Newmont Posts Higher Q1 YoY Profit
(Kitco News) – Newmont Mining Co. (NYSE:NEM) reported net income of $175 million, or 35 cents per share, compared to $117 million, or 23 cents per share during last year’s first quarter.
Has China Doubled Its Gold Reserves? – IMF May Soon Find Out
(Kitco News) – Once again, speculation is cropping up regarding the size of China’s gold reserves and whether or not the People’s Bank of China has been bolstering its holdings in secret.
Swiss Trade Data Shows Gold Demand Strong In China, India – UBS
Physical gold demand saw considerable pick up in March says commodity analysts at UBS, quoting trade statistics from Switzerland. According to the Swiss data, 223.3 tonnes of gold was export out of the country, the highest since November. “This was largely driven by strong growth in flows headed for China and India, which looks broadly consistent with anecdotal evidence.” According to UBS, China imported 46.4 tonnes of gold from Switzerland and India imported 72.5 tonnes. They added that Chinese demand was stronger in March as business restocked their supplies after the Lunar New Year celebrations. At the same time Indian demand was strong in preparation for Akshaya Tritiya festival, which was held Tuesday.
Sprott Announces $898m Hostile Bid For Physically-Backed Gold & Silver Funds
(Kitco News) – In an attempt to better position its products, Sprott Asset Management announced an $898 million hostile bid for two competing funds backed by gold and silver.
Read moreGold Gets a Lift from Bullish Outside Markets
Gold prices ended the U.S. day session higher Thursday, on some short covering and perceived bargain hunting after recent selling pressure. The key “outside markets” were fully bullish for the precious metals on this day, as the U.S. dollar index was sharply lower and crude oil prices were sharply higher. June Comex gold was last up $8.50 at $1,195.30 an ounce. May Comex silver was last up $0.096 at $15.88 an ounce.
UK Regulators Crack Down On Deutsche Bank With $340m Fine
(Kitco News) – UK-based financial regulators are fining banks for misconduct, giving out its largest LIBOR-related fine Thursday to German-based Deutsche Bank.
“The Financial Conduct Authority (FCA) has handed Deutsche Bank AG (Deutsche Bank) a £227 million ($340 million) fine, its largest ever for LIBOR and EURIBOR-related (collectively known as IBOR) misconduct,” they said in a press release Thursday.
U.S. New Home Sales Fall 11.4% In March
(Kitco News) – The health of the U.S. housing market remains uncertain as fewer consumers bought new homes in March, according to the latest data from the U.S. Commerce Department.
Read moreU.S. Flash PMI Falls To 54.7 In April
(Kitco News) – Although the U.S. manufacturing sector is losing more momentum than expected, itremains in expansionary territory, according to the latest Purchasing Managers Index data.
U.S. Weekly Jobless Claims Rise To 295K
(Kitco News) – First-time weekly jobless claims in the U.S. rose by 1,000 to a seasonally adjusted 295,000 during the week to Saturday, the Labor Department said Thursday.
Read moreGold Sees Modest Corrective Bounce
Gold prices are a bit higher in early U.S. trading Thursday, on some short covering and perceived bargain hunting.
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