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The Global X Pure Gold Miners ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Pure Gold Miners Index.
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Sector: Basic Materials
Wednesday, Dec 412:55 PMPrecious metals reverse to turn sharply higher
Wednesday, Dec 412:55 PM| 24 Comments
- Threatening to sink below $1,200 ounce after the strong ADP jobs report this morning, gold has staged a big reversal to $1,247. Below $19 earlier, silver has also come along for the ride, now at $19.72.
- GLD +2.1%, SLV +3.4%.
- The taper may be coming, but the SF Fed's John Williams is talking about raising the bar even further before the FOMC would consider hiking rates.
- The gold miners (GDX +3.7%) are the best performing sector in the market today.
- PM ETFs: GLD, SLV, IAU, AGQ, PHYS, SIVR, PPLT, PALL, ZSL, USLV, SGOL, UGL, DGP, GLL, DZZ, UGLD, DBS, DGL, DSLV, GLTR, DGZ, PTM, AGOL, DBP, GLDI, DGLD, WITE, SLVO, PGM, TBAR, USV, JJP, UBG, RGRP, LPLT, BLNG, IPLT
- Miner ETFs: GDX, GDXJ, NUGT, SIL, DUST, GLDX, SLVP, GGGG, RING, SILJ, PSAU, JNUG, JDST
Monday, Dec 23:25 PMGold miner ETF sinks to five-year low, gold closes at lowest since July
Monday, Dec 23:25 PM| 16 Comments
- The Market Vectors Gold Miners ETF (GDX -5.5%) plunges to a fresh five-year low thanks to the newest PMI manufacturing data, which climbed to the highest reading since 2011; BTIG analyst Dan Greenhaus calls the data "stunning,” and bad for precious metals.
- Comex gold dropped $28.50, or 2.3%, to settle at $1,221.90 for its lowest close since July; the SPDR Gold Trust (GLD) is down 2.5% to kick off December’s trading.
- Silver slumped 3.7% to $19.29, also the lowest since July.
- ABX -5.3%, NEM -3.8%, GG -4.6%, KGC -3.4%, GFI -3.5%, NGD -8.2%, EGO -7.5%, AEM -7%, AUY -5.5%, AGI -8.9%, SLW -5.7%.
- Other ETFs: GDXJ, NUGT, IAU, PHYS, DUST, SGOL, UGL, DGP, GLL, GLDX, DZZ, UGLD, DGL, DGZ, AGOL, GLDI, DGLD, GGGG, RING, PSAU, TBAR, JNUG, UBG, JDST, SLV, AGQ, SIVR, ZSL, USLV, DBS, DSLV, SLVO, USV.
Friday, Nov 112:57 PMBarrick's dilution may have miner shareholders fearing they're next
Friday, Nov 112:57 PM| 10 Comments
- 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.
Monday, Oct 2112:49 PMHSBC sees gold price rebound, upgrades Barrick Gold, other miners
Monday, Oct 2112:49 PM| 2 Comments
- HSBC upgraded its stock ratings on various gold mining companies, noting that recent weak stock performance has "opened up value again," demand for gold remains strong, lower prices are resulting in reduced supply.
- The firm expects gold prices to rebound again, bringing better value in some gold miners, particularly Barrick Gold (ABX +1.9%), Goldcorp (GG +2.1%) and IAMGOLD (IAG +3%), upgraded to Overweight from Neutral (I, II, III); it also raises Agnico-Eagle Mines (AEM +0.4%), Yamana Gold (AUY +2%) and AngloGold (AU +0.3%) to Neutral from Underweight (I, II, III).
- HSBC, however, cuts Gold Fields (GFI +0.2%) to Underweight from Neutral, in part due to higher risk related to an SEC investigation.
- ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
Friday, Oct 184:20 AMTraders befuddled by short, sharp movements in gold prices
Friday, Oct 184:20 AM| 8 Comments
- Gold traders have been puzzling over a series of massive transactions over the past three weeks that have caused the price of bullion to move sharply within a matter of minutes.
- The latest incident came in the wee hours of yesterday morning in New York, when a wave of orders to purchase $2.3B worth of gold caused the metal to spike 3% in just 10 minutes.
- Theories about what's causing the phenomenon include the effects of 24-hour electronic trading, short covering, selling by a distressed fund and deliberate market manipulation.
- Gold is now -0.4% to 1317.20.
- ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING
Thursday, Oct 173:21 PMGold prices, miners surge on debt deal, QE hopes
Thursday, Oct 173:21 PM| 11 Comments
- Gold futures (GLD +3.2%) settle more than $40/oz. higher, boosted by the belief that the debt default deal might prompt the Fed to delay reducing QE.
- "The U.S. debt deal is seen (as) positive for gold by market participants, for good reason, since the whole mess is just being postponed by 3-4 months, which makes a reduction of Fed asset purchases rather unlikely for the time being," Commerzbank says.
- Many probably believed gold would fall if there was no debt default, so a short squeeze likely is helping force prices higher.
- Among the day's biggest equity gainers are gold miners (GDX +6.2%): NEM +4.8%, ABX +5.4%, GG +4.2%, GFI +3.9%, RGLD +7.1%, KGC +4.9%, NGD +5.3%.
- ETFs: IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
Friday, Oct 112:59 PMGold miners broadly weaker, as gold futures plunge nearly $30
Friday, Oct 112:59 PM| 20 Comments
- Miners trade notably lower, with the Market Vectors Gold Miners ETF (GDX -2.2%) down sharply, as gold futures slid $28.70/oz. to $1268.20 after dropping nearly $25 in about a minute earlier this morning.
- ABX -3.5%, FNV -3.6%, GG -3.1%, GFI -3.1%, EGO -3.5%, NGD -3.5%, AUQ -3.3%, AUY -2.8%, RGLD -2.9%, NEM -2.1%.
- ETFs: GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
Monday, Oct 79:54 AMJunior gold miners ETF hit by LionGold plunge
Monday, Oct 79:54 AM| Comment!
- The Junior Gold Miners ETF (GDXJ -0.4%) opened sharply lower (but has since recovered) after LionGold plunged 71% overnight in Singapore amid the deflating of a mini-small-cap bubble. At 4.78% of AUM, LionGold was GDXJ's largest holding at last report.
- The decline had begun on Friday and the exchange suspended trading in LionGold and two other names citing concerns market participants might not be "fully informed." The dive accelerated after trading was re-opened.
- The iShares MSCI Singapore Small-Cap ETF (EWSS -3.8%).
- Thus far there doesn't appear to be much spillover into the blue-chip market (EWS -0.2%) - known mostly for its REITs and other dividend payers.
- Other gold-mining ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
Wednesday, Oct 211:08 AMPrecious metals reverse yesterday's plunge
Wednesday, Oct 211:08 AM| 19 Comments
- Precious metals are flying today, begging the question of what caused yesterday's rout in the sector. Commerzbank suggests many traders had placed short-term bets gold and silver would rise amid the government shutdown - when it didn't happen, they all tried to cash out at once; the dive then fed on itself as technical levels were breached.
- Gold +2.6% to $1,319 and silver +3.3% to $21.88 have both regained about all of yesterday's loss, as have the miners, with GDX +2%, and SIL +2.2%.
- Related ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, SLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO, GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, SIL, SLVP, SILJ.
Tuesday, Oct 112:58 PMFitch says gold rebound unlikely, gold miners in broad plunge
Tuesday, Oct 112:58 PM| 79 Comments
- 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.
Thursday, Sep 191:12 PMDude, where's my gold ETF rally?
Thursday, Sep 191:12 PM| 6 Comments
- While headlines show a near 5% rally for gold and almost 8% for silver, those ETFS which track the metals - (GLD +0.4%) and (SLV +0.2%) - have barely budged. ETF investors aren't missing out. Instead, it's the metals' official close of trade time - 1:30 ET - meaning yesterday's massive post-FOMC (2 ET) rally will be reflected in today's price change. Both ETFs - where trading doesn't end until 4 ET - soared yesterday.
- Meanwhile, the non-taper has previously bullish Michael Dudas remaining so, but Commerzbank is more cautious: "Rising equity markets could mean that investors prefer to put their money into equities rather than gold," says the team, which would like to see a trend of inflows into ETFS before getting too excited (money exited again yesterday).
- The miners are giving back some of yesterday's big gains. Up 9% on Wednesday, the GDX is off 2.4% today. The triple-leveraged bull ETF (NUGT -7.5%) gives back some of yesterday's 27% gain, while the triple-leveraged bear ETF (DUST +7.8%) recoups some of yesterday's 27% swoon.
- PM ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, SLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.
- Gold miner ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
- Silver miners: SIL, SLVP, SILJ.
Tuesday, Aug 275:15 PMGold prices rise but miners plunge
Tuesday, Aug 275:15 PM| 16 Comments
- 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.
Monday, Aug 264:51 AMGold breaks $1,400 before falling back
Monday, Aug 264:51 AM| 2 Comments
- Gold futures broke through $1,400 earlier, climbing to as high as $1,405.70 an ounce - the highest since June 7 - after weak U.S. housing data last week weakened expectations about the Fed's prospective tapering.
- However, Gold has since pulled back and is now -0.1% to $1,394.
- ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI
Thursday, Aug 151:43 PMPrecious metals and their miners fly higher
Thursday, Aug 151:43 PM| 10 Comments
- Maybe it's the dive in stocks or maybe word longtime bull John Paulson has turned seller, but gold is on the move, up to $1,361 per ounce - it's highest level since the start of the summer.
- Silver is soaring and has also returned back to mid-June levels at $22.93.
- GLD +2.1%, SLV +5%.
- Related ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, SLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.
- The miners have been moving higher for most of the summer and they're partying again, GDX +4.3% today, +35% from its late-June low. SIL +3.1% today, up 50% since late June.
- Yesterday: Klarman's a buyer.
- Related ETFs: GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, SLVP, SILJ.
Wednesday, Aug 141:04 PMMore sentiment shift on gold miners
Wednesday, Aug 141:04 PM| 5 Comments
- Also boosting the gold miners (see Klarman earlier) is Credit Suisse upping its price target on Barrick Gold (ABX +5.1%) by 10% to $22 per share, saying the company "is moving in the right direction." Goodhaven Fund - a highly concentrated, low-turnover mutual fund which earlier made the case for Barrick - disclosed a tripling of its position during Q2.
- Newmont Mining (NEM +5.5%), Goldcorp (GG +4%), Vista Gold (VGZ +7.1%).
- The Materials Select SPDR (XLB) is the best-performing sector today.
- Related ETFs: FXZ, IYM, PYZ, VAW, RTM, PSCM, UYM, SMN, SBM.
- Gold miners: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
Wednesday, Aug 1411:39 AMKlarman buys up precious metals miners
Wednesday, Aug 1411:39 AM| 6 Comments
- New Baupost positions added in Q2 include a 3.255M share stake in Yamana Gold (AUY +4.1%), 2.1M shares of Kinross Gold (KGC +6.1%), and 155.7K shares of Pretium Resources (PVG +3.8%).
- Source: 13F, previous 13F.
- GDX +4.9%, SIL +3.5%.
- Baupost's 13F discloses holdings of just $4B vs. total AUM of $26B, so there may be more going on, notes ValueWalk's Tabinda Hussain.
- Other PM mining ETFs: GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, SLVP, SILJ.