(Adds Q4 GDP estimate, analyst comments, updates markets)* Import prices increase 0.1 percent in December* Import prices rise 3.0 percent year-on-year* Import prices excluding petroleum fall 0.2 percent* Wholesale inventories rebound 0.8 percent in November By Lucia MutikaniWASHINGTON, Jan 10 (Reuters) - U.S. import prices recorded their smallest increase in five months in December and underlyin...Read More
(IDEX Online) - Environmental, as well as social and economic responsibility in the jewelry sector will be the focus of a seminar scheduled for Monday, January 22, 2018, during the VICENZAORO January 2018 jewelry trade show in Vicenza, Italy. Titled "Green and Blue Jewellery, Environmentally Sustainable Luxury," it is being organised by CIBJO, the World Jewellery Confederation, and the Italian Exh...Read More
After a year focused on re-establishing stability, the London Metal Exchange has started 2018 with its attention on driving more liquidity to the bourse by launching the Introducing Broker membership category and broadening its contract portfolio, says senior metals market consultant Martin Hayes. Twelve months ago, it was fair to say that the LME was facing a period of uncertainty - it had lost i...Read More
* Retailers look to bypass cards for online purchases* Tougher competition could reshape Europe's retail banking* Establishing consumer trust in data protection a hurdle By Huw JonesLONDON, Jan 10 (Reuters) - New European rules on online payments and banking due to go into effect on Saturday mark the start of a "slow burn" revolution that will prise open traditional retail banking and m...Read More
WASHINGTON (Reuters) - U.S. import prices recorded their smallest increase in five months in December and underlying imported price pressures were muted amid declining costs for food and consumer goods.The Labor Department said on Wednesday import prices edged up 0.1 percent last month after an upwardly revised 0.8 percent rise in November. That was the smallest gain since July and was well below...Read More
Brazil's Vale (NYSE:VALE), the world's largest iron ore and nickel miner, has officially closed the sale of its fertilizer business to US-based Mosaic Co. (NYSE:MOS), the No.1 producer of phosphate fertilizer, in a deal worth about $1.4 billion, considerably less than the $2.5bn originally estimated.The transaction, part of Vale's strategy to cut debt and focus on its core businesses, excludes t...Read More
OSLO, Jan 10 (Reuters) - Hexagon's chief executive, Ola Rollen, has been found not guilty of insider share trading, an Oslo court said on Wednesday.Prosecutors had asked for an 18-month prison term for Rollen's 2015 purchase of shares in Norway's Next Biometrics , a transaction which did not involve Hexagon. One of Sweden's best known business leaders, Rollen had maintained his innocence throughou...Read More
WASHINGTON, Jan 10 (Reuters) - President Donald Trump said on Wednesday he would like to see action on helping undocumented young people who moved to the United States as children, but he said any immigration bill also would have to improve jobs, wealth and security for U.S. citizens.Trump, speaking at the start of a cabinet meeting, said he wanted to see action to help those affected by his decis...Read More
CARACAS (Reuters) - Venezuela’s opposition-run parliament on Tuesday outlawed a “petro” cryptocurrency promoted by socialist President Nicolas Maduro, calling it an effort to illegally mortgage the cash-strapped country’s oil reserves.Maduro on Friday said his government would issue nearly $6 billion of petros as a way to raise hard currency and to evade financial sanctions...Read More
(Kitco News) - Gold and silver investments should not be missed out on amid the recent crypto craze, said ABC Bullion’s global general manager, pointing out that risks associated with digital currencies are often overlooked.Crypto’s “huge returns of late” might not be able to protect traders against much bigger problems that exist within the cryptocurrencies space, Nicholas...Read More
Recent price action in gold suggests that the precious yellow metal might be forming a base at just above $1300 per ounce. The most recent rally, which began in mid-December, took pricing from $1238 to $1327 before finding resistance. Since Friday of last week, gold has been trading in a narrow and defined range with intraday lows coming in above $1305 and intraday highs falling below $1324.When f...Read More
Editor's Note:View Kitco News' full 2018 outlook coverage(Kitco News) - Known as a fan favorite, the Expert Series brings together well-known investors and Kitco regulars to find out where they will be putting their money in 2018.Adding a twist this year's feature, we have asked popular mining sector analysts for their thoughts on the mining sector and what companies they like in the new year. Thi...Read More
Vitaliy Katsenelson emailed an article about the Bitcoin bubble. Let's compare to the "Something Else Entirely" belief. Bitcoin – Millennials Fake Gold by Vitaliy Katsenelson Originally posted on the Contrarian Edge. I’ve been asked about Bitcoin a lot lately. I’ haven’t written anything about it because I find myself in an uncomfortable place in agreeing with...Read More
(Kitco News) - The world’s most famous investor doubled down on his negative view of bitcoin and cryptocurrencies Wednesday.In an interview with CNBC, Warren Buffett, from Omaha, Neb., said that he will have nothing to do with cryptocurrencies. In a harsh rebuke of the asset class, Buffett said, “I can say almost with certainty that they will come to a bad ending.”He explained th...Read More
The early part of the year is typically when there is movement on the Street, and 2018 is no exception.Vancouver-based PI Financial has hired two new staffers for its mining research group. The firm has retained the services of Chris Thompson as head of its mining research group and Justin Stevens as a mining research associate. They both joined from Raymond James where they covered precious metal...Read More
SHANGHAI, Jan 10 (SMM) – Nonferrous metals were mixed today with SHFE nickel up over 1% and tin up 0.67%. While aluminium edged up slightly, SHFE lead and zinc were down 0.51% and 0.69% respectively. Ferrous metals weakened this afternoon even though rebar and hot-rolled coil were still up at closure. Coke and coking coal saw drops of 3% and 2% respectively, while iron ore edged down s...Read More
SHANGHAI, Jan 10 (SMM) – Nonferrous metals were mixed today with SHFE nickel up over 1% and tin up 0.67%. While aluminium edged up slightly, SHFE lead and zinc were down 0.51% and 0.69% respectively. Ferrous metals weakened this afternoon even though rebar and hot-rolled coil were still up at closure. Coke and coking coal saw drops of 3% and 2% respectively, while iron ore edged down s...Read More
Gold stocks having EV/EBITDA equivalent to global peer average of 9.4X or higher.Gold stocks having stable fundamentals and a strong position despite lower gold prices and forex.Sound market valuation due to substantial organic growth opportunities in project pipeline. Source: The Balance Investment Thesis Enterprise Value to Earnings before Interest Depreciation and Amortization ((EV/EBITDA)): Th...Read More
(Kitco News) - Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term.Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12 PM EDT) along with the results from our market professional survey.Readers can al...Read More
SHANGHAI, Jan 10 (SMM) – Nonferrous metals were mixed today with SHFE nickel up over 1% and tin up 0.67%. While aluminium edged up slightly, SHFE lead and zinc were down 0.51% and 0.69% respectively. Ferrous metals weakened this afternoon even though rebar and hot-rolled coil were still up at closure. Coke and coking coal saw drops of 3% and 2% respectively, while iron ore edged down s...Read More