|Bid||32.84 x 900|
|Ask||33.00 x 5100|
|Day's Range||32.75 - 33.13|
|52 Week Range||29.33 - 37.76|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.54%|
In this part of our series, we’ll be looking at the correlation of gold to four mining stocks: AngloGold Ashanti (AU), Hecla Mining (HL), Kinross Gold (KGC), and Eldorado Gold (EGO). Mining stocks mostly move with gold prices but not always. Among these four miners, AngloGold has shown the highest correlation to gold, while Eldorado Gold has had a negative correlation to gold on a YTD (year-to-date) basis.
Gold subsequently traded as high as $1,361 an ounce, before giving up most of that gain — including another $14 in trading on Monday of this week alone. Consider the average recommended gold market exposure level among short-term gold timers I monitor (as represented by the Hulbert Gold Newsletter Sentiment Index, or HGNSI).
Usually, precious metal mining companies follow precious metals for price direction. Precious metals increased on Monday, April 16, 2018, as did most mining stocks.
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). In 2018, however, the equation has somewhat reversed. Its stock has returned -4.5% year-to-date as of April 17.
At extreme levels, these ratings could even signal a change in direction, so it’s important for investors to track this data. In the senior and intermediate gold miner space (GDX)(GDXJ), analysts are the most bullish on Goldcorp (GG), assigning it 65% “buy” and 5% “sell” ratings.
Usually, precious-metal-mining companies follow precious metals. Precious metals have risen over the past few days, supporting mining companies.
The recent unrest in the markets has had a significant effect on precious metals and mining companies. The US dollar has a prominent role in influencing dollar-denominated precious metals and mining stocks.
The VanEck Vectors Gold Miners ETF (NYSEArca: GDXJ), the second-largest exchange traded fund tracking gold miners equities, is 3.4% over the past week and some market observers believe the small-cap miners ...
Recently, the unrest in the markets has had a significant effect on precious metals and the US dollar. The US dollar has a prominent role in influencing dollar-denominated precious metals and mining stocks.
Barrick Gold (ABX) has underperformed senior and intermediate peers (GDX) (GDXJ) as well as the broader benchmark index (GDX). Barrick has guided for production of 4.5 million–5.0 million ounces of gold in 2018, which implies a ~11% fall from the midpoint of its actual production in 2017. Barrick Gold raised its all-in sustaining cost guidance for 2018 to $765–$815 per ounce.
Usually, precious metal mining companies follow precious metals. Gold, platinum, and palladium had an up-day on Monday, April 9. Though the mining companies tend to closely react to miners, they showed a mixed performance on Monday.
Stocks are enjoying a relief rally to open the week on Monday but make no mistake: the volatility that’s been in play in recent weeks isn’t going anywhere. This looks and feels like a very short-lived reprieve ahead of more fireworks.
The woes relating to its Guatemalan mine license led Tahoe Resources (TAHO) to underperform significantly in 2017. While a year ago, 86% of the analysts covering TAHO gave it “buy” ratings, currently this amount has halved to 43%. On July 5, 2017, the government of Guatemala decided to revoke Tahoe Resources’ permit to operate its Escobal mine.
As metals prices started weakening, investors shifted their focus from high-leverage miners (GDX) (GDXJ) to low-leverage miners with sound growth plans, leading miners to trim their balance sheets. After reducing its debt by $1.3 billion in 2016, Newmont Mining (NEM) reduced its net debt by ~$1.0 billion in 2017. It ended 4Q17 with net debt of $0.8 billion.
Gold miners (GDX) (GDXJ) have to compensate for every ounce they take out of the ground. While mines have finite lives, the companies operating them don’t, so it’s important to look at miners’ reserves and resource estimates and the assumptions used to calculate them. Goldcorp’s (GG) proven and probable gold reserves as of June 30, 2017, were 53.5 million ounces, an improvement of 26.5% YoY (year-over-year).
Yahoo Finance's Jared Blikre joins Seana Smith from the floor of the New York Stock Exchange to discuss the trading debut of Spotify. Under the ticker, SPOT, it would eventually open at 12:43 pm ET at 165.90.