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Gold ticks up ahead of U.S. CPI, Fed meeting
  + stars: | 2023-06-13 | by ( ) www.cnbc.com   time to read: +2 min
Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020. Spot gold rose 0.2% to $1,960.59 per ounce by 0426 GMT. "The market is waiting for the U.S. Consumer Price Index and Federal Reserve Monetary Policy Committee meeting to provide a clearer direction on gold price. (However) there is a lack of catalyst for gold to outperform other asset classes regardless of U.S. Fed policy decision making," said Michael Langford, director at corporate advisory firm AirGuide. While gold is seen as a hedge against inflation, higher rates to tame price pressures generally weigh on the non-yielding asset's appeal.
Persons: Michael Langford, AirGuide's Langford Organizations: ABC Refinery, Federal, U.S, U.S . Consumer, Reserve Monetary, Reuters, European Central Bank, Bank of Japan Locations: Sydney
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWheaton Precious Metals CEO Randy Smallwood: Our growth profile will add more happy shareholdersWheaton Precious Metals President and CEO Randy Smallwood joins 'Mad Money' host Jim Cramer to discuss mining precious metals, gold production and company growth.
Persons: Randy Smallwood, Jim Cramer Organizations: Wheaton Precious, Wheaton Precious Metals
SummarySummary Companies FTSE 100 up 0.1%, FTSE 250 flatJune 8 (Reuters) - UK's main stock indexes edged higher on Thursday, supported by a boost from mining and energy stocks, although a sharp drop in the shares of British mobile operator Vodafone capped gains. The resource-heavy FTSE 100 (.FTSE) was up 0.1% as of 0718 GMT, while the domestically-focused FTSE 250 (.FTMC) midcap index was little changed. Oil and gas (.FTNMX601010) and miners (.FTNMX551020) were the top sector gainers, while precious metals (.FTNMX551030) and chemicals (.FTNMX552010) took the worst hit. Wizz Air (WIZZ.L) gained 1.8% after the European low-cost airline forecast a net profit of 350 million euros to 450 million euros ($374.57 million to $481.59 million) in its current financial year. ($1 = 0.9344 euros)Reporting by Ankika Biswas in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
Persons: Crest, Ankika Biswas, Rashmi Organizations: British, Vodafone, Reuters, Hutchison, HK, Wizz, Crest Nicholson Holdings, Thomson Locations: Bengaluru
Randy Smallwood, the CEO of precious metals streaming company Wheaton, told CNBC's Jim Cramer on Thursday that gold and silver have perpetual power on the market due to their very nature as one of the world's oldest currencies. "I mean that's what gold has been forever, a store of value, a measure of value that lasts," Smallwood said. But Smallwood said the company expects to see 50% growth by 2027, or close to a million gold equivalent ounces. As a streaming company, Wheaton funds mining operations in order to then buy metals at a discount. Although Smallwood is the chair of the World Gold Council, his favorite metal is silver, which is harder to find than its flashy counterpart because there are fewer silver mines in the world, he said.
Persons: Randy Smallwood, CNBC's Jim Cramer, Smallwood, Wheaton, there's Organizations: Wheaton, World Gold Council Locations: Wheaton
Wheaton Precious Metals CEO Randy Smallwood goes one-on-one with Jim CramerWheaton Precious Metals President and CEO Randy Smallwood joins 'Mad Money' host Jim Cramer to discuss mining precious metals, gold production and company growth.
Persons: Randy Smallwood, Jim Cramer Wheaton Precious, Jim Cramer Organizations: Wheaton Precious, Jim Cramer Wheaton Precious Metals
Gold climbs on softer dollar as traders weigh Fed verdict
  + stars: | 2023-06-08 | 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 edged higher on Thursday, supported by a softer dollar, although bullion hovered near the previous session's lows as investors awaited cues from the U.S. Federal Reserve. Spot gold was up 0.3% to $1,946.09 per ounce by 0441 GMT, after shedding 1% in the previous session. The dollar index eased slightly making gold less expensive for investors holding other currencies. Gold still remains a viable macro portfolio tail hedge, despite a hawkish Fed regime, Citi said in a note.
Persons: Ajay Kedia, Clifford Bennett Organizations: U.S . Federal, Kedia Commodities, Reuters, Bank of Canada, Wednesday, ACY Securities, Citi Locations: Moscow, Russia, U.S, Mumbai
Gold trades in tight range as investors await Fed decision
  + stars: | 2023-06-07 | 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 inched higher on Wednesday, trading in a tight range as support from a weaker dollar countered concerns surrounding the U.S. Federal Reserve's next interest rate decision. Spot gold rose 0.1% to $1,963.86 per ounce by 0220 GMT. Non-interest-bearing bullion tends to become less attractive in a high interest rate environment. Fed fund futures indicate traders have priced in an 80.6% chance that the Fed will hold interest rates in the 5%-5.25% range, according to CMEGroup's Fedwatch tool.
Persons: Ilya Spivak Organizations: U.S . Federal, New York Fed, Fed Locations: Moscow, Russia, U.S ., Asia, Pacific
Gold prices range-bound as traders measure Fed policy path
  + stars: | 2023-06-01 | by ( ) www.cnbc.com   time to read: +2 min
A one-kilogram gold bar sits at Gold Investments Ltd. bullion dealers in this arranged photograph in London, U.K., on Wednesday, July 29, 2020. Gold prices held steady on Thursday, supported by a pullback in the dollar, although prices moved in a tight range as investors gauged the Federal Reserve's interest rate outlook following a critical vote on the U.S. debt ceiling. The dollar index eased from its highest in more than two months, making bullion less expensive for overseas buyers. On the downside, it has support at $1,955, and remains influenced by the movement of the dollar, he added. Higher interest rates dull the appeal for zero-yield bullion.
Persons: Brian Lan Organizations: Gold Investments, Bullion, Investors, U.S . House, Senate, Fed, GoldSilver, Federal Reserve, Federal Locations: London, Singapore, U.S
Gold prices dip as U.S. debt deal, rate-hike bets weigh
  + stars: | 2023-05-30 | by ( ) www.cnbc.com   time to read: +2 min
Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum in Munich. Gold prices held close to a two-month low on Tuesday as optimism over a U.S. debt ceiling deal and reduced bets for a pause in the Federal Reserve's rate hike policy in June dented the metal's appeal. Spot gold was down 0.2% at $1,938.57 per ounce by 0448 GMT. U.S. President Joe Biden said on Monday he feels good about prospects for passage by Congress of the debt ceiling deal that he reached with House of Representatives Speaker Kevin McCarthy. Having navigated the financial crisis of 2008, Minneapolis Fed President Neel Kashkari worries about systemic risks.
Russia's economy is becoming dependent on China and it could soon be a vassal state of Beijing, experts say. But it isn't an equal partnership, and Russia may be on its way to becoming a vassal state of China. Richard Connolly, an associate fellow at the Royal United Services Institute and an expert on the Russian economy, disagreed with the term "vassal state." "Was Russia a vassal state to Europe over the last 30 years? The difficulties it is facing make it only more likely that Russia will deepen its dependence on China, Zagorsky said.
Gold wobbles as sticky inflation drives up US rate hike bets
  + stars: | 2023-05-26 | by ( ) www.cnbc.com   time to read: +1 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 hit a two-month low of $1,936.59 during Asian trading hours, and is set to lose 1.7% for the week. But short-term players expect a deal to be done and "have been selling behind inflation data that suggests a June hike is possible," Wong added. Traders are now betting the Fed will deliver an 11th straight rate hike in June, which would erode the attraction of zero-interest-bearing gold. Benchmark 10-year Treasury yields and the dollar index hovered near their highest levels since mid-March, both on track for their third straight weekly gains
Persons: Gold, Tai Wong, Wong, Phillip Streible Organizations: D.C, Federal, Blue, Traders Locations: Moscow, Russia, New York, Chicago
It also is a hub for jewelry companies that continue to promote traditional handicrafts even as they experiment with cutting-edge techniques such as powder metallurgy — reducing precious metals to powder to be used in 3-D printing, or what the industry calls additive manufacturing. It is the kind of advancement that will allow jewelers to execute designs that are impossible to achieve through traditional casting methods, ensuring both quality and consistent results. “Vicenza is, without any doubt, the technological core of the machinery production for the gold sector,” Giovanni Bersaglio, the chief operation officer at Berkem, a supplier of plating equipment and chemical solutions for the jewelry industry, based in nearby Padua, wrote in an email. In 2022, exports of Italian gold and silver jewelry reached 9.8 billion euros (about $10.5 billion), a 22.5 percent increase over the same period in 2021, and a 40.8 percent increase over the same period in 2019, according to Confindustria Federorafi, a national association representing companies in Italy’s jewelry manufacturing sector. Damiano Zito, the chief executive of Progold, which designs and manufactures jewelry in Trissino, a small town about 15 miles west of Vicenza, said the pandemic highlighted an issue that has plagued the Italian industry for the better part of the past decade: its dwindling number of skilled workers.
Rosenbluth said that engagement for precious metal commodity ETFs spiked earlier in May compared with the month prior, according to VettaFi data. "The story is all about gold," Will Rhind, founder and CEO of GraniteShares, said Monday in the same segment. The ongoing banking crisis still looms, higher inflation and a declining dollar are also tail winds for the precious metal, he said. Flows into the SPDR Gold Shares have exceeded $1.14 billion the past month, according to FactSet. The iShares Gold Trust (IAU) and the SPDR Gold MiniShares Trust (GLDM) saw net inflows of $182 million and $222 million, respectfully, in the same period of time.
Persons: Todd Rosenbluth, CNBC's Seema Mody, Rosenbluth, Will Rhind, Rhind, We're, Neuberger Berman Organizations: Trust, MiniShares, Strategy
Gold slips as dollar advances with US debt talks dragging on
  + stars: | 2023-05-24 | by ( ) www.cnbc.com   time to read: +2 min
Gold slipped as the dollar firmed, cutting some safe- haven flows into bullion from the looming risk of a U.S. debt default as talks entered a critical stretch. "Overwhelmingly, the debt ceiling headlines are at play.... Gold gained in the previous session "despite headwinds from a rising broad dollar, which reveals notable demand behind the scenes." Wall Street's main indexes opened lower as the debt ceiling impasse kept investors on edge. If regional U.S. banking troubles were to subside and agreement reached over the debt ceiling, gold could fall further, said Edward Gardner, commodities economist at Capital Economics.
Persons: Gold, Joe Biden, Kevin McCarthy, Daniel Ghali, TD Securities . Gold, Edward Gardner, Bullion Organizations: Democratic, TD Securities ., Capital Economics Locations: Moscow, U.S
In particular, Chang believes that mega-cap tech stocks have gotten overextended, and are expensive relative to the rest of the market. But looking below the surface, Chang says that most of this appreciation has been concentrated within a handful of mega-cap tech stocks. Once the recession begins to ease, Chang believes that cyclical names linked to economic strength will start to outperform. That includes tech stocks — specifically semiconductor companies. However, Chang believes that a recessionary period should present better entry points for any investors interested in buying riskier high-yield fixed income assets.
Karakorum, Mongolia CNN —Karakorum is known by many names and even more reputations. Where to Stay in KarakorumThe new Silver Tree Guest House offers a variety of sleeping options including traditional yurts. Silver Tree Guest HouseWhile Karakorum is often considered a stop along the route to somewhere else, this culturally rich city deserves closer attention. The hotel is within walking distance to Erdene Zuu Monastery, Karakorum Museum, and the Erdenesiin Khuree Calligraphy Center. While Silver Tree Guest House is still in its opening phases, staying here feels like you’ve been invited into someone’s home.
Activist investor Elliott Management unveiled a new stake in a little-known independent music stock during the first quarter, according to recent securities filings. As the energy sector slumped, Singer maintained his $1.49 billion stake in Marathon Petroleum , and positions in Noble Corporation and Suncor Energy . Elliott also liquidated its nearly $47.5 million stake in Aerojet Rocketdyne . On the technology front, Singer maintained his $761.2 million stake in Pinterest , and smaller positions in PayPal and Western Digital . Recent filings show that Elliott, among the largest hedge funds in the world, managed roughly $93.2 billion regulatory assets.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: 'I don't like companies that pick fights with the SEC', says Jim Cramer on Coinbase'Mad Money' host Jim Cramer weighs in on stocks including: Chewy, Enterprise Products, Coinbase, Triple Flag Precious Metals, Amgen, GSK, IONQ, Southern Co., and Snowflake.
Gold ticks higher as economic risks persist
  + stars: | 2023-05-15 | by ( ) www.cnbc.com   time to read: +1 min
Gold prices edged higher on Monday as the U.S. debt ceiling stalemate and concerns of an economic slowdown steered some traders towards the safe-haven metal. Spot gold was up 0.2% at $2,014.44 per ounce by 0432 GMT, after falling for three sessions. Bullion tends to gain during times of economic or financial uncertainty, but higher interest rates dim non-yielding gold's appeal. Markets are pricing in an 83.4% chance of the U.S. central bank holding rates at the current level in June, according to the CME FedWatch tool. But taking some shine off gold, rival safe-haven dollar rose to a five-week high against major peers and made bullion less affordable for buyers holding other currencies.
Cramer's Lightning Round: I am not a believer in Coinbase
  + stars: | 2023-05-15 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
Stock Chart Icon Stock chart icon Chewy's year-to-date stock performance. Stock Chart Icon Stock chart icon Enterprise Products Partners year-to-date stock performance. Stock Chart Icon Stock chart icon Coinbase Global's year-to-date stock performance. Stock Chart Icon Stock chart icon Amgen's year-to-date stock performance. Stock Chart Icon Stock chart icon Snowflake's year-to-date stock performance.
Dollar stronger as market rethinks monetary policy outlook
  + stars: | 2023-05-11 | by ( ) www.cnbc.com   time to read: +2 min
The U.S. dollar rose against the euro and sterling on Thursday and set a more than one-week high against a basket of its major peers as traders sought safety after a series of economic data prompted a reassessment of their outlook for global monetary policy. U.S. producer prices, on the other hand, showed a moderate rise last month, posting the smallest annual increase in producer inflation in more than two years, further evidence that inflation pressures were easing. "I think the market is starting to rethink the outlook for the Fed cutting rates after inflation, while lower, remained on the high side. The dollar index , which tracks the U.S. currency against six major peers, rose 0.58% to 102.07, its highest showing in more than a week. "So, it just felt like a reaction to take off risk more broadly...Let's buy the dollar.
Gold retreats as dollar gains upper hand
  + stars: | 2023-05-11 | by ( ) www.cnbc.com   time to read: +1 min
Spot gold was last down 0.75% to $2,014.3021 per ounce, while U.S. gold futures settled down 0.8% to $2,020.50. Gold popped up after data showed a jump in weekly jobless claims and the smallest annual increase in producer prices last month in over two years. However, the metal soon gave up those gains as the dollar rose, making bullion more expensive for overseas buyers. While this weighs on sentiment for gold "to a certain extent, the precious metal remains in its uptrend channel established in November," said Alexander Zumpfe, a precious metals dealer at Heraeus. Gold is traditionally considered a hedge against inflation, but elevated interest rates dim appeal for zero-yield bullion.
With only a small fraction of the S & P 500 left to report quarterly earnings, investors are now turning their focus to another major hurdle for the markets and economy: the debt ceiling crisis. Earlier this week, we looked back to debt limit crisis of 2011 for potential lessons. The protracted fight ultimately ended in an agreement in early August of that year, but it was a choppy summertime ride for investors. Within the portfolio, Wynn Resorts will report Tuesday, after the closing bell, and Disney will report on Wednesday, after the closing bell. Estee Lauder (EL) and Emerson Electric (EMR) reported earnings before the opening bell.
Gold flat; set for weekly jump on hopes of Fed pause, banking woes
  + stars: | 2023-05-05 | 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 flat on Friday but are set for their biggest weekly gain in nearly two months, as hopes of a pause in the U.S. Federal Reserve's interest rate hike cycle and banking worries in the country bolstered the safe-haven metal's appeal. Spot gold was little changed at $2,050.63 per ounce as of 0349 GMT, but was up 3% for the week. Mounting risks to the U.S. economy have also supported strong investor demand into gold as they sought haven assets, ANZ said in a note. The dollar index was set for a weekly drop, making gold more attractive for overseas buyers.
The process of crafting gold is seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Demand for gold among central banks notched a first-quarter record high in the three months to the end of March as overall global demand painted an otherwise "mixed picture," according to the World Gold Council. Total gold demand, however, was up 1% from the first quarter of 2022 thanks to a recovery in the OTC market. Louise Street, senior market analyst at the World Gold Council, told CNBC on Thursday that this was a continuation of trends that saw central bank gold buying soar to an 11-year high in 2022. The WGC expects demand among central banks to moderate this year after 2022's spike, though noted that where previous buying had been concentrated in developing markets, more developed financial centers were now increasing their demand.
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