The U.S. now has a third vaccine to prevent COVID-19. The Food and Drug Administration cleared a Johnson & Johnson shot that works with just one dose instead of two. (Feb. 27)
The U.S. now has a third vaccine to prevent COVID-19. The Food and Drug Administration cleared a Johnson & Johnson shot that works with just one dose instead of two. (Feb. 27)
Stuart Appelbaum, the president of the union that recently fell short in organizing Amazon workers at a warehouse in Alabama, sharply criticized Amazon CEO Jeff Bezos on Friday for a pledge he made the day before that the company needs to "do better" for its employees.
After two messy 2021 starts, is it time to kick Patrick Corbin to the curb? Scott Pianowski investigates.
Here are this week's best tech deals, including $20 off Google's Nest Audio smart speaker and more than $50 off Apple's AirPods Pro.
TORONTO, April 16, 2021 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE: HBM) senior management will host a conference call on Wednesday, May 12, 2021 at 8:30 a.m. ET to discuss the company’s first quarter 2021 results. First Quarter 2021 Results Conference Call and Webcast Date:Wednesday, May 12, 2021Time:8:30 a.m. ETWebcast:www.hudbay.comDial in:1-416-915-3239 or 1-800-319-4610 Hudbay plans to issue a news release containing the first quarter 2021 results on Tuesday, May 11, 2021 and post it on the company’s website. An archived audio webcast of the call also will be available on Hudbay’s website. About Hudbay Hudbay (TSX, NYSE: HBM) is a diversified mining company primarily producing copper concentrate (containing copper, gold and silver) and zinc metal. Directly and through its subsidiaries, Hudbay owns three polymetallic mines, four ore concentrators and a zinc production facility in northern Manitoba and Saskatchewan (Canada) and Cusco (Peru), and copper projects in Arizona and Nevada (United States). The company’s growth strategy is focused on the exploration, development, operation and optimization of properties it already controls, as well as other mineral assets it may acquire that fit its strategic criteria. Hudbay’s vision is to be a responsible, top-tier operator of long-life, low-cost mines in the Americas. Hudbay’s mission is to create sustainable value through the acquisition, development and operation of high-quality, long-life deposits with exploration potential in jurisdictions that support responsible mining, and to see the regions and communities in which the company operates benefit from its presence. The company is governed by the Canada Business Corporations Act and its shares are listed under the symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima. Further information about Hudbay can be found on www.hudbay.com. For further information, please contact: Candace BrûléDirector, Investor Relations(416) firstname.lastname@example.org
Rapala VMC CorporationStock Exchange Release16.4.2021 RAPALA VMC CORPORATION: Share repurchase 16.4.2021 In the NASDAQ OMX Helsinki Trade date 16.4.2021 Bourse trade Buy Share RAP1V Amount 3,126SharesAverage price/ share 7,5148EURTotal cost 23,491.26EUR Company now holds a total of 315 753 shares including the shares repurchased on 16.4.2021 On behalf of Rapala VMC Corporation Nordea Bank Finland Plc Janne Sarvikivi Sami Huttunen For further information: Olli Aho Investor Relations, tel. +358 9 7562 540 www.rapalavmc.com Attachment RAP1V_16_4_trades
Direct-to-Consumer E-commerce Platform Drives Record 2020 E-commerce Sales GrowthFull Year E-commerce Revenue Increased 109% to a Full Year Record of $22.4 MillionFull Year 2020 Monthly Subscription Growth of over 95%; IVFH Now Offering Over 15 Unique Monthly Subscription Boxes BONITA SPRINGS, Fla., April 16, 2021 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a leading direct-to-consumer e-commerce platform with complete multi-channel, specialty food and grocery capabilities for both consumers and professional chefs today reported its financial results for the fourth quarter and full year of 2020. “Throughout 2020, despite unprecedented industry-wide COVID-19 challenges, we accelerated our digital transformation, invested in our infrastructure, and leveraged our leading direct-to-chef and direct-to-consumer platform to support record e-commerce demand. Our full year and fourth quarter e-commerce results demonstrate the power and scalability of our DTC e-commerce platform. We successfully navigated the COVID-19 pandemic and the unprecedented disruption it caused within the specialty foodservice industry by rapidly expanding our e-commerce business thanks to the hard work of our dedicated team,” stated Sam Klepfish, CEO of Innovative Food Holdings. “We believe that our leading direct-to-consumer platform provides unparalleled 'plug and play' e-commerce capabilities both through our existing online properties as well as through the ability to build or acquire additional brands to add to our platform. We continue to see increased interest in our platform from both current and potential partners and we believe that we are well positioned to expand e-commerce efficiencies and drive top-line and bottom-line e-commerce results during 2021.” “We have emerged from the COVID-19 crisis better positioned than ever to further continue and accelerate the expansion and growth of our DTC e-commerce platform. In addition, we have been seeing improving trends within our foodservice business, and we look forward to continued improvements as restaurants, hotels, airlines, and other foodservice customers reopen for business. I am extremely proud of our success during 2020 and excited by the opportunities we have to grow our brands and create long-term value for our shareholders in 2021 and beyond,” concluded Mr. Klepfish. Financial Results E-commerce revenue for full year 2020 increased by over 100%, driven by the Company’s ability to increase conversion rates and sales. Deferred revenue which includes e-commerce orders associated with the Company’s subscription services, including both Mouth and iGourmet, and representing a pipeline of future revenues, increased by nearly 500% to $2.9 million at December 31, 2020, compared to $0.5 million at December 31, 2019. Revenues in the 2020 fourth quarter declined to $15.1 million compared to $17.7 million in the 2019 fourth quarter as specialty foodservice revenues declined 43% to $6.8 million, as a result of the continued impact the COVID-19 pandemic had on the foodservice industry. This decline was partially offset by strong e-commerce revenue growth of over 50% to $7.9 million in the 2020 fourth quarter, compared to $5.3 million in e-commerce revenues in the 2019 fourth quarter. 2020 full year total revenue was $51.7 million compared to $57.9 million in 2019. The decline in full year 2020 revenue was driven by an approximately 40% decline in foodservice revenues as a result of the continued impact the COVID-19 pandemic had on the foodservice industry. This decline which was partially offset by strong e-commerce revenue growth of over 100%. IVFH continued to build its brands and expand its e-commerce customer base and for full year 2020 IVFH had over 188,000 active and unique e-commerce customers, which is an increase of over 88% from 2019. The following table sets forth IVFH’s revenue by business category for the three and twelve months ended December 31, 2020 and December 31, 2019 (unaudited): Three Months Ended December 31, 2020 % of Net Sales December 31, 2019 % of Net Sales %Change Specialty Foodservice$6,793,000 44% $11,835,000 67% -43%E-Commerce 7,881,000 52% 5,253,000 30% 50%National Brand Management 313,000 2% 389,000 2% -20%Warehouse and Logistics Services 151,000 1% 176,000 1% -14%Total IVFH$15,138,000 100% $17,653,000 100% -14% Year Ended Months Ended December 31, 2020 % of Net Sales December 31, 2019 % of Net Sales % ChangeSpecialty Foodservice$27,544,000 53% $45,377,000 78% -39%E-Commerce 22,371,000 44% 10,704,000 19% 109%National Brand Management 1,100,000 2% 1,645,000 3% -33%Warehouse and Logistic Services 661,000 1% 176,000 0% 276%Total IVFH$51,676,000 100% $57,903,000 100% -11% For the 2020 fourth quarter, selling and administrative (SG&A) expenses were $5.6 million, compared to $4.9 million for the same period last year. For full year 2020, SG&A expenses were $19.5 million, compared to $16.5 million in the prior year period. The year-over-year increases, which included costs associated with COVID-19, were primarily driven by higher marketing and advertising costs, increases in payroll and insurance costs, and other operating expenses. The Company reported a net loss for the 2020 fourth quarter of $(1.1 million), or $(0.03) per share, compared to a net income of $195,000, or $0.01 per diluted share, in the prior year’s fourth quarter. For 2020, the Company reported a net loss of $(7.7 million), or $(0.22) per share, compared to net income of $223,000, or $0.01 per diluted share for 2019. The 2020 net loss included a non-cash $1.7 million impairment charge recorded during the 2020 first quarter and other non-cash charges of $1.5 million. The Company generated $1.8 million in cash from operating activities for the 2020 fourth quarter, compared to $2.4 million for the same period last year. Adjusted net income for the 2020 fourth quarter was a loss of $(1.0 million), or $(0.028) per share, compared to adjusted net income of $527,000, or $0.015 per diluted share, for the same period last year. For 2020, adjusted net income was a loss of $(5.0 million), or $(0.144) per share, compared to adjusted net income of $1.5 million, or $0.045 per diluted share last year. Cash EBITDA, a non-GAAP metric (see tables below), for the 2020 fourth quarter was a $(0.7 million), compared to Cash EBITDA of $0.7 million in the prior year fourth quarter. For 2020, Cash EBITDA was $(4.2 million), compared to Cash EBITDA of $2.0 million for the same period a year ago. About Innovative Food Holdings, Inc. Innovative Food Holdings (Ticker: IVFH): has built a leading D2C ecommerce platform with complete multi-channel, specialty food and grocery capabilities for both consumers and professional chefs. Wholly owned D2C brands on the platform include www.igourmet.com and www.mouth.com. Additional information is available at www.ivfh.com. Forward-Looking StatementsThis release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (the “Company”) that are based on the current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “should,” “could,” “will,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” “targeting” or “expect.” Additional factors that could also cause actual results to differ materially relate to the global COVID-19 crisis and other risk factors described in our public filings. The Company does not intend to update these forward-looking statements. The content of the websites referenced above are not incorporated herein. Innovative Food Holdings, Inc.Consolidated Balance Sheets(unaudited) December 31, December 31, 2020 2019 ASSETS Current assets Cash and cash equivalents $5,060,015 $3,966,050 Accounts receivable, net 2,380,305 3,309,830 Inventory 3,719,786 2,350,622 Other current assets 286,815 273,689 Total current assets 11,446,921 9,900,191 Property and equipment, net 8,550,401 6,645,389 Investments 496,575 435,225 Right of use assets, operating leases, net 246,737 193,733 Right of use assets, finance leases, net 776,439 174,631 Other amortizable intangible assets, net 100,380 1,342,741 Goodwill and other unamortizable intangible assets 1,532,822 2,183,065 Total assets $23,150,275 $20,874,975 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities $5,098,523 $4,009,956 Accrued interest 28,873 16,973 Deferred revenue 2,917,676 499,776 Line of Credit 2,000,000 - Notes payable - current portion, net of discount 1,741,571 727,766 Lease liability - operating leases, current 87,375 133,296 Lease liability - finance leases, current 146,004 29,832 Contingent liability - current portion 187,000 187,000 Total current liabilities 12,207,022 5,604,599 Lease liability - operating leases, non-current 159,362 60,437 Lease liability - finance leases, non-current 638,137 154,905 Contingent liability - long-term 116,600 156,600 Note payable - long term portion, net 6,151,345 3,881,037 Total liabilities 19,272,466 9,857,578 Commitments & Contingencies (see note 18) - - Stockholders' equity Common stock: $0.0001 par value; 500,000,000 shares authorized; 38,209,060 and 37,210,859 shares issued, and 35,371,480 and 34,373,279 shares outstanding at December 31, 2020 and December 31, 2019, respectively 3,817 3,718 Additional paid-in capital 37,415,155 36,889,818 Treasury stock: 2,623,171 and 2,623,171 shares outstanding at December 31, 2020 and December 31, 2019, respectively. (1,141,370) (1,141,370)Accumulated deficit (32,399,793) (24,734,769)Total stockholders' equity 3,877,809 11,017,397 Total liabilities and stockholders' equity $23,150,275 $20,874,975 Innovative Food Holdings, Inc.Consolidated Statements of Operations (unaudited) For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2020 2019 2020 2019 Revenue $15,137,833 $17,652,536 51,676,028 $57,902,966 Cost of goods sold 10,621,975 12,646,843 37,859,500 41,255,076 Gross margin 4,515,858 5,005,693 13,816,528 16,647,890 Selling, general and administrative expenses 5,556,996 4,903,290 19,531,818 16,464,128 Impairment of intangible assets - - 1,698,952 - Total operating expenses 5,556,996 4,903,290 21,230,770 16,464,128 Operating (loss) income (1,041,138) 102,403 (7,414,242) 183,762 Other (income) expense: Other leasing income 10,977 (3,125) 43,810 (3,125)Gain on settlement of contingent liability - - - (132,300)Gain on sale of fixed assets 7,984 (12,495) 7,984 (12,495) Interest expense, net (90,761) 42,911 (302,576) 108,915 Total other (expense) income (71,800) 30,416 (250,782) (39,005) Net (loss) income before taxes (1,112,938) 194,917 (7,665,024) 222,767 Income tax expense - - - - Net (loss) income $(1,112,938) $194,917 (7,665,024) $222,767 Net (loss) income per share – basic $(0.03) $0.01 $(0.22) $0.01 Net (loss) income per share – diluted $(0.03) $0.01 $(0.22) $0.01 Weighted average shares outstanding – basic 34,739,378 34,116,335 34,871,785 34,116,335 Weighted average shares outstanding – diluted 34,739,378 34,116,335 34,871,785 34,116,335 Innovative Food Holdings, Inc.Consolidated Statements of Cash Flows For the For the Year Ended Year Ended December 31, December 31, 2020 2019 Cash flows from operating activities: Net (loss) income $(7,665,024) $222,767 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Impairment of intangible assets 1,698,952 - Depreciation and amortization 703,941 1,234,098 Amortization of right-of-use asset 161,926 187,254 Amortization of prepaid loan fees 12,560 1,819 Stock based compensation 525,436 414,178 Gain on settlement of contingent liability (132,300)Gain on sale of fixed assets (7,984) (12,495)Provision for doubtful accounts 254,899 36,037 Changes in assets and liabilities: Accounts receivable, net 674,626 (366,611)Inventory and other current assets, net (1,443,640) (153,633)Accounts payable and accrued liabilities 1,108,451 414,326 Deferred revenue 2,417,900 (59,539)Contingent liabilities (40,000) (4,000)Operating lease liability (161,926) (187,254)Net cash (used in) provided by operating activities (1,759,883) 1,594,647 Cash flows from investing activities: Cash paid for website development (19,250) - Cash received from the sale of fixed assets - 12,495 Acquisition of property and equipment (431,137) (1,049,604)Purchase of intangible assets - (84,000)Investment in food related company - (60,200)Net cash used in investing activities (450,387) (1,181,309) Cash flows from financing activities: Sales of common stock - 250,000 Cash paid for acquisition of treasury stock - (125,000)Loan fees related to building acquisition financing - (72,916)Cash paid in settlement of contingent liabilities in connection with acquisitions - (350,576)Proceeds from line of credit 2,000,000 - Proceeds from Payroll Protection Plan Loan 1,650,221 - Principal payments on debt (278,668) (880,752)Principal payments financing leases (67,318) (27,861)Net cash provided by (used in) financing activities 3,304,235 (1,207,105) Increase (decrease) in cash and cash equivalents 1,093,965 (793,767) Cash and cash equivalents at beginning of year 3,966,050 4,759,817 Cash and cash equivalents at end of year $5,060,015 $3,966,050 Supplemental disclosure of cash flow information: Cash paid during the year for: Interest $201,679 $112,291 Taxes $- $- Non-cash investing and financing activities: Issuance of 131,136 shares of common stock previously accrued $- $93,666 Right of use assets and liabilities - operating, upon adoption of ASU 2016-02 $- $338,581 Equipment financed under note payable $1,900,000 $- Return of equipment and reduction in amount due under equipment financing loan $- $33,075 Fair value of 19,048 shares of common stock issued for services $- $10,405 Increase in right of use assets & liabilities $214,930 $193,734 Investment in food related company $61,350 $60,500 Capital lease for purchase of fixed assets $677,021 $81,223 Note payable for acquisition of land and building $- $3,600,000 Three Months Ended (unaudited) Twelve Months Ended(unaudited) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019Adjusted Net Income and EPS (4) Revenue$15,137,833 $17,652,536 $51,676,028 $57,902,966Net Income (1,112,938) 194,917 (7,665,024) 222,767Amortization of intangible assets (1) 2,870 210,031 212,902 899,757One-time charges - - 1,917,891 -Stock related expenses (2) 147,430 121,818 525,436 414,178Adjusted Net Income$(962,638) $526,766 $(5,008,795) $1,536,702Weighted Avg. Shares Outstanding Diluted (3) 34,871,785 34,116,335 34,871,785 34,116,335Adjusted Fully Diluted EPS$(0.028) $0.015 $(0.144) $0.045 Three Months Ended(unaudited) Twelve Months Ended(unaudited) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019Cash EBITDA (4) Net Income$(1,112,938) $194,917 $(7,665,024) $222,767Interest expense, taxes 90,761 55,406 302,576 108,915Depreciation & amortization 136,137 313,003 703,941 1,234,098One-time charges - - 1,917,891 -Stock related expenses (2) 147,430 121,818 525,436 414,178Cash EBITDA$(738,610) $685,144 $(4,215,180) $1,979,958 (1) Includes non-cash amortization charges related to assets acquired(2) Includes stock and options-based compensation and expenses(3) Full Year GAAP weighted fully diluted share count(4) non-GAAP measures (not to be relied upon in substitution for GAAP measures) Company Contact:Investor and Media Contact:Ronit WallersteinAndrew M. BergerInvestor RelationsManaging DirectorInnovative Food Holdings, Inc.SM Berger & Company, Inc.(718) 645-1755(216) 464-6400rwallerstein@IVFH.email@example.com
‘We need to stop this third wave of the pandemic’, chancellor says
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The UK has fully vaccinated almost nine million people as another 34 coronavirus deaths are recorded. The UK's official death toll now stands at 127,225. The success of the vaccination rollout means that one in six UK adults are now fully vaccinated against Covid-19, with more than two million second doses delivered in the past seven days, latest figures show.
The "Automotive ADAS Market in China 2021-2025" report has been added to ResearchAndMarkets.com's offering.
(Bloomberg) -- While Coinbase Global Inc. captured the headlines with its market debut, the frenzy around digital tokens is taking its zaniest turn yet in the price of a token created as a joke.Dogecoin, boosted by the likes of Elon Musk and Mark Cuban, rallied roughly 180% Friday, according to CoinMarketCap.com, reaching a market value of more than $48 billion. It’s now up 18,000% from a year ago, when it traded for $0.002 and was worth about $250 million.Doge’s surge is part of a rise in altcoins, a term for all the digital tokens that have sprung up in imitation of Bitcoin. Like most of them, its use case is limited, making it a tool for speculators and raising concern that a bubble is inflating in a crypto world now worth more than $2.25 trillion.“This reminds me of the dot com days. We knew something big was going on, a lot of investors were chasing it hard. That led to a bubble,” Scott Knapp, chief market strategist at CUNA Mutual Group, said. “For every Amazon.com there were 10 pets.com that went bankrupt. Is Dogecoin the pets.com of the cryptocurrency era?”Interest in crypto is on the rise again after companies from PayPal to Square started enabling transactions in Bitcoin on their systems, and Wall Street firms like Morgan Stanley began providing access to the tokens to some of the wealthiest clients. All along, crypto diehards who say the blockchain technology will rewire the financial community have been plugging crypto, getting rich in the process.The Shiba-Inu themed Dogecoin was created as a joke by software engineers Billy Markus and Jackson Palmer in 2013. Musk sparked a rally in it earlier this year when he posted a photo of a faux magazine “Dogue” featuring a dog in a red sweater.That rise was part of the GameStop mania that gripped markets in February. With little to back up the case for buying assets like Doge and other tokens, the likelihood of them cratering remains high, leaving novice traders who jumped in on the hype vulnerable to steep losses.“The government has pumped so much monetary and fiscal stimulus into the economy now, even worthless assets are being bid up,” said Michael O’Rourke, chief market strategist at JonesTrading.Yet alt-coin popularity is hard to ignore. While Bitcoin is worth more than $1 trillion, the total market cap of the token universe now exceeds $2.25 trillion, according to CoinGecko.com, which tracks more than 6,700 coins.Bitcoin’s dominance in the crypto world has declined 28% since the beginning of the year, according to OKEX Insights Analyst Robbie Liu, citing data from Tradingview. The waning influence started to accelerate this month, he said in an email Friday, and Bitcoin now accounts for less than 54% of the crypto market capitalization -- the lowest level in nearly two years.“On the Altcoins front, we continue to see strong momentum,” said Pankaj Balani, the CEO of Delta Exchange, a leading crypto derivatives exchange, in a note Thursday. He noted Ether’s recent record and increased activity in decentralized finance or DeFi, adding that “decentralized exchange coins will be in focus in the next few days, given that the market has validated Coinbase at a $100 billion valuation.”Other tokens with shaky to no fundamentals are also rising. Cardano and Polkadot, both in the top 10 cryptocurrencies by market cap, have surged this week.“Polkadot and Cardano have very few ‘users’” currently, said Shashwat Gupta, founder of Altcoinbuzz.io, in an email Wednesday, though he added that there’s a substantial amount of development being built on them.And it looks like Coinbase CEO Brian Armstrong may have been on to something when he said after the listing that it marks a “shift in legitimacy” for crypto.The Coinbase listing “ultimately will deliver more ‘use cases’ for cryptos and should keep the crypto market growing,” said Edward Moya, senior market analyst for North America at Oanda Corp.(A prior version of this story was corrected to show doge was created in 2013.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
To NASDAQ Copenhagen Executive Board Lersø Parkallé 100 DK-2100 København Ø www.rd.dk Telephone +45 7012 5300 16 April 2021 Company Announcement No 34/2021 Realkredit Danmark A/S, transactions by persons discharging managerial responsibilities Transactions made by persons obliged to report transactions to the Danish FSA and Nasdaq Copenhagen, cf. the EU Market Abuse Regulation. For further details, please find the attached templates for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them. Attachments Nr. 34_Ledende medarbejderes transaktioner_uk Bilag til selskabsmeddelelse nr. 34.1-2021_uk Bilag til selskabsmeddelelse nr. 34.2-2021_uk Bilag til selskabsmeddelelse nr. 34.3-2021_uk Bilag til selskabsmeddelelse nr. 34.4-2021_uk Bilag til selskabsmeddelelse nr. 34.5-2021_uk Bilag til selskabsmeddelelse nr. 34.6-2021_uk Bilag til selskabsmeddelelse nr. 34.7-2021_uk Bilag til selskabsmeddelelse nr. 34.8-2021_uk
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‘It will be difficult to add Europe to the red list and vaccine rollout across the continent is picking up speed,’ says consultant Paul Charles
Shares of Bionano Genomics (NASDAQ: BNGO) were tumbling 6.7% lower as of 11:10 a.m EDT on Friday. When a high-flying growth stock like Bionano sinks for no apparent reason, the best thing for investors to do is focus on the fundamentals of the company's business.
Halper Sadeh LLP, a global investor rights law firm, is investigating whether the sale of PPD, Inc. (NASDAQ: PPD) to Thermo Fisher Scientific Inc. for $47.50 per share is fair to PPD shareholders.
(Bloomberg) -- Gold headed for its best week since December amid a retreat in bond yields and a report that top buyer China may import more of the metal.After weeks trading in a narrow range, gold has advanced as Treasuries yields and the dollar head for weekly losses. Lower yields boost the appeal of bullion, which doesn’t offer interest. Dollar declines helped spur a broad rally in raw materials, with the Bloomberg Commodity Index also on track for its best week of 2021.Bullion is showing tentative signs of breaking out of a slump following three straight monthly losses. Prices rose above the 50-day moving average on Thursday, a positive signal for traders who follow chart patterns. On Friday, bullion extended gains to the highest since February after Reuters reported that China has given banks permission to import a large amount of bullion to meet domestic demand.The overall robust performance in commodities this week was “being supported by a surprise drop in U.S. Treasury yields accompanied by a weaker dollar,” said Ole Hansen, head of commodities research at Saxo Bank. Gold, along with crude oil and copper, “broke higher, thereby potentially signaling renewed momentum attracting fresh buying from speculators.”Spot gold rose 0.9% to $1,779.39 an ounce by 11:11 a.m. in New York. Prices are up about 2% this week, on course for the biggest gain since Dec. 18. Federal Reserve Chairman Jerome Powell’s reiteration of his dovish stance on monetary policy also helped bullion this week. That helped offset the impact of improving U.S. and Chinese economic reports, which could otherwise diminish demand for the metal as a haven.“The economic data published in the U.S. yesterday afternoon turned out for the most part to be significantly better than the market had anticipated,” Commerzbank AG analyst Daniel Briesemann said. “It seems that market participants believed the U.S. Federal Reserve’s assertion this time that it would not react to good data and would tolerate economic overheating.”In other precious metals, silver and platinum advanced.Palladium rose 0.9% to $2,751.25 an ounce, after reaching the highest in more than a year. The metal, which reached a record of $2,883.89 in February last year, has benefited from stricter emissions rules that boost usage in autocatalysts.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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