Archer-Daniels-Midland reported lower-than-expected fourth-quarter earnings on Tuesday, after an investigation into accounting practices at the company's nutrition unit delayed the release of its financial results for nearly two months.
Southwest Airlines on Tuesday once again cut its forecast for the number of aircraft deliveries it expects from supplier Boeing - causing the largest domestic U.S. carrier to cut its capacity for the second half of 2024.
Chinese billionaire entrepreneur and Olympic champion Li Ning is considering taking his namesake sportswear company private from the Hong Kong stock exchange, four people said, adding to a string of such potential deals in a faltering market.
Speaking to the Investing News Network, Adrian Day, president of Adrian Day Asset Management, shared his outlook for gold and gold stocks in 2024, explaining why there's a disconnect between them. He noted that there's been a misalignment for the last 11 years, but particularly in the last two years, when central banks and wealthy families in the Middle East and Asia started loading up on the yellow metal for insurance purposes. "Their motives are long term and defensive, so they buy bullion, they don't buy gold stocks. So in a way — and people don't like it when I say this — but in a way, up until let's say the last couple of months, I would argue that it was gold that was out of kilter with economic reality, not the gold stocks. The gold stocks were where they should have been; gold should have been lower, but it was this central bank buying that pushed it up," Day explained. In his view, when the US Federal Reserve starts cutting interest rates and monetary factors start driving gold, the metal will eventually make it to US$2,100 per ounce and stay there. At that point, investors will get interested in gold stocks. "Particularly if the broad market starts to wobble. It doesn't have to crash — a crash would not be good for gold stocks — but wobble. And people start to get out of NVIDIA (NASDAQ:NVDA) and look for other (options) — maybe out of NVIDIA and into ExxonMobil (NYSE:XOM) or something. There's a bit of rotation. That's good for gold. If we see that, I think the scenario is a perfect setup for gold," he said during the conversation. Day added that although he's said before that gold stocks are incredibly undervalued, the situation has only intensified. As an example, he noted that major producer Agnico Eagle Mines (TSX:AEM,NYSE:AEM) is selling at its lowest price-to-cashflow multiple ever aside from the last quarter of 2015, when the gold price fell as low as US$1,061. "We've been through this so many times in the past — gold stocks can languish for a long time. And then when they take off, first of all they take off suddenly, and secondly the returns are dramatic," he said. Watch the interview above for more of Day's thoughts on gold and gold stocks. You can also click here for the Investing News Network's full Vancouver Resource Investment Conference playlist on YouTube.Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Malaysian palm oil futures were little changed on Tuesday after closing at near 8-month highs in the previous session, as stronger rival oils and crude oil prices offset a decline in exports.
Nonferrous metals prices fell in London on Tuesday, retreating from gains in the previous session, as investors and traders pulled back ahead of key data in China and the United States.
The Federal Aviation Administration's (FAA) audit of Boeing's 737 MAX production process after a panel blew off an Alaska Airlines jet in January failed 33 of 89 tests, The New York Times reported on Monday.
Chicago wheat futures slid on Tuesday, with the market facing pressure from leading importer China cancelling more U.S. cargoes amid plentiful world supplies.
The administration of U.S. President Joe Biden on Monday finalized a rule requiring meat, poultry, or eggs labeled as a U.S. product to come from animals born, raised, slaughtered, and processed in the country.
New Zealand's Transport Accident Investigation Commission said on Tuesday it was seizing the cockpit voice recorder and flight data recorder of a LATAM Airlines Boeing 787 after an incident that left more than 50 people injured.
Chicago wheat futures slid on Tuesday, with the market facing pressure from slowing demand for U.S. cargoes amid stiff competition from suppliers in the Black Sea region.
Air New Zealand said on Tuesday it plans to pause its Auckland to Chicago non-stop service from March 31 to Oct. 25 this year due to ongoing challenges with the availability of serviceable Rolls-Royce Trent 1000 engines.
Biofuel refiner Jet Zero Australia said on Tuesday it had received new funding commitments of A$29 million ($19.2 million) from Idemitsu, Qantas and Airbus for its flagship Sustainable Aviation Fuel (SAF) project.
Sales of the 2023/24 soybean harvest in Brazil reached 36.6% of projected production, behind the historical average for the period but slightly ahead of last year at this time, according to agribusiness consultancy Safras & Mercado on Monday.
Ukraine, particularly in the last few months, has been exporting much more grain than anyone expected despite more than two years of war with neighboring Russia.
Speaking at this year's Prospectors & Developers Association of Canada (PDAC) convention, Jeffrey Christian, managing partner at CPM Group, shared his outlook for gold and silver prices moving forward. "We're looking for record gold prices (in 2024) ... we're looking for a significant, in our mind, increase in gold prices," he said. "We're looking at an average price of maybe US$2,050 (per ounce), up from US$1,950 last year." Christian sees more of a move happening in the third and fourth quarters as worries increase among investors."We think the first half of this year could be stringent for investment demand for gold and silver, continuing what we saw in 2022 and 2023," he explained to the Investing News Network on the sidelines of the show. "But by the third quarter and fourth quarter, there may be a radical shift in the political environment, political expectations and concerns, and that could be having a much more visible negative effect on the economy and thus the financial markets."In terms of silver, Christian said CPM Group thinks US$20 to US$22 per ounce will be its low range for the year, while US$27 or US$28 will be its high point. As with gold, the firm expects the silver price to pick up toward the end of 2024. All in all, he sees 2024 as "another year of living dangerously" — a phrase CPM Group last used to describe 2008. "We look at 2024, 2025 as a similar period of uncertainty," he noted. "I think one of the big parallels is you're looking at a year in 2024 where politics will be much more important in investors deciding whether to buy or sell gold and silver." Watch the interview above for more of Christian's thoughts on gold, silver and their drivers. You can also click here for the Investing News Network's full PDAC playlist on YouTube.Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
FXEmpire.com - Natural gas further tests support around the 20-Day MA (purple) on Monday with a slightly new retracement low of 1.75. It is on track to complete an outside day today as earlier in the session last Friday’s high was exceeded briefly to the upside. The 50% retraceme
U.S. Transportation Secretary Pete Buttigieg said on Monday he expected Boeing to cooperate in investigations by the Justice Department and National Transportation Safety Board into the Alaska Airlines 737 MAX 9 mid-air emergency on Jan. 5.
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