It feels like were at the point in the "correction" cycle in which the mining stocks are reluctantly going lower. I also believe that aggressive hedge funds looking to buy at this level are trying to push the stocks down in early trading in order to induce remaining weak hands to sell in their bids. Tuesday (March 20th) is a perfect example. Several of the stocks I own were hammered early and then...Read More
PRINCETON, N.J. - The Federal Reserve should continue raising interest rates this year and next so that it can avoid an overheating that cuts short the economic expansion that is already picking up steam, a policymaker of the U.S. central bank said on Monday.Cleveland Fed President Loretta Mester, who votes on policy this year and leans somewhat hawkish, said the central bank can speed or slow its...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
The spot gold price shot up to a five-week high earlier today just above US$1,250 an ounce over trade war concerns, with gold equities benefitting accordingly.Staff reporterGold price rises on trade war fears26 MARCH 201826/03/2018commentsshareThe gold price has risen about $20/oz since Thursday when US president Donald Trump signed a presidential memorandum that could impose tariffs on Chinese im...Read More
Price losses have deepened in the Chinese ferro-silicon spot market as restarted production increasingly weighs on supplier sentiment, although demand from the magnesium market is giving some support. China market weakness persists... ...but Mg sector demand stems price losses Europe eases with lower offer pricesUS suppliers cut prices amid competition Renewed supply drags down Ch...Read More
Nation's first-ever crude futures end day at 429.9 yuan/barrelGlencore and Trafigura are among foreign participants in debutChina Set to Shake Up Oil Futures MarketTwo of the world’s biggest oil traders gave China’s crude futures contract a go on its long-anticipated trading debut.Commodity giants Glencore Plc and Trafigura Group were among foreign participants as the yuan-denominate...Read More
Here Are 4 Hot Things to Know About Stocks Right Now Stocks on Monday trade higher for the first time in four days.All three major averages closed the day up at least 2.7%, led by the Nasdaq which gained 3.26%. The Dow Jones Industrial Average's close on Friday, March 23, of 23,533 was its lowest since Nov. 22, 2017.The Dow last week declined 5.67%, the S&P 500 dropped 5.95% a...Read More
Chinese charge chrome and spot ferro-chrome slipped slightly on Friday March 23 in anticipation of lower Chinese ferro-chrome tender prices for April, while tightening supply pushed up US prices. Chinese charge chrome and spot ferro-chrome prices fall US high-carbon ferro-chrome quotations rise South Korea and Japan anticipate softening markets Stability reigns on European ferro...Read More
CloseGain/LossGold $1352.90+$7.20Silver$16.69+$0.16XAU82.50+1.22%HUI178.97+1.19%GDM626.21+1.46%JSE Gold1129.86-1.40USD89.05-0.40Euro124.54+0.98Yen95.00-0.70Oil$65.55-$0.3310-Year2.846%+0.034T-Bond144.5625-0.15625Dow24202.60+2.84%Nasdaq7220.54+3.26%S&P2658.55+2.72% The Metals: Gold climbed $10.10 to $1355.80 in late morning New York trade before it edged back lower into the close, but it st...Read More
(Kitco News)- Gold continues to trade in the pattern that has developedsince the Fed began raising rates. This consists ofa weakening pattern into the anticipated Fed meeting, a blip lower onthe announcement and then a strong rally. We suggested that gold wouldpotentially see a $1,307 print ahead of the announcement, with a suggestion toenter, when the news broke. The initial bounce to the $1,327...Read More
London-based metals merchant Concord Resources is eyeing opportunities brought about by resource nationalism and protectionism, after announcing results that show how the company's rapid expansion accelerated through 2017. Concord tripled its net profit after tax, bringing in $20.73 million over 2017 - its second full trading year - representing a 23.9% gross return on average equity. Annuall...Read More
Copper was most definitely on the sales rack last week after fears of a global trade war saw the red metal lose 3.1% of its value.Staff reporterSales season: The copper selloff was overblown, according to Barclays Capital26 MARCH 201826/03/2018commentsshare While the US imposing tariffs on approximately US$60 billion of Chinese imports and China reciprocating with plans to enact its own duties on...Read More
- London house prices falling at fastest pace since 2009- Values fell by 2.6% in year through January- London house prices likely to be weakest in UK over next five years - Inflated prices make London property more exposed to economic and political shocks- Worries over house prices are having a knock-on effect in wider economy- Physical gold to act as much needed hedge against falling property...Read More
After Nevada Copper (NCU.TO) closed a refinancing deal, resulting in a sharply increased share count but improved capital situation, the company is now restarting the construction phase of the underground component of the Pumpkin Hollow copper mine. As you might remember, the underground mine was expected to process approximately 5,000 tonnes per day, which would have been a first phase to an inte...Read More
KATOWICE, Poland, March 26 (Reuters) - Poland’s biggest mining firm, state-run PGG, expects its coal output to rise slightly this year from around 30 million tonnes in 2017, the company’s Chief Executive Tomasz Rogala said on Monday.“I think we will produce more than 30 million tonnes. This could be 30.6-30.7 million,” Rogala told reporters.PGG, which accounts for about hal...Read More
Consumer resistance to recent high prices pushed low-grade manganese ore prices lower on Friday March 23, while manganese alloy prices in Europe and the United States were unchanged in quiet market conditions. Consumer backlash drives low-grade ore prices lowerHigh-grade ore prices keep edging upChinese alloy futures and physical prices weaken furtherAlloy prices weaken in IndiaAlloy prices hold...Read More
As The Hydropothecary Corporation (TSXV:THCX) embarks on its massive expansion the deal with Shopify Inc. (TSX:SHOP) strengthens its online distribution capabilitiesSmallCapPower | March 26, 2018: The Hydropothecary Corporation (TSXV:THCX) Tuesday announced that it has chosen Shopify Inc. (NYSE:SHOP) (TSX:SHOP), an eCommerce giant with 600,000 merchants and gross merchandise volume exceeding $26.0...Read More
Antonio De la JaraSANTIAGO (Reuters) - Workers at Antofagasta PLC’s (ANTO.L) Los Pelambres copper mine in Chile reached agreement on a new labour contract, defusing the risk of a strike, the union said on Monday.Workers in the mine’s largest union had last week rejected an offer for a new labour contract, triggering a period of government mediation and raising the spectre of the first-...Read More
Exploring an outcrop. Source: Orefinders Resources Inc.Orefinders Resources Inc. [ORX-TSXV, OTC-ORFD] released an update Monday March 26 on its spin-off company Power Ore Inc., which will acquire Orefinder's past-producing silver-cobalt Mann Mines and MacMurchy properties via a court approved plan of arrangement.The properties are located in the Cobalt-Gowganda District of northeast Ontario, and f...Read More
WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said Canadian-based mining company Kinross Gold agreed to pay $950,000 to settle civil charges that it failed to ensure its payments in Africa were not being used to bribe government officials.The SEC said in a statement Monday the company did little to verify payments to politically connected consultants and vendors - often made i...Read More