A hoard of 91 silver coins from the time of Ancient Rome were found in a Welsh village known as Wick, Vale of Glamorgan. The date range of the cache spans from the 1st century BCE to as historically recent as the rule of Marcus Aurelius in the 2nd century CE.
A surging dollar is adding another verse to the oilfield blues today, as OPEC analysts meet ahead of next week’s policy meeting. Upbeat forecasts of higher supply and lower competition have been questioned by oil ministry officials from member nations. West Texas Intermediate (WTI,) the benchmark for US crude, closed down 95 cents to end at $42.09 a barrel. Brent crude lost 30 cents to close at $45.16.
Despite the pain of the smaller members with no end in sight, large OPEC members, led by Saudi Arabia, are expected to push for the status quo of accelerated pumping.
The US dollar continued its rally today, crushing all comers. The euro is at a seven-month low of 1.0575 against the dollar this morning. EUR parity with USD becoming a more likely scenario as ECB president “Super Mario” Draghi announces he is going to feed the ECB’s quantitative easing program a yellow mushroom next week.
The pound sterling is flirting with breaking through support at 1.50, and the Swiss franc is also under pressure in dollar terms. The Japanese yen is also near recent lows against the greenback.
This dynamic is being fueled by expectations of a hike in benchmark interest rates by the US Federal Reserve, while the European Central Bank, Swiss National Bank, and Bank of Japan announce or plan devaluation of their currencies.
As everyone in the U.S. lethargically awoke from the Thanksgiving feasts, the gold price plunged by more than $15 per ounce below $1,060/oz, touching a 6-year low—the lowest gold price since February of 2010. Led lower by selling pressure amid thin market volumes, gold retreated for a 6th consecutive week of falling prices. The other precious metals followed, opening more than 1% lower on Friday.
Should we get rid of the penny? Believe it or not, many Americans have allocated a lot of their time, effort and money towards tackling this question. A war of irreconcilable beliefs has since broken out between pro-penny and anti-penny lobbyists. Today, we present both sides of the coin, so that you may decide for yourself if the penny is really worth keeping. Continue Reading
Yet again, retailers of all stripes are gearing up for the Black Friday shopping holiday that follows Thanksgiving. Invariably the single-best sales day of the year in the U.S., Black Friday has for years been touted as the “make-or-break” event for many companies’ Q4 earnings. That axiom, however, may be proved somewhat less handy this year.
First, where did this consumer-oriented holiday originate from?
The first primaries in the 2016 Presidential election are less than three months away. The window is swiftly closing for the second-tier candidates to become contenders in their party’s nomination process.
In the view of “you can’t keep them straight without a scorecard,” Business Insider has calculated the latest power rankings for all Presidential candidates. Here’s the quick rundown of who’s gaining and who’s falling.
Latin America’s gold mining and broader resource extraction industries have been beset with controversies of late. These have ranged from environmental degradation to local protests over big multinationals exploiting the country’s resources. At the same time, the South American continent remains a prime location for the mining of copper, gold, and especially silver.
This morning finds gold lower, giving up yesterday’s safe haven gains. Spot gold is consolidating around support at the $1,069 level. Tensions over the shootdown of a Russian fighter jet by the Turkish air force has subsided, letting Russian and European stock markets recover.
A surging dollar on the back of a falling euro also has gold lower this morning. ECB president Mario Draghi dragged the euro down to below the 1.05 mark, with statements pointing toward an expansion of ECB QE. This is allowing the dollar to make another run at the psychologically important 100 level against a basket of currencies.
Here’s a few surprising facts about everyone’s favorite day of feast:
U.S. Treasurys, frequently cited as the safest asset in town, are increasingly getting caught in a liquidity crunch. The widening gulf between older, so-called “off-the-run” Treasury notes and their “on-the-run” counterparts is a signal that the U.S. bond market is in turmoil.
The largest-ever known undersea gold deposit has been confirmed beneath the East China Sea after three years of exploring, planning, drilling and excavating. The discovery was made earlier this month more than a mile below the sea at a location near Sanshan Island in the Shandong province.
The gold price saw a rapid safe haven response on Tuesday morning following the news that a Russian warplane was shot down by Turkish jets near the Turkey-Syria border. (Turkey says it warned the Russian plane many times to leave its airspace before firing; Russia claims the plane never crossed the border into Turkey.)
NATO will be holding an emergency meeting in Brussels, Belgium later today to discuss the Russia-Turkey controversy. At the same time, French President Francois Hollande will be hosted in Washington, D.C. by President Obama for talks regarding the joint anti-terrorism effort against Daesh.
The New York Attorney General’s Criminal Enforcement and Financial Crimes Bureau has opened an investigation into forex manipulation by four interdealer brokers who operate currency trading platforms. Subpoenas were served last week to Tullet Prebon PLC, BGC Partners, Inc, GFI Group, and TFS-ICAP Ltd.
TFS-ICAP is a joint venture between ICAP Plc and Cie. Financiere Tradition SA. GFI Group is owned by BGC Partners. This isn’t the first brush with the law for ICAP, which was fined $88 million for helping “too big to fail” banks manipulate the LIBOR rate.
Monday, Saudi Arabia’s oil minister tried for a second day to “talk up” oil prices by stating the the Kingdom was willing to work with OPEC and non-OPEC producers to stabilize the market. Prices rebounded after his statements.
However, his words couldn’t stop a reversal in oil prices when it was announced that stockpiles had grown at the Cushing, Oklahoma oil hub.This made for a volatile day in crude futures.
The message by Oil Minister Ali al-Naimi was the same as Friday: The oil market was unstable, and that all oil producers needed to work together to stabilize prices. He also said that the cutback in exploration would come back to haunt some countries, as output in old oilfields fall. MarketWatch reports market analyst Naeem Aslam as saying “If the Saudis do not deliver what they have said… we could see the oil price dropping below the $35 level.”
In connection with a possible murder mystery, the Indiana residence of a now-deceased man was searched by police. The search turned up no dead body—but it did yield some $220,000 worth of silver.
For major gold mining companies, there’s at least one silver lining (no pun intended) that can be taken from the continued collapse of the sector under this particularly low price environment. Even with this dismal context, the highly unfavorable market can be used as an opportunity to reorganize operations. Since nobody expects the market to shoot up all of the sudden, why not focus on getting leaner, becoming more efficient, or realizing greater economies of scale?
For the few miners that aren’t struggling to stay above water with their finances, this is precisely how they’re using the downturn to their advantage.
The global commodity markets are showing no signs of breaking out of their prolonged slump with more pressure from the dollar and unfavorable weather patterns around the world. (The weather may be a weak explanation for poor consumer spending—think last winter—but unavoidable as a factor influencing resource extraction.) The precious metals followed the broader commodities markets lower again on Monday morning, though gold has at least outperformed nearly all of its counterparts in the sector.
A hoard of silver coin clippings is being indexed at the British museum after the collection was excavated in the woodlands of Gloucestershire, England.
Cradling his treasure, wielding his metal detector, Gavin Warren emerged from the Forest of Dean’s to the collective cries of envy from treasure seekers around the globe.
Warren says that he was only testing a “beginner’s metal detector” when he found the 500 silver coin clippings in the field. Continue Reading
Granted, in most cases, the bonds would be defaulted on by the issuers at some point—in many cases, once government entities got involved. However, in one exceedingly rare case, there is a goat-skin parchment used for a Dutch corporate bond dating to 1648 stored in the Yale University library. Unbelievably, this debt obligation is still valid!