Gold could hit levels last seen in 2013 if the dollar extends its slide and equity markets reverse.Read full newsRead More
Yesterday, gold won an influential supporter in the White House. Who is he?The enemy of gold's enemy is gold's friendAs the ancient proverb goes, my enemy's enemy is my friend. Although it is usually employed in foreign policy, this concept also applies to finance. Given the negative correlation between the greenback and gold, the enemies of the U.S. dollar are generally gold's friends.U.S. Treasu...Read More
LISBON, Jan 25 (Reuters) - Portugal's public sector deficit shrank 38 percent to 2.57 billion euros ($3.21 billion) last year, with revenues coming in well above the levels budgeted for the year, although expenditure also exceeded the plan to a lesser extent.The finance ministry said in a statement on Thursday the primary balance, excluding debt costs, reached a surplus of more than 5.7 billion eu...Read More
SANTIAGO, Jan 25 (Reuters) - Chile's state-owned Codelco , the world's largest copper miner, said on Thursday it had received environmental approvals for a revised plan to extend the working life of its century-old El Teniente copper mine.The approvals will allow the company to modify its original expansion plan, already permitted and now 44 percent complete, which seeks to add another, deeper lev...Read More
MILAN, Jan 25 (Reuters) - European Central Bank supervisors want lenders to reduce the weight of their soured loans to a single digit percentage of total debts fairly quickly, the head of Italy's fifth-largest bank said.Italian banks are under pressure to cut loans that turned sour due to an economic slump and still account for 16 percent of total lending three years after the recession ended.Ital...Read More
LAGOS, Jan 25 (Reuters) - Nigeria will consider raising $2.5 billion through Eurobonds in the first quarter to refinance a portion of its domestic treasury bill portfolio at lower cost, the head of the Debt Management Office told Reuters on Thursday.Patience Oniha said the country will also try to get back into the JP Morgan Government Bond Index (GBI-EM), with improving liquidity in the local cur...Read More
In morning trade on Thursday, gold jumped to its best level since August 2016 touching a high of $1,365.40 an ounce after comments from US Treasury Secretary Steven Mnuchin at the World Economic Forum in Davos Switzerland sent the dollar lower.But the metal reversed course in the afternoon after US President Donald Trump told CNBC that Mnuchin's comments had been misinterpreted:"The dollar is g...Read More
In morning trade on Thursday, gold jumped to its best level since August 2016 touching a high of $1,365.40 an ounce after comments from US Treasury Secretary Steven Mnuchin at the World Economic Forum in Davos Switzerland sent the dollar lower.But the metal reversed course in the afternoon after US President Donald Trump told CNBC that Mnuchin's comments had been misinterpreted:"The dollar is g...Read More
By John McCrankNEW YORK, Jan 25 (Reuters) - Nasdaq Inc and NYSE, which operates the New York Stock Exchange, have said they will appeal the U.S. Securities and Exchange Commission's decision to allow rival Cboe Global Markets to compete for end-of-day stock orders.The SEC on Jan. 17 approved Cboe's plan to offer brokers an order type that would give them the same official closing auction prices fr...Read More
While some blue-chips cash in, earnings season hasn't been kind to everyone. RPC Inc (NYSE:RES) reported weaker-than-expected fourth quarter earnings yesterday, sending the oil equipment stock to its worst single-day session in over two years. No fewer than nine brokerages have since chimed in with price-target cuts, including a cut to $21 from $25 at Credit Suisse -- the lowest of the bunch. In...Read More
By Ben Martin and Simon JessopLONDON, Jan 25 (Reuters) - BT still has work to do to restore shareholders' confidence after a difficult year that saw its shares plunge in the wake of an Italian accounting scandal, according to one of Britain's leading investor groups.The Investor Forum, an independent body whose members are institutions that manage about about 14 trillion pounds ($20 trillion) of g...Read More
(Bloomberg) - De Beers mined more diamonds last year than any time since the global financial crisis of 2008.The company, a unit of Anglo American Plc, mined 33.5 million carats in 2017. That's a 22 percent jump from a year earlier, beating its own target. Production was boosted by its new Gahcho Kue mine in Canada and better market conditions.Still, it hasn't necessarily been a bumper year for g...Read More
MILAN, Jan 25 (Reuters) - Italy's Treasury said on Thursday it would offer up to 9.0 billion euros over four bonds at auction on Tuesday.BOND TYPE BTPBTPBTPCCTeuMATURITYAug. 1,Feb. 1, March 1,April 15,202220282067 2025TRANCHE 1114 7COUPON (pct) 0.902.02.8-AMOUNT OFFERED 1.25-1.75 4.0-4.5 0.25-0.751.5-2.0(bln euros)SETTLEMENT DATE Feb. 1, 2018(Reporting by Milan Newsroom) Disclaimer: The views exp...Read More
(Bloomberg) - De Beers mined more diamonds last year than any time since the global financial crisis of 2008.The company, a unit of Anglo American Plc, mined 33.5 million carats in 2017. That's a 22 percent jump from a year earlier, beating its own target. Production was boosted by its new Gahcho Kue mine in Canada and better market conditions.Still, it hasn't necessarily been a bumper year for g...Read More
U.S. stocks have seen whipsaw price action again today, as investors react to the latest corporate earnings reports. Specifically, the Dow Jones Industrial Average (DJI) briefly pared most of its triple-digit gain amid post-earnings volatility in Caterpillar (CAT) shares, but has since bounced back to trade near the record high it hit earlier. TheS&P 500 Index (SPX) and Nasdaq Composite (IXIC) are...Read More
Jan 25 (Reuters) - Canada's Teck Resources said on Thursday it expects to lose coal production of about 200,000 tonnes due to an interruption at its Elkview coal mine in British Columbia.This comes a week after the miner reported a "significant pressure" event at the mine.Elkview will now produce steelmaking coal at about 80 percent of planned levels, Teck said.The Vancouver, Canada-based company...Read More
MOSCOW, Jan 25 (Reuters) - Alrosa could sell around 40 million carats of diamonds in 2018 provided market conditions are favourable, the Russian state-controlled diamond miner said on Thursday.The world's largest producer of rough diamonds has said it expects production to fall in 2018 due to an accident at its Mir mine last year although reserves would allow it to keep sales steady.It expects 201...Read More
(Kitco News)- Rhetoric over a potential globalcurrency war continues to heat up, prompting renewed interest in gold on theback of a weaker U.S. dollar.Markets continue to react anddigest comments made by U.S. Treasury Secretary Steven Mnuchin at the WorldEconomic Forum in Davos, Switzerland. On Wednesday, Mnuchin said that a weakerU.S. dollar has been “good” for the U.S. economy, rever...Read More
(Kitco News) - Rhetoric over a potential global currency war continues to heat up, prompting renewed interest in gold on the back of a weaker U.S. dollar.Markets continue to react and digest comments made by U.S. Treasury Secretary Steven Mnuchin at the World Economic Forum in Davos, Switzerland. On Wednesday, Mnuchin said that a weaker U.S. dollar has been “good” for the U.S. economy,...Read More
(Kitco News) - BMO Capital Markets looks forgold demand to continue even if the U.S. dollar recovers from some of itsrecent weakness, expressing confidence that the metal can remain above $1,300an ounce even on a pullback.Spot gold Thursday traded as highas $1,366.05, its strongest level since August 2016, before backing down. Themetal has been boosted in recent days by weakness in the U.S. dollar...Read More