Oct. 31, 2013, 12:16 PM
- Barrick Gold's (ABX -5.6%) surprise move to suspend construction at its Pascua-Lama mine in South America also affects Silver Wheaton (SLW -6.7%), which in 2009 bought 25% of the mine's silver production, paying cash in exchange for future silver sales at a discounted price.
- SLW says it is now entitled to silver output from three of ABX's currently producing mines - the Lagunas Norte, Pierina and Veladero mines - until the end of 2016 to make up for the production it is losing from Pascua-Lama.
- SLW also agrees to extend a completion test deadline on Pascua-Lama until the end of 2017; SLW says it still expects its silver output to top 33.5M silver equiv. oz. this year.
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. 1, 2013, 12:58 PM
- Fitch is calling a gold rebound unlikely and saying that it no longer believes in a $1,200 gold price floor, and as a result expects gold producers to reassess their dividend policies.
- Fitch thinks gold at $1,000/oz. would put the ratings of some gold miners under significant pressure if no serious cost cutting and cash conservation measures are taken.
- Recall that Barrick Gold (ABX -3.2%) cut its last dividend to $0.05 from $0.20, Kinross Gold (KGC -2.5%) suspended its dividend over the summer, and Gold Fields (GFI -3.2%) said in August it would not declare an interim dividend.
- Also: NEM -3.7%, SLW -3.4%, GG -3%, AU -3% AUY -2.9%, CDE -2.4%, IAG -2.3%, AUQ -2.1%, HMY -1.7%, NGD -1.5%.
- ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
Sep. 24, 2013, 2:36 PM
- Silver Wheaton (SLW -0.3%) is interested in securing a streaming contract for future output of precious metals from Glencore’s (GLCNF.PK) Las Bambas copper mine in Peru, CEO Randy Smallwood says on the sidelines of the Denver Gold Forum.
- "It's definitely a project that's got healthy margins," Smallwood says, adding that ~5% of the revenue from Las Bambas comes from gold and silver.
- Glencore is selling the mine as part of an agreement to win Chinese regulatory approval for its takeover of Xstrata earlier this year.
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.
Aug. 28, 2013, 11:59 AM
- Energy stocks (XLE +1.9%) lead the way this session as West Texas crude tests $110, with tensions over Syria continuing to feed Middle East supply concerns; Syria concerns and Libyan export cuts are trumping the bearish influence from a surprise gain for U.S. crude supplies.
- Among sector leaders: MRO +3.3%, EOG +3.1%, CVX +2.5%, TOT +2.4%, WLL +2.4%, APC +2.2%, RDS.A +2.1%, XOM +2.1%, HAL +2%, SLB +2%, COP +1.8%, PSX +1.7%, BP +1.6%, APA +1.6%, HES +1.5%, KOG +1.3%.
- ETFs: ERX, VDE, DIG, IEO, IEZ, IYE, PXE, PXI, XES, XOP, RYE, FXN, OIH, PXJ, PSCE, ERY, DUG, DDG, FRAK.
- After big losses yesterday, gold miners (GDX +2.4%) are strong today despite only a slight gain in the metal.
- Miners: ABX +3.6%, GG +3.2%, NEM +2.2%, KGC +2%, SLW +2%, GFI +1.2%.
Aug. 27, 2013, 5:15 PM
- Gold (GLD +0.9%) benefited from today's risk-off investment climate but gold stocks are stocks first and gold plays second (if that), as the miners (GDX -4.2%) finished among the day's worst performers; they also tend to get hit hard by rising oil prices.
- BVN -6.8%, NGD -6.1%, CDE -5.7%, AUQ -5.6%, IAG -5.3%, SLW -4.9%, KGC -4.4%, AUY -4.4%, GG -4.3%, RGLD -4.2%, NEM -3.5%, ABX -3.4%, AU -3.1%, GFI -2.5%, HMY -2%.
- ETFs: GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, SIL, SLVP, SILJ.
Aug. 14, 2013, 5:38 PM
- More on Silver Wheaton's (SLW) Q2 results: Reports record attributable silver equivalent production of 8.6M oz. (6.4M oz. of silver and 35.6K oz. of gold), up 28% Y/Y from 6.7M oz. in the year-ago quarter.
- Silver equivalent sales of 7.2M oz. (5.1M oz. of silver and 33.9K oz. of gold), up 4% from 6.9M oz. in the year-ago quarter.
- Average cash costs were $4.14 per silver oz., $391 per gold oz.; on a silver equivalent basis, average cash costs rose to $4.77 vs. $4.06 a year ago due primarily to an increase in the percentage of revenue from gold sales.
- Shares -1.5% AH.
Aug. 14, 2013, 5:14 PM
- Silver Wheaton Corp. (SLW) declares $0.10/share quarterly dividend
- Payable Sept. 12; for shareholders of record Aug. 30; ex-div Aug. 28.
Aug. 14, 2013, 5:09 PM
- Silver Wheaton (SLW): Q2 EPS of $0.20 misses by $0.05.
- Revenue of $166.9M (-1.7% Y/Y) misses by $21.91M. Shares -1.2% AH. (PR)
Aug. 14, 2013, 12:10 AM
Aug. 13, 2013, 5:35 PM
Aug. 12, 2013, 9:28 AM
- Gold and silver mining stocks are trading higher after the SPDR Gold ETF (GLD +2.1%) logs its first increase in holdings since June: HMY +4%, EGO +3.7%, IAG +3.6%, AUY +3.4%, HL +3%, GDX +2.6%, KGC +2.5%, SLW +2.4%, ABX +2.2%, SLV +2%, GFI +2%, NEM +1.7%.
- December Comex gold +2.2% to $1,341.50/oz.
- ETFs: GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, SIL, SILJ, SLVP.
Jul. 24, 2013, 3:34 PM
Gold prices (GLD -1.7%) suffer their biggest single-session drop in nearly three weeks, pressured by strength in the U.S. dollar and a surge in new U.S. home sales last month. It's a bad day for the miners (GDX -6.2%) too: ABX -6.3%, GFI -4.8%, GG -5.8%, NEM -5.6%, KGC -6.1%, NGD -3.4%, EGO -6.4%, AUY -6.6%, AEM -7.6%. Silver miners (SIL -5.4%): SLW -4.7%.| Jul. 24, 2013, 3:34 PM | 12 Comments
Jul. 22, 2013, 10:14 AMMetal miners is the strongest sector in early trading as gold futures climb as high as $1,325/oz.: GDX +4.9%, GDXJ +5.8%, NUGT +15.1%. Newmont Mining (NEM +4.6%) tops all S&P 500 gainers; also RGLD +6%, ABX +5.3%, GG +4.6%, KGC +4.6%, BVN +4.2%, GFI +3.8%. Silver miners (SIL +4.4%): CDE +7%, SLW +5.6%, HL +3.2%. | Jul. 22, 2013, 10:14 AM | 5 Comments
Jul. 16, 2013, 3:18 PM
Gold (GLD +0.4%) gains again, sending the price to a 3-week high of $1,290/ounce and the miners (GDX +4.2%), (PSAU +3.3%) are responding. "Never let a serious crisis go to waste," says the JPMorgan team, paraphrasing Rahm Emanuel. The bear market is forcing managements to not only cut costs, but to consider restructuring from "a shape that was optimized for the 12 year bull market in gold to one that is more suited to a future with less available liquidity." Barrick (ABX +5.2%), Goldcorp (GG +3.9%), Gold Fields (GFI +4.4%), NovaGold (NG +3.2%). Don't forget the silver miners (SIL +3.1%): Hecla (HL +4.5%), Silver Wheaton (SLW +3.9%), Coeur (CDE +5.8%).| Jul. 16, 2013, 3:18 PM | 3 Comments