|Day's Range||1,408.40 - 1,415.30|
Trading commodity futures lets you bet on the price of commodities including gold and corn. But commodity futures are also a good way to diversify your portfolio by investing in more than just stocks. Commodity futures are contracts to buy … Continue reading ->The post How to Invest in Commodity Futures appeared first on SmartAsset Blog.
Amid mixed US Goods Orders data, the Greenback attempted to breach the robust 96.33 resistance mark. French authorities shed light over Trump’s disinterest in having talks, to solve US-Iran dispute.
Acacia said majority shareholder Barrick's proposal undervalued its mine plans and appears to have ignored the value of its exploration and development assets. Barrick, the world's second largest gold miner, had valued Acacia's assets at $1.3 billion in its 2018 annual report but said last week that following a review it concluded some of Acacia's assumptions about its assets were not supportable. Barrick fired back on Wednesday that Acacia had not raised any points that it was not already aware of.
Barrick Gold Corp, the world's No. 2 gold miner, said on Wednesday some assumptions made by Acacia Mining about its mine plans were not supportable and needed adjustments. Acacia Mining had on Monday strongly disagreed with majority shareholder Barrick Gold's valuation of the company, saying Barrick's proposal undervalued its life of mine plans and appears to have ignored the value of its exploration and development assets. Barrick's proposal to take full control of Acacia to resolve a long-standing tax dispute with Tanzania has drawn the ire of Acacia's minority shareholders, who may have the ultimate vote on a deal.
Spot gold shed 0.8% to $1,411.21 per ounce as of 1:56 p.m. EDT (1756 GMT), having fallen more than 1% earlier in the session. U.S. gold futures settled 0.2% lower to $1,415.40. It had that break down and then kept on running," said Michael Matousek, head trader at U.S. Global Investors.
Melania Trump’s spokeswoman, Stephanie Grisham, will be the new White House press secretary. It’s an unusual choice to represent the nerve center of the world’s biggest economy and most powerful military, given the First Lady’s rocky relationship with the press and her falling approval ratings during Grishman’s tenure. Excited to have Stephanie working for both sides of the @WhiteHouse.
Jay Inslee, a prominent Democratic presidential candidate, has come out with a climate-focused campaign that would be a nightmare scenario for big oil and gas
Chilean copper miner Antofagasta Plc said on Tuesday it would ask regulators for more time to answer questions about an environmental impact study for its Zaldivar mine, which draws water from Chile's lithium-rich Atacama salt flat. Chilean regulators last year delayed their review of Zaldivar's environmental study amid rising concerns over dwindling water supplies at Atacama. The Atacama salt flat is home to lithium miners SQM and Albemarle Corp, which together produce one-third of the world's supply of the ultralight battery metal.
The most-active gold futures contract rose more than 1% Tuesday to $1,435 a troy ounce, heading for a fresh six-year high as investors anticipate lower interest rates and seek alternatives to currencies and bonds.
While RosCan Gold Corporation (CVE:ROS) shareholders are probably generally happy, the stock hasn't had particularly...
Gold futures gave up almost all of their earlier gains by Tuesday afternoon, though still marked the highest most-active contract settlement since August 2013. Federal Reserve Chairman Jerome Powell suggested Tuesday that an interest-rate cut in July is not a done deal. Following those comments, George Gero, managing director at RBC Wealth Management, said he expected to see profit taking in gold. A July interest-rate cut has been widely expected by investors and economists. August gold rose 50 cents, or 0.04%, to settle at $1,418.70 on Comex-a far cry from an earlier high of $1,442.90.
Gold soared to almost a six-year high on Tuesday on escalating U.S.-Iran tensions and U.S.-Sino trade anxiety, leading traders to pile into safe-haven government debt and to snap up the yen and Swiss franc at the expense of the dollar. Gold has gained 10% in price so far this month, climbing above $1,400 an ounce for first time since August 2013 after briefly touching the psychological barrier on Monday. The dollar, meanwhile, fell to a three-month low against the euro and dropped to its weakest against the Japanese yen since early January as the prospect of an interest rate cut by the Federal Reserve knocked demand for the U.S. currency.
Conversations with strangers can go one of two ways. Some are unyieldingly boring—an exchange of information in which neither side reveals more about themselves than could be gleaned from LinkedIn. But in some interactions there’s an alchemy at work, the meeting of two minds sparking a change in both during which something new—less tangible than gold, but nonetheless beautiful—is created.
(Bloomberg) -- A rally in domestic gold prices to near record levels may coax investors missing from India’s bazaars to once again buy coins and bars after little movement in the last five years.Benchmark gold futures in Mumbai have surged 11% this year to as high as 34,893 rupees ($504) per 10 grams on Tuesday, just shy of a record of 35,074 rupees touched in 2013.“The whole world is getting bullish on gold now because of the economic and geopolitical tensions,” said Ketan Shroff, a director at Mumbai-based Penta Gold Pvt. and a former joint secretary of the India Bullion and Jewellers Association Ltd., by phone. “People will buy gold as an investment and we may see some good demand in small coins and bars and not in jewelry.”Spot gold surged to the highest level in six years -- topping $1,430 an ounce -- as fresh U.S. sanctions on Iran added to uncertainty in global markets and the U.S. Federal Reserve opened the door to an interest rate cut. More gains are in store with Morgan Stanley choosing gold as its top commodity pick on a six-month view. India’s investment demand was 341 tons in 2013 and fell to 162.4 tons last year, according to the World Gold Council. Rising prices will help investment demand and purchases of coins and bars may be higher-than-expected this year, according to Metals Focus Ltd.“These are positive signs for long-term gold demand,” said Chirag Sheth, a senior consultant at the London-based firm. The spike in prices comes at a time when India is entering a seasonally slow demand season after June, so jewelry sales may not be impacted much, he said.India’s gold consumption may rise 10%-15% in 2019 from the 760 tons bought last year, according to Saurabh Gadgil, chairman of the Pune-based PN Gadgil Jewellers Pvt. Despite the current rally in prices, people haven’t been lining up yet to sell their gold and that’s positive for the market, he said.Gold demand in India has been picking up as weaker prices boosted purchases for weddings and festivals and as cash handouts and higher spending during the federal elections in April and May gave a fillip to disposable incomes. The second half of the year is usually the peak demand season in India because of festivals.“At the consumer level, there is bullishness about gold prices,” Gadgil said by phone. Gold has been subdued for the last few years and people who have been holding back purchases -- including young people who have wanted to invest for the last two-to-three years -- may look to buy, he said.Demand RevivalConsumption in the January-to-March period rose 5% on year to 159 tons and demand in the second quarter is expected to be higher due to weddings and the key auspicious gold buying day of Akshaya Tritiya, according to the WGC. Import numbers for the first five months of 2019 also suggest better sales in the local markets. Inbound shipments are estimated to have risen 44% during January-May to 416.3 tons, according to data collated by Bloomberg.To contact the reporter on this story: Swansy Afonso in Mumbai at firstname.lastname@example.orgTo contact the editors responsible for this story: Phoebe Sedgman at email@example.com, Keith Gosman, Alpana SarmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A South Korean Olympic short-track medallist sexually harassed another male Games podium-finisher, officials said Tuesday -- prompting them to suspend the entire team. The offender -- who has not been identified -- reportedly forcibly pulled down the victim's trousers, leaving him standing in his underwear in front of team-mates at the national training centre in Jincheon. In response coaches collectively punished the entire team -- seven men and seven women -- and expelled them from the facility for a month, a Korean Sport & Olympic Committee official told AFP.
(Bloomberg Opinion) -- For years, Russia has been the world’s biggest sovereign gold bug: Even while gold prices were in the doldrums, it doggedly kept increasing its reserves. Now that gold is at the highest level since 2013, the tactic appears to be paying off. The U.S. dollar’s dominance as a global reserve currency is commonly thought to result from the dearth of safe assets. Russia, however, recently has provided an example of how a sizable economy with the world’s fifth biggest international reserves can minimize dollar assets and still do well. So far, it doesn’t have many followers, but gold buying by central banks is going up.Since being hit by sanctions for its aggression against Ukraine in 2014, Russia has had good reasons to rethink the composition of its international reserve. While the European Union hasn’t toughened its sanctions for almost five years, the U.S. has been doing it all the time. The Kremlin and the Bank of Russia consider the risk of further restrictions unpredictable and dependent more on U.S. domestic politics than on anything Russia does. In the 12 months since the end of September 2017, the central bank has more than halved the dollar’s share in its international assets and sharply increased the shares of the euro and the renminbi.These data, the latest available from the central bank, show the share of gold slightly dropping, even though Russia added 274 metric tons of the metal to its reserves in 2018, bringing its total reserves to 2,113 tons. That’s because other assets also increased as Russia sought to insulate itself from Western pressure – and because in those 12 months, the price of gold dropped by almost 7%. Generally, though, the metal’s market performance has, for the most part, justified Russia’s stubborn trust in it.And so far this month, as the price of gold has soared by about 7%, it has added about $7 billion to Russia’s international reserves (assuming no new purchases since the end of the first quarter of 2019). If the price increase holds, gold will account for some 20 % of Russia’s half a trillion dollars in international reserves, approaching the dollar’s share. The dollar, of course, remains the world’s biggest reserve currency, and gold and other currencies aren’t exactly displacing it worldwide. But then, the World Gold Council has noted an upward trend in net gold purchases by central banks that goes way beyond the Russian effort – even through Russia remains the biggest buyer. In the first quarter of 2019, central banks bought a record amount of gold, 715.7 metric tons.China has its own problems with the U.S. and with the dollar. While it can’t cut its enormous dollar assets as decisively as Russia has reduced its smaller ones, it has gone for a gradual reduction. And it has shown an increased interest in gold.Other significant gold buyers include Turkey and India -- the latter, like China and Russia, a member of the global top 10 by international reserves.Low U.S. interest rates, the Trump administration’s unpredictable combativeness and insatiable appetite for debt, and geopolitical instability are making gold look like a safer asset than U.S. debt instruments. A few more years of this, and it’s possible that more countries’ international reserves will be structured like Russia’s.President Vladimir Putin’s regime moved first among big reserve holders to phase out the dollar because it had the biggest reasons to fear the U.S. The current and future U.S. administrations should tread carefully to avoid giving others similar incentives to kick their dollar habit and follow the Kremlin’s example. While Russia’s economic management in general leaves much to be desired, the country’s approach to building international reserves is looking more and more prescient.To contact the author of this story: Leonid Bershidsky at firstname.lastname@example.orgTo contact the editor responsible for this story: Tobin Harshaw at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Asian shares were hamstrung by trade worries Tuesday as expectations of more dovish talk from the Federal Reserve pushed down Treasury yields and the dollar, while propelling gold prices to six-year peaks. Investors are waiting anxiously to see if anything comes of Sino-U.S. trade talks later this week, though sentiment was not helped by reports U.S. President Donald Trump would be content with "any outcome". Japan's Nikkei dipped 0.2%, while E-Mini futures for the S&P 500 edged down 0.18%.
Investing.com - Oil prices fell on Tuesday in Asia even after the U.S. slapped sanctions on Iran this week after the latter shot down an unmanned American drone last week.