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Wed, Nov. 5, 11:38 AM
- Spot gold skids to its lowest since April 2010 at $1,137/oz., below production costs for seven of 19 mining companies tracked by Bloomberg, including Harmony Gold (HMY -1.8%) and Primero Mining (PPP -2%).
- Harmony Gold said in its Q3 earnings report that all-in sustaining costs were $1,245/oz., while Primero reported all-in sustaining costs of $1,228; the most recent data from DRDGold (DRD -6.3%), AuRico Gold (AUQ +0.6%), Golden Star Resources (GSS +0.1%) and Alamos Gold (AGI -0.5%) also show costs higher than current prices.
- Maison Placements Canada brokerage's John Ing says a "two-tier type of market" is developing, where one tier of companies having solid assets and lower costs and another group saddled with high-cost operations and stretched balance sheets.
- ETFs: GDX, GDXJ, NUGT, DUST, SIL, JNUG, GLDX, JDST, SLVP, SILJ, RING, SGDM, PSAU
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Wed, Aug. 13, 12:28 PM
- Austerity moves clearly have helped gold miners navigate through the lower price environment, but Citigroup analysts warn that further belt-tightening will be difficult, and may even hurt long-term prospects.
- Citi cautions that the slowdown in capex invariably will result in a fall in production, which in turn will lead to a faster rise in unit costs; also, the recent increase in head grades across the global mining space is an unsustainable mining practice that can have further detrimental effects on future mine plans and ore bodies.
- Among miners Citi sees as most vulnerable to a low gold price environment are Sibanye Gold (NYSE:SBGL), Harmony Gold (NYSE:HMY) and DRDGOLD (NYSE:DRD), which the least vulnerable are Goldcorp (NYSE:GG), Barrick Gold (NYSE:ABX), Yamana (NYSE:AUY), Medusa Mining (OTC:MDSMF) and OceanaGold (OTCPK:OCANF).
- ETFs: GDX, NUGT, DUST, GLDX, RING, GGGG, PSAU
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Sep. 5, 2013, 5:39 PM
Mar. 1, 2011, 3:02 PMThe gold ETF (GLD) has outperformed South African gold miners for years. Last year's culprit was the rising rand, which meant a 29% increase in the dollar value of gold translated into just a 13% jump for the SA miners. A lower rand (SZR) could turn things around in 2011. AU, GFI, HMY, DROOY. | Comment!
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