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. 9, 2014, 3:58 PM
- The price of gold may be rising, but gold mining stocks are getting hammered today; after all, "they are still stocks," Barron's Johanna Bennett writes.
- Gold prices rallied today to $1,234/oz., their highest level since Sept. 23, a day after the dovish minutes from the Fed’s September policy meeting excited gold bugs, but shares of the mining companies are falling along with the broader market selloff.
- Among the top mining names: IAG -6.9%, KGC -6.2%, SLW -5.9%, NGD -5.5%, AU -4.9%, GG -4.7%, ABX -3.9%, AUY -3.9%, GFI -2.8%, BTG -2.7%, RGLD -2.6%, AGI -2.1%, GOLD -1.8%.
- ETFs: GLD, SLV, GDX, GDXJ, NUGT, AGQ, IAU, DUST, SIL, USLV, SIVR, JNUG, SGOL, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, JDST, SLVO, GLDI, DSLV, SLVP, DGL, DBS, SILJ, DGZ, RING, OUNZ, GGGG, DGLD, AGOL, SGDM, PSAU
Oct. 8, 2014, 6:20 PM
- No investment sector benefited more today from the dovish take on the FOMC meeting minutes than precious metals miners, as the Fed's worries over weakening world economies and a strong U.S. dollar offer hope for gold bulls that the Fed will not rush to raise interest rates.
- Gold mining ETFs surged past those linked to the commodity price, with GDX +7.4% and GDXJ +9.6% while GLD +1%; among leveraged ETFs, NUGT +21.5%.
- Among major miners: BTG +14.4%, AGI +13.6%, GG +8.6%, RGLD +8.6%, SLW +8%, NGD +7.6%, IAG +7.5%, GFI +7%, AUY +6.9%, ABX +5.2%, AU +4.8%, KGC +3.5%.
- Other ETFs: SLV, AGQ, IAU, DUST, SIL, USLV, SIVR, JNUG, SGOL, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, JDST, SLVO, GLDI, DSLV, SLVP, DGL, DBS, GLTR, SILJ, DGZ, RING, OUNZ, GGGG, DGLD, AGOL, DBP, SGDM, WITE, PSAU
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
Sep. 22, 2014, 2:58 PM
- Commodity prices as measured by the Total Return Bloomberg Commodities Index reaches new five-year lows, hit by a strengthening dollar, the prospect of a record grain harvest in the U.S. and concerns over weakening economic growth in China.
- The index has dropped more than 12% since the end of June amid falling prices for commodities such as crude oil, soybeans and gold.
- Even industrial metals, one of this year’s best performers in commodities, have started to come under pressure; nickel has dropped 10% since the end of June, copper prices are at three-month lows, and iron ore trades below $80/ton for the first time since 2009.
- ETFs: USO, AGQ, OIL, DBA, CORN, USLV, UCO, ZSL, UGL, SCO, DGP, GLL, JJC, RJA, JJG, UGLD, BNO, WEAT, DZZ, DTO, SOYB, DBO, DSLV, DGL, CRUD, DBS, DAG, DGZ, JJA, DGLD, USL, GRU, DBE, UWTI, JJN, DNO, DWTI, RJN, USV, RGRA, AGA, UBG, AGF, CPER, SZO, BAR, FUD, USAG, OLO, UAG, WEET, DIRT, JJE, BARS, TAGS, NINI, CUPM, ONG, RGRE, ADZ, OLEM, UBN
Sep. 19, 2014, 3:58 PM
- Gold’s downward spiral continues as the yellow metal closed today at an eight-month low and finishing its third weekly loss in a row, pressured by the dollar’s move higher after Wednesday's Fed policy meeting.
- The FOMC meeting "maintains our belief that the process of U.S. monetary tightening continues, and this will encourage further advances in long-term real yields and the U.S. dollar," Deutsche Bank said today in a note.
- Meanwhile, several gold mining stocks have hit new 52-week lows, including Barrick Gold (ABX -2.5%), Yamana Gold (AUY -3.7%), Kinross Gold (KGC -2.7%) and Coeur Mining (CDE -3.6%).
- ETFs: GLD, SLV, GDX, NUGT, AGQ, IAU, DUST, SIL, USLV, SIVR, SGOL, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, DSLV, SLVP, DGL, DBS, DGZ, OUNZ, RING, DGLD, AGOL, GGGG, SGDM, PSAU, USV, UBG, BAR, BARS.
Sep. 18, 2014, 8:39 AM
- The strong dollar - it's at its highest vs. the yen since the financial crisis, and performing well against other major currencies as well - for now works as a good excuse for gold's continuing slide.
- Off 1.4% to $1,218 an ounce in morning trade, the yellow metal is lower by nearly 10% since July 4 and closing in on the YTD low of about $1,200 set on January 1.
- Down 2.1% to $18.35 per ounce, silver is at a new low for the year, and roughly back at levels not seen since 2010.
- GLD -0.35%, SLV -0.9% premarket
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, OUNZ, DGLD, AGOL, TBAR, USV, UBG, GLDE, BAR, GYEN, GEUR, BARS, GGBP
Aug. 15, 2014, 10:33 AM
- Bank of Nova Scotia and HSBC - formerly part of the old telephone-based system - joined today with newcomer Mitsui & Co. Precious Metals for the first-ever electronic fixing of the daily silver benchmark (it occurred at noon London time).
- Previous to today, the silver fix for decades has been set daily on a private conference call. That system has been replaced by the London Silver Price - run by CME Group and Thomson Reuters in partnership with LBMA. More participants are expected to join in coming week, says the LBMA.
- ETFs: SLV, AGQ, USLV, SIVR, ZSL, SLVO, DSLV, DBS, USV
Aug. 14, 2014, 2:16 PM
- Silver Wheaton (SLW -5.3%) and Pan American Silver (PAAS -5.3%) are both sharply lower as low silver prices combined with still-high costs combine to weigh on Q2 results.
- SLW said its silver equiv. realized price fell from $23.05/oz. a year ago to $19.83 in this year's Q2; gold sales accounted for ~30% of sales, and SLW’s realized gold price of $1,295/oz. was included in a 14% drop in the silver equiv. price.
- In Q2 results for PAAS, the average realized price for silver was $19.58/oz., down from $22.68 in the year-ago quarter; gold, which accounts for ~25% of sales, also suffered, fetching $1,289/oz.vs. $1,423 a year ago.
- ETFs: AGQ, USLV, ZSL, DSLV, DBS, USV
Jul. 14, 2014, 11:29 AM
- Precious metals miners are broadly lower as gold futures head for their biggest daily drop of 2014, plunging $29.30, or 2.2%, to $1,308.10/oz.
- Physical demand has remained short of expectations, Commerzbank's Eugen Weinberg says, and India's decision to maintain a 10% import duty on gold and silver likely will dampen future gold demand expectations from the country.
- Barclays, which expects gold to drop to $1,200/oz. by Q3, also expresses caution, saying recent gains across the metals complex look toppy.
- ABX -1.2%, NEM -1.7%, GG -2.4%, KGC -1.8%, AEM -1.4%, AUY -1.4%, EGO -3%, NGD -2.8%, FNV -2.4%, AGI -2.6%, AU -2.2%, IAG -1.9%, GFI -3.4%, BTG -2.1%, NG -0.7%, SLW -2.1%.
- ETFs: GLD, SLV, GDX, NUGT, AGQ, IAU, DUST, SIL, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLDX, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, SLVP, DGL, DBS, GLTR, DGZ, RING, AGOL, DGLD, OUNZ, DBP, GGGG, WITE, PSAU, TBAR, USV, UBG, JJP, GLDE, GYEN, GLDL, RGRP, GLDS, GEUR, GGBP, BLNG
Jul. 10, 2014, 7:42 AM
- Portugal's 4% decline today brings its 7-day dive to 11% as the parent of Banco Espirito Santo reportedly is considering bankruptcy protection. Banco Espirito is off 17% today and more than 50% over the last month.
- Spain's IBEX 35 is down 2.4% and Italy's FTSE MIB is lower by 2%.
- Gold is higher by 1.5% to $1,344 per ounce and silver by 2.4% to $21.58.
- In other news, India disappointed gold bulls by leaving in place recent increases in gold import taxes in its just-released annual budget. The previous government over the last two years had boosted the import tax to 10% from 2% and mandated that 20% of imports had to be re-exported.
- GLD +1.1%, SLV +1.9%
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, AGOL, DGLD, OUNZ, TBAR, USV, UBG, GLDE, GYEN, GLDL, GLDS, GEUR, GGBP
Jul. 8, 2014, 1:00 PM
- BlackRock chief investment strategist Russ Koesterich isn't buying the last month's 12% bounce in silver, attributing the move instead to the metal's typical volatility. Further, he says H1's drop in real interest rates - a boost to the metal - is unsustainable as the year goes on. "This suggests a tougher second half for precious metals, particularly for gold, which has historically had the stronger relationship with real rates.”
- He also notes the silver-to-gold price ratio as near the historical average, suggesting silver isn't mis-priced, at least as it relates to gold.
- ETFs: SLV, AGQ, USLV, SIVR, ZSL, SLVO, DSLV, DBS, USV, SIL, SLVP, SILJ
Jun. 19, 2014, 3:10 PM
- A nice-sized rally has turned into a melt-up for the precious metals and the companies that pull them out of the ground. Gold is up 3.9% to $1,319, its highest level in two months, and silver is ahead 5.7% to $20.90. GLD +3.6%, SLV +5.4%
- The gold miners (GDX +4.7%), and the silver miners (SIL +6.1%).
- A dovish interpretation of the FOMC news from yesterday makes for a nice excuse, as does the President's move to send 300 military advisers to Iraq to try and head off an all-out civil war there.
- Gold and silver ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, ZSL, SGOL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, DGLD, AGOL, OUNZ, TBAR, USV, UBG, GYEN, GLDE, GLDS, GLDL, GEUR, GGBP
- Gold and silver miner ETFs: GDX, NUGT, GDXJ, DUST, GLDX, JNUG, JDST, RING, GGGG, PSAU, SIL, SLVP, SILJ
Jun. 19, 2014, 11:05 AM
- Now up about $30 per ounce since the FOMC announcement, updated Fed economic projections, and Yellen press conference yesterday, gold is just cents away from $1,300.
- Peter Boockvar notes the Fed may be ignoring recent warming inflation data (when pressed on the fast numbers, Yellen called them "noisy"), but gold may not be. In any case - with just 3 FOMC meetings to go until QE is over and rate hike discussions start in earnest - markets will have to keep a close watch on inflation figures in addition to labor market indicators.
- GLD +1.8%, SLV +2.3%
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, ZSL, SGOL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, DGLD, AGOL, OUNZ, TBAR, USV, UBG, GYEN, GLDE, GLDS, GLDL, GEUR, GGBP
- Earlier coverage of FOMC/Yellen
Jun. 17, 2014, 10:25 AM
- A week of surging prices for oil and gold are reversing, as worries about instability in Iraq that have dominated the market in recent days recede a bit.
- At last check, July WTI crude was down 0.4% to $106.44/bbl on the New York Merc, and the global Brent contract was down 0.2% to $112.69 after briefly topping $114/bbl last week, as the market has "run out of buying momentum" with no interruption in the flow of oil from Iraq or any sign that the fighting is spreading to the southern oil region.
- August gold is down 0.6% to $1,267.90/oz.; with market participants apparently not rating the geopolitical risks quite as highly as before, gold is in less demand as a safe haven, and Commerzbank notes yesterday's outflows in gold ETFs tracked by Bloomberg totaled 3.8 tons, their highest daily outflow in nearly two weeks.
- ETFs: USO, AGQ, OIL, USLV, UCO, ZSL, UGL, SCO, DGP, GLL, UGLD, DZZ, DTO, BNO, DBO, SLVO, GLDI, DSLV, DGL, DBS, CRUD, DGZ, DGLD, USL, UWTI, DWTI, TBAR, DNO, USV, UBG, SZO, GYEN, GLDE, OLO, GEUR, GLDS, GLDL, GGBP, OLEM, TWTI
Jun. 5, 2014, 3:08 PM
- The two - one a pioneer in ETFs, the other a commodities information provider - join the London Metal Exchange and CME Group in vying to provide a replacement for the silver benchmarking process.
- The ETF Securities proposal is based on the company's London-traded silver fund that's physically settled by the LBMA - the group looking for a replacement for the fix. "It's open, it's transparent, every bid and offer that goes into the auction can be audited and supervised," says ETF Chairman Graham Tuckwell.
- ETFs: SLV, AGQ, USLV, SIVR, ZSL, SLVO, DSLV, DBS, USV
- Previously: CME and LME vie for sliver "fix"
"The VelocityShares 3x Inverse Silver ETNs linked to the S&P GSCI® Silver Index ER (the “ETNs”) are senior, unsecured obligations of Credit Suisse AG (“Credit Suisse”) acting through its Nassau branch. The ETNs seek to provide inverse exposure to three times (3x) the daily performance of the S&P GSCI® Silver Index ER (the “Index”) plus a daily accrual equal to the return that could be earned on a notional capital reinvestment at the three month U.S. Treasury rate as reported on Bloomberg under ticker USB3MTA, less the daily investor fee. The ETNs are intended to provide traders with an exchange traded instrument enabling them to efficiently express their market views on the COMEX silver future."
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