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The iShares MSCI Global Silver Miners Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI ACWI Select Silver Miners Investable Market Index.
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Thursday, Dec 199:58 AM
Thursday, Dec 199:58 AM| 19 Comments
- Precious metals stocks are slammed at the open from weakening prices for underlying metals, and the Market Vectors Gold Miner ETF (GDX -2.1%) opens at a new 52-week low.
- GFI -2.8%, AUY -2.4%, AU -3.8%, RGLD -2.7%, NEM -3.1%, ABX -2.1%, GG -2.4%, AGI -3.2%, AEM -2.3%, SLW -2.6%, KGC -1.9%, FNV -1.6%, CDE -1.5%, EGO -1.5%, NGD -1.2%, HMY -1.2%.
- ETFs: GDXJ, NUGT, DUST, SIL, GLDX, SLVP, GGGG, RING, SILJ, PSAU, JNUG, JDST.
Thursday, Dec 199:11 AM
Thursday, Dec 199:11 AM| 17 Comments
- Seems the Fed taper wasn't priced in to gold prices after all, as spot gold tumbles briefly below $1,200/oz. to six-month lows, and the leading gold miners ETF (GDX) slides to new 52-week lows.
- A few minutes ago, gold (GLD) -2.6% to $1,202.80/oz., silver (SLV) -4.2% to $19.20.
- The taper is "another sign of increasing normalization for the world economy," Macquarie analyst Matthew Turner says. "Gold's insurance function is less desirable in that environment."
- Commerzbank’s commodity strategists argue the selling is overdone: "The fact that money will remain extremely 'cheap' for a long time yet should in fact have lent support to the gold price rather than it coming under pressure" due to the impending end to QE.
- Precious metals ETFs: IAU, AGQ, PHYS, SIVR, USLV, ZSL, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DBS, DSLV, DGZ, AGOL, GLDI, DGLD, SLVO, TBAR, USV, UBG.
- Miner ETFs: GDXJ, NUGT, DUST, SIL, GLDX, SLVP, GGGG, RING, SILJ, PSAU, JNUG, JDST.
Wednesday, Dec 412:55 PM
Wednesday, Dec 412:55 PM| 31 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, Nov 118:24 AM
Monday, Nov 118:24 AM| 1 Comment
- Silver Wheaton (SLW) reported record Q3 attributable silver equiv. production of 8.9M oz. vs. 7.6M oz. in the year-ago quarter, up 17% Y/Y; average realized sale price per silver equiv. oz. was $21.26 vs $31.36 a year ago. (Q3 earnings)
- Q3 total revenues rose 3.2% Y/Y to $166.4M but missed consensus by ~$21M, due largely to the 32% drop in the average realized silver equiv. price.
- Average cash costs were $4.73 per silver equiv. oz. vs. $4.16 a year ago, primarily due to an increase in gold sales (35.3K oz. in Q3 2013 vs. 6.9K oz. in Q3 2012) associated with Hudbay's 777 mine and Vale's Sudbury and Salobo mines; the average cash cost per gold oz. was $386, or $6.30 per silver equiv. oz., reducing margins 39% Y/Y.
- Shares -0.4% premarket.
- ETFs: SIL, SLVP, SLV, AGQ, SIVR, ZSL, USLV, DBS, DSLV, SLVO, USV
Wednesday, Oct 211:08 AM
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.
Thursday, Sep 191:12 PM
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 PM
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.
Thursday, Aug 151:43 PM
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 1411:39 AM
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.
Monday, Aug 129:28 AM
Monday, Aug 129:28 AM| 5 Comments
- Gold and silver mining stocks are trading higher after the SPDR Gold ETF (GLD +2.1%) logs its first increase in holdings since June: HMY +4%, EGO +3.7%, IAG +3.6%, AUY +3.4%, HL +3%, GDX +2.6%, KGC +2.5%, SLW +2.4%, ABX +2.2%, SLV +2%, GFI +2%, NEM +1.7%.
- December Comex gold +2.2% to $1,341.50/oz.
- ETFs: GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, SIL, SILJ, SLVP.
Tuesday, Aug 63:22 PM
Tuesday, Aug 63:22 PM| 2 Comments
- It's worse for the sliver miners than the gold miners today after Fresnillo (FNLPF.PK -5.6%) reported a 61% decline in H1 profit and investors decide 2.6x book value and a 26.4 PE ratio is too expensive with silver (SLV -0.9%) slipping below $20 per ounce.
- Fresnillo makes up 12% of the Global X Silver Miners ETF (SIL -6.3%) and 5.5% of the iShares MSCI Global Silver Miners ETF (SLVP -3.1%), but isn't a top-weighted stock in the PureFunds ISE Junior Silver ETF (SILJ -6.5%).
Tuesday, Jul 163:18 PMGold (GLD +0.4%) gains again, sending the price to a 3-week high of $1,290/ounce and the miners (GDX +4.2%), (PSAU +3.3%) are responding. "Never let a serious crisis go to waste," says the JPMorgan team, paraphrasing Rahm Emanuel. The bear market is forcing managements to not only cut costs, but to consider restructuring from "a shape that was optimized for the 12 year bull market in gold to one that is more suited to a future with less available liquidity." Barrick (ABX +5.2%), Goldcorp (GG +3.9%), Gold Fields (GFI +4.4%), NovaGold (NG +3.2%). Don't forget the silver miners (SIL +3.1%): Hecla (HL +4.5%), Silver Wheaton (SLW +3.9%), Coeur (CDE +5.8%). |Tuesday, Jul 163:18 PM| 3 Comments
Friday, Jun 72:09 PMGold miners large (GDX -4.1%) and small (GDXJ -5.3%) alike are suffering a beat-down after jobs data from both the U.S. and Canada beat estimates; gold's gains for the week are entirely erased, and the metal "could melt even faster" if the global recovery continues. ABX -4.2%, AEM -6.7%, NEM -2.8%, GG -4.5%, AU -5.5%, EGO -5%, KGC -5.3%. SLW -2.8%, SSRI -7.3%, EXK -5.9%. GLD -2%, SLV -4.1%. |Friday, Jun 72:09 PM| 39 Comments
Monday, May 2012:57 PMAs 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%. |Monday, May 2012:57 PM| 2 Comments
Wednesday, May 82:05 PMToday's dead-cat bounce in the mining sector looks like a reaction to the overwhelming bearishness, expressed in the options market yesterday by heavy buying of GDX puts. Volume in the gold miners ETF (GDX +4.8%) is only about average so far, indicating mere short-covering and no stampede back into gold stocks, Randall Forsyth writes. ABX +7.6%, GG +4.5%, NEM +4%. |Wednesday, May 82:05 PM| 5 Comments
Monday, Apr 1512:59 PMPan American Silver (PAAS -7%) is downgraded to Market Perform with a $19.50 target price (from $30) at BMO Capital, as a lack of growth and high cost structure expose shareholders to downside risk in a declining metal price environment. The firm cuts its EPS and cash flow/share outlook 58% and 34%, respectively, to $0.74 and $1.55, well below consensus. Also, SLW -7.5%, HL -8.5%. |Monday, Apr 1512:59 PM| 3 Comments