Jan. 29, 2014, 9:49 AM
- As equities open in a broad-based decline, precious metals miners show early strength: ABX +4.1%, NG +4.1%, EXK +3.7%, GG +3.7%, IAG +3.3%, SA +2.9%, AG +2.8%, SSRI +3.1%, AUY +2.7%, GOLD +2.5%, NEM +2.3%, MVG +2.3%, SLW +2.2%, PAAS +2.2%, AU +2.1%, KGC +2.2% (Briefing.com).
- ETFs: GLD, SLV, GDX, GDXJ, NUGT, IAU, AGQ, PHYS, DUST, SIL, SIVR, USLV, ZSL, SGOL, UGL, DGP, GLL, GLDX, DZZ, UGLD, DGL, DSLV, DBS, SLVP, GLTR, DGZ, AGOL, DBP, JNUG, DGLD, GLDI, RING, GGGG, SLVO, WITE, SILJ, PSAU, TBAR, JDST, USV, UBG, JJP, RGRP, BLNG.
Jan. 10, 2014, 3:49 PM
- Gold futures settle at a four-week high, rising 1.4% to $1,246.90, as the surprisingly weak jobs report reopens debate over the pace of bond buying at the Fed; precious metals miners are far outpacing the broader market, with the top gold miner ETF (GDX) surging 3%.
- Among the top miners: ABX +2.3%, GG +3.3%, NEM +2.4%, AU +3.8%, KGC +1.3%, GFI +4.3%, AUY +2.8%, RGLD +5.3%, AGI +2%, AEM +4.5%, SLW +4.4%, IAG +1.9%, FNV +1.5%, CDE +2.3%, EGO +3.8%, NGD +2.9%, NG +6.9%, HMY +2.7%.
- ETFs: GDXJ, NUGT, DUST, SIL, GLDX, SLVP, RING, GGGG, SILJ, JNUG, PSAU, JDST.
Dec. 19, 2013, 9:58 AM
- 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.
Dec. 11, 2013, 2:42 PM
- Gold producers' balance sheets appear relatively stable with gold prices at ~$1,250/oz. but would weaken further on lower prices, TD Securities says in an analysis of miners' sensitivity to changes in gold prices.
- At $1,100/oz, companies with the highest forecast ratio of net debt to total capitalization include Barrick Gold (ABX -2.5%), Newmont Mining (NEM -1.9%), Agnico Eagle Mines (AEM -2.5%) and Detour Gold (DRGDF +3.3%).
- TD's top picks include Eldorado (EGO -3.1%), Goldcorp (GG -1.5%), B2Gold (BTG -3.7%), Primero Mining (PPP -0.6%) and Silver Wheaton (SLW -2%).
- ETFs: GDX, GDXJ, NUGT, DUST, GLDX, GGGG, RING, PSAU, JNUG, JDST.
Dec. 5, 2013, 6:17 PM
- Alexco Resources (AXU) +2.4% AH after releasing a preliminary economic assessment for expanded silver production from the eastern part of its Keno Hill Silver District in Yukon.
- AXU projects average annual delivery of 3.1M oz. of payable silver, 6.8M lbs. of lead, 6.6M lbs. of zinc and 1,050 oz. of gold from ~150K metric tons/year of consolidated mine and mill production.
- AXU's forecast 38% internal rate of return includes its silver purchase agreement with Silver Wheaton (SLW); initial capital requirements are ~$25M.
Dec. 2, 2013, 3:25 PM
- The Market Vectors Gold Miners ETF (GDX -5.5%) plunges to a fresh five-year low thanks to the newest PMI manufacturing data, which climbed to the highest reading since 2011; BTIG analyst Dan Greenhaus calls the data "stunning,” and bad for precious metals.
- Comex gold dropped $28.50, or 2.3%, to settle at $1,221.90 for its lowest close since July; the SPDR Gold Trust (GLD) is down 2.5% to kick off December’s trading.
- Silver slumped 3.7% to $19.29, also the lowest since July.
- ABX -5.3%, NEM -3.8%, GG -4.6%, KGC -3.4%, GFI -3.5%, NGD -8.2%, EGO -7.5%, AEM -7%, AUY -5.5%, AGI -8.9%, SLW -5.7%.
- Other ETFs: GDXJ, NUGT, IAU, PHYS, DUST, SGOL, UGL, DGP, GLL, GLDX, DZZ, UGLD, DGL, DGZ, AGOL, GLDI, DGLD, GGGG, RING, PSAU, TBAR, JNUG, UBG, JDST, SLV, AGQ, SIVR, ZSL, USLV, DBS, DSLV, SLVO, USV.
Nov. 11, 2013, 8:24 AM
- 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
Nov. 11, 2013, 7:07 AM
Nov. 11, 2013, 6:32 AM
Nov. 11, 2013, 12:05 AM
Nov. 10, 2013, 5:30 PM
Nov. 1, 2013, 12:57 PM
- Barrick Gold's (ABX -6.2%) planned $3B capital raise may be "prudent and necessary" for the company, but it stinks for shareholders, and shares of other big precious metals miners are tumbling too.
- ABX's move may be sparking fears from shareholders in other miners that they could be next, and that stock offerings of this size could make it hard to raise dividends in the future; "cram-down financing like this is something that companies should consider [only] after their stocks have rallied significantly," Jon Ogg writes.
- NEM -4.7%, GG -3.8%, KGC -3.9%, SLW -3.2%, GFI -1.3%, NGD -2.2%, AUY -3.3%, CDE -3.3%, TAHO -4.9%.
- ETFs: GDX, GDXJ, NUGT, DUST, GLDX, GGGG, RING, PSAU, JNUG.
Oct. 31, 2013, 12:16 PM
- Barrick Gold's (ABX -5.6%) surprise move to suspend construction at its Pascua-Lama mine in South America also affects Silver Wheaton (SLW -6.7%), which in 2009 bought 25% of the mine's silver production, paying cash in exchange for future silver sales at a discounted price.
- SLW says it is now entitled to silver output from three of ABX's currently producing mines - the Lagunas Norte, Pierina and Veladero mines - until the end of 2016 to make up for the production it is losing from Pascua-Lama.
- SLW also agrees to extend a completion test deadline on Pascua-Lama until the end of 2017; SLW says it still expects its silver output to top 33.5M silver equiv. oz. this year.
Oct. 24, 2013, 2:19 PM
- Canaccord Genuity believes top gold and silver miners have priced in the challenging environment and sees the group returning 22%, as it initiates coverage of Goldcorp (GG +4.2%), Tahoe Resources (TAHO +3.2%), IAMGOLD (IAG +5.9%), Silver Wheaton (SLW +3.8%) and Yamana Gold (AUY +2.3%) with Buy ratings.
- The firm views GG as the quality leader in the group with a discount valuation and numerous potential re-rating catalysts.
- In predicting ~40% upside in TAHO shares, the firm notes the miner is commissioning its best-in-class Escobal silver project and all indications point to a smooth ramp-up and positive risk re-rating.
- Eldorado Gold (EGO), Agnico Eagle Mines (AEM), Kinross Gold (KGC) and Barrick Gold (ABX) are given Hold ratings.
- ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
Oct. 1, 2013, 12:58 PM
- Fitch is calling a gold rebound unlikely and saying that it no longer believes in a $1,200 gold price floor, and as a result expects gold producers to reassess their dividend policies.
- Fitch thinks gold at $1,000/oz. would put the ratings of some gold miners under significant pressure if no serious cost cutting and cash conservation measures are taken.
- Recall that Barrick Gold (ABX -3.2%) cut its last dividend to $0.05 from $0.20, Kinross Gold (KGC -2.5%) suspended its dividend over the summer, and Gold Fields (GFI -3.2%) said in August it would not declare an interim dividend.
- Also: NEM -3.7%, SLW -3.4%, GG -3%, AU -3% AUY -2.9%, CDE -2.4%, IAG -2.3%, AUQ -2.1%, HMY -1.7%, NGD -1.5%.
- ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
Sep. 24, 2013, 2:36 PM
- Silver Wheaton (SLW -0.3%) is interested in securing a streaming contract for future output of precious metals from Glencore’s (GLCNF.PK) Las Bambas copper mine in Peru, CEO Randy Smallwood says on the sidelines of the Denver Gold Forum.
- "It's definitely a project that's got healthy margins," Smallwood says, adding that ~5% of the revenue from Las Bambas comes from gold and silver.
- Glencore is selling the mine as part of an agreement to win Chinese regulatory approval for its takeover of Xstrata earlier this year.
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