Dec. 16, 2014, 9:10 AM
Dec. 16, 2014, 8:17 AM
- Yamana Gold (NYSE:AUY) +6.8% premarket after announcing the discovery of a new vein at its El Peñón mine in Chile and the best drill intersections in the history of the Chapada mine in Brazil.
- AUY expects the new Ventura north-south vein at El Peñón to lead to expansion of the mineral resource base at what appears to be high grades.
- AUY says the results at Chapada, from the newly discovered Sucupira mineralization, continue to support the potential of a much larger district of mineralization, which could also significantly expand mineral resources.
Dec. 11, 2014, 11:55 AM
- Cowen's commodities research team discusses some top precious metals producers that have positioned themselves well to generate free cash flow in 2015 at current gold prices; those keeping all-in costs under $1,000/oz. can crank out profits while waiting for prices to rebound.
- Among the three stocks that meet Cowen's criteria, Newmont Mining (NYSE:NEM) is the largest and perhaps the strongest of the group, thanks in part to the ~$5B in cash, revolver capacity and marketable securities on its balance sheet.
- Royal Gold (NASDAQ:RGLD) recently announced a 5% hike in its annual dividend, a bullish corporate statement for shareholders in a tough environment.
- Yamana Gold (NYSE:AUY) rounds out rounds out Cowen's top three sector stocks to buy.
Dec. 10, 2014, 9:10 AM
- Yamana Gold (NYSE:AUY) says it will form a new subsidiary to hold some of its non-core Brazilian assets, and that it will explore a potential sale along with other options for the unit in 2015.
- AUY says the new Brio Gold subsidiary will hold its Fazenda Brasileiro and Pilar gold mines, its C1 Santa Luz development project and some related exploration concessions in Brazil; AUY will retain its Chapada and Jacobina mines.
- AUY says the move allows it to focus on its core assets, trim costs amid slumping gold prices, and provide time to evaluate how to best maximize value for its non-core portfolio.
Dec. 1, 2014, 4:45 PM
- Gold futures surged 3.6% to reclaim the $1,200 level for the first time since late October, sparked in part by the downgrade of Japan’s sovereign debt rating and a retreat in the dollar, as well as India easing its import restrictions and some short covering.
- Gold had sold off initially amid news that Swiss voters rejected a referendum to force the Swiss National Bank to hold 20% of its reserves in gold, slumping to overnight lows near $1,140/oz. before rallying to settle at $1,218.
- As a result, gold miners were among the strongest sectors, with the Market Vectors Gold Miners ETF (NYSEARCA:GDX) finishing 7.7% higher; investors also may have reacted to takeover speculation, as weekend reports said Paramount Gold (NYSEMKT:PZG) was is in talks to be acquired by Coeur Mining (NYSE:CDE).
- Among the top precious metals miners: ABX +4.3%, AEM +6.9%, AU +9.1%, GG +8.2%, GFI +9.2%, SLW +7.2%, NEM +6.8%, AGI +7.7%, IAG +11.3%, AUY +7.4%, KGC +8.5%, NGD +13.7%, GOLD +6.4%, RGLD +7%.
- Other ETFs: NUGT, DUST, SIL, GLDX, SLVP, RING, SGDM, PSAU
Nov. 28, 2014, 1:21 PM
- Already hit hard over the last two years by declining prices, gold and silver miners saw more pain today as commodity stocks in general got hammered thanks to OPEC's decision not to slash crude production.
- Decliners: ABX -8%. GG -6.1%. AUY -9.8%. KGC -8.2%. GFI -9.9%. SLW -7%. NEM -5.8%. AGI -6.9%. PAAS -9%. AG -15.4%. SSRI -11.6%. CDE -11.4%. HL -8.8%. TAHO -7.8%.
- Previous: Precious metals slide alongside oil; Swiss vote ahead
Nov. 18, 2014, 3:59 PM
- Gold prices jumped 1.2% to settle just shy of $1,200/oz. as the dollar eased against major currencies amid tensions in eastern Europe and the Middle East, and some observers are starting to ask if gold mining and production stocks (GDX +4.8%) have finally found a bottom.
- 24/7's Chris Lange thinks gold giants may have hit their lows on Nov. 5, followed by an impressive recovery since that date with gold fundamentals apparently not changing drastically.
- Major precious metals miners are strong across the board: ABX +6.5%, AEM +4.4%, AU +6.2%, GG +3.7%, GFI +7.6%, SLW +3.6%, NEM +3.4%, AGI +4.9%, IAG +6.6%, AUY +6.8%, KGC +9.2%, NGD +2.8%, GOLD +1.9%, RGLD +3.7%.
- Other ETFs: GDXJ, NUGT, DUST, SIL, JNUG, GLDX, JDST, SLVP, SILJ, RING, SGDM, PSAU
Nov. 14, 2014, 2:13 PM
- Yamana Gold (AUY +5%) is considering placing some of its Brazilian mines into a separate company that could be spun off to current shareholders, CEO Peter Marrone tells WSJ, as it looks for ways to counter the steep drop in the price of gold.
- AUY had said previously it might sell assets in Brazil, where it owns three producing mines and three development projects, but Marrone says the bottom of the cycle would be the wrong time to sell; AUY recorded $635M in Q3 charges related to the three development projects.
- As the rising dollar pressures gold prices, Marrone says investors are not taking into account the benefits of the corresponding fall in the currencies of countries where AUY operates, including Brazil, Canada, Argentina and Chile.
Nov. 14, 2014, 10:58 AM
- The gold market will enter deficit by 2016 as producers cut capex, resulting in reduced supply in the medium- to long-term, Credit Suisse analyst Anita Soni writes, seeing 2014 as a likely plateau for supply (Briefing.com).
- Agnico Eagle Mines (AEM +2.6%) and Eldorado Gold (EGO +4.5%) are the firm's top picks among gold miners under coverage.
- Other Outperform rated gold companies are GG, KGC, AUY, AUQ, FNV, GSS and IAG; rated Neutral are ABX, NEM, NGD and AGI.
Nov. 12, 2014, 12:55 PM
- Yamana Gold (AUY -3.1%) is downgraded to Sector Perform from Outperform with a $6.50 price target, down from $8, at RBC Capital, which believes the shares will trade in line with peers until Q/Q operational consistency is demonstrated and net debt is reduced.
- The firm expects that if AUY can deliver on these elements, investor confidence would return and the shares re-rate higher, similar to 2011-12 when AUY outpaced peers by 60%.
Nov. 10, 2014, 6:46 PM
- With gold trading down as low as $1,131/oz., precious metals miners were hit hard again today, with the Market Vectors Gold Miners ETF (NYSEARCA:GDX) tumbling 6.3% and now 17% lower YTD.
- Barrick Gold (NYSE:ABX), which fell 6.7% today, was the subject of negative comments from Deutsche Bank, which said, “Management’s target net debt of $7B, conveyed on its 3Q14 earnings conference call, is a tall order without a combination of a higher gold price and asset sales.”
- Mining companies at least can look forward to the modest consolation prize of weaker local currencies and falling oil prices that will help trim their costs; for example, Agnico Eagle Mines (NYSE:AEM) estimates local currency declines could reduce its U.S. dollar-denominated cash production costs by 5%-6%.
- Also today: AU -9.8%, GG -4.8%, GFI -4.6%, SLW -4.7%, NEM -5.9%, AGI -6.8%, IAG -6.1%, AUY -6.6%, KGC -6.4%, NGD -7.2%, GOLD -5.1%, RGLD -5.3%.
- Other ETFs: GDXJ, NUGT, DUST, SIL, JNUG, GLDX, JDST, SLVP, SILJ, RING, SGDM, PSAU
Oct. 31, 2014, 11:35 AM
- Precious metals miners are slammed for a third straight session as gold prices plunged to multiyear lows.
- Japan’s surprise stimulus move is supporting the U.S. dollar and driving the ICE U.S. Dollar index to a four-year high, making gold more expensive to overseas buyers; while the prospect for more monetary stimulus usually increases the lure of gold, the threat of global deflation has withered gold’s appeal as a hedge against rising prices, Barron's Chris Dieterich explains.
- Nearly everyone in the sector is hitting 52-week lows (again): ABX -4.5%, NEM -7.7%, GG -0.5%, SLW -3.6%, AGI -5.8%, AEM -4.1%, AUY -10.6%, IAG -4.6%, KGC -16.2%, NGD -6.1%, AU -2%, GOLD -1.6%.
- Also: GFI -7.4%, RGLD -3.8%.
- ETFs: GDX, GDXJ, NUGT, DUST, SIL, JNUG, GLDX, JDST, SLVP, RING, SGDM, PSAU
Oct. 30, 2014, 9:18 AM
Oct. 30, 2014, 8:26 AM
Oct. 29, 2014, 7:40 PM
- Precious metals miners and the ETFs that track them were slammed today as the Fed moved to end its bond purchase program.
- Today’s 4.3% swoon in the Market Vectors Gold Miners ETF (NYSEARCA:GDX) drives the price below $20 for the first time since Oct. 2008, and the Global X Silver Miners ETF (NYSEARCA:SIL) tumbled 3.5% to its lowest finish since its launch in April 2010.
- The Fed action was expected, but paired with a more upbeat assessment of the U.S. labor market, gold’s appeal is further dampened vs. income generating assets, Barron's Chris Dieterich writes.
- Among individual names today: ABX -5.1%, NEM -4.7%, GG -4.1%, GFI -3.2%, SLW -3.3%, AGI -3.4%, AEM -4.7%, AUY -4.1%, IAG -4.6%, KGC -2.9%, NGD -4.3%, AU -3.3%, RGLD -4.8%, GOLD -2.5%.
- Other ETFs: GLD, SLV, GDXJ, NUGT, AGQ, IAU, DUST, USLV, SIVR, JNUG, SGOL, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, JDST, DSLV, SLVP, OUNZ, DGL, DBS, SILJ, DGZ, RING, DGLD, AGOL, SGDM, PSAU, USV, UBG, BAR, BARS
Oct. 29, 2014, 4:23 PM
AUY vs. ETF Alternatives
Yamana Gold Inc is a gold producer engaged in gold mining activities including exploration, extraction, processing & reclamation. It has metal properties & land positions throughout the Americas including in Brazil, Chile, Argentina, Mexico and Canada.
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