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Search resuls for: "Precious Metals"


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Gold firms near one-month high with US inflation data on tap
  + stars: | 2023-08-31 | by ( ) www.cnbc.com   time to read: +2 min
Gold bars of different sizes lie in a safe on a table at the precious metals dealer Pro Aurum. Gold prices firmed near one-month highs on Thursday as a fresh set of soft U.S. data added to expectations that the Federal Reserve will pause rake hikes this year, although inflation readings due later in the day could amend this outlook. U.S. gold futures steadied at $1,972.40. Among other metals, spot silver eased 0.3% to $24.59 per ounce, having climbed to a more than one-month high on Wednesday. Platinum steadied at $974.13 as it heads for its second consecutive monthly gain.
Persons: Michael Langford, Langford Organizations: Aurum, Federal, U.S, Treasury, Traders, Scorpion Minerals, Boston Fed Locations: U.S, China
The Johannesburg-based precious metals producer is on the shortlist of potential buyers for the copper mines owned by a unit of the Zambian government. The Chinese company has a presence in copper mining and would be joining Sibanye as an investment partner, Froneman said. The Chinese investor could help derisk the investment at Mopani, Froneman said. "They are an investment partner but technically they understand the copper business and smelting, so it's managing risk," he said. The Mopani assets require significant investment but spending would be spread over a number of years, Froneman said.
Persons: Neal Froneman, we've, Froneman, Felix Njini, Tannur Anders, Sharon Singleton, David Holmes Organizations: Mines, Reuters, China's Zijin Mining, U.S, Rothschild & Co, Thomson Locations: NAIROBI, Stillwater, Johannesburg, Zambian, Southern Africa, Europe, U.S, Mopani, Switzerland, ZCCM
Still, without the Kremlin’s clear imprimatur, the group’s operations risk falling apart. Even after the mutiny, Mr. Prigozhin, who handled the business side of the group, was flying to locations in Africa trying to reassure clients and continue operations. His travels came amid reports that the Russian Defense Ministry was trying to assert direct control over some of his foreign operations. But she suspected that future such operations might be more fractured. She said that going forward there could be “many different actors fulfilling these roles, rather than one monopoly.”
Persons: Putin, Prigozhin, Catrina, ” Ms, Doxsee Organizations: Central African, Russian Defense Ministry, Center for Strategic, International Studies Locations: St . Petersburg, Russia, Mali, Central African Republic, Libya, Africa, Moscow
Gold extends gains as Treasury yields rally comes to a halt
  + stars: | 2023-08-23 | by ( ) www.cnbc.com   time to read: +2 min
At the precious metals dealer Pro Aurum, two gold and two silver bars are placed in a locker in a vault. Spot gold firmed 0.3% to $1,902.63 per ounce by 0519 GMT, drifting further away from the five-month lows hit last week. The dollar index was below the two-month highs, while a rally that took U.S. Treasury yields to nearly 16-year highs took a pause, giving some respite to the non-yielding gold. "If he does hint about a higher target, that could mean interest rates may not need to move any higher from here." Recent robust U.S. economic data has raised bets the Fed will keep rates higher for longer, reducing appetite for gold as reflected in holdings of bullion-backed exchange traded funds, or ETF.
Persons: Jackson, Jerome Powell's, Harshal Barot, Thomas Barkin Organizations: Pro Aurum, Treasury, Federal, Metals, Richmond Fed, Trust Locations: U.S, Wyoming
REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies JPMorgan Chase & Co FollowWASHINGTON, Aug 22 (Reuters) - Two former precious metals traders at JPMorgan Chase (JPM.N) were sentenced on Tuesday for engaging in fraud, attempted price manipulation and spoofing, the U.S. Justice Department said in a statement. Gregg Smith, 59, of Scarsdale, New York, was sentenced to two years in prison and a $50,000 fine while Michael Nowak, 49, of Montclair, New Jersey, was sentenced to one year and one day in prison and a $35,000 fine, the Justice Department said. Last year, Smith and Nowak were found guilty of fraud and other charges but acquitted of racketeering and conspiracy in a trial. Nowak was convicted on over a dozen charges including fraud, spoofing and attempted market manipulation, and Smith was convicted on 11 charges. JPMorgan agreed in 2020 to pay more than $920 million and admitted to wrongdoing to settle with the Justice Department and the Commodity Futures Trading Commission over these and other traders' conduct.
Persons: Andrew Kelly, Gregg Smith, Michael Nowak, Dodd, Frank, Smith, Nowak, Kanishka Singh, Andy Sullivan Organizations: United States Department of Justice, Washington , D.C, REUTERS, JPMorgan Chase, WASHINGTON, U.S . Justice Department, Justice Department, U.S, Congress, JPMorgan, Commodity Futures Trading Commission, Thomson Locations: Washington ,, Scarsdale , New York, Montclair , New Jersey, Washington
Gold struggles for direction ahead of Fed's Jackson Hole meet
  + stars: | 2023-08-22 | by ( ) www.cnbc.com   time to read: +2 min
Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Spot gold held its ground at $1,895.70 per ounce by 0520 GMT, hovering above a five-month low of $1,883.70 hit last week. Following a week of back-to-back losses, gold on Monday settled 0.3% higher to post its best day in more than two weeks. Any correction in the U.S. dollar from recent highs could immediately ignite a strong gold market rally, he said. For an outlook on interest rates, comments from Fed Chair Jerome Powell on Friday will be monitored at a meeting of central bankers at Jackson Hole, Wyoming.
Persons: Clifford Bennett, Jerome Powell, Bennett Organizations: U.S, Treasury, ACY Securities, Federal Reserve, Trust Locations: Moscow, Russia, Jackson, , Wyoming, U.S
(Reuters) -Receding fears of a U.S. slowdown, surging bond yields and the robust performance of equities have gradually eroded the appeal of exchange-traded funds (ETF) backed by traditional safe-haven gold this year, despite sticky inflation. The biggest ETF, SPDR Gold Trust, saw holdings dwindle to pre-pandemic levels. [GOL/ETF]Investors typically buy gold during times of financial and economic uncertainty and rising inflation. [GOL/]“Gold has fallen into disfavour as a hedge against economic uncertainty for many institutional investors,” said Ross Norman, chief executive of Metals Daily. Equities have outperformed gold despite higher interest rates, while rival safe-haven Treasury bonds have attracted investors away from gold, which doesn’t earn any interest or dividends.
Persons: Ilya Naymushin, , Ross Norman, Carsten Menke, Julius Baer, Gold, Philip Newman, Newman, hasn’t Organizations: Reuters, REUTERS, World Gold Council, Investors, U.S, Metals Daily, U.S . Federal, Treasury, Metals Locations: U.S, Siberian, Krasnoyarsk, Russia, disfavour,
Gold rebounds from 5-month lows as U.S. dollar, yields retreat
  + stars: | 2023-08-18 | by ( ) www.cnbc.com   time to read: +2 min
Gold edged up from 5-month lows on Friday as the U.S. dollar and bond yields slightly retreated from highs, but bullion was set for its fourth consecutive weekly decline on concerns the Federal Reserve would keep interest rates higher for longer. Spot gold gained 0.2% to $1,892.02 per ounce by 0358 GMT, after touching its lowest since mid-March on Thursday. "The U.S. dollar has eased from recent highs and this has allowed gold to make a modest move higher. "The dollar will need to take a bearish turn at some point for gold to rediscover its mojo. Just how long gold will spend trading at sub $1,900 levels will depend on how long the dollar remains bolstered by high bond yields," Waterer added.
Persons: Tim Waterer, Waterer, Jerome Powell Organizations: U.S ., Federal Reserve, U.S, Treasury, Investors, SPDR, Trust, Metals, ANZ Locations: Moscow, Russia, Jackson Hole , Wyoming
CNN —Gold coins dating back more than 2,000 years have been found by metal detectorists in Wales, making them the first hoard of Iron Age gold coins to have been discovered in the country. The precious metals were unearthed by three metal detectorists in a field between July 2021 and March 2022. ‘Rich archaeological landscape’The gold coins’ elaborate design derives from those of Philip II, who ruled the ancient kingdom of Macedonia from 359 BC to 336 BC. The gold coins' elaborate design derives from those of Philip II. The staters could also have been used as “offerings to the gods” to fulfill a vow, according to National Museum Wales.
Persons: Lloyd Roberts, , Museum Wales Roberts, Peter Cockton, Tim Watson, , ” Watson, Watson, , Philip II, Sean Derby Organizations: CNN, National Museum Wales, Amgueddfa Cymru, Museum Wales, Museum Wales Another, Gwynedd Archaeological, Environment, Oriel Locations: Wales, Anglesey, East Midlands, Macedonia, Gwynedd, North, West Wales
Gold hits 5-week low as U.S. dollar, yields stay elevated
  + stars: | 2023-08-14 | by ( ) www.cnbc.com   time to read: +2 min
Gold bars of different sizes lie in a safe on a table at the precious metals dealer Pro Aurum. Spot gold was down 0.1% at $1,912.13 per ounce, as of 0356 GMT, hitting its lowest level since July 7. Higher interest rates and Treasury bond yields raise the opportunity cost of holding non-interest-bearing gold, which is priced in dollars. Reflecting investor interest in gold, SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell to the lowest level since late-January 2020. Among other precious metals, spot silver fell 0.4% to $22.59 an ounce, having matched a low last seen on July 6.
Persons: Clifford Bennett, Fed's, Bennett Organizations: Aurum, U.S, U.S . Federal, ACY Securities, Trust Locations: U.S .
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGold could break out to $2,500 'at some point here', says Wheaton CEO Randy SmallwoodRandy Smallwood, Wheaton Precious Metals CEO, joins 'Squawk on the Street' to discuss why gold prices could hit $2,500.
Persons: Randy Smallwood Randy Smallwood Organizations: Wheaton Precious Metals
Spot gold prices hit a record intraday high of $2,072.5 on Aug. 7, 2020, according to data from Refinitiv. We also see a return of physical gold jewelry demand from China and India as both economies stabilize and retail spending returns. Gold prices tend to have an inverse relationship with interest rates. "We also see a return of physical gold jewelry demand from China and India as both economies stabilize and retail spending returns," Heng said. Chinese retail gold demand has been resilient in 2023 even as consumption of other commodities remained weak, Citi said in a July report.
Persons: Sven Hoppe, Bart Melek, Melek, David Neuhauser, Neuhauser, Randy Smallwood, Heng, Heng Koon, UOB Heng, Citi's, Doshi Organizations: Getty, Refinitiv, CNBC, Securities, U.S . Federal, Livermore Partners, Fed, Wheaton Precious Metals, greenback, Markets, Federal Reserve, Citi, Commodities, Future Publishing Locations: U.S, China, India, Yichang, Hubei province
Gold stays near 1-month lows as U.S. dollar, yields hold ground
  + stars: | 2023-08-11 | by ( ) www.cnbc.com   time to read: +2 min
Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. REUTERS/Alexander ManzyukGold prices held near one-month lows on Friday, shrugging off cooler-than-expected U.S. inflation figures for last month, with bullion staying on course to wrap up its worst week in seven as the U.S. dollar and bond yields stood strong. Spot gold edged 0.1% higher to $1,913.95 per ounce by 0347 GMT, but traded near its lowest level since July 7 touched earlier in the day. Interest rate increases weigh on gold because they tend to lift bond yields and in turn raise the opportunity cost of holding non-yielding bullion. Gold prices have slid about 1.4% so far in the week as the U.S. dollar index and benchmark 10-year Treasury bond yields were both on track for their fourth consecutive weekly gain.
Persons: Alexander Manzyuk, Matt Simpson, Mary Daly Organizations: REUTERS, U.S ., City, U.S, Palladium Locations: Siberian, Krasnoyarsk, Russia, U.S
Gold off 3-week lows as investors brace for U.S. inflation data
  + stars: | 2023-08-07 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices dipped on Monday as the U.S. dollar climbed ahead of U.S. inflation data this week. Still, bullion was off three-week lows after slowing U.S. job growth knocked bond yields from their recent highs. Markets also took stock of labor department data showing solid wage gains and a decline in the unemployment rate that suggested continued tightness in labor market conditions. Data on U.S. consumer prices, due on Thursday, will be in focus to assess whether more rate hikes are needed to tame inflation. Non-yielding gold is often sought as a safe investment against inflation but tends to lose its sheen when rates rise.
Persons: Yeap Jun Rong, Edward Meir Organizations: U.S, Treasury, IG, Fed, U.S . Locations: Moscow, U.S
Gold prices looked set to post their worst week in six on Friday as investors braced for a closely watched U.S. jobs report after a string of solid economic data this week drove Treasury yields to nine-month highs. Spot gold was little changed at $1,935.07 per ounce by 0412 GMT, while U.S. gold futures rose 0.1% to $1,970.30. Gold prices have declined more than 1% so far this week, having slipped to their lowest level since July 11 in the last session. U.S. long-term Treasury yields climbed to their highest since November on Thursday after employment and other economic data pointed to easing inflation. Non-farm payrolls, or NFP, data due at 1230 GMT will be the next focus for further clues about the U.S. economy's strength.
Persons: Tim Waterer, it's, Kelvin Wong Organizations: Aurum, KCM, of England, European Central Bank Locations: Asia Pacific
US stocks have defied all odds this year, and the market rally only strengthened in July. After two months of nearly nonstop gains for the S&P 500, a long-time chartmaster warns that the weakness that markets displayed in early August is just the beginning. As expected, the S&P 500 rallied after October when that headwind passed, and finished 2022 with a bang. Charts that Keller studies also indicate that this market rally has reached its late innings. Exchange-traded funds (ETFs) tracking those sectors include the Energy Select Sector SPDR Fund (XLE), the Financial Select Sector SPDR Fund (XLF), the Industrial Select Sector SPDR Fund (XLI), and the Materials Select Sector SPDR Fund (XLB).
Persons: David Keller, Keller, chartmaster, Stocks, headwind, Brace, we've, StockCharts.com, Keller doesn't Organizations: Energy, P Oil & Gas Exploration, Production, Commodities
Gold gets a safety boost as Fitch U.S. downgrade shakes markets
  + stars: | 2023-08-02 | by ( ) www.cnbc.com   time to read: +2 min
Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Spot gold was up 0.2% at $1,946.97 per ounce by 0312 GMT, while U.S. gold futures rose 0.3% to $1,984. Gold, which is priced in dollars, is a favored safe-haven investment in times of stress and economic uncertainty. Higher interest rates raise the cost of holding gold, which yields nothing and needs money to store and insure. In other metals, spot silver eased 0.2% to $24.29, platinum dropped 0.5% to $926.18, and palladium was down 0.1% at $1,238.59.
Persons: Gold, Fitch, Edward Meir Organizations: U.S ., United States, AAA, AA, Marex, U.S Locations: Moscow, Russia, U.S
A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. ET (1417 GMT) on Tuesday, the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 84.12 points, or 0.41%, at 20,542.52. Data showed Canada's manufacturing sector contracted for the third straight month in July as an uncertain economic outlook held back new orders, offsetting a pickup in production. Lower oil prices dragged the energy sector (.SPTTEN) down 0.7%. In the neighboring U.S., manufacturing appeared to stabilize at weaker levels in July, data showed, amid a gradual improvement in new orders.
Persons: Mark Blinch, Brian Madden, Siddarth, Shilpi Majumdar Organizations: Toronto Stock Exchange, REUTERS, Reuters, Toronto Stock, Bank of Canada, Investment, Silvercrest Metals, Thomson Locations: Toronto, China, U.S, Bengaluru
Billionaire Mike Novogratz would put $100,000 in Alibaba stock, silver, gold, ether, and bitcoin. That advice is for young and risk-tolerant investors, he told David Rubenstein on Bloomberg TV. But for more risk-averse investors, Novogratz said they should mainly focus on bonds. I'd be buying silver, gold, bitcoin and ethereum. His preferred assets have made gains year to date, with Alibaba up 12%, gold 7.7%, silver 3.5%, ether 52.5%, and bitcoin 74.4%.
Persons: Mike Novogratz, David Rubenstein, Novogratz, That'd, bitcoin, Larry Fink's, Fundstrat Organizations: Bloomberg, Service, Privacy, Galaxy Digital Locations: Wall, Silicon, Beijing, BlackRock
Gold subdued on dollar strength as markets await economic data
  + stars: | 2023-08-01 | by ( ) www.cnbc.com   time to read: +2 min
A technician cleans impurities from melted gold bars at Primera Gold's laboratory in Bukavu, South Kivu Province, eastern Democratic Republic of Congo, May 12, 2023. Gold prices edged lower on Tuesday as the U.S. dollar climbed, while investors looked forward to key economic data this week for signs on how long the interest rates could keep rising to quell sticky inflation. Spot gold was down 0.1% at $1,961.49 per ounce by 0343 GMT, while U.S. gold futures dropped 0.5% to $1,961.10 per ounce. Gold prices ended July 2.3% higher, the biggest monthly rise in four months on expectations that an end to the rate-hiking cycle by global central banks was nearing. This is why the central banks are sticking with the data-dependent mantra," said Tim Waterer, chief market analyst at KCM Trade.
Persons: Jerome Powell, Nicholas Frappell, Austan Goolsbee, Tim Waterer, Waterer Organizations: Primera Gold's, U.S, ABC Refinery, Chicago Federal, KCM Trade Locations: Bukavu, South Kivu Province, Democratic Republic of Congo, Chicago
Gold heads for monthly gain on hopes for an end to rate-hike cycle
  + stars: | 2023-07-31 | by ( ) www.cnbc.com   time to read: +2 min
Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Gold prices were bound for their biggest monthly gain in four on Monday as expectations grew that major global central banks may be nearing the end of current monetary policy tightening cycles. Spot gold was down 0.2% at $1,954.79 per ounce by 0431 GMT, while U.S. gold futures slipped 0.4% to $1,953.80 per ounce. Gold prices were set to end the month about 1.8% higher, the most since March, as expectations that U.S. interest rates could be nearing their peak put the dollar on track for its second straight monthly decline. Other precious metals also looked set to post monthly rises, with spot silver leading at 6.5%, but down 0.5% on the day at $24.22 an ounce.
Persons: Matt Simpson, Simpson, Baden Moore Organizations: Federal Reserve, Central Bank, National Australia Bank Locations: Moscow, Russia, China
Stablecoins are a type of cryptocurrency which aim to keep a constant value and are usually backed by traditional assets such as dollars. Tether's reserves report, signed off by accountants BDO Italia, says Tether's assets rose to $86.5 billion in the three months to June 30, 2023, up 5.7% from the previous quarter and a record high, according to previous reports on its website. Tether is a key cog in global digital asset trading, with many crypto-to-crypto trades denominated in the stablecoin. U.S. regulators have warned banks that stablecoin reserves could be subject to rapid outflows, for example if holders rushed to exchange such tokens back into traditional currency. Tether's holdings of U.S. Treasury Bills hit $55.8 billion, up 5.2% from the end of March, while non-U.S. Treasury Bills rose to $62.9 million, up more than 30% from the previous quarter, the report said.
Persons: Elizabeth Howcroft, Christina Fincher Organizations: BDO Italia, Treasury Bills, U.S . Treasury Bills, New York Attorney, Thomson Locations: . U.S, U.S
Gold listless as traders avoid big bets ahead of Fed decision
  + stars: | 2023-07-26 | by ( ) www.cnbc.com   time to read: +2 min
Gold struggled for momentum on Wednesday as traders refrained from making big bets ahead of the U.S. Federal Reserve's policy decision later in the day. Spot gold held steady at $1,963.99 per ounce by 0546 GMT, while U.S. gold futures were up 0.1% to $1,965.20. Gold is highly sensitive to rising interest rates as they increase the opportunity cost of holding non-yielding bullion. Along with policy guidance from the European Central Bank, traders also await second-quarter U.S. GDP data due on Thursday. As per the International Monetary Fund, the bank should start preparing for future monetary tightening.
Persons: Gold, Jun Rong, Yeap Organizations: U.S, IG, Treasury, European Central Bank, PCE, Bank of Japan's, Monetary Fund Locations: Siberian, Krasnoyarsk, Russia, U.S . Federal, U.S, Asia, Japan
As the S & P 500 's year-to-date rally nears 20%, some investors have questioned whether stocks could be nearing a tipping point. Here's what Citi, TS Lombard and the Wells Fargo Investment Institute advise. More gains to come for U.S. stocks: Citi Citi in a July 23 note said that while in the early months of 2023, the bull market was "very narrow," it believes markets could recover more broadly soon. The bank added that real yields could reach 4% above inflation over the next five years, "therefore, buying bonds in lieu of cash is advisable." Buying bonds would allow investors to lock in today's bond yields, but real yields would rise if inflation falls.
Persons: VIX, Wells, Lombard Organizations: Federal, Citi, TS Lombard, Wells, Investment Institute, Citi Citi, Citi Research, Wells Fargo Wells Fargo Investment Institute Locations: U.S, Wells Fargo Wells Fargo, Brazil, Mexico, India
Fundstrat said a bitcoin ETF from BlackRock could drive a boost in daily demand for the crypto token. If the SEC approves a bitcoin ETF from BlackRock, it could lead to the largest ETF launch ever. A bitcoin ETF could add an extra $100 million in incremental daily demand for bitcoin, according to the note. "This [bitcoin ETF launch] would bring daily demand to $125 million, while daily supply is only $25 million. "We anticipate [a bitcoin ETF] would attract new investors and generate increased demand for bitcoin," Farrell said.
Persons: Fundstrat, halvening, Sean Farrell, Farrell Organizations: SEC, ETF, Service, bitcoin, BlackRock, Fidelity, Chartered Locations: BlackRock, Wall, Silicon
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