VanEck Vectors Gold Miners ETF (GDX) - NYSEARCA
  • Oct. 7, 2013, 9:54 AM
    • The Junior Gold Miners ETF (GDXJ -0.4%) opened sharply lower (but has since recovered) after LionGold plunged 71% overnight in Singapore amid the deflating of a mini-small-cap bubble. At 4.78% of AUM, LionGold was GDXJ's largest holding at last report.
    • The decline had begun on Friday and the exchange suspended trading in LionGold and two other names citing concerns market participants might not be "fully informed." The dive accelerated after trading was re-opened.
    • The iShares MSCI Singapore Small-Cap ETF (EWSS -3.8%).
    • Thus far there doesn't appear to be much spillover into the blue-chip market (EWS -0.2%) - known mostly for its REITs and other dividend payers.
    • Other gold-mining ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
    | Oct. 7, 2013, 9:54 AM
  • Oct. 4, 2013, 4:57 PM
    • Some may think gold equities are cheap given the dramatic decline in share prices, but Jefferies analyst Peter Ward "strongly" disagrees, and believes higher interest rates will be the key to force gold prices modestly lower to $1,250/oz.
    • Newmont Mining (NEM) is Ward's focus if investors are looking for a specific gold mining stock to sell short; it already was hit hard this week on speculation it would bid for Peru's Las Bambas copper mine.
    • Ward's favorite mining stock is Freeport McMoRan (FCX), seeing it as a better value than others.
    • He suggests a pair trade of going long the SPDR physical gold ETF (GLD) while selling short NEM, Barrick Gold (ABX), Kinross Gold (KGC) and Goldcorp (GG) in equal lots.
    • ETFs: GDX, GLDX, PSAU, NUGT, DUST, GGGG, RING.
    | Oct. 4, 2013, 4:57 PM | 27 Comments
  • Oct. 4, 2013, 4:38 PM
    | Oct. 4, 2013, 4:38 PM
  • Oct. 3, 2013, 8:02 AM
    • Launching today from Direxion are two new triple-leveraged gold miner ETFs, the Daily Junior Gold Miners Index Bull 3X Shares (JNUG) and its bearish counterpart, the JDST.
    • The two are the junior mining versions of the well-followed Daily Gold Miners Bull 3X (NUGT) and its bearish counterpart, the DUST.
    • The un-levered ETF to track the junior gold miners is, of course, Market Vectors' GDXJ, and these two new triple-levered funds are set up to follow the same index.
    • Other gold mining ETFs: GDX, GLDX, PSAU, GGGG, RING.
    | Oct. 3, 2013, 8:02 AM | 2 Comments
  • Oct. 2, 2013, 11:08 AM
    | Oct. 2, 2013, 11:08 AM | 19 Comments
  • Oct. 1, 2013, 12:58 PM
    | Oct. 1, 2013, 12:58 PM | 79 Comments
  • Sep. 27, 2013, 8:16 AM
    • "What's going on," asks BlackRock's Evy Hambro - the manager of the $8B World Gold Fund. "There are lots of ounces still being produced that aren’t profitable. The gold price fell six months ago." Hambro - who sits in a position where he has a say in the matter - expects to see more CEO exits in the mining industry amid more writedowns.
    • As execs continue to pledge to curb spending and expansion, output at the 10 largest 10 producers increased in Q2 to 5.6M ounces from 5.4M. "Companies have been chasing ounces instead of profitability and return, and now those decisions in the past are coming back to haunt them."
    • Gold miner ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
    | Sep. 27, 2013, 8:16 AM | 5 Comments
  • Sep. 24, 2013, 3:04 PM
    • Not surprisingly, a focus on cost controls and cash flow are familiar pledges from the gold miners at this year's Denver Gold Forum (webcasts here).
    • Speaking a couple of hours ago, Agnico-Eagle Mines (AEM -0.4%) laid out plans to cut costs by $50M this year and $200M in 2014, while limiting exploration costs to just $50M. AuRico Gold (AUQ -0.1%) and IAMGOLD (IAG +0.5%) offered similar outlines yesterday, as did Barrick Gold earlier today.
    • The question now, writes Ben Levisohn in Barron's, is whether they can deliver.
    • Gold miner ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
    | Sep. 24, 2013, 3:04 PM | 17 Comments
  • Sep. 20, 2013, 3:57 PM
    • Miners (GDX -5.2%) are one of the day's worst performing stock sectors amid significant weakness in precious metals, as gold settled 2.7% lower at $1332.50/oz. - but that's still a 1.8% gain for the week.
    • Goldman Sachs initiated coverage of several gold stocks earlier this morning:
    • Started with a Buy rating: Yamana Gold (AUY -6%), Goldcorp (GG -3.6%).
    • Initiated at Neutral: Barrick Gold (ABX -3.8%), Newmont Mining (NEM -4.9%), Agnico-Eagle Mines (AEM -6.4%), Royal Gold (RGLD -7%), New Gold (NGD -7.3%).
    • Started at Sell: Kinross Gold (KGC -6.4%), Eldorado Gold (EGO -7.9%), IAMGOLD (IAG -11.5%).
    • Also: Silver Wheaton (SLW -5.3%) was started at Buy, Pan Am Silver (PAAS -5.3%) with a Neutral.
    • Other ETFs: GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
    | Sep. 20, 2013, 3:57 PM | 3 Comments
  • Sep. 19, 2013, 1:12 PM
    • While headlines show a near 5% rally for gold and almost 8% for silver, those ETFS which track the metals - (GLD +0.4%) and (SLV +0.2%) - have barely budged. ETF investors aren't missing out. Instead, it's the metals' official close of trade time - 1:30 ET - meaning yesterday's massive post-FOMC (2 ET) rally will be reflected in today's price change. Both ETFs - where trading doesn't end until 4 ET - soared yesterday.
    • Meanwhile, the non-taper has previously bullish Michael Dudas remaining so, but Commerzbank is more cautious: "Rising equity markets could mean that investors prefer to put their money into equities rather than gold," says the team, which would like to see a trend of inflows into ETFS before getting too excited (money exited again yesterday).
    • The miners are giving back some of yesterday's big gains. Up 9% on Wednesday, the GDX is off 2.4% today. The triple-leveraged bull ETF (NUGT -7.5%) gives back some of yesterday's 27% gain, while the triple-leveraged bear ETF (DUST +7.8%) recoups some of yesterday's 27% swoon.
    • PM ETFs:  GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, SLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.
    • Gold miner ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
    • Silver miners: SIL, SLVP, SILJ.
    | Sep. 19, 2013, 1:12 PM | 6 Comments
  • Sep. 14, 2013, 8:25 AM
    • Despite the pain - or perhaps because of it - gold equities are luring investors back, posting their biggest two-month net inflow in two years during July and August.
    • It could partly owe to a recovering gold price (at least until this week), but also because miners have taken hefty writedowns, slimmed down projects and put others on hold to save cash after years of chasing volume at all costs.
    • Investors have been looking to get exposure to gold through the actual miners themselves after the gold price crash in April, an analyst says.
    • Gold miner ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
    • Meanwhile, gold ETFs are still seeing outflows: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
    | Sep. 14, 2013, 8:25 AM | 4 Comments
  • Sep. 13, 2013, 4:32 PM
    | Sep. 13, 2013, 4:32 PM
  • Sep. 10, 2013, 12:02 PM
    • The Market Vectors Gold Miners ETF will continue to follow the NYSE Arca Gold Miners Index, which is updating to include international companies while now excluding firms with market caps below $750 million.
    • GDX, the largest gold miner fund and second oldest, will see these index changes on September 20th.
    • Related ETFs: GDXJ, GLDX, PSAU, GGGG, RING, NUGT, DUST
    | Sep. 10, 2013, 12:02 PM | 2 Comments
  • Sep. 5, 2013, 1:00 PM
    • Newmont Mining (NEM -3.3%) is downgraded to Equal Weight from Overweight at Barclays, as the firm cuts its North American precious metal mining industry (GDX) rating to Neutral from Positive to reflect its gold forecast changes and the recent rally in miners.
    • Goldcorp (GG -2.4%) remains Top Pick as Barclays continues to favor quality names that offer production growth, cost control and balance sheet strength.
    • Following relative share price outperformance YTD, the firm looks to 2014 metrics in downgrading NEM.
    | Sep. 5, 2013, 1:00 PM
  • Aug. 30, 2013, 4:40 PM
    • The week's ETF movers - Gainers: VXX +15.20%. EWY +2.89%. BNO +2.80%. UNG +2.43%. TLT +1.63%.
    • ETF Losers: GDX -6.67%. GDXJ -6.05%. TAN -4.33%. EPI -4.14%. EWJ -3.98%.
    | Aug. 30, 2013, 4:40 PM
  • Aug. 28, 2013, 1:42 PM
    • Gold's had a nice run, but any further move higher in price should be capped by rising real interest rates, says Nomura. Previous research has shown a nearly one-to-one negative relationship between the direction in real interest rates and the price of gold. Only a "material change" to U.S. growth expectations or what is thought to be the path of QE tapering could reignite gold's bull market, says the team.
    • Nomura also notes the deteriorating capital account situation in emerging markets. Money used to defend the currency can't be used to purchase precious metals.
    • Bankruptcy lawyer humor of the day: "If you're looking for any junior mining CEOs, check my reception area."
    • Higher earlier, gold is flat on the session at $1,420 per ounce.
    • GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDIGDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
    | Aug. 28, 2013, 1:42 PM | 6 Comments
GDX Description
VanEck Vectors Gold Miners ETF (GDX) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index (GDMNTR), which is intended to track the overall performance of companies involved in the gold mining industry.
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