Yamana 3Q Net Loss Tops $1 Billion On New Chilean Tax, Asset Impairments

(Kitco News) – Yamana Gold Inc. (TSX:YRI)(AUY) reported a net loss of $1.023 billion, or $1.17 per share, during the third quarter compared to net earnings of $43.4 million, or 6 cents, during last year’s comparative quarter.

FOMC Statement Construed As Tilting Hawkish For Monetary Policy; Gold Declines

A statement from the U.S. Federal Open Market Committee Wednesday was deemed modestly hawkish and thus bearish for gold as policy-makers formally ended their quantitative-easing program and also suggested labor-market conditions are improving.

Gold Sells Off on FOMC Minutes That Favor Hawks, and on Rallying U.S. Dollar

Gold prices traded solidly lower and hit a three-week low Wednesday afternoon, in the immediate aftermath of the latest FOMC statement that was deemed a bit hawkish on U.S. monetary policy. The U.S. dollar index also surged on the FOMC statement, whic…

Federal Reserve Ends Bond-Purchase Program

(Kitco News) – As expected, the Federal Reserve officially ended its monthly bond-purchase program following the October Federal Open Market Committee meeting.

U.S. Bank: Any Macroeconomic Improvement Should Boost Base Metals

Improvement in the global macroeconomic picture is likely to help base metals, particularly since there is some supply tightness, says U.S. Bank Wealth Management. The firm notes that improved economic news for China helped copper prices rebound 1% for the last week, returning prices above the key $3-per-pound level. Nickel, meanwhile, lost more than 4%, with the metal retracing most of its year-to-date gains as stockpiles have risen in Asia despite the Indonesian export ban. “On balance, this left the industrial metals complex unchanged for the week,” the firm says. “On average, the industrial metals complex seems to have a tighter balance of supply relative to demand. Any improvements in global economic data will likely lead to rising prices.”

LBMA: Ounces Of Gold Transferred Declines In September But Silver Activity Higher

(Kitco News) – The amount of gold transferred between accounts of London Bullion Market Association members fell in September, but the amount of silver exchanging hands increased, the organization said Wednesday.

Wednesday’s Forex Analytical Charts

Wednesday’s Analytical Charts for Gold, Silver and Platinum and Palladium

Gold Slightly Lower Ahead of FOMC Statement

(Kitco News) – Gold prices are slightly lower in subdued early U.S. trading Wednesday.

Space Mining Company Loses Test Vehicle In NASA Rocket Explosion

(Kitco News) – Planetary Resources, a company developing technology that they hope will one day mine asteroids, lost a test vehicle after an unmanned NASA-contracted rocket exploded shortly after takeoff Tuesday evening.