Oct. 30, 2014, 8:03 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, 5:30 PM
- ABC, ABMD, ACIW, ACOR, ALLE, ALU, AMAG, AMT, ANR, APD, APO, ATK, AUDC, AVP, BCO, BG, BGCP, BLL, BWA, CAH, CARB, CBM, CEVA, CI, CME, CNSL, COP, COR, CRCM, CRNT, CRR, CVI, CVRR, DBD, DFT, DHX, DST, EPD, EXLS, FCH, FCN, FIG, FIS, GBX, GEL, GG, GLOP, GNC, GOV, GTI, GTLS, HAR, HEES, HGG, HST, I, IDA, IDCC, INCY, INGR, IQNT, IRDM, IRM, ITC, IVZ, JCI, K, KCG, KEM, KMT, LAD, LECO, LKQ, LLL, LPLA, LRN, MA, MD, MDC, MDXG, MGM, MMYT, MO, MOD, MOS, MPC, MPLX, MPW, MSCI, MZOR, NEO, NGD, NI, NILE, NOV, NVO, NYT, O, OAK, OCN, ODFL, OXF, PBI, PCRX, PEG, Q, RDEN, RDN, RDS.A, RFP, RGLD, RTIX, SCG, SHOO, SMP, SNAK, SPAR, SSE, STRA, STRZA, SUI, TASR, TEVA, THRM, TRI, TWC, UAN, UPL, USAC, VICL, VNTV, WLT, WST, WWE, XEL
Oct. 9, 2014, 3:58 PM
- The price of gold may be rising, but gold mining stocks are getting hammered today; after all, "they are still stocks," Barron's Johanna Bennett writes.
- Gold prices rallied today to $1,234/oz., their highest level since Sept. 23, a day after the dovish minutes from the Fed’s September policy meeting excited gold bugs, but shares of the mining companies are falling along with the broader market selloff.
- Among the top mining names: IAG -6.9%, KGC -6.2%, SLW -5.9%, NGD -5.5%, AU -4.9%, GG -4.7%, ABX -3.9%, AUY -3.9%, GFI -2.8%, BTG -2.7%, RGLD -2.6%, AGI -2.1%, GOLD -1.8%.
- ETFs: GLD, SLV, GDX, GDXJ, NUGT, AGQ, IAU, DUST, SIL, USLV, SIVR, JNUG, SGOL, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, JDST, SLVO, GLDI, DSLV, SLVP, DGL, DBS, SILJ, DGZ, RING, OUNZ, GGGG, DGLD, AGOL, SGDM, PSAU
Oct. 9, 2014, 10:35 AM
- Goldcorp (GG -2.4%) is looking to cut costs on its planned and already-delayed $3.9B El Morro copper and gold project in Chile, and that may mean new permits are needed and further hold-ups, CEO Chuck Jeannes says.
- The project has been caught up in a legal fight, and this week Chile's Supreme Court ruled El Morro's environmental permit should be suspended until the company holds new talks with local indigenous groups.
- While progress on the project has been bogged down, the CEO says GG has been reviewing engineering plans to find a better way to build the mine and is continuing those studies.
Oct. 8, 2014, 6:20 PM
- No investment sector benefited more today from the dovish take on the FOMC meeting minutes than precious metals miners, as the Fed's worries over weakening world economies and a strong U.S. dollar offer hope for gold bulls that the Fed will not rush to raise interest rates.
- Gold mining ETFs surged past those linked to the commodity price, with GDX +7.4% and GDXJ +9.6% while GLD +1%; among leveraged ETFs, NUGT +21.5%.
- Among major miners: BTG +14.4%, AGI +13.6%, GG +8.6%, RGLD +8.6%, SLW +8%, NGD +7.6%, IAG +7.5%, GFI +7%, AUY +6.9%, ABX +5.2%, AU +4.8%, KGC +3.5%.
- Other ETFs: SLV, AGQ, IAU, DUST, SIL, USLV, SIVR, JNUG, SGOL, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, JDST, SLVO, GLDI, DSLV, SLVP, DGL, DBS, GLTR, SILJ, DGZ, RING, OUNZ, GGGG, DGLD, AGOL, DBP, SGDM, WITE, PSAU
Oct. 7, 2014, 2:33 PM
- Chile's Supreme Court has halted development of Goldcorp's (GG -1.2%) El Morro gold and copper mine, saying an environmental permit awarded last year should be stopped until a fresh consultation takes place with local indigenous groups who oppose the $3.9B project.
- The decision overturns a local appeals court finding from last April, which dismissed an appeal lodged by the local Diaguita community, who say the mine is planned on what they deem as sacred ancestral land, and that it could pollute a local river.
- El Morro is 70% owned by GG and 30% by New Gold (NGD -2.6%).
Oct. 6, 2014, 2:45 PM
- Gold prices bounce off 15-month lows to reclaim $1,200/oz. as the dollar rally pauses, helping strengthen shares of precious metals miners: AU +4.4%, GFI +3%, IAG +1.9%, BTG +3%, GG +2.2%, NGD +1.5%, KGC +1.6%, AGI +1.6%, RGLD +1%, SLW +2.1%.
- Sterne Agee analysts Michael Dudas and Satyadeep Jain foresee gold and silver prices trending higher, with gold averaging $1,400/oz. in 2015 and $1,450 in 2016 and silver averaging $19 next year and $21 in 2016, as “global demand remains firm, liquidity remains ample and the dollar appears overbought.”
- With investor sentiment still skeptical, Sterne thinks any supportive macro news flow could provide fuel for a rally; the firm rate Newmont Mining (NEM +1.5%), Agnico-Eagle Mines (AEM +2.4%), Coeur Mining (CDE +1.3%) and Gold Resource (GORO +0.2%) as Buys, with Barrick Gold (ABX +0.5%), Hecla Mining (HL +4.3%) and Pan American Silver (PAAS +1.5%) rated Neutral.
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, OUNZ, DGLD, AGOL, DBP, TBAR, USV, UBG, JJP, GLDE, BAR, GYEN, GEUR, RGRP, BARS, GGBP, BLNG
Oct. 6, 2014, 11:59 AM
Oct. 2, 2014, 9:58 AM
- Goldcorp (GG +0.7%) says it has achieved first gold production at the Éléonore mine in the James Bay region of northern Quebec, on schedule and in line with capital cost guidance.
- GG expects 2014 production at the mine of 40K-60K oz., and says progress remains on track for declaration of commercial production in Q1 2015; capital costs remain unchanged at $1.8B-$1.9B.
- GG plans for Éléonore to ramp-up to design throughput of 7K metric tons/day by 2018.
Oct. 1, 2014, 3:43 PM
- Goldcorp (GG +0.5%) tells the BNamericas mining summit in Mexico City that it expects to produce ~1M oz. of gold in the Mexican region this year, roughly one third of the company's total estimated output for 2014, despite the suspension of its Sauzal mine a month ago after instability in the pit wall.
- Local media says GG already has abandoned Sauzal, which is in its last year of active mine life.
- GG has said it expects to produce an overall 2.95M-3.1M oz. of gold this year, up from 2.67M oz. last year.
Sep. 24, 2014, 3:46 PM
- Goldcorp (GG -0.4%) is upgraded to Outperform from Neutral with a $33 price target at Credit Suisse, which considers GG its preferred senior gold stock and the best positioned to weather a lower gold price environment.
- The firm believes GG merits a premium valuation because of its strong balance sheet, lower cost new mines, longer mine life and superior dividend yield.
- Credit Suisse also is looking for the company to produce the highest free cash flows among the senior gold producers by 2016.
Sep. 8, 2014, 12:03 PM
Sep. 8, 2014, 11:49 AM
- Miners have reached "peak gold," in which gold production has hit its high as easy-to-mine gold deposits become harder to find, Goldcorp (GG -2.4%) CEO Chuck Jeannes tells WSJ.
- Jeannes says a falloff in supply will support the gold price but make mining it even harder and lead to further consolidation in the industry; yet investors are wrong to believe GG is poised to make acquisitions of its own, he says.
- Gold production has been on the upswing since the late 1970s, hitting 2,270 metric tons last year, but Jeannes believes that without a dramatic technological advance gold production is unlikely to increase during his career.
- ETFs: GDX, NUGT, DUST, GLDX, RING, GGGG, SGDM, PSAU
Sep. 4, 2014, 2:58 PM
- Goldcorp's (GG -2.8%) gold production this year could end up near the bottom end of its forecast range if it is unable to restart output at one of its Mexican mines, CEO Chuck Jeannes says.
- GG said yesterday it suspended mining at its El Sauzal mine in Mexico as a safety precaution after instability in the pit wall, and Jeannes says it could be weeks or months before mining could resume there; in a worst case scenario, the company would not restart the operation, which is in its last year of active mine life.
- GG had expected to produce 2.95M-3.1M oz. of gold this year, up from 2.67M oz. last year, but the CEO says the combination of the El Sauzal problem and the Los Filos shutdown earlier in the year would push output toward the bottom end of guidance for 2014.
Sep. 2, 2014, 6:47 PM
- Goldcorp (NYSE:GG) says it has suspended mining at its El Sauzal mine in Mexico as a safety precaution after instability in the pit wall.
- GG says the mine, which is in its final year of active mine life, is experiencing movement in the highwall slope of the Trini pit.
- A geotechnical team is assessing the impact of the movement on the mine, which had been expected to produce ~105K oz. of gold this year.
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