|Bid||0.00 x 36200|
|Ask||6.37 x 28000|
|Day's Range||6.20 - 6.32|
|52 Week Range||4.26 - 7.25|
|PE Ratio (TTM)||5.83|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||7.65|
NEW YORK, NY / ACCESSWIRE / May 25, 2018 / U.S. markets were weighed down by the energy sector on Thursday as U.S. crude oil prices closed lower for the third consecutive session. However, major indexes ...
Most precious metals mining stocks have fallen in the last few months due to falling gold prices. The US dollar’s revival has also affected precious metals and mining stocks recently.
The US Dollar Index (or DXY), which prices the dollar against a basket of six major world currencies, was up 0.36% on the day, and it’s risen almost 3.3% in the last month. The US dollar (UUP) remains a core determinant for gold and other precious metals. During the last month, gold and silver have fallen 2.5% and 1.4%, respectively.
For today, WallStEquities.com scans four Gold stocks, particularly: Goldcorp Inc. (NYSE: GG), Harmony Gold Mining Co. Ltd (NYSE: HMY), Hecla Mining Co. (NYSE: HL), and IAMGOLD Corp. (NYSE: IAG). The precious metals industry is very capital intensive, and gold is the most popular precious metal for investors.
Eldorado Gold (EGO) stock suffered a great deal in 2017 due to the standoff with the Greek government and some technical issues at its Turkey mines. The VanEck Vectors Gold Miners ETF (GDX) and the SPDR Gold Shares (GLD) fell 3.9% and 0.9%, respectively, YTD. Agnico Eagle Mines (AEM), Yamana Gold (AUY), and IAMGOLD (IAG) returned -7.2%, -8.0%, and 3.3%, respectively.
Besides overall market volatility, the most important determinant of precious metal prices, especially gold’s (IAU) (SLV), is the US dollar. As gold prices reached a five-month low, the US dollar reached a five-month high against a basket of six major world currencies. The US dollar (UUP), as represented by the DXY Currency Index, has risen ~3.6% over the last month.
Norwegian's share price rose 11 percent in early trade to 278 crowns in Oslo after Spanish newspaper Expansion on Monday said IAG is preparing to bid 330 crowns per share for the Oslo-listed airline, citing unnamed sources. IAG last month disclosed it had bought a 4.6 percent stake in Norwegian, but the budget carrier later said it had rejected two takeover proposals. On May 18, IAG Chief Executive Willie Walsh told Reuters that Norwegian Air was not a must-have deal, and ruled out making a hostile offer.
Ray Dalio Is Holding on to Gold: Are You? After the massive slump in gold prices as US Treasury yields rose, the trading range for gold seems to have corrected lower. The relative strength index for gold has also fallen considerably to 28.2, which suggests that there could soon be a revival in the price of gold.
IAG (ICAG.L) is not expecting to announce a deal to buy Norwegian Air Shuttle (NWC.OL) soon and would not make a hostile bid, its chief executive said, adding his airline group had growth opportunities on its own. Norwegian said earlier this month it had rejected two approaches from IAG, the owner of British Airways, Iberia, Aer Lingus and Vueling, because they undervalued the company. If they don't want to be bought by IAG, fine," IAG CEO Willie Walsh told Reuters on the sidelines of a CAPA-Centre for Aviation conference.
LONDON, UK / ACCESSWIRE / May 15, 2018 / Active-Investors free stock reports for this morning include these Toronto Exchanges' equities from the Metals & Mining industry: Gran Colombia Gold, Nemaska Lithium, IAMGOLD, and TMAC Resources. The TSX Venture Exchange gained 7.40 points, or 0.95%, to finish at 790.31. Today's stocks of interest consist of: Gran Colombia Gold Corporation (TSX: GCM), Nemaska Lithium Inc. (TSX: NMX), IAMGOLD Corporation (TSX: IMG), and TMAC Resources Inc. (TSX: TMR).
Markets were full of geopolitical tensions in April, boosting precious metals and miners’ stock prices. However, the US dollar later strengthened and the market unrest subsided, impacting precious metals and mining stocks.
Whereas palladium has been the strongest among the four precious metals over the last month, it has fallen 7.2% year-to-date, possibly due lower car demand in China. Palladium was trading at $1,002 on May 10, while gold was trading at $1,321. Like silver, palladium often leans more toward its industrial use than its precious-metal status. Palladium, which is used as a catalyst in diesel engines, was supported by demand for diesel vehicles rising in 2017.
IAMGOLD files NI 43-101 Technical Report for Previously Announced Inferred Mineral Resource Estimate for the Eastern Borosi Project
Its strong execution and operational performance have made it one of the best-managed gold companies, which also contributes to the significant premium to its peers. Eldorado Gold’s (EGO) and New Gold’s (NGD) forward multiples had been at significant premiums to their peers. Although Eldorado Gold has had several ongoing issues at its mines in Greece and Turkey, New Gold stock was pressured by delays and cost escalations at its Rainy River project.
Another crucial factor behind precious metals’ rise was the US dollar index, which fell 0.42% on May 10. The DXY had gained over the last month, rising 3.4%, while gold fell 1.6%. Over the past few months, the US dollar (UUP) has been the most critical driver of gold prices.
IAMGOLD Files NI 43-101 Technical Report for Previously Announced Initial Mineral Resource Estimate for the Monster Lake Project
The four precious metals have revived compared to their previous losses over the past five trading days. However, the revival of the US dollar has had a negative impact on precious metals and mining stocks during the past few weeks. The settling of the market’s unrest could have also caused a withdrawal of haven bids.
Precious metal mining companies typically follow precious metals. Precious metals seem to be in the doldrums over the strength of the US dollar and the Federal Reserve’s decision to raise interest rates several more times this year. The recent slump in the demand for haven assets has also affected mining stocks.
IAMGOLD (IAG) has multiple organic growth opportunities, and it’s pursuing expansion opportunities at existing deposits. The company expects initial resource estimates from some of these projects.
IAMGOLD’s (IAG) Westwood project had a pivotal year in 2017, as it resumed operating at its normal production level in 2Q17. A seismic event occurred during the early stages of the mine’s ramp-up, which left part of the operation in a rehabilitative state for most of 2015.
IAMGOLD (IAG) reported significant progress at its operations in its Essakane mine. This mine achieved record production of 109,000 ounces for 1Q18 after the delivery of record annual production of 389,000 ounces in 2017.
The personal consumption expenditure (or PCE) price index climbed 2.0% year-over-year (or YoY) in March 2018, which was the biggest gain since February 2017. Excluding the volatile food and energy components, the core PCE index, the Fed’s preferred measure of inflation, rose by 1.9% YoY. Economists are now expecting PCE to hit 2.0% in May because of favorable base effects.