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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
Oct. 9, 2015, 9:15 AM
Oct. 2, 2015, 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.
Sep. 30, 2015, 5:36 PM
Sep. 17, 2015, 5:37 PM
Sep. 16, 2015, 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.
Sep. 15, 2015, 5:42 PM
Sep. 11, 2015, 5:37 PM
Sep. 11, 2015, 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
Sep. 3, 2015, 5:36 PM
Sep. 1, 2015, 5:39 PM
Aug. 31, 2015, 5:37 PM
Aug. 21, 2015, 9:15 AM
Aug. 20, 2015, 2:29 PM
- Alongside interest rate sensitive names, the gold miners are well-bid as the major averages tumble.
- The yellow metal itself is higher by 2.15% to $1,152 per ounce.
- Gold Fields (GFI +15.1%), AngloGold Ashanti (AU +11.2%), Sibanye Gold (SBGL +11.3%), Alamos Gold (AGI +9.7%), IAMGOLD (IAG +6.1%), Randgold (GOLD +5.6%), Barrick (ABX +4.9%), Newmont (NEM +3.7%), Kincross (KGC +2.6%), Goldcorp (GG +3.2%).
Aug. 20, 2015, 12:45 PM
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