|Day's Range||1,386.10 - 1,421.00|
Legends Madonna and Bruce Springsteen are taking fans on a trip down memory lane, respectively nabbing numbers one and two of the US top album tally. Madonna's "Madame X" struck gold on the Billboard 200 chart, landing the icon her ninth number one album atop the list, which the industry tracker will publish in full on Tuesday. Springsteen's "Western Stars" raced in at second -- marking the first time since 1985 that the Queen of Pop and The Boss are reigning over the album chart together.
Canada's main stock index was unchanged on Monday, with losses in stocks of cannabis producers offsetting a rise in shares of precious metal miners as fears of an escalation in U.S.-Iran tensions spurred demand of gold. * At 9:37 a.m. ET (13:37 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 8.49 points, or 0.05%, at 16,516.94. * Investors globally will be on edge ahead of a high stakes meeting later this week between the presidents of United States and China at the G20 summit where they are expected to work out differences in trade issues.
Acacia Mining on Monday strongly disagreed with majority shareholder Barrick Gold Corp'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 its African unit 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. Toronto-based Barrick's May 21 share-for-share proposal valued Acacia at $979 million as of Friday's close, versus $787 million when it first proposed the deal, thanks to a 27% jump in Barrick shares.
Barrick's proposal to take full control of its African unit 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. Toronto-based Barrick's May 21 share-for-share proposal valued Acacia at $979 million as of Friday's close, versus $787 million when it first proposed the deal, thanks to a 27% jump in Barrick shares.
Acacia Mining said on Monday it strongly disagreed with majority shareholder Barrick Gold Corp's valuation of the company, saying it rejected Barrick's view of its life of mine plans. Barrick's proposal to take full control of its African unit 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. Toronto-based Barrick's May 21 share-for-share proposal valued Acacia at $787 million.
Former Wall Street trader and host of the Keiser Report Max Keiser was leading the backlash against the bitcoin (BTC) naysayers this weekend as the bitcoin price passed $11,000. Using Twitter as a platform, Keiser focused on gold enthusiasts after several claimed that despite its performance, bitcoin was still an inferior bet to the precious metal. Among them was Peter Schiff, the veteran gold bug who has regularly trashed cryptocurrency both informally and via interviews while ironically also accepting it as payment.
(Bloomberg) -- Gold’s rally to the highest since 2013 may have room to run further after the Federal Reserve indicated a readiness to cut borrowing costs, which would keep real rates low and weigh on the dollar, according to BlackRock Inc.“Gold could end the year higher,” Russ Koesterich, portfolio manager at the $27 billion BlackRock Global Allocation Fund, said in an interview. “If we continue to see a pivot toward easier monetary policy from the Fed, then I think gold can go higher from here,” he said, adding that there is likely to be some pullback and consolidation in the near-term.Gold is back in the limelight as investors seek havens amid slowing global growth due to the fallout from the U.S.-China trade dispute and as central banks globally adopt a more dovish tone. While the Fed left its key rate unchanged on Wednesday, it dropped a reference to being “patient” on borrowing costs and forecast a larger miss of their 2% inflation target this year. The greenback weakened to erase its 2019 gains.“If easier policy from the Fed contains the dollar, that’s an environment, all else equal, that is supportive of gold,” Koesterich said last week in a phone interview after the central bank’s decision. “What I’d add is if we get a situation where the Fed is easing perhaps more than people thought because trade frictions are rising, that might be a particularly strong period for gold.”The Fed would be easing at the same time as volatility would be rising and demand from investors for hedges would be going up, he said.Spot gold rose as much as 0.8% to $1,411.23 an ounce and traded at $1,406.02 at 7:12 a.m. in London. Prices surged to $1,411.63 on Friday, the highest level in more than five years. Citigroup Inc. said Thursday that the enthusiasm is justified, with $1,500 to $1,600 possible in the next 12 months under a bullish-case scenario that includes borrowing costs falling below zero.The Fed last cut rates in 2008 and began its most recent tightening cycle at the end of 2015, with four hikes last year. The so-called dot plot, which the U.S. central bank uses to signal its outlook for the path of interest rates, shows that policy makers are divided for the remainder of 2019. European Central Bank President Mario Draghi last week paved the way for a rate cut, and counterparts in Australia, India and Russia have lowered borrowing costs.“In the near term, gold, like bonds, has had a very large move, so it would not be surprising if there was some consolidation,” said Koesterich, adding that BlackRock’s bullion holdings through exchange-traded funds have been “relatively static” over the last month. “But if we are moving into a period where the Fed or other central banks feel the need to ease monetary conditions, gold is probably going to have a better environment than it did earlier this year.”(Updates price in sixth paragraph.)To contact the reporter on this story: Ranjeetha Pakiam in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: Phoebe Sedgman at email@example.com, Keith GosmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Angola is bouncing back after its fuel production slumped last year to a decade low as President Joao Lourenco steers reforms vital to the country's economy and wins approval from oil majors. "We should come back to 2012/2013 to see the same level of interest" as that now being shown by investors, Brusco told AFP on the sidelines of a conference earlier this month in Luanda. France's Total, the premier operator in Africa's second-largest oil producer after Nigeria with output of 650,000 barrels per day, confirms as much.
Today we are going to look at Royal Gold, Inc. (NASDAQ:RGLD) to see whether it might be an attractive investment...
(Bloomberg) -- Call it the trifecta that gave rocket fuel to the gold market: Powell, positioning and politics.It was Jerome Powell’s signal that the Federal Reserve is moving closer to lowering interest rates and a brewing conflict between Iran and the U.S. that lit a spark in the market, burnishing gold’s credentials as a hedge against inflation and a weakening dollar. It was enough for gold to break through a long-term technical resistance at $1,350 an ounce, which unleashed a wave of short-covering and momentum buying.In a world where many competing safe-haven assets such as government bonds are offering negative rates and the yield curve is pointing to a recession, gold is looking like an good bet. Now, all eyes are on investors who must weigh up whether to chase prices higher or cash in on the rally.“There’s been gold-friendly news all around,” Ole Hansen, head of commodity strategy at Saxo Bank A/S, said by phone from Copenhagen. “Those who have bought in the past few weeks will need reassurance that they haven’t just entered at the top of the market."Gold ended the week trading near $1,400 and recorded the biggest weekly gain in three years.There are a lot of newcomers to the gold rally. Investors poured almost $3 billion into exchange-traded funds linked to the metal so far this month, which could be the biggest inflow since January.But technical indicators signal that the market is getting overheated. The relative strength index is deep in overbought territory, and investors may soon decide to take profit unless there are fresh external catalysts to help keep the rally going, Hansen said.Here are a few key things likely to drive sentiment through the rest of the month:Economy WatchAny further signs of a slowdown in the U.S. economy could help prop up the case for an interest-rate cut, thereby boosting gold’s appeal. After reports on Friday showing U.S. manufacturing was on the cusp of contraction in June, GDP data and consumer confidence figures will be closely watched next week.The Iran SituationSo far, gold’s rally has been driven mainly by the Fed’s dovish pivot, but a further deterioration in U.S. relations with Iran could fuel a fresh round of haven buying. U.S. officials say Iran is rejecting efforts to resolve the dispute through diplomatic channels, raising the possibility of military action that would have immediate and far-reaching political and economic consequences in the Middle East.Trump and Xi at G-20Trump is due to meet with Xi Jinping at the end of the G-20 Summit with hopes of reviving talks on a trade deal. Failing to get the two sides back on track could stoke worries about the trajectory of global growth.“Gold is very friendly towards recession,” Saxo Bank’s Hansen said.To contact the reporter on this story: Mark Burton in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Thomasson at email@example.com, Dylan GriffithsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
By CCN Markets: Longtime crypto critic and gold proponent Peter Schiff is excited. He’s not happy due to the stock market hitting new all-time highs or bitcoin prices surging but rather by a microscopic advance in the price of gold. This week, the price of gold topped $1,400 per ounce for the first time in more than five years. This, a mere 25% rally from recent lows, was enough for Schiff to declare victory: Over the last year exactly, it is up $130 per ounce or 10 percent. Schiff: Wrong on Gold for a Long Time Peter Schiff has reasons
Gold futures edged higher Friday, scoring a weekly gain of just over 4% and settling above $1,400 an ounce for the first time since September 2013. The metal found support from "intense safe-haven purchasing given potential for further escalation with Iran," as well as "follow through" from the Federal Open Market Committee meeting earlier this week, said Jeff Wright, executive vice president of GoldMining Inc., which signaled the central bank's willingness to cut interest rates. August gold rose $3.20, or 0.2%, to settle at $1,400.10 on Comex.
Gold is outperforming stocks even when stock markets are making highs. The SPDR Gold Shares (GLD) has gained 8.7% in the last one month, and the VanEck Vectors Gold Miners ETF (GDX) has amplified that return by rising 21.1% in the same period.
Gold futures registered their single largest one-day jump of 2.8% on June 20 following the Fed’s dovish stance at its June meeting. While the Fed kept rates unchanged, it hinted at future rate cuts if the conditions warrant them, which sent gold prices soaring.
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Easing monetary stance, rising geopolitical tensions have increased demand for gold as a safe haven thus pulling up its prices.