iShares MSCI Global Gold Miners ETF (RING) - NYSEARCA
  • Nov. 20, 2013, 5:58 PM
    • Output from the world's gold mines (GDX) is set to hit record highs this year, according to Reuters, disappointing bulls who are impatiently waiting for production cuts following this year's 24% plunge in prices.
    • Some miners such as Kinross Gold (KGC) have felt the price squeeze and have suspended marginal projects, but others are increasing output to maintain revenue and profit levels; the world's top three gold miners - Barrick Gold (ABX), Newmont Mining (NEM) and AngloGold (AU) - all reported higher production in the most recent quarter.
    • Analysts say long delays and time scales in mining mean it will take time - perhaps until 2015 - for the drop in prices to translate into lower mine output, but for now, miners are cranking up volumes to boost revenue and spread out their hefty fixed costs over a bigger base.
    • Other ETFs: GDXJ, NUGT, DUST, GLDX, GGGG, RING, PSAU, JNUG, JDST
    | Nov. 20, 2013, 5:58 PM | 20 Comments
  • Nov. 15, 2013, 3:00 PM
    • The gold miners (GDX) may have gone down far enough to spark a consolidation wave, suggests Cowen, with the buyers being those major producers without high-profile issues (think of GG, AEM, AUY as buyers, not ABX).
    • "The largest North American producers need to continuously develop projects to offset the natural depletion inherent in the mining business. If management teams do not act to purchase advanced assets, many will likely find themselves without replacement production post 2017."
    • The sellers? Speculative project developers and junior producers whose stocks are valued far cheaper (on a price/NAV basis) than the larger miners.
    • Gold miner ETFs: GDX, GDXJ, NUGT, DUST, GLDX, GGGG, RING, PSAU, JNUG, JDST
    | Nov. 15, 2013, 3:00 PM | 3 Comments
  • Nov. 15, 2013, 8:43 AM
    | Nov. 15, 2013, 8:43 AM | 9 Comments
  • Nov. 11, 2013, 11:45 AM
    • The price action in gold miners may tend to be down, but the relative cost of betting against further declines is as cheap as it's been in awhile, reports Bloomberg. The so-called skew on the GDX - the relationship between put option and call option pricing for the ETF - fell to 0.53 recently, the lowest since July 2009.
    • The so-called worry gauge for the metal itself - the CBOE Gold Volatility Index - dipped to a 7-month low last week. Gold is up a hair today to $1,286 per ounce, and the GDX is off 1.8%.
    • Gold miner ETFs: GDX, GDXJ, NUGT, DUST, GLDX, GGGG, RING, PSAU, JNUG, JDST
    | Nov. 11, 2013, 11:45 AM | 11 Comments
  • Nov. 1, 2013, 12:57 PM
    • Barrick Gold's (ABX -6.2%) planned $3B capital raise may be "prudent and necessary" for the company, but it stinks for shareholders, and shares of other big precious metals miners are tumbling too.
    • ABX's move may be sparking fears from shareholders in other miners that they could be next, and that stock offerings of this size could make it hard to raise dividends in the future; "cram-down financing like this is something that companies should consider [only] after their stocks have rallied significantly," Jon Ogg writes.
    • NEM -4.7%, GG -3.8%, KGC -3.9%, SLW -3.2%, GFI -1.3%, NGD -2.2%, AUY -3.3%, CDE -3.3%, TAHO -4.9%.
    • ETFs: GDX, GDXJ, NUGT, DUST, GLDX, GGGG, RING, PSAU, JNUG.
    | Nov. 1, 2013, 12:57 PM | 10 Comments
  • Oct. 24, 2013, 2:19 PM
    • Canaccord Genuity believes top gold and silver miners have priced in the challenging environment and sees the group returning 22%, as it initiates coverage of Goldcorp (GG +4.2%), Tahoe Resources (TAHO +3.2%), IAMGOLD (IAG +5.9%), Silver Wheaton (SLW +3.8%) and Yamana Gold (AUY +2.3%) with Buy ratings.
    • The firm views GG as the quality leader in the group with a discount valuation and numerous potential re-rating catalysts.
    • In predicting ~40% upside in TAHO shares, the firm notes the miner is commissioning its best-in-class Escobal silver project and all indications point to a smooth ramp-up and positive risk re-rating.
    • Eldorado Gold (EGO), Agnico Eagle Mines (AEM), Kinross Gold (KGC) and Barrick Gold (ABX) are given Hold ratings.
    • ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
    | Oct. 24, 2013, 2:19 PM | 2 Comments
  • Oct. 21, 2013, 12:49 PM
    • HSBC upgraded its stock ratings on various gold mining companies, noting that recent weak stock performance has "opened up value again," demand for gold remains strong, lower prices are resulting in reduced supply.
    • The firm expects gold prices to rebound again, bringing better value in some gold miners, particularly Barrick Gold (ABX +1.9%), Goldcorp (GG +2.1%) and IAMGOLD (IAG +3%), upgraded to Overweight from Neutral (I, II, III); it also raises Agnico-Eagle Mines (AEM +0.4%), Yamana Gold (AUY +2%) and AngloGold (AU +0.3%) to Neutral from Underweight (I, II, III).
    • HSBC, however, cuts Gold Fields (GFI +0.2%) to Underweight from Neutral, in part due to higher risk related to an SEC investigation.
    • ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
    | Oct. 21, 2013, 12:49 PM | 2 Comments
  • Oct. 18, 2013, 4:20 AM
    • Gold traders have been puzzling over a series of massive transactions over the past three weeks that have caused the price of bullion to move sharply within a matter of minutes.
    • The latest incident came in the wee hours of yesterday morning in New York, when a wave of orders to purchase $2.3B worth of gold caused the metal to spike 3% in just 10 minutes.
    • Theories about what's causing the phenomenon include the effects of 24-hour electronic trading, short covering, selling by a distressed fund and deliberate market manipulation.
    • Gold is now -0.4% to 1317.20.
    • ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING
    | Oct. 18, 2013, 4:20 AM | 8 Comments
  • Oct. 17, 2013, 3:21 PM
    • Gold futures (GLD +3.2%) settle more than $40/oz. higher, boosted by the belief that the debt default deal might prompt the Fed to delay reducing QE.
    • "The U.S. debt deal is seen (as) positive for gold by market participants, for good reason, since the whole mess is just being postponed by 3-4 months, which makes a reduction of Fed asset purchases rather unlikely for the time being," Commerzbank says.
    • Many probably believed gold would fall if there was no debt default, so a short squeeze likely is helping force prices higher.
    • Among the day's biggest equity gainers are gold miners (GDX +6.2%): NEM +4.8%, ABX +5.4%, GG +4.2%, GFI +3.9%, RGLD +7.1%, KGC +4.9%, NGD +5.3%.
    • ETFs: IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
    | Oct. 17, 2013, 3:21 PM | 11 Comments
  • Oct. 11, 2013, 2:59 PM
    | Oct. 11, 2013, 2:59 PM | 20 Comments
  • 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. 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
RING Description
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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Industry: Gold
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