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Election Day 2020 LIVE UPDATES: Gold price off daily lows as Trump vs. Biden race rages on – Kitco NEWS

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November 4, 00:56

Biden gives live remarks to supporters and says election is “…not over until every ballot is counted, but we’re feeling good about where we are.” Trump pushes back and said he will be making his own statement.

November 4, 00:44

President Donald Trump has won Florida, AP reports, which makes this already too-close-to-call presidential race even tighter. Latest electoral college count stands at Biden 223 and Trump 174.

November 4, 00:36

Gold is holding steady around the $1,900 an ounce level as markets digest the U.S. election results. Spot gold is trading at 1,899.30, down 0.48% on the day.

November 4, 00:25

Democrat Joe Biden has taken Minnesota and Hawaii, AP reports. President Donald Trump has won Iowa, Montana, and Ohio. Electoral college count stands at Biden 223 and Trump 145. 

November 4, 00:10

The precious metals and equities futures markets are favoring a Trump re-election, this according to Peter Hug, global trading director of Kitco Metals.

“What it’s telling me is that the market, both the equity market and the metals markets, from a bullish perspective would prefer Donald Trump as the president and to continue for the next four years, and they are more worried on a Biden presidency, which has created some fear and some selling into the market whenever there is a suggestion that he has a reasonable shot of becoming the next president,” Hug said.

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November 4, 00:05

President Donald Trump has won the state of Utah, according to AP. Biden leads with 213 electoral votes versus Trump’s 118.

November 4, 00:02

Polls have now closed in California, Idaho, Oregon and Washington. Voting is going on in Alaska and Hawaii.

November 3, 23:38

November 3, 23:21

The U.S. election remains too close to call as Fox News declares Trump the winner in Florida.

November 3, 23:20

November 3, 23:19

Joe Biden has seen a jump in the electoral college votes as AP calls western states. Biden is expected to win California, Washington, and Oregon. Biden now leads the electoral college 209 with Trump is at 112.  So far there have been no major surprises in this election and there is still a long road ahead.

November 3, 23:15

Odds are building that Trump can pull off a second victory. However, some analysts note that there is still a path for Biden as he looks to take Arizona. Some of the states to watch will be Nevada, Michigan Wisconsin, Ohio and of course Pennsylvania. Basically, it is still anyone’s race.

November 3, 22:51

Fox News calls Arizona for Joe Biden, which narrows the path for President Trump.

November 3, 22:41

Fox News calls Florida for Donald Trump. California, Oregon and Washtington state all called for Joe Biden.

November 3, 22:49

The Electoral College count between Trump and Biden has narrowed. According to AP, Trump now has 108 votes while Biden maintains his lead with 131. Again the magic number to reach is 270.

November 3, 22:47

Not only is surging momentum in the U.S. dollar hurting gold but equity markets have been off to the races as odds now favor a Trump victory. Trading in Nasdaq futures was halted for two minutes after the index rallied 3.9%. Gold prices remain under pressure with December futures last traded at $1,896.60 an ounce, down 0.72% on the day.

November 3, 22:40

The U.S. dollar is currently spiking versus the Chinese Yuan. As the U.S. election looks right now, traders believe it is bad for China.

November 3, 22:38

Stock futures jump in volatile trading Tuesday evening. Nasdaq 100 futures are up more than 3%, the S&P 500 is up 1.6%, and the Dow Jones Industrial Average is up 0.6%. Gold is still trading below $1,900 an ounce but off its daily lows. Spot gold was last at $1,894.70, down 0.76% on the day. 

November 3, 22:26

AP is projecting Sarah McBride will win in Delaware. She will become the first openly transgender state senator in the United States.

November 3, 22:17

AP is declaring Trump the winner in Kansas.

November 3, 22:16

In another closely watched Senate race, AP projects that Lindsey Graham keeps his Senate seat in South Carolina Senate, defeating challenger Jaime Harrison.

November 3, 22:00

Fox News reports that Democrats are expected to retain control of the House.

November 3, 21:59

According to some analysts, the U.S. dollar is rising sharply as odds start to shift that President Donald Trump will win a second term. New momentum in the dollar is creating some strong selling pressure in gold and silver. According to some analysts, Trump’s odds of winning the election have jumped to 65%.

November 3, 21:56

Precious metals plunge as more results start to come in, with spot gold last trading at $1,886.00 an ounce, down 1.19% on the day, and spot silver at $23.30, down 3.78% on the day.

November 3, 21:54

Democrat Joe Biden has won the District of Columbia and the state of Colorado, maintaining his lead against Trump. Biden is currently ahead with 131 electoral votes versus Trump’s 92.

November 3, 21:41

While we wait for more U.S. election results to roll in, don’t forget to download Kitco Gold Live! app to stay on top of the latest market price action. 

November 3, 21:30

Some tips on how to get the most out of Kitco’s LIVE UPDATES: Don’t forget to refresh the page and here’s how to make the LIVE gold price chart bigger.

November 3, 21:25

Here’s some behind-the-scenes photos as we prep for late-night interviews to talk U.S. election results and gold. Stay tuned!

November 3, 21:21

President Donald Trump has won Arkansas, Indiana, Louisiana, Nebraska, Nebraska’s 3rd Congressional District, North Dakota, South Dakota and Wyoming, while Democrat Joe Biden has won New Mexico and New York. Currently, Biden is leading with 119 electoral votes and Trump is slightly behind with 92.

Spot gold has stabilized at around $1,900 an ounce level.

November 3, 20:39

CNN reports that QAnon promoter Marjorie Taylor Greene wins GA seat in Congress

November 3, 20:20

More results are coming in and Biden is still leading in the Electoral College vote 85 to 55. AP is calling the Mississippi, Oklahoma, Alabama, Tennessee and South Carolina for Trump. Biden is expected to win Illinois, Maryland, New Jersey, Massachusetts, Connecticut, Rhode Island and Delaware. So far, no major surprises in the election.

Gold prices are down as the results start to come in, but the precious metal continues to hold support above $1,900 an ounce.

November 3, 20:12

Gold price loses daily gains and turns negative. Spot gold is trading at $1,902.10, down 0.30% on the day.

November 3, 20:00

In Senate races, Mitch McConnell, Republican Senate Majority Leader has been reelected in Kentucky.

November 3, 19:54

Gold price is giving up some gains as spot gold is currently trading flat, last at $1,906, down 0.06% on the day.

November 3, 19:53

According to AP, Trump will win West Virginia and Kentucky, while Biden will take Vermont and Virginia. In Electoral votes, Biden has 16 and Trump has 13. We also need to point out that the magic number to reach is 270.

November 3, 19:35

There is still a long way to go in early counting, with all eyes right now on Florida. This has always been an important swing state investors need to watch. In a recent interview with Kitco News, Chris Vecchio, senior currency analyst at IG Group said that Florida could set the tone for the entire election race. “No Republican has won the White House without Florida since 1924. The state has been on the correct side of every presidential election since 1964,” he said. “If Ohio goes Democrat and Trump loses Florida, I would say the odds are that we know what the election results are going to be.”

November 3, 19:23

Polls have closed at 7pm ET time in six U.S. states, including Georgia, South Carolina, Virginia, Vermont, Indiana and Kentucky. Markets brace for results. Spot gold is trading at $1,911.40 an ounce, up 0.16% on the day.

November 3, 18:27

As first polls begin to close in some U.S. states, spot gold kicks off the Asian session on a stronger footing, last trading at $1,911.90, up 0.17% on the day.

November 3, 17:40

 Visions of 2016 election night loom large in investors’ memories and the question is can this happen again.

November 3, 17:30

The Dow closes 554.98 points higher on Tuesday, up 2.1% as gold continues to solidify its daily gains above $1,900 an ounce. December Comex gold futures are trading at $1,910.50, up 0.95% on the day.

November 3, 17:05

Make sure the coffee keeps flowing because it’s going to be a long night. Here is a list of when polling stations across the U.S. are closing. 

November 3, 13:24

Gold price is up 1% on the day as the U.S. Election Day is well underway with weaker U.S. dollar and higher stocks helping the precious metal make gains above $1,900 an ounce.

December Comex gold futures are at $1,911.20, up 0.99% on the day after reaching a daily high of $1,910 an ounce. In the meantime, the U.S. dollar index is at 94.03, up 0.16% on the day, while the Dow is up nearly 600 points.

November 3, 12:38

Gold is near its daily high in midday U.S. trading Tuesday. More safe-haven demand is featured for the metals as the highly anticipated and very uncertain U.S. election day is at hand. A sharply weaker U.S. dollar index today is also working in favor of the precious metals market bulls. December gold futures were last up $17.90 at $1,910.40 and December Comex silver was last up $0.282 at $24.315 an ounce.

November 3, 11:11

Will gold price and stocks see big moves right after the election results? The gold price will benefit from either party’s win, but short term, the yellow metal faces bearish pressure, is the conclusion of Gary Wagner, editor of the GoldForecast.com. Let’s first look at the scenario if Trump wins. Because he is a Republican, he still will need to pass fiscal stimulus in terms of an aid package. He has agreed to $1.8 trillion while the House has been fighting for $2.2 trillion. Although they’re not that far apart, I would expect them to dig in fairly deeply. On the other hand, if we see a Democrat win for the presidential election, I think that fiscal spending will be much larger because of the reforms of the Democrats seem to favor big government spending,” he said. 

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Quebec company looks to help open up Canada to Bare Knuckle Fighting Championship

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With an ownership stake in the Bare Knuckle Fighting Championship, Quebec’s Allrem Sports & Entertainment has a vested interest in seeing the promotion flourish in Canada.

BKFC has held two cards to date in Canada, both at the River Cree Resort and Casino in Enoch, Alta. — an Indigenous-owned venue on Treaty 6 territory. But it has to convince provincial regulatory bodies elsewhere to sanction the sport.

And that’s where Allrem comes in.

Allrem president Erik de Pokomandy is targeting first Quebec and then Ontario, saying there have already been discussions with Quebec’s Régie des alcools, des courses et des jeux, the provincial regulatory board overseeing combat sports.

“Typically the UFC paved the way for amending regulations,” de Pokomandy said in an interview. “Since BKFC is more relatable to boxing, we think it’s going to happen. It’s just a matter of time.”

The UFC followed a similar path with Marc Ratner, a former executive director of the Nevada State Athletic Commission who is now the UFC’s senior vice-president of regulatory affairs, leading the fight for mixed martial arts to secure official sanctioning from local commissions.

“Our goal is to work with all the provinces, to make sure that we comply with the regulations. We know it’s a journey. We’re aware of that,” said de Pokomandy. “They’re doing their job.”

“We believe we have a good case,” he added, saying he expects progress in eight months to a year.

Allrem is working with a consultant who previously helped the UFC open up Canadian jurisdictions to MMA.

Clearly there is work to do, as shown by this statement from the Office of the Athletics Commissioner, which oversees pro combat sports in Ontario, when asked about the status of bare-knuckle fighting.

“There are only three professional combative sports regulated under the Athletics Control Act by the Office of the Athletics Commissioner — boxing, kickboxing and mixed martial arts,” said the statement, provided to The Canadian Press. “Currently, bare-knuckle boxing is illegal in Ontario.”

BKFC has held shows in 17 states, including California and New York, as well as Canada, England, Mexico, Bulgaria and Thailand.

And BKFC is on the move, having staged 23 shows already this year. Next up is an Oct. 12 card in Marbella Spain, with BKFC 67 to follow Oct. 25 in Denver.

BKFC bouts are contested in a ring with five two-minute rounds. Fighters are permitted to wrap and tape the wrist, thumb and mid-hand, but no gauze or tape can be within 2.5 centimetres of the knuckles. Punches are the only strike allowed.

Without the benefit of gloves, cuts are common. And they can lead to doctor-mandated stoppages, which prevent the losing fighter from taking more damage.

Both Canadian cards to date, in March and August, were so-called “Prospect” shows featuring new talent, although the March event featured Quebec’s Jade Masson-Wong, the No. 1 contender in the flyweight division who lost a decision to champion Christine (Misfit) Ferea earlier this month at BKFC 65 in Salt Lake City.

In August, Edmonton welterweight Drew (Wild Boy) Stuve defeated Sonny (The Savage) Smith, a former member of the United Kingdom Special Forces,by second-round TKO in the main event.

“There’s a lot of BKFC fans in Canada and they want to see it live,” said de Pokomandy.

Based in the Montreal area, Allrem is also involved in the NASCAR Canada Series, Nissan Sentra Cup, zMax CARS Tour, and has an investment in Les Pétroliers de Laval of the North American Hockey League (LNAH), a semi-pro circuit known for its pugilistic nature.

“The fan is the same,” said de Pokomandy. “The demographic of the fan is the same in NASCAR Canada, is the same in BKFC — and is the same in NASCAR U.S. — as well and is the same as the North American Hockey League.”

“We call it our eco-system of sports properties,” he added.

Evirum, a sister company involved in waste management and recycling, is a presenting partners, along with Pinty’s, of the NASCAR Canada Series.

Allrem has already began cross-promotion with the BKFC logo on the hood of its NASCAR Canada entry, which he says has proved to be popular with fans.

“Funnily enough, they want to take a picture not with the car or the driver, they want to take a picture with the hood,” said de Pokomandy.

Triller, a social media company that expanded into fight promotion, acquired a “majority stake” in BKFC in early 2022. McGregor Sports and Entertainment, run by former UFC champion Conor McGregor, subsequently became a part-owner.

In a February interview, BKFC founder and president David Feldman said viewership numbers in Canada have been “really good,” with BKFC looking to strike a deal for a bigger platform (a three-year worldwide broadcast deal was announced with the DAZN streaming service last week, slated to kick off with next month’s show in Spain).

“Canada’s a great market,” he said. “I think that bare-knuckle fighting can really resonate with Canadians, really probably more than anyone — I said this from when I started it — because of the hockey, because of the hockey culture. Throwing off the gloves and getting into good old-fashioned bare-knuckle fights.”

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This report by The Canadian Press was first published Sept. 20, 2024

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West Fraser indefinitely curtails Lake Butler, Fla., sawmill

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VANCOUVER – West Fraser Timber Co. Ltd. says it’s indefinitely curtailing its sawmill in Lake Butler, Fla., by the end of the month.

The Vancouver-based company says the decision is because of high fibre costs and soft lumber markets.

West Fraser says the curtailment will affect about 130 employees, though it will mitigate the impact by providing work opportunities at other locations.

The company says high fibre costs at Lake Butler and the current low-price commodity environment have made it difficult to operate the mill profitably.

It expects to take an impairment charge in the third quarter associated with the curtailment.

At the beginning of this year, West Fraser said it was closing a sawmill in Maxville, Fla., and indefinitely closing another in Huttig, Ark.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:WFG)

The Canadian Press. All rights reserved.

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Canada Goose to get into eyewear through deal with Marchon

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TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.

The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.

The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.

Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.

Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.

Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:GOOS)

The Canadian Press. All rights reserved.

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