Fri, Jun. 24, 8:48 AM
- While stock futures remain under tremendous pressure following the Brexit vote, gold miner shares are soaring in premarket action, as the added uncertainty in the global economy sparks a surge in gold prices.
- The Gold Miners ETF (NYSEARCA:GDX) +9.5% premarket, putting it on course to open at the highest level since July 2014; among GDX's components, Newmont Mining +7.7% toward a three-year high even though NEM derived 64.1% of its revenue over the last 12 months from the U.K., according to FactSet.
- Among other GDX members, Goldcorp (NYSE:GG) +7.5%, Barrick Gold (NYSE:ABX) +9.6% and Yamana Gold (NYSE:AUY) +7.2%.
- Also premarket: KGC +8.9%, GOLD +11.6%, GFI +11.8%, RGLD +10.6%, HMY +11%, SBGL +12.4%, AEM +8.4%, SLW +5.6%, PAAS +6.1%, EGO +8.3%, NG +8.9%, IAG +8.4%, FNV +5%.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GLDX, SGDM, ASA, SLVP, RING, PSAU, TGLDX, GDXX, GDXS
Mon, Jun. 20, 10:22 AM
- Gold futures -0.8% at ~$1,284/oz. after weekend polls showed a higher likelihood that the U.K. would vote to stay in the European Union.
- “This is a market that’s going to be very emotional this week” ahead of the June 23 referendum, says Peter Hug, global trading director at Kitco Metals, who believes that broader economic concerns and low interest rates will continue to support gold prices regardless of the Brexit outcome.
- Gold has risen 21% YTD amid worries over global growth and as the Fed has pushed back plans to raise short-term interest rates.
- Precious metals miners are among the biggest losers in early trading: ABX -3.8%, GG -2.4%, NEM -2.5%, AEM -1.6%, KGC -4.4%, SLW -1.7%, PAAS -2.7%, RGLD -0.8%, EGO -1.4%, NG -1.6%, GFI -4.8%, AUY -1.4%, IAG -1.8%, FNV -1%, HMY -2.3%, SBGL -2.6%, OTCPK:NCMGY -5%.
- ETFs: GLD, SLV, GDX, NUGT, IAU, AGQ, GGN, DUST, PSLV, SIL, PHYS, USLV, SIVR, SGOL, ZSL, GLDX, UGL, DGP, GTU, UGLD, GLL, DZZ, SLVO, SGDM, GLDI, ASA, DSLV, OUNZ, SLVP, DGL, RING, DBS, DGZ, DGLD, PSAU, TGLDX, GYEN, USV, GEUR, UBG
Fri, Jun. 17, 7:39 AM
Fri, Jun. 3, 3:58 PM
- Gold miner stocks are skyrocketing, with the sector enjoying its best day in nearly seven years, as the disappointing May jobs report helped spark a strong rally in the yellow metal.
- The VanEck Vectors Gold Miners ETF (GDX +11.1%) surged more than 10% on heavy volume, and all 24 of the ETF’s U.S. equity components traded higher, with 10 of them enjoying double-digit percentage gains.
- In today's trade: ABX +12.9%, NEM +9.5%, GG +7.7%, AEM +11.1%, OTCPK:NCMGY +10.7%, KGC +15.4%, SLW +9%, FNV +9.1%, RGLD +9.4%, EGO +9.8%, GFI +13.7%, SBGL +8.2%, HMY +13%, IAG +16.4%, AU +14.4%, GOLD +8.6%, AUY +13.9%, NGD +9.6%, HL +12.1%, CDE +11.6%, TAHO +10.8%, NG +12.2%, AG +12.3%, PAAS +8.9%.
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, SIL, JNUG, GLDX, JDST, SGDM, ASA, SLVP, RING, PSAU, SGDJ, TGLDX, GDXX, GDJJ, GDXS, GDJS
Tue, Apr. 19, 3:32 PM
- It's a good day for gold (GLD +1.5%), a great day for the miners (GDX +5.6%), and truly a session to remember for leveraged long miner ETFs.
- The Direxion Daily Junior Gold Miners Index Bull 3X Sahres (JNUG +23.3%), the Direxion Daily Gold Miners Index Bull 3x Shares (NUGT +16.3%).
- Today's move makes JNUG about a four-bagger in 2016.
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, JNUG, GLDX, JDST, SGDM, ASA, RING, PSAU, SGDJ, TGLDX, GDXX, GDJJ, GDXS, GDJS
Mon, Apr. 11, 12:39 PM
- Gold miners are surging amid higher gold prices and a positive research note from RBC Capital, as the Market Vectors Gold Miners ETF (GDX +4.9%) powers higher with all 39 of its equity components rising.
- Kinross Gold (KGC +6.9%) and AngloGold Ashanti (AU +4.9%) are upgraded to Outperform at RBC, citing valuation amid an increase in the firm's 2016 gold price outlook to $1,250/oz. from $1,150; the firm says KGC's production profile has improved with the 2015 acquisition of mines from Barrick Gold (ABX +5.6%) and the planned Tasiast expansion, while AU represents the most robust opportunity in its South African coverage, supported by a diverse, low cost asset portfolio.
- Goldcorp (GG +3.8%) is sharply higher despite RBC's downgrade to Underperform, as the firm believes shares trade at a significant premium to Tier 1 peers and management needs to re-establish investor confidence in operations and strategy.
- Also: NEM +5.7%, AEM +4.9%, FNV +2.9%, HMY +3.8%, EGO +7.9%, NG +7.6%, HL +4.4%, GFI +3.1%, GOLD +1.7%, SBGL +6%, SLW +4.2%.
- Other ETFs: NUGT, GGN, DUST, SIL, GLDX, SGDM, ASA, SLVP, RING, PSAU, TGLDX, GDXX, GDXS
- Now read Kinross Gold: Analyst estimates following the news on Tasiast mine expansion
Tue, Feb. 16, 3:49 PM
- Gold prices tumbled to their sharpest single-session loss since March 2015, based on most-active contracts, as investors turned more optimistic on the global economy after stock markets rallied and the European Central Bank said it stood ready to boost stimulus measures if needed.
- Adding to gold's decline was a report from Goldman Sachs commodities chief Jeffrey Currie, who said it is time to bet against the traditional safe haven as investor fears are overdone and do not justify the recent rally.
- "On net, fears around China, oil and negative interest rates have likely been overstated in the gold price and other financial markets," Currie says, doubling down on an earlier prediction that gold will slump to $1,100/oz. in three months and $1,000/oz. in 12 months.
- ABX -5.2%, NEM -5.1%, GG -5.5%, AEM -4.1%, SLW -2.9%, KGC -9.5%, NG -5.8%, AU -10.1%, FNV -3.8%, GFI -10.7%, HMY -5.3%, SBGL -11.6%, IAG -10.7%, GOLD -6.5%, EGO -10.5%, AUY -7.1%, HL -7.7%.
- ETFs: GLD, SLV, GDX, NUGT, IAU, AGQ, GGN, CEF, PSLV, DUST, SIL, PHYS, USLV, SIVR, SGOL, ZSL, UGL, GLDX, DGP, GTU, SPPP, GLL, UGLD, DZZ, SLVO, GLDI, SGDM, DSLV, ASA, OUNZ, SLVP, DGL, DBS, GLTR, RING, DGZ, DGLD, DBP, WITE, PSAU, TGLDX, USV, GEUR, GYEN, JJP, UBG, GDXS, GDXX
Tue, Feb. 16, 6:27 AM
- In a note to clients late yesterday titled “Nothing to fear but fear itself,” Goldman’s Jeffrey Currie says that the fear guiding global financial markets right now “ignore the facts that systemic risks from oil, China and negative rates are very unlikely.”
- Currie says that the negative macro impacts from low oil prices have likely already played out and are not systemic; the spillover from the Chinese economy slowing down is limited; and that the U.S. economy is far from a recession.
- “Financial markets have overreacted to the point that current inflation breakevens would require oil prices to keep declining for the next 7 years.”
- “We believe that the sharp rise in gold prices this past week was mostly due to concerns over systemic risks, particularly in the banking sector, given the sharp correlation of gold prices with bank stocks and other measures of systemic credit risks. While this is a continuation of a trend established since the beginning of the year that started with systemic concerns over oil and China, we believe that these new fears like the past fears are not justified.”
- Currie says we’re likely heading for a bounce once the market realizes that European banks, which are currently at the center of concerns over negative interest rates, are still able to fund themselves and that money markets are open with no evidence of strain in either euro or dollar funding.
- ETFs: GLD, GDX, NUGT, GDXJ, IAU, GGN, DUST, PHYS, JNUG, SGOL, UGL, GLDX, DGP, GTU, JDST, GLL, UGLD, DZZ, GLDI, SGDM, ASA, OUNZ, DGL, RING, DGZ, DGLD, PSAU, SGDJ, TGLDX, GEUR, GYEN, UBG, GDJJ, GDXS, GDXX, GDJS, QGLDX
Thu, Feb. 11, 3:27 PM
- Gold stocks (GDX +7.8%) power higher as April gold futures jumped by $53.20/oz., or +4.5%, to settle at $1,247.80, the highest level since February 2015 and the biggest one-day dollar and percentage gain since September 2013, as investors sought safe-haven assets amid the global equity market rout.
- A growing universe of government bonds with negative yields has helped gold, while a lower U.S. dollar has made it cheaper for buyers in other currencies to purchase gold.
- Investor sentiment “seems to be thawing at the start of 2016, with a focus on gold’s wealth preservation and risk diversification properties,” the World Gold Council says.
- ABX +4.8%, GG +4.4%, AEM +8.7%, SLW +6.3%, KGC +14.2%, NG +6.2%, AU +7.4%, FNV +6.8%, GFI +10.8%, HMY +15.1%, SBGL +16%, IAG +12.3%, GOLD +4%, EGO +14%, AUY +9%, BTG +15.2%, HL +8.8%.
- ETFs: GLD, SLV, NUGT, IAU, AGQ, GGN, PSLV, DUST, SIL, PHYS, USLV, SIVR, SGOL, ZSL, UGL, GLDX, DGP, GTU, GLL, UGLD, DZZ, SLVO, GLDI, SGDM, DSLV, ASA, OUNZ, SLVP, DGL, DBS, RING, DGZ, DGLD, PSAU, TGLDX, USV, GEUR, GYEN, UBG, GDXS, GDXX, QGLDX
Tue, Feb. 9, 7:07 PM
- Goldman Sachs has no faith in gold’s rally, predicting losses over the coming year as the Fed raises U.S. interest rates no fewer than three times.
- Goldman believes the U.S. economy is strong enough to justify three interest rate hikes this year, which would lift the dollar and make gold less appealing relative to bonds; a world in which the Fed can raise rates three times means a world of stable markets and economic growth, so safe-haven demand for gold would dissipate.
- Gold has surged past $1,200/oz. in the opening weeks of 2016, but Goldman sees bullion at $1,100 in three months, $1,050 in six months and $1,000 in 12 months.
- ETFs: GLD, GDX, NUGT, IAU, GGN, DUST, PHYS, SGOL, UGL, GLDX, DGP, GTU, GLL, UGLD, DZZ, GLDI, SGDM, ASA, OUNZ, DGL, RING, DGZ, DGLD, PSAU, TGLDX, GEUR, GYEN, UBG
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
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
Nov. 27, 2015, 2:15 PM
- Gold prices fell to their lowest level in more than five years today, heading towards $1,000/oz. as funds liquidate positions on rising expectations of Fed interest rate hikes next month.
- Gold fell as much as 2% to hit a low of $1,052/oz. before settling 1.3% lower at $1,056.20/oz. on Comex following six straight weeks of losses, while silver also slipped more than 1% to approach six year lows; conversely, the dollar hit an eight-month high.
- Gold and silver mutual funds and ETFs suffered $1B in outflows in the week ended Nov. 25, the most in 17 weeks, according to BofA Merrill chief investment strategist Micheal Harnett.
- With November’s jobs report coming next Friday, "next week is going to be pivotal" for the gold market, says Julius Baer analyst Carsten Menke, who also cautions that a reversal in sentiment was unlikely.
- ETFs: GLD, SLV, GDX, NUGT, IAU, AGQ, GGN, PSLV, DUST, SIL, PHYS, USLV, SIVR, SGOL, ZSL, UGL, GLDX, DGP, GTU, GLL, UGLD, DZZ, SLVO, GLDI, SGDM, DSLV, ASA, OUNZ, SLVP, DGL, DBS, DGZ, RING, DGLD, PSAU, USV, TGLDX, GEUR, UBG, GYEN
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
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
Jul. 21, 2015, 6:58 PM
- Gold prices at five-year lows adds more pressure on an already stressed gold mining industry but mine closures are not expected to happen quickly as operators instead try to continue cutting costs, even as industry all-in costs already are expected to fall to an average of ~$1,335/oz. this year, down from nearly $1,700 in 2012.
- Some significant mine closures could occur over time if gold stays near its current $1,100/oz. - as ~76% of producing gold mines are in the red at that price - but Goldcorp (NYSE:GG) CEO Chuck Jeannes says "I always warn people that [closures] are not going to happen as fast as you think they might because mine general managers are really good at keeping their mines alive."
- With Newmont Mining (NYSE:NEM) kicking off earnings season for precious metals miners tomorrow, the current five-year compound return for mining equities is the lowest since the early 1980s; analysts are watching for potential dividend cuts at GG, Barrick Gold (NYSE:ABX), Centerra Gold (OTCPK:CAGDF) and Yamana Gold (NYSE:AUY).
- Plenty of analysts are predicting further declines in gold's price; Goldman Sachs' Jeffrey Currie says the worst is yet to come, and that prices could fall below $1,000 for the first time since 2009.
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, SIL, JNUG, GLDX, JDST, SGDM, ASA, SLVP, SILJ, RING, JUNR, PSAU, TGLDX, GDJJ, GDXS, GDXX, GDJS
The iShares MSCI Global Gold Miners Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI ACWI Select Gold Miners Investable Market Index.
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