Tuesday, May 21, 9:41 AM
IAMGOLD (IAG -4.9%) reports encouraging drill results from its Boto Gold project in West Africa, saying drilling continues to return wide intervals with good grades, confirming previous results and further extending the zones drilled. But gold miners (GDX -2.5%) are broadly lower as futures resume their descent after yesterday's wild ride: KGC -4.7%, EGO -4.6%, GFI -3.6%, ABX -2.8%, GG -2.2%, NEM -1.8%.
Comment![Commodities, On the Move]
Monday, May 20, 12:57 PM
As precious metals prices turn around, share prices of gold (GDX +4.7%) and silver miners (SIL +3.1%) surge: ABX +5.9%, GG +4.5%, KGC +6.4%, NEM +4.7%, SLW +4%. Even South African producers turn mixed, despite the call from the country's mine workers union for big pay increases: AU -0.8%, GFI +1.5%, HMY -0.5%.
2 Comments[Commodities, On the Move]
Friday, May 10, 12:23 PM
The mini-recovery in gold and metals mining stocks is stopped as gold prices sink 3% today to ~$1,425/oz. after closing higher in each of the past two weeks. A breach of key chart levels is prompting heavy selling of gold futures, already under pressure from a stronger dollar and rising stock markets. Among big miners: ABX -3%, NEM -2.1%, GG -1.6%, KGC -3.8%, SLW -2.7%, FCX -1.8%.
Comment![Commodities, On the Move]
Thursday, May 9, 11:12 AM
Kinross Gold (KGC +1%) extends gains after Q1 results showed a 10% jump in Y/Y production levels and a 12% drop in all-in costs. CEO Paul Rollinson credits tough decisions in moving to "get away from production at all cost, to meaningfully try to create value through margin and NPV." But aside from the past two days, investors still don't feel the love, as the stock is stuck near its lowest since 2002.
Comment![Commodities]
Wednesday, May 8, 8:52 AM
Kinross Gold (KGC) +4.1% premarket after reporting a 50% Y/Y increase in its Q1 profit, as production increased and costs fell. Produced 648.9K attributable gold equivalent oz. vs. 588.3K in the year-ago quarter. Cost per gold equivalent oz. of attributable production was $729, down from $738. Says it is on target to meet 2013 guidance for production and cost of sales at each region and company-wide.
Comment![Commodities, Earnings, On the Move]
Tuesday, May 7, 5:49 PMKinross Gold (KGC): Q1 EPS of $0.15 beats by $0.01. Revenue of $1.06B beats by $0.03B. (PR)
1 Comment[Earnings, Breaking News]
Monday, April 29, 2:42 PM
More on Citi's review of gold mining stocks: On Buy-rated Barrick (ABX +3.4%), the firm believes liquidity concerns at $1,400/oz. gold are misplaced since ABX already has announced $600M in spending cuts, plans to issue new long-term debt to address near-term maturities, and continues to negotiate non-core asset sales. Citi also keeps a Buy on Kinross (KGC -2.2%) because of the growth offered by the Tasiast project.
5 Comments[Commodities, Quick Ideas, On the Move]
Monday, April 29, 11:39 AM
Gold miners (GDX) have been smacked by plunging gold prices, but Citigroup and HSBC think they have further to fall. Citi worries about AngloGold (AU) because negative free cash flow would hit its "already stretched balance sheet," but Harmony Gold (HMY) has the balance sheet to weather similar problems; Gold Fields (GFI) is its sector favorite. HSBC cuts GFI, Agnico Eagle (AEM) and many others.
1 Comment[Commodities, Quick Ideas]
Monday, April 29, 8:25 AM
Kinross Gold (KGC) maintains enough optimism to move forward with its troubled Tasiast expansion project in Mauritania after a pre-feasibility study showed encouraging economic figures, though it remains cautious on the project's future. The internal rate of return is projected as a modest 11%, assuming a gold price of $1,500/oz., slightly above current prices. KGC +2.9% premarket.
Comment![Commodities, Global & FX]
Monday, April 22, 1:35 PM
Shares of gold miners are mixed after Deutsche Bank's Jorge Beristain cuts price targets for several North American gold producers, warning that some may need to raise capital by selling new stock. Newmont Mining (NEM +0.2%) is cut to Sell from Hold with a $24 price target (from $40), while Barrick (ABX -1.7%) and Kinross (KGC +2.5%) are reduced to Hold from Buy (I, II). Goldcorp (GG +2.2%) is kept at Hold.
2 Comments[Commodities, Quick Ideas, On the Move]
Thursday, April 18, 8:39 AM
Barrick Gold (ABX) +1.9% premarket despite news Moody’s has placed the company on review for a possible downgrade of its senior unsecured debt rating after work was halted on its $8.5B Pascua-Lama mine. Several mining/metals stocks are higher premarket after gold prices rebound: IAG +3.8%, KGC +3.6%, GOLD +3.1%, GG +2.2%, HMY +2.1%, RIO +1.9%.
1 Comment[Commodities, On the Move]
Tuesday, April 16, 5:15 PM
While it's difficult to find cover in a market for miners that's throwing the baby out with the bathwater, Deutsche Bank's Jorge Beristain favors gold equities with lower balance sheet risk for investors brave enough to hang on or enter new positions. The firm's short list of (relatively) safe gold stocks, in order: Goldcorp (GG +0.5%), Kinross (KGC -0.5%), Newmont (NEM -0.4%), Barrick (ABX -4.6%).
Comment![Commodities, Quick Ideas]
Tuesday, April 16, 11:58 AM
Analysts at RBC Capital think credit downgrades for some top gold miners are a strong possibility. There's a “moderate probability” Barrick Gold (ABX -0.1%) could trigger a one-notch downgrade at $1,400 gold; at $1,300, Newmont Mining (NEM +1.9%) could get downgraded, and Kinross Gold (KGC +1.8%) could get cut right to junk status. TD Securities also offers similarly disturbing conclusions. (also)
5 Comments[Commodities, On the Move]
DaLatin: Might be a short hick-up. USD still gaining strength.&, if market holds an creeps higher Bonds drop an yields creep up keeping USD strong ??
Mar 11, 6:33 AM
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inandoutnevertoolate: joeg are you buying miners or PMs? I have an order for IAG at 6, missed it on its way down by .10 now wondering if it will fill anytime soon
Mar 12, 3:04 PM
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gettinglong Looks like someone is holding a lid on $KGC ?
DaLatin: Might be a short hick-up. USD still gaining strength.&, if market holds an creeps higher Bonds drop an yields creep up keeping USD strong ??
Mar 11, 6:33 AM
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inandoutnevertoolate: joeg are you buying miners or PMs? I have an order for IAG at 6, missed it on its way down by .10 now wondering if it will fill anytime soon
Youngone91: silver outperforming gold with miners outperforming the metals
8/31/12
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Ocean Man: Yes it was. I held onto some strangles to play the move, sold the puts once I saw the move, and the Sep 168 calls went $0.45 ---> $1.05.
8/31/12
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Bill Maurer Anyone thinkg KGC, Kinross Gold, dropped 6% today because people thought it was Knight Capital (KCG)? It looks like it.
8/2/12
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Ocean Man: I have a half-position in KGC and was thinking the same thing. Also shuddered every time a SA market current said KCG down 50% on 1st glance
8/2/12
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compuirv: Amazingly, on a day when news of the ouster of the current CEO should have been warmly greeted, the shares tank?