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Friday, April 12, 2:27 PM Goldman's short call on gold looks prescient, as comex gold sinks $63.50 to settle at $1,501.40/oz. for its lowest close since July 2011. Traders and analysts see no obvious trigger for the selloff, which seems to reflect the malaise that has gripped the market. Silver slips $1.37 to $26.33/oz. Miners are huge losers: HMY -7.5%, ABX -7.3%, AEM -6.9%, AUY -6.2%, SLW -5.6%, NEM -5.2%, EGO -4.9%, GFI -4.8%, GG -4.5%. 38 Comments [Commodities, On the Move]
Friday, April 12, 12:50 PM Gold miners (GDX -4.5%) are getting destroyed as gold prices cross into bear territory. Capitulation, if it’s here, would mean a true bottom in price, and Tocqueville Gold Fund's John Hathaway says that's what we’re approaching; he sees strong macro fundamentals for gold, investor sentiment at a negative extreme and compelling valuations in mining shares - "a contrarian's dream scenario." 18 Comments [Commodities, On the Move]
Thursday, April 4, 10:49 AM Yesterday's brutal selloff in gold miners (GDX +0.6%) does not create a buying opportunity, J. P. Morgan says, noting mining costs will keep rising even as gold prices likely will stay within a range. Miners, which begin reporting earnings at the end of this month, thus will continue to show declining profit margins. Also, Q2 tends to be weak for metals; combined with dollar strength, upside for the stocks is limited. 9 Comments [Commodities]
Tuesday, April 2, 2:59 PM Gold futures fell $25 to settle at $1,575.90/oz., near four-week lows, as strength in the dollar and rallying U.S. equities has wiped out gains logged when Cyprus began to hit the headlines. Mining stocks such as Goldcorp (GG -2.8%), Barrick (ABX -2.2%), Kinross (KGC -4.3%) and Newmont (NEM -3.7%) are down in tandem with gold prices. 9 Comments [Commodities, On the Move]
Tuesday, March 26, 7:33 AM As gold miner (GDX) prices fall, company insiders are buying at their fastest pace in years, according to INK Research, which sees seven precious metals stocks on the Toronto Exchange with buyers for every one with sellers. "That is the type of insider buying we saw in the broad market during the height of the great financial crisis." 3 Comments [Commodities]
Monday, March 25, 4:33 PM The doomsday scenario of gold dropping to $1k per ounce could make half the gold mining industry worthless, says BAML - not expecting such, but wanting to highlight the vulnerability of high-cost producers like Sibanye (SBGL) as well the attractiveness of less-sensitive Goldcorp (GG), Franco-Nevada (FNV), Royal Gold (RGLD), and Silver Wheaton (SLW). The GDX -1.3% on the session. 15 Comments [Commodities]
Thursday, March 21, 7:19 AM "The next fad is going to be the unbundling of the majors," says Randgold Resources (GOLD) CEO Mark Bristow, as the spend-happy gold miners now look to shed assets. Some hope for an unbundling of value similar to that of the oil majors spinning off their refinery and other assets. Keep an eye on John Paulson's efforts to break-up AngloGold (AU). GDX -19.3% YTD. 4 Comments [Commodities, Quick Ideas]
Friday, March 15, 8:26 AM Mining's new era of austerity is bad news for governments that grew accustomed to fat tax and fee revenues. Latest example: Vale’s (VALE) suspension of its Rio Colorado mine after failing to reach a deal with Argentina to help it rein in soaring costs. The government may rescind Vale’s concession and seek new ways to develop the project, but no investor is likely to take on the task under the current circumstances. Comment! [Commodities, Global & FX]
Wednesday, March 6, 3:49 PM Does the surge in gold mining stocks mean the bottom is in? Gold futures finish flat after a two-day climb, but the big story in recent sessions hasn't been the physical gold as much as the miners. The mining ETF (GDX +3.9%) is surging nearly 4% today, but that's after a ~20% YTD selloff. Today, miners are broadly higher: RGLD +4.5%, AEM +4.3%, ABX +3.9%, KGC +3.8%, GG +4.1%, NEM +3.3%. 20 Comments [Commodities, On the Move]
Tuesday, March 5, 10:15 AM Global M&A in the mining sector fell by a third last year to the lowest level since 2005, with nearly half of 2012’s $110B tally due to the announced Glencore-Xstrata merger, according to a PriceWaterhouse study. The data comes as little surprise to miners at this week's annual PDAC conference: "Every company coming here is saying, we don’t have the money." Comment! [Commodities, M&A, Global & FX]
Wednesday, February 27, 10:49 AM More on the gold miners (GDX): Admitting you have a problem is the first step. Barrick Gold (ABX) and Goldcorp (G) have begun reporting "all-in sustaining costs" for the first time, with the result averaging $941/oz. from $626 previously. "Miserable capital allocators," writes Liezel Hill, the managements' moves show an effort to focus on margins and costs, rather than boosting output. (previous) 4 Comments [Commodities]
Wednesday, February 27, 10:40 AM Gold miners (GDX, GDXJ) have actually tracked the rise in the price of gold pretty closely if you look at market caps, according to Samuel Lee. Miner stock prices are a different story as "empire-building" managements have diluted the heck out of the equity. 2 Comments [Commodities]
Wednesday, February 20, 11:41 AM The long-cycle in precious metals has peaked, writes Citi's Jon Bergtheil, arguing we'd need a level of systemic risk higher than the past few years to warrant a continued bull run. Especially vulnerable are the PM miners (GDX, SIL) which benefit from what may be mistaken belief $35 silver and $1,600 gold are the "new normal." 21 Comments [Commodities]
Monday, February 18, 9:01 AM "Human nature shirks from pain," says Jean-Marie Eveillard, summing up why most aren't cut out for value investing. The value fund he led for 25 years blew away the indices, but many clients didn't reap the rewards - fed up with Eveillard's old economy holdings, 2/3 of AUM exited during the internet bubble. Eveillard is still finding bargains in gold miners (GDX) and Japan, but is prepared to "suffer" until Mr. Market catches on. Chart of Value (IWD) vs. Growth (IWF). 14 Comments
Wednesday, January 23, 10:49 AM The GDX slides 1.6% after middling production reports and outlooks from Newmont and IAMGOLD, with IAG getting a couple of downgrades (I, II) and diving 10% after results missed guidance. 3 Comments [Commodities]
Tuesday, December 4, 2012, 3:01 PM Calling capital discipline in the gold mining industry "appalling," BlackRock's Evy Hambro says managements need to stop chasing volume growth and start delivering returns. The oil sector pays out 45% of profits as dividends, gold just 25%. The worst thing right now would be a spike in the gold price because it would take pressure of management to make hard decisions. 1 Comment [Commodities]

GLDX Global X Gold Explorers ETF

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Global X Gold Explorers ETF