(Kitco News) – Gold prices are solidly higher and hit an eight-month high in early U.S. trading Thursday. Safe-haven demand is featured as reports say a Russian invasion of Ukraine is “imminent.” Silver prices are modestly up, but not yet catching the strong safe-haven bid that gold sees. April gold futures were last up $20.50 at $1,892.10 and March Comex silver was last up $0.16 at $23.765 an ounce.
Risk aversion is keen Thursday on reports that shots have been fired along the Ukraine-Russia border. Reports said Ukrainian troops fired on Russian-backed rebels. Reuters reported that the U.S. said a Russian invasion of Ukraine is “imminent” and that top U.S. diplomats are changing their travel plans. The U.S. earlier said there is no evidence Russia has pulled its troops away from the border, and in fact the U.S. says Russia has added 7,000 more troops.
Global stock markets were mixed to weaker overnight. The U.S. stock indexes are pointed toward weaker openings when the New York day session begins.
The marketplace took some note of the FOMC minutes that were released Wednesday afternoon. The U.S. stocks market was somewhat assuaged as the minutes did not seem as hawkish as some market watchers expected. However, others said the minutes contained no surprises.
The yield on the U.S. 10-year Treasury note is presently fetching 2.014%. The key outside markets today see crude oil prices solidly lower and trading around $91.50 a barrel. The U.S. dollar index is a bit firmer today.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, and new residential construction. Several Federal Reserve officials are also scheduled to give speeches today.
Technically, the April gold futures bulls have the solid overall near-term technical advantage and gained more power today. Prices are trending up on the daily bar chart. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at the May 2021 high of $1,922.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,850.00. First resistance is seen at the overnight high of $1,895.80 and then at $1,900.00. First support is seen at $1,882.50 and then at $1,875.00. Wyckoff’s Market Rating: 8.0
March silver futures bulls have the slight overall near-term technical advantage and are working on a price uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the January high of $24.755 an ounce. The next downside price objective for the bears is closing prices below solid support at $22.00. First resistance is seen at the overnight high of $23.865 and then at $24.00. Next support is seen at the overnight low of $23.44 and then at $23.29. Wyckoff’s Market Rating: 5.5.
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.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
