Global Advisors said that he now expects gold prices to eventually retest the top of its recent ran...Read More
The next move for gold prices may not please the bulls, who are likely betting for the return of stock market volatility boosting sentiment around the yellow metal. "In the last four gold selloffs, greater than average volume occurred across the entire futures chain while front month gold prices held support -- this suggests new longs and accumulation in the lower $1300's," says Bank of America...Read More
U.S. markets are staging a long-awaited rebound this week, bouncing higher for a third straight session Wednesday after a particularly nasty short Thanksgiving trading week. That might pull investors' attention back away from conventionally defensive assets like gold. But that's a big mistake. After a prolonged stretch of underperformance, gold is finally staging a major turnaround here. Simply...Read More
Markets are playing it cool Wednesday morning, holding positive territory ahead of the Fed's 2:00 p.m. rate hike decision. Broadly, investors expect the Fed to hike rates by 25 basis points - markets are pricing in about a 67% probability of a hike as of Wednesday morning - but hope that a revised dot plot could hint at Jay Powell and company hitting the brakes on additional hikes for 2019. The...Read More
Contagion The urge to merge is spreading. Two weeks ago, news broke that Bristol-Myers Squibb (BMY) would spend $74 billion for Celgene (CELG) . Then we heard that Eli Lilly (LLY) would acquire Loxo Oncology (LOXO) for cash. Almost immediately, the talk swirled around BMY as a potential takeover target itself. It's not just the pharmaceutical space, friends. The break of dawn brought to our mids...Read More
Shares of Freeport-McMoRan Inc. (FCX) , one of the world's largest copper miners, fell by 13.1% on Thursday to close at $10.70 after the company reported disappointing fourth-quarter results. The company reported net income of $140 million, or 11 cents a share, after reporting net income of $1.04 billion, or 70 cents a share, a year ago. Copper production fell 17% to 841 million pounds. Aver...Read More
Shares of gold and copper producer Newport Mining Corp. (NEM) slipped 0.5% Thursday to $35.22 despite the company reporting fourth-quarter earnings that surpassed analysts' expectations thanks to steady gold and copper production and lower operational costs. The company reported adjusted earnings of $214 million, or 40 cents a share, for its fourth quarter, compared to $206 million, or 38 cen...Read More
Gold is glittering this winter - and everyone's favorite precious metal could have even further to run in the sessions ahead. After a run of underperformance, gold prices have managed to find bottom and move higher in the last six months, the ever-popular SPDR Gold Shares ETF (GLD) is up about 9% since the end of August. But there's mounting evidence that gold could have even further to rally...Read More