(Kitco News) - Gold pricesare moderately lower and hit another six-month low in early U.S. tradingWednesday. The yellow metal can’t hold a bid despite some risk aversion seen inthe marketplace this week, due to worries about a global trade war. It seemsthe specter of less commerce in raw commodities if a trade war would break outis trumping safe-haven buying. Indeed, gold at present is actin...Read More
Bob Moriarty ArchivesJun 20, 2018I will keep repeating the same message. We are in the timeframe of June/July for a tradable low in gold and silver. The DSI fell below 10 but the COTs do not yet reflect the extreme of emotion required for a vibrant bull move. For those readers not familiar with supply and demand as a factor in price, manipulation is the worse reason to invest in anything. If you b...Read More
Richard LeongNEW YORK (Reuters) - The dollar was little changed on Wednesday, hovering near an 11-month peak against a basket of major currencies as China’s signal of a tolerance of a stronger yuan offset anxiety about the global trade conflict.The greenback, as well as the yen and Swiss franc, remained well supported as traders braced for possibly another round of tariffs.“The market...Read More
Ferro-chrome prices cif China have risen over the past two weeks, underpinned by uncertain electricity supply at the country's main exporter, which could lead to higher production costs, as well as tightening domestic supply. Metal Bulletin calculated the charge chrome index cif China at $0.97 per Ib on Friday June 15, up 4 cents week on week and following another 4 cent increase the week pri...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump and a group of lawmakers from the Senate and House of Representatives will meet at the White House on Wednesday to discuss their disagreement over how to penalize Chinese telecommunications company ZTE Corp (000063.SZ) (0763.HK), a White House spokeswoman said.The Trump administration moved to lift a ban on the company doing business with U.S. sup...Read More
Here Are 3 Hot Things to Know About Stocks Right Now General Electric Co. (GE) fell 0.3% on Wednesday after getting booted from the Dow Jones Industrial Average .The Dow declined again on Wednesday but the Nasdaq closed at a new record high. Walt Disney Co. (DIS) increased its bid for Twenty-First Century Fox Inc. (FOX) to $71.3 billion. Wall Street Overview St...Read More
SINTRA, Portugal (Reuters) - A developing trade war between the world’s biggest economies is already weighing on business confidence and could force central banks to downgrade their outlook, the world’s most powerful central bank chiefs argued on Wednesday.The United States has levied punitive tariffs on a number of its top trading partners, prompting retaliatory moves that threaten to...Read More
(Reuters) - The U.S. jobs market does not appear overly tight and the Federal Reserve should continue with a gradual pace of interest rate rises amid a strong economy to balance its employment and inflation goals, Fed Chairman Jerome Powell said on Wednesday.Powell also cautioned central banks against trying to run an excessively hot labor market for too long in case it undermines their credibilit...Read More
LONDON (Reuters) - Prime Minister Theresa May won a crucial Brexit vote in parliament on Wednesday, keeping her deeply divided government’s plans to end Britain’s more than 40 years of partnership with the European Union on track.After pro-EU Conservative lawmaker Dominic Grieve said he would support the government’s proposal for a “meaningful vote” in parliament on a...Read More
UC Rusal has started to export bauxite mined at Dian-Dian in Guinea's Bok?(C) province. Shipments follow the completion of the first stage of development at the deposit, which has capacity of 3 million tonnes per year of bauxite. As part of the first stage, Rusal has built the necessary roads, railway and other infrastructure needed to serve the mine. The company signed a multilateral agreement wi...Read More
SINTRA, Portugal (Reuters) - A Franco-German proposal to deepen the monetary union through a euro zone budget is an encouraging step and should be welcomed, European Central Bank President Mario Draghi said on Thursday.“The recent document produced by France and Germany is to be welcomed,” Draghi told a central banking conference. “It’s an encouraging step in this direction...Read More
CloseGain/LossGold $1269.50-$6.00Silver$16.30UNCHXAU81.25-0.52%HUI175.44-0.80%GDM611.50-0.75%JSE Gold1075.67+3.70USD95.09+0.05Euro115.83-0.01Yen90.73-0.34Oil$66.22+$1.1510-Year2.936%+0.046T-Bond144.50-0.4375Dow24657.80-0.17%Nasdaq7781.51+0.72%S&P2767.32+0.17% The Metals: Gold dipped $4.20 to $1271.30 in London before it bounced back to $1276.20 in morning New York trade, but it then fell b...Read More
Weaker Asian currencies have resulted in gold and silver prices not falling by much. As long as the physical gold price in India does not fall below Rs.30500 per ten grams for 22carat purity, downside risk will be limited. I do not foresee the physical gold price falling below Rs.30500 per ten grams for 22carat purity till Diwali. The Indian rupee has to gain against the US dollar significantly...Read More
WASHINGTON (Reuters) - U.S. Commerce Secretary Wilbur Ross said on Wednesday his agency is launching an investigation of recent steel price hikes to determine whether some market participants are “illegitimately profiteering” from new U.S. tariffs.Ross told a Senate Finance Committee hearing that the price of steel in the U.S. market has risen far more than justified by the 25 percent...Read More
Philip BlenkinsopBRUSSELS (Reuters) - The European Union will begin charging import duties of 25 percent on a range of U.S. products on Friday, in response to U.S tariffs imposed on EU steel and aluminum early this month, the European Commission said on Wednesday.The move confirms a tit-for-tat dispute that could escalate into a full trade war, particularly if U.S. President Donald Trump carries o...Read More
SINTRA, Portugal (Reuters) - Behind a “facade of optimism”, European Central Bank officials are growing increasingly concerned that a looming trade war could derail the euro zone’s recovery and complicate its exit from years of easy money, central banking sources told Reuters.There was an eerie calm at the ECB’s annual get-together of policymakers and academics at the bank&...Read More
Underground test mining at the Fortune Minerals NICO Project in the Northwest Territories. Source: Fortune Minerals Ltd.A recent surge in the price of cobalt has sparked renewed interest in Fortune Minerals Ltd.'s [FT-TSX; FTMDF-OTCQX] polymetallic NICO project in the Northwest Territories.During a telephone interview with Resource World Magazine, Fortune President and CEO Robin Goad said the comp...Read More
Gold has suffered lately due to itstraditional inverse relationship with a strengthening U.S. dollar, thus has notbeen able to garner a safe-haven bid despite escalating trade tensions betweenthe U.S. and China, says Alex Thorndike, senior precious-metals dealer with MKS(Switzerland) S.A. Gold hit a 2018 low on Tuesday as the dollar continued toflex its muscles. “The market attention certain...Read More
The Wednesday Market Minute Global stocks rebound as Asia shares steady on PBOC support speculation.U.S-China trade tensions keep investors on edge, however, and safe-have flows active.Wall Street futures point to higher open; GE weakens on demotion from the Dow.Dollar holds at 11-month highs as pound, euro weaken amid slowing growth, political tensions.Oil bumps higher ahead of OPEC meeting, bu...Read More
The Quantec MT geophysical survey at Belmont's Kibby Basin property in Nevada. Source: Belmont Resources Inc.Belmont Resources Inc. [BEA-TSXV; L3L1-FSE] shares rallied strongly Wednesday June 20 after the company said it has received borehole drill permits for a proposed drill program at its Kibby Basin Lithium Project in Nevada."A drilling contractor has been selected and drilling is anticipated...Read More