(Kitco News) – Gold prices are higher and hit a two-month high in midday trading Tuesday. Silver prices are holding slight gains. It’s a general “risk-off” trading mentality in the marketplace early this week, and that’s prompting buying interest in the safe-haven metals. February gold futures were last up $6.60 at $1,848.30 and March Comex silver was last up $0.04 at $23.84 an ounce.
Russia appears poised to invade Ukraine and that has the marketplace anxious. NATO allies are responding by sending arms to Ukraine and putting NATO troops on higher alert, including some U.S. troops. The situation appears to be getting graver by the day. Inflation worries are also spooking traders and investors.
U.S. stock indexes are solidly lower at midday. The major U.S. indexes hit seven-month lows on Monday and are very wobbly now. Serious near-term technical damage has been inflicted upon the U.S. stock indexes, to suggest they have at put in near-term market tops.
The U.S. data point of the week is the Federal Reserve’s Open Market Committee (FOMC) meeting that began Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. It’s expected the Fed will raise U.S. interest rates at its March FOMC meeting. The marketplace appears to be getting more anxious regarding how the Fed is going to deal with rising and even problematic price inflation. Most believe at this FOMC meeting the Fed and Chairman Powell will better lay the groundwork for four U.S. interest rate increases this year.
The key outside markets today see crude oil prices solidly higher and trading around $85.00 a barrel. The U.S. dollar index is higher today. The U.S. Treasury 10-year note yield is presently fetching 1.764%.
Technically, gold bulls have the firm overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the November high of $1,881.90. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at today’s high of $1,853.40 and then at $1,865.00. First support is seen at today’s low of $1,834.40 and then at this week’s low of $1,829.30. Wyckoff’s Market Rating: 7.0
March silver futures bulls have the overall near-term technical advantage. A five-week-old uptrend is in place on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at today’s high of $24.045 and the at this week’s high of $24.36. Next support is seen at this week’s low of $23.595 and then at $23.25. Wyckoff’s Market Rating: 6.0.
March N.Y. copper closed up 325 points at 444.60 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart, but just barely. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the January high of 460.10 cents. The next downside price objective for the bears is closing prices below solid technical support at the January low of 431.35 cents. First resistance is seen at 450.00 cents and then at this week’s high of 453.80 cents. First support is seen at last week’s low of 437.60 cents and then at 431.35. Wyckoff’s Market Rating: 6.0.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.
The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.
Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.
In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.
On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.
The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
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