A string of economic data is throttling commodities.
On Friday mining audiences manager Michael McCrae recorded Kitco Roundtable with correspondent Paul Harris.
On Thursday consumer price inflation report was released by the U.S. Bureau of Labor. Inflation increased by 0.4% in September which was higher than the forecasts predicted.
The inflation print along with last week's strong jobs number pushes the Fed to further tightening.
As if to put an exclamation point on it, Michigan Consumer Sentiment was released today. It ticked up in October.
The gold market is ending the week down nearly $90 from its October highs as investors renew their expectations of a very aggressive Federal Reserve into the year-end. The yellow metal dropped below the $1,650 an ounce level, with December Comex gold futures last trading at $1,647.80, down 1.74% on the day.
In mining news Cameco announced this week it is partnering to acquire Westinghouse Electric Company, one of the world’s largest nuclear services businesses.
Partner is Brookfield Renewable, which will own a 51% interest in Westinghouse and Cameco will own 49%.
Westinghouse services about half the nuclear power generation sector and is the original equipment manufacturer to more than half the global nuclear reactor fleet.
Costs for the two will be about $2.25 billion each.
