The board of directors at Freeport-McMoRan Inc. (NYSE: FCX)has reinstated a cash dividend on its common stock, the company says. The boardintends to declare a quarterly dividend of 5 cents per share, with the next oneto be paid on May 1. “Our board’s action to reinstate common-stock dividends reflectsstrong execution of our plan to strengthen FCX’s financial position over thelast...Read More
(Kitco News) - Goldprices are modestly down in early morning action Wednesday. A higher U.S.dollar index is working against the precious metals market bulls so far today.However, selling interest in safe-haven gold and silver is being limited bylower U.S. stock indexes amid still-volatile trading. April Comex gold futureswere last down $2.90 an ounce at $1,326.60. March Comex silver was last down...Read More
Twitter Inc (NYSE:TWTR) is slated to report fourth-quarter earnings tomorrow morning. Ahead of the quarterly event, TWTR stock saw its price target hiked to $22 from $18 at Deutsche Bank. The brokerage firm is just the latest to weigh in on Twitter's turnaround efforts, waxing optimistic over the microblogging firm's impressive user growth and ad revenue. This still represents a discount to last n...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
Shares in Canada's Northern Vertex Mining (TSX-V: NEE) were up Wednesday after the miner said is closer than ever to pour first gold at its Moss mine, in northwestern Arizona.The Vancouver-based company said that roughly 7,800 tonnes of ore have been stacked on the pad to date, and production is ramping up towards an initial stacking rate of 2,500 tpd, to later reach 5,000 tpd.Production is rampin...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
Shares in Canada's Northern Vertex Mining (TSX-V: NEE) were up Wednesday after the miner said is closer than ever to pour first gold at its Moss mine, in northwestern Arizona.The Vancouver-based company said that roughly 7,800 tonnes of ore have been stacked on the pad to date, and production is ramping up towards an initial stacking rate of 2,500 tpd, to later reach 5,000 tpd.Production is rampin...Read More
(Kitco News) - Gold continues to experience pressure as investors generateliquidity in the wake of the global equity shakeout. The bounce in equityvaluations yesterday was actually a negative for gold prices, as investors assumedthe recent drop was merely a retracement, as with past sell-offs, and jumpedback into the equity space. Gold, a proxyfor liquidity, came under selling pressureas investors...Read More
(Kitco News) - Gold continues to experience pressure as investors generate liquidity in the wake of the global equity shakeout. The bounce in equity valuations yesterday was actually a negative for gold prices, as investors assumed the recent drop was merely a retracement, as with past sell-offs, and jumped back into the equity space. Gold, a proxy for liquidity, came under selling pressure as inv...Read More
(Kitco News) - BarrickGold Corp. (NYSE, TSX: ABX) says it will take a pre-tax $429 million impairmentcharge for the fourth quarter due to a reclassification of reserves at its Pascua-Lama project located on the border between Argentina and Chile.Last month, Chile’s Superintendencia del Medio Ambiente orderedthe closure of existing infrastructure on the Chilean side of the project as partof a...Read More
(Kitco News) - Barrick Gold Corp. (NYSE, TSX: ABX) says it will take a pre-tax $429 million impairment charge for the fourth quarter due to a reclassification of reserves at its Pascua-Lama project located on the border between Argentina and Chile.Last month, Chile’s Superintendencia del Medio Ambiente ordered the closure of existing infrastructure on the Chilean side of the project as part...Read More
What else is there to talk about after the largest single-day decline in the history of the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX)? In this article, I'm going to focus on the S&P 500, which closed about 8% off its highest level ever on Monday, and barely stayed above correction territory -- often defined as a 10% pullback -- on an intraday basis. Below, I'll try to answer what...Read More
Rio Tinto PLC (RIO.LN) reported a 90% rise in 2017 net profit to US$8.76 billion and said it would pay shareholders a record full-year dividend. It also announced plans to buy back a further US$1 billion in stock, on top of the US$1 billion dedicated to repurchasing shares in mid-2017. Here are some remarks from Rio Tinto's 2017 earnings report: On cash flow: "The strength of our cash flow is a re...Read More
Yesterday we asked the question -- what's wrong with thispicture? We got the answer that we expected -- the metals are under pressure.Gold sold off about $12 and is now testing key support. Gold doesn't look real healthy here. Although we expect abounce today, we are looking to be sellers. Based on the market action in thelast couple of days, gold should be much higher, but it's not. Markets leave...Read More
• Weaker USD helps regain positive traction. • Subdued US bond yields supportive of the up-move. • Fading safe-haven demand might cap further gains. Gold gained some positive traction on Wednesday and recovered a part of previous session's slump to its lowest level in over three weeks. A big recovery in the US st...Read More
Mr. Joe Campbell reportsTERRAX BEGINS 2018 WINTER DRILL PROGRAM AT YELLOWKNIFE CITY GOLDTerrax Minerals Inc. has commenced its 2018 winter drill program at its Yellowknife City gold project, immediately adjacent to the city of Yellowknife in the Northwest Territories. The initial program will total approximately 6,000 metres and incorporate up to three dill rigs to test dip and strike extensions o...Read More
Mr. Joe Campbell reportsTERRAX BEGINS 2018 WINTER DRILL PROGRAM AT YELLOWKNIFE CITY GOLDTerrax Minerals Inc. has commenced its 2018 winter drill program at its Yellowknife City gold project, immediately adjacent to the city of Yellowknife in the Northwest Territories. The initial program will total approximately 6,000 metres and incorporate up to three dill rigs to test dip and strike extensions o...Read More
By Rhiannon HoyleSYDNEY--Rio Tinto PLC (RIO) said it would buy back more stock and pay a record annual dividend as the mining company reported a 90% rise in profit for 2017. The Anglo-Australian miner said on Wednesday it will hand shareholders a further US$1 billion via a share buyback, in addition to the US$1 billion dedicated to repurchasing shares at its fiscal half year. Rio Tinto also promi...Read More
* About 9 billion rand available* Number of claimants unknown* Miners contracted disease in gold minesBy Ed StoddardA class action suit brought against gold producers in South Africa is likely to be settled "within months" with 9 billion rand ($755 million) going to miners suffering from fatal lung disease, the chair of an industry group said on Wednesday.The suit was launched almost six years ago...Read More
* GRAPHIC-2018 asset returns: * LME/ShFE arb: (Releads, updates prices)By Jan HarveyLONDON, Feb 7 (Reuters) - Copper fell 2 percent on Wednesday and other base metals turned lower as U.S. stock markets resumed this week's hefty sell-off, with concerns that fundamentals do not justify current price levels also weighing on the red metal.Copper, chiefly used in construction, has struggled to make hea...Read More