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Sharp price gains in gold as Russia said poised to invade Ukraine – Kitco NEWS

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(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. 

Live 24 hours gold chart [Kitco Inc.]

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

Live 24 hours silver chart [ Kitco Inc. ]

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.

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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