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Dec. 1, 2014, 4:45 PM
- Gold futures surged 3.6% to reclaim the $1,200 level for the first time since late October, sparked in part by the downgrade of Japan’s sovereign debt rating and a retreat in the dollar, as well as India easing its import restrictions and some short covering.
- Gold had sold off initially amid news that Swiss voters rejected a referendum to force the Swiss National Bank to hold 20% of its reserves in gold, slumping to overnight lows near $1,140/oz. before rallying to settle at $1,218.
- As a result, gold miners were among the strongest sectors, with the Market Vectors Gold Miners ETF (NYSEARCA:GDX) finishing 7.7% higher; investors also may have reacted to takeover speculation, as weekend reports said Paramount Gold (NYSEMKT:PZG) was is in talks to be acquired by Coeur Mining (NYSE:CDE).
- Among the top precious metals miners: ABX +4.3%, AEM +6.9%, AU +9.1%, GG +8.2%, GFI +9.2%, SLW +7.2%, NEM +6.8%, AGI +7.7%, IAG +11.3%, AUY +7.4%, KGC +8.5%, NGD +13.7%, GOLD +6.4%, RGLD +7%.
- Other ETFs: NUGT, DUST, SIL, GLDX, SLVP, RING, SGDM, PSAU
Nov. 20, 2014, 3:13 PM
- Given the uncertain and volatile outlook for the dollar and thus gold prices, J.P. Morgan's commodities team suggests three "conservative" pair trades it expects to be profitable in a neutral or weaker metal price environment.
- The firm recommends buying Newmont Mining (NYSE:NEM) and selling Barrick Gold (NYSE:ABX), “driven by the idea that the deal where Barrick buys Newmont could be back."
- Buy Agnico Eagle Mines (NYSE:AEM) and sell New Gold (NYSEMKT:NGD), as JPM sees underground mines as more resilient than open pits, and AEM has fallen more sharply than deserved.
- Also, JPM likes buying Silver Wheaton (NYSE:SLW) and selling Coeur Mining (NYSE:CDE), as it believes royalty/streaming companies will be more robust in times of weak metals prices than pure-play miners.
Nov. 18, 2014, 3:59 PM
- Gold prices jumped 1.2% to settle just shy of $1,200/oz. as the dollar eased against major currencies amid tensions in eastern Europe and the Middle East, and some observers are starting to ask if gold mining and production stocks (GDX +4.8%) have finally found a bottom.
- 24/7's Chris Lange thinks gold giants may have hit their lows on Nov. 5, followed by an impressive recovery since that date with gold fundamentals apparently not changing drastically.
- Major precious metals miners are strong across the board: ABX +6.5%, AEM +4.4%, AU +6.2%, GG +3.7%, GFI +7.6%, SLW +3.6%, NEM +3.4%, AGI +4.9%, IAG +6.6%, AUY +6.8%, KGC +9.2%, NGD +2.8%, GOLD +1.9%, RGLD +3.7%.
- Other ETFs: GDXJ, NUGT, DUST, SIL, JNUG, GLDX, JDST, SLVP, SILJ, RING, SGDM, PSAU
Nov. 14, 2014, 10:58 AM
- The gold market will enter deficit by 2016 as producers cut capex, resulting in reduced supply in the medium- to long-term, Credit Suisse analyst Anita Soni writes, seeing 2014 as a likely plateau for supply (Briefing.com).
- Agnico Eagle Mines (AEM +2.6%) and Eldorado Gold (EGO +4.5%) are the firm's top picks among gold miners under coverage.
- Other Outperform rated gold companies are GG, KGC, AUY, AUQ, FNV, GSS and IAG; rated Neutral are ABX, NEM, NGD and AGI.
Nov. 12, 2014, 10:33 AM
- Agnico Eagle Mines (AEM +3.8%) says it has completed a major drilling program at its high-grade Amaruq gold project, northwest of the Meadowbank mine in Nunavut, with a total of 144 holes.
- AEM says an initial resource estimate is expected early next year.
- Analysts at Desjardins believe the results to date support the potential to extend the operating life of the Meadowbank mill, which is the miner’s largest gold producing asset.
Nov. 10, 2014, 6:46 PM
- With gold trading down as low as $1,131/oz., precious metals miners were hit hard again today, with the Market Vectors Gold Miners ETF (NYSEARCA:GDX) tumbling 6.3% and now 17% lower YTD.
- Barrick Gold (NYSE:ABX), which fell 6.7% today, was the subject of negative comments from Deutsche Bank, which said, “Management’s target net debt of $7B, conveyed on its 3Q14 earnings conference call, is a tall order without a combination of a higher gold price and asset sales.”
- Mining companies at least can look forward to the modest consolation prize of weaker local currencies and falling oil prices that will help trim their costs; for example, Agnico Eagle Mines (NYSE:AEM) estimates local currency declines could reduce its U.S. dollar-denominated cash production costs by 5%-6%.
- Also today: AU -9.8%, GG -4.8%, GFI -4.6%, SLW -4.7%, NEM -5.9%, AGI -6.8%, IAG -6.1%, AUY -6.6%, KGC -6.4%, NGD -7.2%, GOLD -5.1%, RGLD -5.3%.
- Other ETFs: GDXJ, NUGT, DUST, SIL, JNUG, GLDX, JDST, SLVP, SILJ, RING, SGDM, PSAU
Oct. 31, 2014, 11:35 AM
- Precious metals miners are slammed for a third straight session as gold prices plunged to multiyear lows.
- Japan’s surprise stimulus move is supporting the U.S. dollar and driving the ICE U.S. Dollar index to a four-year high, making gold more expensive to overseas buyers; while the prospect for more monetary stimulus usually increases the lure of gold, the threat of global deflation has withered gold’s appeal as a hedge against rising prices, Barron's Chris Dieterich explains.
- Nearly everyone in the sector is hitting 52-week lows (again): ABX -4.5%, NEM -7.7%, GG -0.5%, SLW -3.6%, AGI -5.8%, AEM -4.1%, AUY -10.6%, IAG -4.6%, KGC -16.2%, NGD -6.1%, AU -2%, GOLD -1.6%.
- Also: GFI -7.4%, RGLD -3.8%.
- ETFs: GDX, GDXJ, NUGT, DUST, SIL, JNUG, GLDX, JDST, SLVP, RING, SGDM, PSAU
Oct. 29, 2014, 7:40 PM
- Precious metals miners and the ETFs that track them were slammed today as the Fed moved to end its bond purchase program.
- Today’s 4.3% swoon in the Market Vectors Gold Miners ETF (NYSEARCA:GDX) drives the price below $20 for the first time since Oct. 2008, and the Global X Silver Miners ETF (NYSEARCA:SIL) tumbled 3.5% to its lowest finish since its launch in April 2010.
- The Fed action was expected, but paired with a more upbeat assessment of the U.S. labor market, gold’s appeal is further dampened vs. income generating assets, Barron's Chris Dieterich writes.
- Among individual names today: ABX -5.1%, NEM -4.7%, GG -4.1%, GFI -3.2%, SLW -3.3%, AGI -3.4%, AEM -4.7%, AUY -4.1%, IAG -4.6%, KGC -2.9%, NGD -4.3%, AU -3.3%, RGLD -4.8%, GOLD -2.5%.
- Other ETFs: GLD, SLV, GDXJ, NUGT, AGQ, IAU, DUST, USLV, SIVR, JNUG, SGOL, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, JDST, DSLV, SLVP, OUNZ, DGL, DBS, SILJ, DGZ, RING, DGLD, AGOL, SGDM, PSAU, USV, UBG, BAR, BARS
Oct. 29, 2014, 7:22 PM
- Agnico Eagle Mines (NYSE:AEM) -1.7% AH after Q3 earnings and revenues both fall short of analyst expectations.
- AEM's Q3 production totaled ~349K oz. of gold, up 10.6% Y/Y, with average cash costs for producing an ounce of gold on a by-product basis rising to $716/oz. from $591 in the same period last year.
- Expects FY 2014 production of ~1.4M oz., exceeding the upper guidance of company guidance, with total cash costs on a by-product basis of $650-$675/oz.
- AEM raises its FY 2015 production forecast 1.6M oz. from a previous outlook for 1.25M oz., as it expects higher output from its Meadowbank mine in Canada, Kittila mine in Finland and Mexican operations.
Oct. 29, 2014, 5:10 PM
- Agnico Eagle (NYSE:AEM): Q3 EPS of $0.02 misses by $0.12.
- Revenue of $463.38M (+4.3% Y/Y) misses by $2.32M.
- Shares -1.35% AH.
Oct. 28, 2014, 5:35 PM
- ABX, ACGL, ACHC, ACMP, AEGN, AEM, AFOP, AHL, AIZ, AKAM, ALDW, ALL, ANIK, ARAY, ARII, ARRS, ASGN, ATML, AUY, AXS, BGC, BIDU, BLKB, BMR, CACI, CALX, CAR, CATM, CAVM, CBG, CBL, CEMP, CENX, CHDN, CJES, CLD, CLUB, CMO, CNW, CRL, CRUS, CSGP, CSII, CUZ, CW, CWT, DAC, DRE, DRIV, DWA, EQIX, EQY, ESRT, ESV, EXL, EXR, FBHS, FFIV, FISH, FLEX, FLTX, FMC, FNF, FORM, FORR, FR, GLUU, HBI, HOS, HT, IPI, IRG, ISIL, JDSU, KEX, KRFT, KS, LGCY, LNC, LOCK, LOPE, MAA, MANT, MASI, MDAS, MEOH, MET, MOBL, MTGE, MUR, NCLH, NE, NEU, NEWP, NSIT, OII, PDM, PEIX, PGTI, PPC, PRXL, PSMI, PVA, QGEN, QTM, QUIK, RFMD, RGR, RJF, RNG, RRC, RRTS, RST, SCI, SFLY, SGI, SIMO, SLCA, SPN, SPRT, SSNC, SSS, STR, SU, TEX, TFSL, TGB, TGI, THG, TRLA, TTMI, TTWO, UNM, V, VECO, VGR, VPRT, VR, WLL, WMB, WPZ, WSTL, WTW
Oct. 6, 2014, 2:45 PM
- Gold prices bounce off 15-month lows to reclaim $1,200/oz. as the dollar rally pauses, helping strengthen shares of precious metals miners: AU +4.4%, GFI +3%, IAG +1.9%, BTG +3%, GG +2.2%, NGD +1.5%, KGC +1.6%, AGI +1.6%, RGLD +1%, SLW +2.1%.
- Sterne Agee analysts Michael Dudas and Satyadeep Jain foresee gold and silver prices trending higher, with gold averaging $1,400/oz. in 2015 and $1,450 in 2016 and silver averaging $19 next year and $21 in 2016, as “global demand remains firm, liquidity remains ample and the dollar appears overbought.”
- With investor sentiment still skeptical, Sterne thinks any supportive macro news flow could provide fuel for a rally; the firm rate Newmont Mining (NEM +1.5%), Agnico-Eagle Mines (AEM +2.4%), Coeur Mining (CDE +1.3%) and Gold Resource (GORO +0.2%) as Buys, with Barrick Gold (ABX +0.5%), Hecla Mining (HL +4.3%) and Pan American Silver (PAAS +1.5%) rated Neutral.
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, OUNZ, DGLD, AGOL, DBP, TBAR, USV, UBG, JJP, GLDE, BAR, GYEN, GEUR, RGRP, BARS, GGBP, BLNG
Oct. 3, 2014, 5:36 PM
Sep. 8, 2014, 5:17 PM
- Agnico Eagle Mines (NYSE:AEM) agrees to acquire Canadian precious metals exploration company Cayden Resources (OTCQX:CDKNF) for ~C$205M, or C$3.79/share.
- Cayden owns, has options to acquire or has staked, concessions constituting a 100% interest in Mexico's El BarqueHo property, which contains a significant epithermal bonanza type gold vein and disseminated stockwork system, as well as other Mexican properties.
Aug. 14, 2014, 10:41 AM
- Agnico-Eagle Mines (AEM -0.4%) released updated mineral reserves and resources for the Canadian Malartic mine, owned jointly with Yamana Gold (AUY +0.7%), which shows a decrease of ~60K oz. to the reserve base from previous estimates published by Osisko Mining after taking into account a 5% royalty payable to Osisko.
- Proven and probable in-pit mineral reserves are 8.9M oz. of gold based on a US$1,300/oz. gold.
- Raymond James analysts say their initial view of the report indicates a neutral impact to each company’s net asset value.
Jul. 31, 2014, 11:35 AM
- Agnico Eagle Mines (AEM -9%) has a defender as shares are pummeled today following a disappointing Q2 earnings report, with Sterne Agee's Michael Dudas reiterating his Buy rating and $48 price target.
- AEM is a leading, well-managed mining equity that has effectively managed the down cycle in precious metals, Dudas says, noting that while Q2 estimates were off due to slightly lower metal price realizations and other line items, management raised 2014 production and lowered cost guidance on continued strong performance and the Osisko acquisition completion.
- AEM's mid-year exploration update signals potential for resource expansion at Meliadine and Kittila, the analyst adds.
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