Huayou Cobalt and Posco will invest in two joint ventures in China's Zhejiang province to produce lithium-ion battery materials, according to a statement filed on the Shanghai Stock Exchange on Wednesday January 10. With a total investment of 1 billion yuan ($154 million), Zhejiang HUAYOU-POSCO New Energy Co, Ltd will be dedicated in the research and development, production, as well as sales of li...Read More
Jonathan SpicerNEW YORK (Reuters) - One of the Federal Reserve’s most influential members on Thursday offered a point-by-point critique of U.S. President Donald Trump’s sweeping tax cuts, warning they put the country on an unsustainable fiscal path that will imperil the economy’s stability down the road.New York Fed President William Dudley, a key architect of the U.S. central ba...Read More
I fully expect the Government's Census Bureau to post a mind-blowing headline retail sales number for December. Hyperbolic headline economic statistics derived from mysterious "seasonal adjustments" based on questionable sampling methodology is part of the official propaganda policy mandated by the Executive Branch of Government.But I also believe that retail sales were likely more robust than s...Read More
(Kitco News)- Confusionand uncertainty reign in financial markets, helping gold prices rally in theface of higher bond yields, as traders continue to assess whether or not Chinawill continue to buy U.S. Treasuries. EarlyThursday, Chinese officials denied reports that the central bank is looking atslowing its U.S. bond purchases. According to reports, while the central bank is diversifying its f...Read More
Panoro Minerals (PML.V) continues to work on its fully owned Cotabambas copper-gold-silver project in Peru, and it has now released excellent assay results from its Petra target where the drill bit intersected 79 meters containing 0.32% copper, 0.08 g/t gold and 2.2 g/t silver in an interval starting at surface. The mineralization appears to be oxidized which could perhaps be beneficial to a plan...Read More
The Dow Jones Industrial Average, S&P 500 and Nasdaq all scored new record closes on Thursday, Jan. 11, as Wall Street got a boost from some of its biggest industrial and energy names. The Dow jumped 205 points, or 0.81%. The blue-chip index was led by Chevron Corp. (CVX) , up 3%, General Electric Co. (GE) , which rose 0.5%, Caterpillar Inc. (CAT) , which gained 2%, and Boeing Co. (BA)...Read More
Gold’s technical posture on thecharts remains constructive, says Lukman Otunuga, research analyst atFXTM. The metal is modestly higher so far Thursday, helped by a softer U.S.dollar. “With the greenback somewhat shaky and still struggling to gain ground,gold is likely to remain supported moving forward,” Otunuga says. “Taking alook at the technical picture, the metal still...Read More
(Kitco News) - Pan American Silver Corp.(Nasdaq, TSX: PAAS), the world’s second-largestprimary silver producer, is projecting that its output of silver will climbover the next three years.Officials released productiondata showing fourth-quarter output of 6.6 million silver ounces and 43,700ounces of gold. This brings the full-year totals to 25 million ounces of silverand 160,000 ounces of go...Read More
Operations at Glencore's Pasar copper smelter have been suspended since last week due to a leakage in the sulfuric acid plant, Metal Bulletin has learned.The smelter consumes 720,000 tonnes per year of copper concentrates. Part of the feed comes from Freeport's Grasberg copper mine in Indonesia. Glencore will continue to receive the feed, a well-informed source told Metal Bulletin. At least two sh...Read More
Yamana Gold Inc. (TSX: YRI; NYSE: AUY) says it topped guidance forgold and copper output in 2017. The company lists fourth-quarter preliminaryoutput of 259,000 ounces of gold, 1.17 million ounces of silver and 34 millionpounds of copper. For the full year, output included 977,000 ounces of gold, toppingguidance of 960,000; 5 million ounces of silver, roughly matching guidance; and127 million pound...Read More
Annual refining charges (RCs) for imported blister copper, an intermediate product of refined copper production, have increased slightly this year while China's copper smelters are looking to import more material to fill the supply gap arising from the drastic cut in copper scrap import quotas.Expectations of rising supply have boosted RCs for imported blister copper, normally 97-99% copper conten...Read More
CloseGain/LossGold $1321.80+$4.40Silver$16.98UNCHXAU87.04+1.13%HUI195.52+0.64%GDM653.12+0.43%JSE Gold1325.12+12.06USD91.90-0.42Euro120.32+0.75Yen90.03+0.24Oil$63.80+$0.2310-Year2.536%-0.016T-Bond150.3125+0.25Dow25574.73+0.81%Nasdaq7211.78+0.81%S&P2767.56+0.70% The Metals: Gold edged down to $1315.70 in Asia, but it then chopped up to as high as $1323.90 in New York and ended with a gain of...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
- Gold prices rise to $1,326/oz on concerns China may slow U.S. Treasury buying- Equities fell sharply on the report as did Treasurys and the U.S. dollar- Chinese officials think U.S. debt is becoming less attractive compared to other assets- Trade tensions could provide a reason to slow down or halt U.S. debt purchases- U.S. dollar vulnerable as China remains biggest buyer of U.S. sovereign de...Read More
In my view there is nothing special about China's intention of reducing US treasury investment. This was bound to happen much earlier. China is "thee" happening place for the global financial service industry. It has opened up its economy for global investors. China is moving towards a service oriented growth from a manufacturing growth. Chinese moves economically or geopolitically is antagonizi...Read More
* Euro gains after ECB minutes released* Dollar index weak after U.S. producer prices fall* Bitcoin slips on S.Korea plans to ban cryptocurrency trading (Updates prices, market activity, comments)By Saqib Iqbal AhmedNEW YORK, Jan 11 (Reuters) - The euro rallied against the greenback on Thursday after the European Central Bank said it could revisit its communication stance in early 2018, boosting e...Read More
West Texas crude erases advance, natural gas ralliesTraders still shaken by concerns that sparked Wednesday drop"The notion that equities and yields can't rise together isn't accurate," says BlackRock's Russ Koesterich.U.S. stocks rebounded from the first retreat of the year to set fresh records, as resource producers and industrial shares rallied on optimism in the global economy. The dollar fell...Read More
WASHINGTON (Reuters) - The U.S. Senate Banking Committee will hold a second vote on Jan 17 over the Trump administration’s nomination of Fed Governor Jerome Powell to lead the Federal Reserve, the committee’s calendar showed on Thursday.The committee already backed Powell to head the U.S. central bank in a Dec 5 vote, but a second vote is required because the full Senate failed to appr...Read More
The Beaufor gold mine located 27 km northeast of Val d'Or, northern Quebec. Source Monarques Gold Corp.Monarques Gold Corp. [MQR-TSXV, MRQRF- OTCMKTS, MR7 FSE] said exploration drilling has intersected high grade gold at the company's Beaufor Mine property in Quebec.The company said the 2,239-metre program was aimed at increasing the resources in two sectors of the Beaufor Mine known as Zone Q and...Read More
Huayou Cobalt and Posco will invest in two joint ventures in China's Zhejiang province to produce lithium-ion battery materials, according to a statement filed on the Shanghai Stock Exchange on Wednesday January 10. With a total investment of 1 billion yuan ($154 million), Zhejiang HUAYOU-POSCO New Energy Co, Ltd will be dedicated in the research and development, production, as well as sales of li...Read More