Mar. 25, 2014, 11:39 AM
- Silver prices below $20/oz. should worry some investors, as several miners may need to adjust their plans if spot prices weaken further, Dundee's Chris Lichtenheldt says as he breaks down how specific companies will be impacted.
- The analyst says Coeur Mining (CDE) is an ideal sell or short candidate, Endeavour Silver (EXK) is essentially breakeven at $19 silver, and Silver Standard (SSRI) has been a top performer YTD but is a high-cost operator.
- As for Dundee's potential winners: Tahoe Resources (TAHO) is a low-cost operator with a best-in-class asset, Silver Wheaton's (SLW) balance sheet is solid above $15 silver, and Pan American Silver's (PAAS) strong balance sheet should provide a cushion as higher-cost operations have improved.
- ETFs: SIL, SLVP, SILJ
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Feb. 18, 2014, 2:59 PM
- Coeur d'Alene Mines (CDE +7%) reports a significant increase in mineral reserves and resources totaling ~255.4M silver oz. and 2.2M gold oz., representing respective Y/Y increases of 15.9% and 12.3%.
- The gains are net of the 17M oz. of silver and 262,217 oz. of gold produced during 2013.
- In addition to these reserves, CDE announces measured and indicated mineral resources totaling 386.3M silver oz. and 2.5M gold ounces, up 26.6% and 1.4% respectively, vs. year-end 2012.
Jan. 16, 2014, 5:21 PM
- Coeur Mining (CDE) announces Q4 production of 4.3M oz. of silver and 80,780 oz. of gold, Q/Q increases of 3% and 27% respectively; for FY 2013, CDE produced 17M oz. of silver and a record high 262,217 oz. of gold, a 6% decrease and an 18% increase of 16% Y/Y.
- Full-year silver production was 5% below the low end of company guidance, mostly due to slower than expected leach recoveries at the Rochester mine in Nevada; gold output exceeded guidance due to a strong Q4 at the Kensington mine in Alaska and represented nearly half of CDE's estimated 2013 metal sales.
Jan. 10, 2014, 3:49 PM
- Gold futures settle at a four-week high, rising 1.4% to $1,246.90, as the surprisingly weak jobs report reopens debate over the pace of bond buying at the Fed; precious metals miners are far outpacing the broader market, with the top gold miner ETF (GDX) surging 3%.
- Among the top miners: ABX +2.3%, GG +3.3%, NEM +2.4%, AU +3.8%, KGC +1.3%, GFI +4.3%, AUY +2.8%, RGLD +5.3%, AGI +2%, AEM +4.5%, SLW +4.4%, IAG +1.9%, FNV +1.5%, CDE +2.3%, EGO +3.8%, NGD +2.9%, NG +6.9%, HMY +2.7%.
- ETFs: GDXJ, NUGT, DUST, SIL, GLDX, SLVP, RING, GGGG, SILJ, JNUG, PSAU, JDST.
Dec. 19, 2013, 9:58 AM
- Precious metals stocks are slammed at the open from weakening prices for underlying metals, and the Market Vectors Gold Miner ETF (GDX -2.1%) opens at a new 52-week low.
- GFI -2.8%, AUY -2.4%, AU -3.8%, RGLD -2.7%, NEM -3.1%, ABX -2.1%, GG -2.4%, AGI -3.2%, AEM -2.3%, SLW -2.6%, KGC -1.9%, FNV -1.6%, CDE -1.5%, EGO -1.5%, NGD -1.2%, HMY -1.2%.
- ETFs: GDXJ, NUGT, DUST, SIL, GLDX, SLVP, GGGG, RING, SILJ, PSAU, JNUG, JDST.
Nov. 7, 2013, 8:12 AM
- Coeur d'Alene Mines (CDE): Q3 EPS of -$0.23 misses by $0.03.
- Net metal sales of $200.8M (-2% Y/Y), mostly due to respective 8% and 6% declines in realized silver and gold prices.
- Reaffirms FY 2013 production guidance of 18M-19.1M oz. of silver and 250K-258K oz. of gold; expects significantly higher production levels in Q4, particularly from the Rochester silver and gold mine in Nevada.
- Shares -2.9% premarket. (PR)
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.
Oct. 14, 2013, 8:10 AM
- Coeur Mining (CDE) +2.8% premarket after a weekend Barron's article speculates shares could jump 50% after falling ~60% over the past year, as the silver miner restructures its operations and sentiment improves on the sector.
- CDE is posting losses but is profitable on an operating cash flow basis, it has a solid balance sheet with little net debt, and the stock is cheap at around half of book value.
- Efforts to improve efficiencies at its mines appear to be working; in the June quarter, production at the Palmarejo mine, the biggest contributor to CDE's cash flow, rebounded Q/Q with silver production up 24% and gold up 23%.
Oct. 2, 2013, 12:23 PM
- Deutsche Bank issuing ratings for several miners but upgrades only Barrick Gold (ABX +2.4%), to Buy from Hold with a $30 price target (from $20), taking on faith management's follow-through to respond to corporate governance concerns, cut costs, slim its portfolio and clear a path to free cash flow.
- The firm downgrades Silver Standard (SSRI -2.3%) to Sell from Hold and cuts its price target to C$4.50 from C$7.50, citing what it sees as an inability to fund the Pitarrilla development without issuing equity.
- Price targets are raised for Freeport McMoRan (FCX) and Teck Resources (TCK) (I, II), while they're lowered for Vale (VALE), Southern Copper (SCCO) and Coeur Mining (CDE) (I, II, III).
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. 23, 2013, 12:39 PM
- Coeur Mining (CDE -0.6%) narrows its FY 2013 projected consolidated silver and gold production within the original guidance range; a mine-by-mine outlook of key operational metrics, including expected production through 2016, indicates modest Y/Y growth in both silver and gold oz.
- CDE also reports large increases in proven and probable reserves at its Rochester mine in Nevada, totaling ~86M silver oz. and 605K gold oz.
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. 16, 2013, 3:31 PM
- A new report from Sterne Agee says the letup in selling of gold and silver should be good for shares in precious metals miners, providing the latest example of the recent shift in analyst sentiment.
- J.P. Morgan, meanwhile, expects gold stocks to rally through the Denver Gold Forum from Sept. 22-25, which given other positives for the metal could spark stronger prices in the run-up to the show.
- Sterne Agee recommends Newmont Mining (NEM), Coeur d'Alene (CDE) and Gold Resource (GORO); J.P. Morgan prefers NEM, Goldcorp (GG), Eldorado (EGO) and NewGold (NGD).
- ETFs: GDX, GDXJ, SIL, GLDX, PSAU, NUGT, DUST, GGGG, RING.
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