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Wed, Feb. 3, 5:33 PM
- Mining companies that have been hit hard by weakening Chinese demand surged the most in five months today, as a rally in metal prices signaled production cuts are starting to pay off, Bloomberg reports.
- Newmont Mining (NEM +11.3%), Freeport McMoRan (FCX +11.2%) and First Quantum Minerals (OTCPK:FQVLF +16.6%) all gained at least 11% today in leading the Bloomberg Americas Mining Index to a 7% surge and its biggest increase since August.
- Gold futures broke above their 200-day MA for the first time since October, and zinc, copper, aluminum, nickel, lead and tin all gained, helped by the outlook for tighter supplies and a plunge in the dollar.
- In today's trade: ABX +8.8%, GG +10.2%, AEM +5.5%, SLW +8.7%, KGC +10.3%, NG +6.6%, AU +9.6%, FNV +7%, GFI +8.5%, HMY +5.1%, SBGL +6.1%, IAG +9.6%, GOLD +3.6%, EGO +8.3%.
- ETFs: GLD, GDX, NUGT, IAU, GGN, DUST, PHYS, SGOL, UGL, GLDX, DGP, GTU, GLL, JJC, UGLD, DZZ, DBB, SGDM, ASA, OUNZ, DGL, DGZ, RING, DGLD, JJN, PSAU, JJU, TGLDX, CPER, UBG, JJT, BOM, RJZ, BOS, FOIL
Tue, Jan. 26, 9:22 AM
Wed, Jan. 20, 12:45 PM
Fri, Jan. 15, 9:29 AM
Thu, Jan. 14, 5:40 PM
Tue, Jan. 12, 5:37 PM
Thu, Jan. 7, 6:38 PM
- Gold and silver miners are the lone rose growing in this week's stock market garbage heap, as the out-of-favor group responds to the highest gold prices in two months amid the flight to perceived safe havens.
- China’s move to devalue its currency at once stokes worries that growth in the world’s no. 2 economy is more sluggish than feared and that other Asian countries will retaliate with devaluations of their own to keep exports competitive, which could bode well for further gold price upside.
- This week's results so far for top precious metals miners: HMY +53.7%, ABX +18.4%, IAG +14.3%, AEM +14.1%, GFI +13.2%, AUY +12.9%, SBGL +12.8%, AU +11.2%, EGO +10.8%, GG +10.1%, KGC +9.9%, FNV +7.9%, GOLD +6.1%, NEM +4.9%, SLW +4.6%.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GLDX, SGDM, ASA, SLVP, RING, PSAU, TGLDX, PICK, GDXS, GDXX
Dec. 28, 2015, 12:57 PM
- Much like oil/gas firms (hurt by fresh oil price declines), coal, gold, and silver miners are having a rough day. End-of-year tax and fund selling could be playing a role. Comex gold is down a moderate 0.6%, and Comex silver down 3.2%. The S&P is down 0.5%.
- Notable coal decliners: Peabody Energy (BTU -13.6%), Westmoreland Coal (WLB -6.4%), CONSOL Energy (CNX -9%), and Cloud Peak Energy (CLD -4%).
- Notable gold decliners: Goldcorp (GG -3.5%), Barrick Gold (ABX -3.1%), Newmont Mining (NEM -4%), Kinross Gold (KGC -3.8%), Gold Fields (GFI -6.7%), AngloGold Ashanti (AU -5%), Harmony Gold (HMY -6.5%), and Sibanye Gold (SBGL -4.2%).
- Notable silver decliners: Silver Wheaton (SLW -3.8%), Pan American Silver (PAAS -3.6%), First Majestic Silver (AG -6.9%), Tahoe Resources (TAHO -4.9%), and Coeur Mining (CDE -5.8%).
- ETFs: GLD, SLV, IAU, AGQ, PSLV, PHYS, USLV, SIVR, SGOL, ZSL, UGL, DGP, GTU, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, DGZ, DGLD, USV, GEUR, UBG, GYEN, TONS, QGLDX
Dec. 21, 2015, 8:35 AM
- Randgold Resources (NASDAQ:GOLD) says it is walking away from a proposed joint venture with AngloGold Ashanti (NYSE:AU) to redevelop the aging Obuasi gold mine, one of the largest in Africa.
- GOLD says it believes the mine in Ghana no longer satisfies its investment requirements; the redevelopment could have cost up to $1B, according to an estimate when the proposed partnership was announced in September.
- The decision “shows that Randgold remains financially disciplined, but a negative is that medium-term growth options remain lacking," says analysts at Investec.
- Meanwhile, AU must look for another partner to redevelop Obuasi, which the miner says is too large and expensive for it to put back into production by itself.
Dec. 15, 2015, 9:18 AM
Dec. 10, 2015, 9:14 AM
Nov. 6, 2015, 9:29 AM
Oct. 26, 2015, 5:37 PM
Oct. 21, 2015, 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.
Oct. 14, 2015, 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
Oct. 12, 2015, 5:37 PM
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