Tue, Jul. 5, 12:30 PM
Thu, Jun. 30, 3:47 PM
- IAMGOLD (IAG -0.6%) is upgraded to Neutral from Sell with a $52.25 price target, raised from $3, at Credit Suisse, which raises its forecast for 2016-17 gold prices.
- Credit Suisse now forecasts the gold price to rise through the rest of this year, averaging $1,475/oz. in Q4 2016 and $1,500/oz. in Q1 2017, with an average of $1,450/oz. in 2017 from $1,313/oz. previously.
- On IAG, the firm believes the company is turning the corner on operational and financial delivery following a challenging three-year period, and cites IAG's above-average leverage to gold prices and benefit from cost exposure to the Canadian dollar and euro.
- Credit Suisse also upgrades both Yamana Gold (AUY -0.5%) and Silver Wheaton (SLW +3.1%) to Outperform from Neutral in conjunction with its increased gold price forecast.
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. 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
Thu, May 12, 7:19 PM
- BMO Capital becomes more bullish on precious metals, as it upgrades six gold and silver stocks including five to buy ratings.
- The 20% YTD rise in gold and silver prices should continue over the medium term, the firm says, lending to price targets of $1,400/oz. for gold and $22.50/oz. for silver by the end of Q1 2017.
- BMO upgrades Yamana Gold (NYSE:AUY), Silver Wheaton (NYSE:SLW), Coeur Mining (NYSE:CDE), Pan American Silver (NASDAQ:PAAS) and Detour Gold (OTCPK:DRGDF) to Outperform from Market Perform, and hikes Oceana Gold (OTCPK:OCANF) to Market Perform from Underperform; price targets are $5.50 for AUY (raised from $1), $24 for SLW (jumping from $4.50), $11 for CDE (up from $3), and $19 for PAAS (from $7.50).
- However, the firm downgrades Agnico-Eagle Mines (NYSE:AEM), Franco-Nevada (NYSE:FNV) and Fortuna Silver (NYSE:FSM) to Market Perform from Outperform, saying their stocks already have factored in higher gold and silver prices.
Mon, May 9, 7:30 AM
Mon, May 9, 7:19 AM
Sun, May 8, 5:30 PM
Mon, Apr. 18, 11:28 AM
- Silver Wheaton (SLW -0.8%) and Agnico-Eagle Mines (AEM -1.2%) are downgraded to Neutral from Overweight at J.P. Morgan after shares have jumped a respective 52% and 44% since Jan. 19.
- The firm says SLW’s rising exposure to silver in a weakening industrial environment is a negative, and that shares likely will remain under pressure until the CRS tax audit issue has been resolved.
- JPM says AEM is fully valued for now but that the miner’s focus on long-term reserve replacement and projects is the best approach for the long term, and that exploration efforts have yielded strong results.
- Now read Silver Wheaton: The audit is very concerning
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
Wed, Mar. 30, 5:44 PM
- Silver Wheaton (NYSE:SLW) -5.9% AH after reaching agreement with a syndicate of underwriters for a bought deal to raise at least $500M.
- The banks will buy 30.125M shares at $16.60 each, with an option to purchase another 4.518M shares 30 days after the offering closes.
- SLW plans to use the proceeds to repay a line of credit drawn in November for the $900M purchase of future silver production at the Antamina mine in Peru.
Wed, Mar. 30, 5:39 PM
Tue, Mar. 22, 1:39 PM
- Silver Wheaton (SLW -0.2%) says it entered into an early deposit precious metals purchase agreement with Panoro Minerals (OTC:POROF) related to the Cotabambas project in Peru, in which it will pay $140M.
- SLW will be entitled to purchase 100% of silver production and 25% of gold production from Cotabambas until 90M silver equiv. oz. attributable to SLW have been delivered, then the stream would drop to two-thirds of silver production and one-sixth of gold production for the life of mine.
- Until Jan. 1, 2020, Panoro has a one-time option to repurchase 50% of the precious metals stream.
Wed, Mar. 16, 5:13 PM
Wed, Mar. 16, 5:11 PM
Silver Wheaton Corp. is a precious metal streaming company, which engages in the exploration of silver and gold. Its portfolio of assets include Penasquito, Pascua-Lama, San Dimas, 777 Mine, Yauliyacu, Salobo, Sudbury, Constancia, Zinkgruvan and Minto Mine. The company was founded by Peter Derek... More
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