Barrick Posts Lower 3Q Profit Due To Lower Gold Sales, Metals Prices
(Kitco News) – Barrick Gold Corp. (TSX:ABX)(NYSE:ABX) reported net earnings for the third quarter of $125 million, or 11 cents per share, compared to net earnings of $172 million, or 17 cents per share, during last year’s third quarter.
Agnico Eagle Sees $15.1 Mln Net-Loss In Third Quarter
(Kitco News) – Agnico-Eagle Mining Ltd. (TSX: AEM)(NYSE: AEM) said late Wednesday higher exploration expenses and lower realized gold prices on sales resulted in a third-quarter net loss of $15.1 million, or 7 cents per share.
Read moreYamana 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.
Read moreGold 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…
Read moreFederal 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.
Read moreU.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.
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