Freeport 3Q Earnings Decline On Weaker Prices; Gold Output Tops Forecast
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) Tuesday reported third-quarter net income of $552 million, or 53 cents per share, down from $821 million, or 79 cents, in the same quarter a year ago.
Updated: Gold Sees Corrective Bounce Following Weaker U.S. Data
(Kitco News) – Gold prices are modestly higher in early U.S. trading Tuesday, receiving a boost following a weaker-than-expected U.S. economic report.
Read moreU.S. Durable Goods Orders Fall 1.3% In September
(Kitco News) – The U.S. economy lost more momentum in September, adding to August’s significant declines, as the Department of Commerce reported an drop in durable goods orders on Tuesday.
Switzerland Gold Referendum A Healthy Conversation – Ron Paul
Although it is unlikely Switzerland’s gold referendum will pass, one U.S. politician said the country is embarking on a “healthy conversation” regarding the role of its national bank.
Swiss Gold Initiative Faces Tough Hurdles Despite Positive Early Polls
Some analysts continue to dismiss a fast-approaching Swiss referendum on gold reserves, despite two recent polls showing nominal support for the initiative.
Read moreGold Ends Slightly Lower; Focus Turns to FOMC
Gold prices ended the U.S. day session slightly down in quieter trading Monday. No major, unsettling news developments occurred over the weekend, which limited buying interest in safe-haven gold. A weaker U.S. dollar index on this day did keep the gold sellers from getting too aggressive. Traders and investors are now awaiting this week’s FOMC meeting. December Comex gold was last down $2.40 at $1,229.40 an ounce. Spot gold was last quoted down $1.80 at $1,229.60. December Comex silver last traded down $0.022 at $17.16 an ounce.
FDA Warns Against Online ‘Fraudulent’ Silver Ebola Cures
(Kitco News) – Ebola has reached New York City, and although there seems to be many questionable cures circling the internet – some of which include silver – there are currently no government-approved treatments for the virus.
Large Speculators Build Bullish Gold Positions For Second Week In Latest CFTC Data
For the second straight week, large speculators added to their bullish Comex gold futures and options holdings as prices rose during the timeframe covered by the Commodity Futures Trading Commission weekly data.
Read moreCopper-Mine Strikes May Give Little Price Support – BMO
There are two copper-mine strikes, at Antamina and Grasberg, but the impact on prices may just be negligible, says BMO Capital Markets Research. Through year end, about 84,000 tons of mined copper supply may be removed if no inventories are processed or shipped and the Antamina strike continues through Dec. 31, the bank says. “This 84,000 ton figure is still less than BMO’s 180,000 ton ‘disruption’ estimate for (the fourth quarter), which suggests that another 100,000 of disruptions would have to occur before BMO’s market balance figure would lessen materially,” they say. The rise in copper prices is likely a knee-jerk reaction, although the bank adds copper prices are running below fundamentals. BMO estimates fourth-quarter prices at $3.10 a pound, versus the current December Comex price of $3.0605.