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Stocks for this week:
BMO has posted 12 consecutive months of increasing earnings growth. Its BMO Financials report for May said the bank had earned more revenue in the period ending March 31, 2016 than during the first three months of this year, and last year it had earned $5 billion more in total revenue than a year prior. The bank posted quarterly profits of $1.8 billion. Gold’s gain also came despite the bank’s trading at a near record low level in 2016.
Goldman Sachs reported Tuesday that it was the fastest-growing U.S. asset class of May, with the bank increasing revenue by 12% compared to the year-earlier period. Goldman noted that revenue was higher than Wall Street forecasts, and that there has now “not been a day over the last six months” since Goldman saw its earnings. Goldman also saw revenue rise 2% in the first eight months of the year.
Goldman Sachs: $1,831.80
As has been the case with all the markets lately, gold held steady. The blue-chip metal rose 1.0% Wednesday to settle at a high of $1,832.55 an ounce. Gold’s gains over the past several months came after it jumped nearly 15% in February.
Goldman Sachs has reported record quarterly profit on silver as it sees momentum from the strong dollar buying U.S. precious metals, gold and copper. The report said that its silver bullion business saw sales climb 8% in the first eight months of the year and is projected to increase by nearly 25% in the year-to-date period. The company’s total revenue for the quarter rose 19% to $2.24 billion.
The metal has not been without trouble recently. Silver rallied earlier this year as concerns about a global economy and Europe’s sovereign debt crisis heightened fears in emerging market economies. Silver has also been on an upside-down rally in recent days, despite the government shutdown in Washington, D.C. And some silver-friendly investors are saying they’ll stick with
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