1.09 +0.01 (0.93%)
After hours: 5:04PM EST
|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||1.08 - 1.10|
|52 Week Range||1.08 - 3.78|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.00 (0.00%)|
|1y Target Est||1.98|
Kinross Gold (KGC) also provided an update on its organic development projects along with the 4Q17 and 2017 results. At Round Mountain Phase W, the stripping and initial construction commenced ahead of schedule in late 2017. Kinross Gold’s management maintained, during its latest earnings call, that the Tasiast Phase One expansion is proceeding on schedule and on budget.
IAMGOLD (IAG) was the best-performing gold stock of 2017, returning 51.4% for the year. It significantly outperformed the VanEck Vectors Gold Miners ETF (GDX) as well as the SPDR Gold Shares (GLD). IAG’s operational results for the first nine months of 2017 were quite strong, and the company reported exceptional exploration results in 2017.
The optimistic economic numbers not only led to a slump in equities on Friday and Monday, but they also helped gold recover from the low it touched on Friday. Gold fell about 1.2% on Friday due to the stronger economic numbers. The relationship between gold and equities is not very explicit, but the two tend to move away from each other during extreme market scenarios.
Since the beginning of 2018, platinum has been the top performer among the four precious metals. In this part of our series, we’ll focus on the gold-platinum spread, which analyzes the comparative price performance between these two metals. When analyzing platinum markets, it’s essential to compare the metal’s performance with that of gold, which is the most dominant of the four precious metals. The platinum market has been in short supply for the past few years.
Brazilian pulpmaker Fibria Celulose SA denied on Tuesday that the company or its shareholders were discussing a potential tie-up with rival Eldorado Brasil Celulose SA, but underscored their interest in eventual deals in the sector. Chief Executive Marcelo Castelli said "there is no ongoing negotiation of any kind," downplaying recent stories including a report in Valor Econômico on Tuesday that Fibria could form a partnership with Eldorado and its own nearby operations. Netherlands-based Paper Excellence agreed in September to pay 15 billion reais ($4.7 billion) for Eldorado, a valuation that Fibria considered excessive and a "dealbreaker" in any merger or joint venture talks, Castelli said.
How Is Gold Playing amid the Market's Uptrend? The most critical factor that has affected the price movements in precious metals in the last quarter is the US dollar. The US dollar fell ~8.0% during 2017 and since the beginning of 2018, it has fallen another 3.0%.
Based on the gold price strength following December rate increases in 2015 and 2016, we expect to see firmness in the gold price in the first quarter. The firm estimates gold prices will average $1,269 per ounce in 2018.
Gold- and silver-based funds such as the Physical Swiss Gold Shares ETF (SGOL) and the Physical Silver Shares ETF (SIVR) tend to correlate strongly to their respective precious metals. These two funds increased 1.3% and 1.6%, respectively, on January 12, 2018. Among the four miners under discussion, Alamos Gold has seen the highest correlation to gold during the past one-year period, while Eldorado Gold has the lowest correlation.
Index (PMI) data, output in the Basic Materials sector is rising. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way.