Oct. 31, 2014, 4:17 PM
Oct. 31, 2014, 7:19 AM
- One would think the BOJ's move to more than double purchases of JGBs and triple purchases of ETFs and REITs would put a bid under gold, but not so.
- Off 2.1% to $1,174 per ounce, gold has tumbled about $75 over the past handful of sessions and broken through a multi-year low set late last year. One would have to go all the way back to the summer of 2011 to see gold priced here.
- Silver is down 2.1% to $16.07, its lowest price since early 2010.
- GLD -2%, SLV -2.4% premarket
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, DGZ, DGLD, AGOL, TBAR, USV, UBG, GLDE, BAR, GYEN, GEUR, BARS, GGBP
Oct. 30, 2014, 1:43 PM
- One day after the Fed ends QE and focus turns to a rate cut, precious metals are lit up bright red, led by a 4.8% decline in silver (NYSEARCA:SLV) to $16.44 per ounce. Gold (NYSEARCA:GLD) is down 2.15% and back below $1,200 per ounce.
- WTI crude oil (NYSEARCA:USO) is down 1.1% to $81.32 per barrel. Bucking the trend lower is natural gas (NYSEARCA:UNG), up 2.4% to $3.81.
- Bank of America has one of the more hawkish takes on the FOMC statement from yesterday, and continues to believe the Fed will push through its first rate hike in June, though the market has moved to pricing in tightening a few months later.
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, GLTR, DGZ, DGLD, AGOL, DBP, WITE, TBAR, USV, UBG, JJP, GLDE, BAR, GYEN, GEUR, RGRP, BARS, GGBP, BLNG
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. 10, 2014, 4:21 PM
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. 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. 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
Sep. 30, 2014, 12:07 PM
- The early decline in WTI crude oil has accelerated sharply over the past few minutes, and it's now off 3.5% to $91.25 per barrel, about inline with the lowest pricing seen this year. USO -2.9%
- Moving alongside is heating oil (UHN -1.1%) and gasoline (UGA -3.1%).
- Broad energy ETFs: DBE, RJN, JJE, ONG, RGRE, UBN
- Checking other commodities: Silver (NYSEARCA:SLV) is down 3.4%, Copper (NYSEARCA:JJC) is lower by 1.3%, and Wheat (NYSEARCA:WEAT) is off 1.8%.
- Broad commodity ETFs: DBC, DJP, GSG, RJI, GCC, USCI, GSC, GSP, RGRC, DJCI, LSC, FTGC, DEE, UCI, DYY, CMD, BCM, DDP, UCD, CMDT, SBV, DPU, CSCB, CSCR
Sep. 19, 2014, 4:19 PM
Sep. 19, 2014, 3:58 PM
- Gold’s downward spiral continues as the yellow metal closed today at an eight-month low and finishing its third weekly loss in a row, pressured by the dollar’s move higher after Wednesday's Fed policy meeting.
- The FOMC meeting "maintains our belief that the process of U.S. monetary tightening continues, and this will encourage further advances in long-term real yields and the U.S. dollar," Deutsche Bank said today in a note.
- Meanwhile, several gold mining stocks have hit new 52-week lows, including Barrick Gold (ABX -2.5%), Yamana Gold (AUY -3.7%), Kinross Gold (KGC -2.7%) and Coeur Mining (CDE -3.6%).
- ETFs: GLD, SLV, GDX, NUGT, AGQ, IAU, DUST, SIL, USLV, SIVR, SGOL, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, DSLV, SLVP, DGL, DBS, DGZ, OUNZ, RING, DGLD, AGOL, GGGG, SGDM, PSAU, USV, UBG, BAR, BARS.
Sep. 18, 2014, 8:39 AM
- The strong dollar - it's at its highest vs. the yen since the financial crisis, and performing well against other major currencies as well - for now works as a good excuse for gold's continuing slide.
- Off 1.4% to $1,218 an ounce in morning trade, the yellow metal is lower by nearly 10% since July 4 and closing in on the YTD low of about $1,200 set on January 1.
- Down 2.1% to $18.35 per ounce, silver is at a new low for the year, and roughly back at levels not seen since 2010.
- GLD -0.35%, SLV -0.9% premarket
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, OUNZ, DGLD, AGOL, TBAR, USV, UBG, GLDE, BAR, GYEN, GEUR, BARS, GGBP
Aug. 15, 2014, 10:33 AM
- Bank of Nova Scotia and HSBC - formerly part of the old telephone-based system - joined today with newcomer Mitsui & Co. Precious Metals for the first-ever electronic fixing of the daily silver benchmark (it occurred at noon London time).
- Previous to today, the silver fix for decades has been set daily on a private conference call. That system has been replaced by the London Silver Price - run by CME Group and Thomson Reuters in partnership with LBMA. More participants are expected to join in coming week, says the LBMA.
- ETFs: SLV, AGQ, USLV, SIVR, ZSL, SLVO, DSLV, DBS, USV
Jul. 14, 2014, 11:29 AM
- Precious metals miners are broadly lower as gold futures head for their biggest daily drop of 2014, plunging $29.30, or 2.2%, to $1,308.10/oz.
- Physical demand has remained short of expectations, Commerzbank's Eugen Weinberg says, and India's decision to maintain a 10% import duty on gold and silver likely will dampen future gold demand expectations from the country.
- Barclays, which expects gold to drop to $1,200/oz. by Q3, also expresses caution, saying recent gains across the metals complex look toppy.
- ABX -1.2%, NEM -1.7%, GG -2.4%, KGC -1.8%, AEM -1.4%, AUY -1.4%, EGO -3%, NGD -2.8%, FNV -2.4%, AGI -2.6%, AU -2.2%, IAG -1.9%, GFI -3.4%, BTG -2.1%, NG -0.7%, SLW -2.1%.
- ETFs: GLD, SLV, GDX, NUGT, AGQ, IAU, DUST, SIL, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLDX, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, SLVP, DGL, DBS, GLTR, DGZ, RING, AGOL, DGLD, OUNZ, DBP, GGGG, WITE, PSAU, TBAR, USV, UBG, JJP, GLDE, GYEN, GLDL, RGRP, GLDS, GEUR, GGBP, BLNG
Jul. 10, 2014, 7:42 AM
- Portugal's 4% decline today brings its 7-day dive to 11% as the parent of Banco Espirito Santo reportedly is considering bankruptcy protection. Banco Espirito is off 17% today and more than 50% over the last month.
- Spain's IBEX 35 is down 2.4% and Italy's FTSE MIB is lower by 2%.
- Gold is higher by 1.5% to $1,344 per ounce and silver by 2.4% to $21.58.
- In other news, India disappointed gold bulls by leaving in place recent increases in gold import taxes in its just-released annual budget. The previous government over the last two years had boosted the import tax to 10% from 2% and mandated that 20% of imports had to be re-exported.
- GLD +1.1%, SLV +1.9%
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, AGOL, DGLD, OUNZ, TBAR, USV, UBG, GLDE, GYEN, GLDL, GLDS, GEUR, GGBP
Jul. 8, 2014, 1:00 PM
- BlackRock chief investment strategist Russ Koesterich isn't buying the last month's 12% bounce in silver, attributing the move instead to the metal's typical volatility. Further, he says H1's drop in real interest rates - a boost to the metal - is unsustainable as the year goes on. "This suggests a tougher second half for precious metals, particularly for gold, which has historically had the stronger relationship with real rates.”
- He also notes the silver-to-gold price ratio as near the historical average, suggesting silver isn't mis-priced, at least as it relates to gold.
- ETFs: SLV, AGQ, USLV, SIVR, ZSL, SLVO, DSLV, DBS, USV, SIL, SLVP, SILJ
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