|Day's Range||811.70 - 818.50|
U.S. gold futures also lost 0.4%, dropping to $1,272.20. "Right now the only safe-haven out there seems to be the dollar, which has been moving higher against most currencies," said Saxo Bank commodity strategist Ole Hansen. Stocks markets, meanwhile, gained after Washington temporarily eased trade restrictions imposed on China's Huawei.
Anglo American Platinum is contemplating the sale of its Bokoni and Twickenham mines in South Africa, a move which would mostly complete the group's divestment strategy, its chief executive told Reuters. The precious metals producer has sold many of its mines as it pivots from the labour-intensive methods that have defined South African platinum mining to more mechanised operations, but struggled to dispose of loss-making Bokoni. Higher prices for the basket of precious metals sold by South African miners and a weaker rand currency have improved operating conditions for companies struggling to make profits.
A transaction for the Mponeng mine southwest of the capital Johannesburg is unlikely to rock financial markets or cause a great political upset. While it’s still one of the world’s 10 biggest gold reserves, AngloGold will do well to get more for the pit than its $533 million carrying value at the end of 2018. As Felix Njini of Bloomberg News has detailed in multiple articles, the gold mining industry that built South Africa and produced about half of the yellow metal that’s ever been dug up seems now to be in terminal decline.
Precious metals are trading positive on the day but most of them are posting losses on the week. Gold is up, but the move looks short-lived.
Sibanye, headed by South Africa’s prolific mining deal-maker, Neal Froneman, would be interested in purchasing AngloGold’s remaining mine in the country. “There should be three interested parties: Harmony, Sibanye and Heaven-Sent,” Swanepoel said. Sibanye would “certainly engage” AngloGold on the sale of its South African assets, but any deal depends on timing, Froneman said in an interview.
Seaspan Corporation (NYSE: SSW), the largest U.S.-listed lessor of container ships, reported strong quarterly profits driven by a one-off charter renegotiation, and voiced optimistic commentary on broader market trends. Seaspan reported net income of $285.3 million for the first quarter of 2019 compared to $67.7 million in the same period last year. The most recent quarter included a $227 million payment from one of Seaspan's top-five charterers.
U.S. gold futures settled up 0.3 percent at $1,285.70 an ounce. "The dollar index backed off and is seeing some significant loss today after hitting a two-year high last Friday and that is supporting the metals market," said Jim Wyckoff, senior analyst with Kitco metals. The U.S. currency is down 0.4 percent, which could be its biggest daily percentage decline in more than three weeks.
Gold futures finish higher on Tuesday on the back of a retreat in the U.S. dollar, but the metal still suffers a decline for a third month in a row.
Investing.com - With just a day to the next Fed decision on rates, gold longs are making a renewed attempt at recapturing $1,300.
In February we wrote about the six major indices that can be used to help track the performance of securities on OTC Markets. For this article, we’re going to look a little closer at one of those indices—the ...
Gold and silver advanced against the US Dollar amid political and economic concerns. However, the metals are losing steam.
Steel represents a significant amount of materials trading done on the stock market. Some companies perform better than others—for a number of reasons.
There were different opinions as to what fueled Monday’s strength. NatGasWeather said the gains came as weather data over the week-end trended “slightly cooler” for this upcoming weekend and early next week, showing “weak cool shots” across the Great Lakes and Northeast.
Gold bounces on Monday amid technical buying while platinum is ready to test highs again. Silver remains in range.
Gold is trading positive but limited. Platinum is providing an interesting technical move while copper is down after reaching 10-month highs
There are many different routes you can take when you're trying to save for retirement. Some of the most popular options include 401(k)s, traditional IRAs and Roth IRAs. A lesser-known choice is the gold IRA, which allows you to invest in … Continue reading ->The post What Is a Gold IRA? appeared first on SmartAsset Blog.