Fri, Nov. 6, 9:29 AM
Mon, Oct. 26, 5:37 PM
Wed, Oct. 21, 5:24 PM
- Sibanye Gold (NYSE:SBGL) reaches a pay deal with three of the four unions at its operations after dropping a condition that all of the labor groups unanimously agree on it, Bloomberg reports.
- The agreement with the National Union of Mineworkers, the biggest union at the company, and two others includes pay increases of up to 12% in the first year for entry-level workers, but the AMCU union has not accepted the terms and threatens to call a strike at South African gold operations.
- The same three unions signed a three-year deal earlier this month with AngloGold Ashanti (NYSE:AU) and Harmony Gold (NYSE:HMY); AMCU also refused to sign the deal, seeking higher pay for entry-level workers.
Wed, Oct. 14, 2:26 PM
- Gold settles at three-and-a-half month highs, rallying $14.50 (+1.2%) to $1180/oz., as soft U.S. economic data and concerns over deflationary pressures in China add to expectations the Fed will delay any interest rate increases.
- Gold is gaining more ground in electronic trading after the Fed Beige Book release.
- The yellow metal's eighth gain in nine sessions has sent the SPDR Gold Trust ETF (GLD +1.5%) past its 200-day moving average, and gold miners have ripped higher, as evidenced by this month's 18% gain in the Market Vectors Gold Miners ETF (GDX +5.6%).
- Top mining stocks including Barrick Gold (ABX +7.9%), Goldcorp (GG +8.5%), Kinross Gold (KGC +8.3%), Gold Fields (GFI +5.4%), Newmont Mining (NEM +5.4%), Agnico Eagle Mines (AEM +5.7%), Silver Wheaton (SLW +6.8%), Yamana Gold (AUY +6.7%), Franco Nevada (FNV +5%), Randgold (GOLD +4.8%) and AngloGold (AU +5.6%) are all sharply higher.
- Other ETFs: NUGT, AGQ, GGN, DUST, SIL, USLV, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, SLVO, GLDI, SGDM, DSLV, ASA, SLVP, DGL, DBS, DGZ, RING, DGLD, PSAU, USV, TGLDX, GEUR, UBG, GYEN
Mon, Oct. 12, 5:37 PM
Fri, Oct. 9, 9:15 AM
Fri, Oct. 2, 9:12 AM
- The risk of a strike by workers at South African gold mines rises after the second-biggest miner union rejects a pay offer even as the largest union accepts it.
- The wage proposals by producers including AngloGold Ashanti (NYSE:AU), Harmony Gold (NYSE:HMY) and Sibanye Gold (NYSE:SBGL) are "pathetic,” says the Treasurer of the Association of Mineworkers and Construction Union, which speaks for 31% of gold employees; however, the offer was accepted by the National Union of Mineworkers, which represents 52% of miners.
- The companies hoped to avoid a repeat of last year’s five-month strike at platinum mines that crippled output and led to job losses; with weak gold prices, South Africa's largest producers are losing money on ~35% of production at current prices.
Wed, Sep. 30, 5:36 PM
Thu, Sep. 17, 5:37 PM
Wed, Sep. 16, 12:49 PM
- AngloGold Ashanti (AU +5.4%) and Randgold Resources (GOLD +5.1%) say they have concluded an investment agreement aimed at the formation of a joint venture to redevelop and operate AU's Obuasi gold mine in Ghana.
- Obuasi is expected to be remodeled to survive on a gold price of $1 000/oz., Randgold's yardstick.
Tue, Sep. 15, 5:42 PM
Fri, Sep. 11, 5:37 PM
Fri, Sep. 11, 2:39 PM
- Canadian and South African gold stocks slide as prices for the precious metal capped a third straight week of losses and the imminent re-balancing of fund portfolios adds to investor concerns.
- Two gold ETFs run by Market Vectors Gold Miners ETF - GDX and GDXJ - are expected to announce upcoming re-balancing changes after the close; both ETFs are on pace to close at their lowest levels since their respective formations in 2006 and 2009.
- The Global X Silver Miners ETF (NYSEARCA:SIL) and PureFunds ISE Junior Silver ETF (NYSEARCA:SILJ) also are on pace for their record lows.
- KGC -3.2%, GG -0.5%, GFI -8.2%, AU -4.8%, BTG -5.2%, FNV -1.9%, EGO -0.2%, some of them paring larger earlier losses.
- Other ETFs: NUGT, GGN, DUST, SIL, JNUG, GLDX, JDST, SGDM, ASA, SLVP, SILJ, RING, JUNR, PSAU, TGLDX, SGDJ, GDJJ, GDXS, GDXX, GDJS
Thu, Sep. 3, 5:36 PM
Tue, Sep. 1, 5:39 PM
Mon, Aug. 31, 5:37 PM
Other News & PR