Most people involved in precious metals are likely familiar with the name Kitco. Kitco is a Canadian company that buys and sells precious metals such as gold, silver, platinum and palladium. They even are involved in Rhodium.
Kitco is headquartered in Montreal, Quebec and also maintains offices in New York and Hong Kong. Not only does Kitco buy and sell metals, the company also has a large news operation and provides jeweler resources, discussion forums and even mobile apps.
Kitco was started by Bart Kitner in the 1970s. Kitner was, at the time, a college student who was looking to put his business acumen to the test. Kitner did not have any financial backing, and he started the company with just a $700 loan. He began in the metals industry by purchasing scrap metal from jewelers across eastern Canada. Kitner would take the scrap metal, refine it, and then sell it again to larger companies. His business grew and Kitner expanded into other areas. By the end of the 90s, Kitco was involved in precious metals as well.
Kitco.com & Kitco News/Market Coverage
In 1995, Kitco launched its website Kitco.com. This website is the world’s leading source of precious metals market information, news, and reporting. Kitco produces spot gold price data and charts that are used by thousands every day. In addition, the website features tons of market commentary that is updated regularly throughout the day.
Kitco has an entire division dedicated to metals news called Kitco News. This division of the company provides original content by print articles and videos. The company reports not only on precious metals but base metals, as well. Because of Kitco’s reputation within the industry, Kitco reporters and analysts are regularly featured on various media outlets such as CNN, Reuters, Bloomberg, Marketwatch, BNN, The Wall Street Journal, The New York Times and more.
Kitco’s news and market coverage is quite expansive. Kitco reporters and analysts cover not only market developments and fundamentals, but also provide commentary and coverage on such things as technical analysis, commitment of traders reports, and more. Kitco news not only utilizes the market knowledge and commentary of its own journalists and analysts, but also utilizes commentary and analyses from other industry professionals. These professionals may include metals brokers, scrap dealers, futures brokers and bank analysts. The diversity of Kitco’s commentary and coverage can provide readers with different points of view.
Due to the quality and quantity of Kitco’s coverage on the metals markets, it is no wonder that the Kitco name is so well-known. In fact, it is said that their website Kitco.com receives a million visitors per day.
Kitco is also well-known for its metals price reporting. Kitco is used by many to determine what the current spot prices are for gold and silver, as well as current gold lease rates and the London gold fix. The site also publishes various exchange rates, as well as information on stocks and other markets. Kitco users can also access many different types of charts including intra-day, daily, weekly, monthly and even longer time frames. Charts are available not only for gold and precious metals, but also for other metals, such as rhodium, palladium and platinum. Kitco is often the site used by people looking to buy or sell bullion in order to try to determine appropriate prices. For example, someone looking to sell gold on Craigslist or Ebay may use Kitco price reporting to set the sales price for their item(s).
Kitco Bankruptcy Case
Kitco has been the subject of a bankruptcy case. The company has been dealing with the Quebec Revenue Agency regarding some back-tax issues that Kitco claims are the responsibility of its suppliers. Kitco has said that it strongly contests the tax assessments issued for these taxes and that it will vigorously defend itself. Kitco was originally granted creditor protection back in 2011, and this past March was granted an extension of that protection until August 21, 2014.