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Sprott Physical Gold Trust (PHYS)

- NYSEARCA
  • Feb. 24, 2014, 1:25 PM
    • Up 1.1% to $1,338 per ounce, gold takes out a new YTD high - with the GLD now ahead by 11% for 2014 - but the team at Morgan Stanley is a seller of the rally.
    • Calling the move an overdue bounce following five quarters of declines and heavy ETF outflows, Morgan says the metal is still held hostage by rising real interest rates and the strong greenback. The team also notes one conspicuous feature of the "bounce": Relatively low volume.
    • Morgan's forecast for gold is $1,160 this year and $1,138 in 2015, both below the estimated $1,200 marginal cost of production.
    • Gold ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, GLDI, DGZ, AGOL, DGLD, TBAR, UBG, GLDE, GYEN, GEUR, GGBP
    | 23 Comments
  • Feb. 19, 2014, 2:52 PM
    • The 9-day run higher for gold (GLD -0.4%) is the longest since July 2011, and - while it might be attributed to a hawkish vibe from the FOMC - the metal was lower going into the minutes.
    • BTIG's Dan Greenhaus cautions against reading too much into "few" suggested rate hikes "relatively soon." A "few" may indeed want that given the move higher in equilibrium rates, says Greenhaus, but others on the FOMC argued (and won) that standard policy tools don't apply now. "Focusing on the former without the context of the latter makes for an incorrect analysis."
    • Gold -0.6% to $1,316 per ounce.
    • ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DGZ, GLDI, AGOL, DGLD, TBAR, UBG, GLDE, GYEN, GEUR, GGBP
    | 10 Comments
  • Feb. 14, 2014, 1:13 PM
    • On the heels of more than a 4% rise in the price of gold this week, the SPDR Gold Trust (GLD +1.3%) saw a spike in gold holdings to 25.925M ounces as of Thursday, up 0.9% from the day before and the highest level since December 20.
    • In the last month, says Julian Phillips of GoldForecaster.com, there have been so sales from the GLD and more than 500K ounces of purchases. “This is tremendously significant because sales of physical gold from these U.S. gold ETFs and from the leading U.S. banks totaled 1,300 metric tons in 2013 ... This formed a key source of supply for gold. All of it went east to Asia never to return again.”
    • “The reduction in supply from the U.S., as these sales have now halted, is the prime reason the gold price is now rising,” he says, adding that it has nothing to do with U.S. economic factors.
    • Previous coverage: Gold's big week and year (so far)
    • ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DGZ, GLDI, AGOL, DGLD, TBAR, UBG, GLDE, GYEN, GEUR, GGBP
    | 26 Comments
  • Feb. 14, 2014, 9:10 AM
    • "We continue to expect further gains over the course of 2014, helped by strong demand from China and an eventual easing of the import ban in India," says Capital Economics' Julian Jessop. "In the meantime, safe-haven demand for gold has revived a little as a result of the turmoil in emerging markets.”
    • Up 1.2% to $1,315 per ounce, gold is ahead more than 4% on the week and over 9% YTD. The metal has also crossed its 200-day moving average, which could force technical buying, writes the team at Commerzbank.
    • The $1,200 level is one of strong support, says Jessop, noting it's where gold stabilized during its bear market last year and it's at that price where a significant number of gold mines become unprofitable. He continues to forecast a price of $1,450 for year-end.
    • Also having a big day is silver, up 3.4% to $21.08.
    • GLD +1.1%, SLV +2.9% premarket
    • ETFs: GLD, SLV, AGQ, IAU, PHYS, SIVR, USLV, ZSL, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DSLV, DBS, DGZ, AGOL, GLDI, DGLD, SLVO, TBAR, USV, UBG, GLDE, GYEN, GEUR, GGBP
    | 11 Comments
  • Feb. 13, 2014, 3:31 PM
    • Goldman's research, explains analyst Jeff Currie, shows oil has relatively small leverage to the "vulnerable" emerging market economies thanks to very low price elasticity, and he notes oil has been unresponsive (i.e. flat to up) amid the EM troubles this year (combined with record seasonal low stocks).
    • Gold, in contrast, has a good deal of price elasticity (think jewelry demand) and very large leverage to "vulnerable" EM economies. Currie's team also expects "spillovers" from the EM slowdown to developed market economies hitting gold investment demand.
    • Gold meanwhile is up another 0.5% today and has taken out $1,300 per ounce for the first time in three months.
    • Gold ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DGZ, AGOL, GLDI, DGLD, TBAR, UBG, GLDE, GYEN, GEUR, GGBP
    • Crude oil ETFs: USO, OIL, UCO, SCO, DBO, DTO, BNO, CRUD, USL, DNO, UWTI, SZO, DWTI, OLO, OLEM, TWTI
    | 12 Comments
  • Feb. 11, 2014, 6:31 PM
    • The AdvisorShares Gartman Gold/Euro ETF (GEUR), Gartman Gold/British Pound ETF (GGBP), Gartman Gold/Yen ETF (GYEN) and International Gold ETF (GLDE) will begin trading tomorrow morning.
    • The objective of GEUR, GGBP and GYEN is to seek returns by investing their respective currencies in the gold market; GLDE will seek returns by investing in ETPs that provide diversified exposure to the international gold market.
    • Sub-advised by Treesdale Partners, AdvisorShares will also receive insight from Dennis Gartman, editor and publisher of The Gartman Letter.
    • Noah Hamman, chief executive officer of AdvisorShares stated earlier: “Dennis Gartman’s widely recognized analysis and commentary among leading corporate, financial and trading institutions is well-known, and we believe Treesdale adds another deeply experienced portfolio manager to the AdvisorShares active ETF suite.”
    • Other Gold ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DGZ, AGOL, GLDI, DGLD, TBAR, UBG
    | 4 Comments
  • Feb. 11, 2014, 11:54 AM
    • Also enjoying the Yellen testimony (and her tenure thus far) is gold, ahead another 1.2% and $10 shy of taking out $1,300 per ounce for the first time since early November.
    • The QE exit is easier said than done, says Peter Boockvar. "I remain of the belief that just as QE helped markets in 2013, the reduced pace of it will be the headwind in 2014 which will eventually lead to a QE pause that will prove to all that the Fed is stuck in this vicious cycle of ease."
    • "3.5%, 21%, 38%," writes Barron's Brendan Conway, tallying (in order) today's gain in the gold miners (GDX), the YTD gain in the gold miners, and the YTD gain in the highly speculative junior silver miners (SILJ).
    • Related ETFs: GLD, GDX, GDXJ, NUGT, IAU, DUST, PHYS, SIL, SGOL, UGL, DGP, GLL, GLDX, DZZ, UGLD, DGL, SLVP, JNUG, DGZ, AGOL, GLDI, RING, DGLD, GGGG, SILJ, PSAU, JDST, TBAR, UBG
    | 33 Comments
  • Feb. 10, 2014, 11:17 AM
    • Up another 1% this morning, gold takes out a new high for the year at $1,275 per ounce (about 6% higher than it started 2014). A possible catalyst today is the reopening of China's markets after having been closed since January 31 for the Lunar New Year.
    • Looking ahead, there's tomorrow's Congressional testimony from Janet Yellen - her first appearance in front of lawmakers since taking the Fed reins from Ben Bernanke. Plenty of weak macro data has boosted the yellow metal this year, but look for a quick retreat if Yellen is more upbeat about growth than the recent (maybe weather-related) numbers suggest.
    • GLD +0.6%, IAU +0.6%.
    • ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DGZ, AGOL, GLDI, DGLD, TBAR, UBG
    | 9 Comments
  • Feb. 7, 2014, 9:26 AM
    | 3 Comments
  • Feb. 5, 2014, 6:45 PM
    • Gold miners' shares have jumped to the top of performance lists in a dramatic reversal, prompting some strategists to see signs that 2014 may be the year gold regains its shine.
    • The Market Vectors Gold Miners ETF (GDX) has rebounded 10% YTD following a 54% beating in 2013, the Junior Gold Miners ETF (GDXJ) has surged 16% YTD after last year's 61% plunge, and the SPDR Gold Trust (GLD) has gained 4% YTD after losing 28% in 2013.
    • Gold miners may have another $113B of reserves to write down, but most of the expected write-downs are already baked into the price, says ETF's Securities' Simona Gambarini, noting that gold miners are trading at a 4% discount to NAV, the lowest level on record.
    • ETFs: NUGT, IAU, DUST, PHYS, SGOL, UGL, DGP, GLL, GLDX, DZZ, UGLD, DGL, DGZ, JNUG, AGOL, RING, GLDI, DGLD, GGGG, PSAU, JDST, TBAR, UBG.
    | 9 Comments
  • Feb. 3, 2014, 10:26 AM
    | 6 Comments
  • Jan. 30, 2014, 3:11 PM
    • As stocks put in maybe their best session of the year, precious metals have one of their worst, with gold off 1.4% to $1,244 and silver down 2% to $19.16.
    • Following yesterday's addition to the taper, BAML recognizes a pattern and says there's “a relatively high hurdle to deviating from this path." At the current rate, then, QE will be over by year's end. "All told, we read [the FOMC statement] as a marginally improved outlook."
    • Most surprisingly, the FOMC made no big changes to its forward guidance - i.e., the 6.5% threshold for hiking rates. Expect a shift to "more qualitative" guidance, perhaps as soon as the March meeting.
    • PM ETFs: GLD, SLV, IAU, AGQ, PHYS, SIVR, USLV, ZSL, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DSLV, DBS, DGZ, AGOL, DGLD, GLDI, SLVO, TBAR, USV, UBG
    | 38 Comments
  • Jan. 29, 2014, 9:49 AM
    | 12 Comments
  • Jan. 28, 2014, 3:04 PM
    • The big question as gold miners earnings results begin to roll in next week - "Can miners cut costs fast enough to satisfy investors?"
    • JPMorgan's John Bridges expects an average reduction in all-in costs of about $100 per ounce this year, and notes the mid-point of recent Goldcorp (GG) guidance was $90. However, he adds, while some of the savings are sustainable, deferring things like truck and equipment purchases can't go on forever. He notes Kinross (KGC -0.2%) announced a 40% reduction in capex this year, but suggested reinvestment would be required at some point.
    • Ahead of results, the Gold Miners ETF (GDX +1.2%) continues its big 2014, now up 9.6% YTD.
    • First up on the earnings front is New Gold (NGD) next Thursday, followed by Kinross six days later, and then Barrick Gold (ABX) the day after that.
    • Miner ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DGZ, AGOL, DGLD, GLDI, TBAR, UBG
    | 4 Comments
  • Jan. 23, 2014, 1:52 PM
    • Money continues to flow into the world's most hated asset class, with the 10-year Treasury yield off a big nine basis points today to 2.77%. It started the year at 3%. Year-to-date TLT has already outperformed the S&P 500 by about 620 basis points.
    • Another asset garnering its fair share of hate entering the year, gold continues a nice 2014 run. Up 2% today to $1,264 per ounce, the metal's up more than 5% YTD.
    • Long-duration Treasury ETFs: TBT, TLT, TMV, TBF, EDV, TTT, TMF, SBND, ZROZ, TLH, DLBS, VGLT, UBT, TLO, LBND, TENZ, TYBS, DLBL
    • Gold ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DGZ, AGOL, DGLD, GLDI, TBAR, UBG
    | 16 Comments
  • Jan. 22, 2014, 9:01 AM
    • Lower gold prices will likely boost Chinese physical demand, but won't be enough to "materially reverse" the downtrend in the metal, say Morgan Stanley analysts Peter Richardson and Joel Crane, cutting their 2014 forecast by 11.6% to $1,160 per ounce, and 2015 by 12.5% to $1,138. No surprise to the key thesis: Higher interest rates as a result of the global economic recovery gaining traction.
    • Mark Hulbert reports on the work of Claude Erb whose simple interest rate correlation model says the metal will plunge to $831 per ounce should the 10-year Treasury yield rise to 4%.
    • Gold ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DGZ, AGOL, DGLD, GLDI, TBAR, UBG
    | 25 Comments
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Company Description
The Sprott Physical Gold Trust was created to invest and hold substantially all of its assets in physical gold bullion. The Trust intends to invest primarily in long-term holdings of unencumbered, fully allocated, physical gold bullion and will not speculate with regard to short-term changes in... More