TSX sinks with falling gold prices Wall Street rallies on earnings

TORONTO — The Toronto stock market closed lower Thursday as a sell-off in gold stocks accelerated alongside a drop bullion prices.The S&P/TSX composite index declined 68.88 points to 14,458.69 as traders also balanced a strong reading on U.S. third-quarter economic growth. The Canadian dollar was down 0.04 of a cent to 89.32 cents US.U.S. growth in the July-September period came in at an annualized pace of 3.5%. Economists had expected a gain of 3%.A strong showings by credit card payment company Visa also helped lift New York markets and the Dow Jones industrials ran up 221.11 points to 17,195.42. The Nasdaq was up 16.91 points at 4,566.14 and the S&P 500 index climbed 12.35 points to 1,994.65 .The real story behind why oil prices went down so far so fastGoldcorp shares are getting hammered today after earnings disappointTraders also considered an investing environment without massive stimulus from the Federal Reserve a day after the U.S. central bank said its third round of quantitative easing would end this month. The massive program of buying bonds was seen as a huge benefit to stock markets as the program kept long-term rates low and encouraged a strong rally.Quantitative easing had also helped support higher gold prices because of worries the stimulus program would stoke inflation. But gold prices continued to retreat Thursday as the December contract dropped $26.30 to US$1,198.60 an ounce and the TSX gold sector fell almost 8%.“Longer term, gold prices should move with inflation expectations and with inflation coming down, obviously that is going to hurt,” said Ben Jang, portfolio manager at Nicola Wealth Management in Vancouver.“Also, with gold prices around US$1,200 an ounce, we‘re just below the marginal cost of production for gold. So you really need to see the gold companies improve their operations. If not, we will continue to see volatility in gold equities.”Commodity prices were also hit by a U.S. currency that strengthened following the Fed announcement. A stronger greenback makes it more expensive for holders of other currencies to buy oil and metals, which are dollar-denominated.Lower gold prices are affecting major producers such as Goldcorp Inc., which lost US$44 million or five cents per share in its latest quarter compared with a profit of $5 million or a penny per share a year ago. Revenue totalled $1.09 billion, down from $1.16 billion in the same quarter last year and its shares fell $3.20 or 13.3% to $20.84.Yamana Gold Inc. tumbled $1.02 or 17% to $4.99 after it reported a US$1.02-billion loss in its latest quarter and slashed its dividend.Other resource sectors headed south as prices for oil and metals also retreated. The base metals component fell 3.65% as December copper lost four cents to US$3.06 a pound.The energy sector shed 1.3% as the December crude contract in New York fell $1.08 to US$81.12 a barrel.Suncor Energy’s earnings ex-items were 89 cents a share, versus the 77 cents that analysts had expected. Revenue was $10.3 billion, compared to $10.4 billion a year earlier and its shares gained 15 cents to $39.The TSX found support from industrial, tech and financial stocks.Elsewhere on the earnings front, Bombardier Inc. says its third-quarter revenues were up about 20% from the same time last year, rising to US$4.9 billion. Earnings ex-items were 12 cents a share, beating estimates of nine cents and its shares dipped six cents to $3.81.Visa, the world’s largest payment-processing company reported quarterly earnings that were higher than analysts’ forecasts, thanks to more transactions. Its stock jumped just over 10%. read more

Video Vancouver police van caught on camera striking outofcontrol cyclist

Chip Wilson-inspired ‘The Red Petal’ expected to become destination spot on Great Northern Way Vancouver woman fined for driving SUV down Wall Centre staircase Most of the comments are negative toward the cyclist, including LisaG, who says “Yet another careless cyclist in a city full of them,” and mrdruthers, who adds, “Saw a cyclist today riding on a sidewalk, then onto a crosswalk, then hop on the road into the fast lane, then make a left onto a side street; and when he made that left he went right in front of incoming traffic. He then had the audacity to give the incoming cars the finger.”Vancouver lawyer Kyla Lee said the cyclist broke at least three laws under the Motor Vehicle Act.“That rider was entering the highway without coming to a full stop. He made no effort to stop and entered the highway clearly when it was unsafe,” Lee said. “Then instead of riding as far right as possible he rode in the middle of the lane in the direct path of traffic, and he also wasn’t wearing a helmet.”Lee suggested the cyclist should be fined for his actions to act as a deterrent to cyclists riding erratically in Metro Vancouver.dcarrigg@postmedia.comCLICK HERE to report a typo. Is there more to this story? We’d like to hear from you about this or any other stories you think we should know about. Email vantips@postmedia.com. A short video has appeared on Twitter showing a cyclist being struck by a Vancouver Police Department van on Great Northern Way.Video of the July 7 incident was posted Monday afternoon by Twitter handle Village Whisperer and has generated a lot of online comment about cyclists and cycling safety.Well… at least @VancouverPD were on scene right away 😝 A heart in throat moment for sure. pic.twitter.com/zXCcqszFZ0— Village Whisperer (@village_whisper) August 18, 2019The video shows a male cyclist on a BMX bike wearing a green hoody and black shorts — with no helmet — appear suddenly onto Great Northern Way opposite the Emily Carr University of Art and Design and the recently completed Red Petal building.The cyclist drops the bike to avoid a grey station wagon in the farthest eastbound lane, successfully avoiding a collision. However, immediately afterwards the VPD van appears and strikes the man in the rear while braking. The man is tossed forwards, landing on his buttocks and hands — and that’s where the video ends.VPD spokesman Cst. Steve Addison says the cyclist escaped unscathed.“The police officer offered assistance to the cyclist, who was uninjured, and was able to carry on after apologizing for causing the collision,” Addison said.Story continues belowThis advertisement has not loaded yet,but your article continues below.Related read more