30 марта 2018, 04:15

The Cart In Front Of The Horse: Are Gold Miners Actually Leading The Spot Price?

The Wall Street Journal published an article this morning that could be putting the cart a bit in front of the horse, suggesting that poor performance in gold miners could drag the spot price of the commodity lower, despite the fact that gold has outperformed the S&P 500 year to date by a factor of 1.4% to -2.6%. The Journal suggests that with bond yields on the rise, investors are going to be more likely to allocate capital to treasuries instead of gold, reporting: Higher interest rates tend to buoy Treasury yields and make gold less attractive by comparison. The dollar has also been rebounding, which has cooled some optimism for gold bugs, analysts said. A stronger dollar makes commodities denominated in the currency more expensive for overseas buyers. Gold miners have underperformed despite a strong fourth-quarter earnings season and upbeat 2018 projections. One reason is that some of the companies still aren’t generating as much cash as miners of other metals such as copper, analysts said. What’s the journal doesn’t mention is the major difference between gold miners in the spot price of gold: namely the fact that miners are companies with staff, management, administrative expenses and other variables that have nothing to do with whether or not the spot price of gold is usually bid or not. The assertion that miners are going to lead the price of gold lower versus looking at miners within a potential positive light due to the fact that they could actually be argued to be “underperforming“ the spot price of gold due to this price divergence may leave some of us scratching our heads. The article goes on to note that several miners have actually exceeded their targets for this year due to the spot price of gold but that a key metric in free cash flow relative to market value continues to lag: In 2017, gold prices had their best year since 2010, allowing many miners to repair their balance sheets. Barrick Gold, the world’s largest producer, said it paid down $1.5 billion in debt, exceeding its target, while Newmont Mining Corp. reported an 8% rise in production from a year earlier. But the companies still haven’t caught up in free cash flow relative to market value, a commonly-used metric for evaluating performance, according to Citigroup research. It isn’t unreasonable to think that gold may still lead the price of these miners going forward and that this divergence is simply an aberration that may actually signal a buying opportunity versus coming in in a decline in the price of spot gold. No macroeconomic data has come more into focus over the last couple of months than the CPI number, as inflation continues to be the key metric watched by “economists“ as the bull market reaches its peak and stock market volatility has been undoubtedly on the rise. Given that gold is not only a traditional hedge against volatility and "the system", but also a hedge against inflation itself, it is more likely that the Wall Street Journal has the cart in front of the horse in this case.

16 марта 2018, 17:15

Stock Market News for March 16, 2018

Benchmarks closed mixed on Thursday with both the S&P 500 and Nasdaq ending in negative territory, even as the Dow finished in the green

12 марта 2018, 14:29

Newmont Mining downgraded to underperform from sector perform at RBC Capital

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

07 марта 2018, 17:40

Newmont Poised on Debt Cuts & Growth Projects Amid Cost Woes

Newmont (NEM) is likely to benefit from its efforts to reduce debt and continued investments in growth projects in a rising production cost environment.

07 марта 2018, 00:23

Top Stock Reports for Salesforce, Lowe's & VMware

Top Stock Reports for Salesforce, Lowe's & VMware

23 февраля 2018, 22:55

Is Pain in Store for Gold Mining ETFs on Muted Earnings?

Key gold miners came up with not-so-enthusiastic earnings reports for the fourth quarter. How did ETFs behave?

22 февраля 2018, 18:59

Newmont (NEM) Posts In-Line Q4 Earnings, Revenues Miss

Newmont's (NEM) fourth-quarter earnings match estimates. For 2018, the company expects to produce gold in the range of 4.9-5.4 million ounces.

22 февраля 2018, 16:56

Newmont's (NEM) Q4 Earnings In Line, Sales Miss Estimates

Newmont (NEM) posted adjusted earnings of 40 cents per share for the fourth quarter, which came in line with the Zacks Consensus Estimate.

22 февраля 2018, 16:49

Квартальная выручка Newmont Mining возросла на 8% г/г

Американский производитель золота Newmont Mining представил финансовые результаты за четвертый квартал, завершившийся 31 декабря, согласно которым чистый убыток составил $534 млн или 99 центов на одну акцию, а прибыль за исключением разовых статей (включая расходы, связанные с налоговой реформой в США) оказалась на уровне 40 центов на акцию, тогда как аналитики прогнозировали 38 центов на бумагу. Выручка в рассматриваемом периоде увеличилась на 8% г/г и достигла $1,9 млрд, что совпало с ожиданиями аналитиков Уолл-Стрит.

22 февраля 2018, 16:34

Квартальная выручка Newmont Mining возросла на 8% г/г

Американский производитель золота Newmont Mining представил финансовые результаты за четвертый квартал, завершившийся 31 декабря, согласно которым чистый убыток составил $534 млн или 99 центов на одну акцию, а прибыль за исключением разовых статей (включая расходы, связанные с налоговой реформой в США) оказалась на уровне 40 центов на акцию, тогда как аналитики прогнозировали 38 центов на бумагу. Выручка в рассматриваемом периоде увеличилась на 8% г/г и достигла $1,9 млрд, что совпало с ожиданиями аналитиков Уолл-Стрит.

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21 февраля 2018, 16:40

Newmont (NEM) Hikes Quarterly Dividend on Strong Financials

Newmont (NEM) increases fourth-quarter 2017 dividend to 14 cents per share of common stock.

20 февраля 2018, 18:17

What's in the Cards for Newmont (NEM) This Earnings Season?

Newmont (NEM) is likely to benefit from strong performance in its North American operations in Q4.

19 февраля 2018, 08:04

Рэй Далио увеличил инвестиции своего фонда в золото

Знаменитый инвестор Рэй Далио является основателем инвестиционной компании Bridgewater Associates. Он также известен как любитель жёлтого драгметалла. Его хедж-фонд постоянно инвестирует в золото в виде акций ETF-фондов...

15 февраля 2018, 18:36

Westlake Chemical (WLK) Q4 Earnings: What's in the Cards?

The Axiall buyout, high-margin products and improving Vinyls market are likely to benefit Westlake Chemical's (WLK) Q4 earnings amid headwind from maintenance expenses from scheduled plant outages.

15 февраля 2018, 16:12

Frontrunning: February 15

Global Stocks Power Ahead, Unfazed by U.S. Inflation (WSJ) Florida community seeks answers after 17 killed (Reuters) Florida Teen Charged With 17 Murder Counts in School Attack (BBG) Shooting suspect was 'crazy about guns' (Reuters) Hedge fund Bridgewater makes $22 billion bet against European firms (Reuters) Number of crypto hedge funds soars amid bitcoin volatility (Reuters) Publishers Warm to Google’s Ad Blocker—but Cautiously (WSJ) Shifting Alliances Make Syria’s Tangle of Wars More Dangerous (WSJ) Trump’s Tax Law Could Make Divorces Bitterer (BBG) EU tells Facebook, Google and Twitter to do more for users (Reuters) Rise of Private Assets Is Built on a Mountain of New Debt (WSJ) Doesn’t Anyone Care About Deficits Anymore? (BBG) Cyril Ramaphosa elected President of South Africa (Reuters) Republican Foes of Health Law Try Patch Job Ahead of Midterms (WSJ) How Ramaphosa Pulled the Strings and Toppled a President (BBG) Qualcomm meets Broadcom to discuss $121 billion acquisition offer (Reuters) Lebanese presidency denies U.S. Secretary of State kept waiting at palace (Reuters) Overnight Media Digest WSJ - AT&T Inc is considering an unusual gambit in the coming trial over its $85 billion bid to buy Time Warner Inc , seeking testimony from the Justice Department's antitrust chief Makan Delrahim, who wants to block the merger. (on.wsj.com/2EFXB9W) - Cisco Systems Inc said Wednesday it would repatriate $67 billion of its foreign cash holdings to the U.S. this quarter, in one of the largest repatriation plans yet revealed. (on.wsj.com/2o0H9HX) - British officials blamed Russia for last June's massive "Petya" cyberattack, which crippled computer networks at multinational firms including FedEx Corp and Merck & Co Inc. (on.wsj.com/2o8vuGf) - India's Punjab National Bank said it had uncovered an alleged scam involving some $1.77 billion in transactions at a Mumbai branch. (on.wsj.com/2BXnbXn) - A gunman opened fire at a South Florida high school at the end of the school day Wednesday, leaving 17 people dead and more than a dozen injured in one of the deadliest U.S. school shootings. (on.wsj.com/2o3xJuu) - Siemens AG expects to spend more on compliance as the German company adjusts its accounting in accordance with the new U.S. tax law, the company’s head of tax Christian Kaeser said   FT Israeli drugmaker Teva Pharmaceutical U.S. shares shot up in after-hours trade on Wednesday after Berkshire Hathaway Inc said it had taken a new stake in the company, signalling confidence by famed investor Warren Buffett. Cisco Systems Inc has become the first big tech company to pass the rewards of U.S. tax reform directly to its investors, with the announcement of a $25 billion stock buyback plan that contributed to a 6 per cent bounce in its share price late on Wednesday. Renault SA have confirmed that chief performance officer Stefan Mueller is to leave the company, clearing the way for Thierry Bollore to be anointed as number two on Thursday.   NYT - State financial regulators in New York said on Wednesday that they would investigate reports that gay men have been denied insurance policies covering life, disability or long-term care because they were taking medication to protect themselves against H.I.V. nyti.ms/2CmJb9A - The U.S. Food and Drug Administration on Wednesday approved a long-awaited blood test to detect concussions in people and more quickly identify those with possible brain injuries. The test is called the Banyan Brain Trauma Indicator. nyti.ms/2ClNMJg - AT&T Inc is seeking to put the head of the Justice Department's Antitrust Division on its witness list in a trial over the government's decision to block the phone company's $85 billion merger with Time Warner Inc, according to two people with knowledge of the pretrial activity. nyti.ms/2CmmMth   Canada THE GLOBE AND MAIL ** Sun Life Assurance Co of Canada will become the first major insurance company to add medical marijuana to its group benefits plans for Canadian companies, a pivotal move in the insurance industry that will help ease the financial burden for medical-marijuana users, and a sign of the growing acceptance of cannabis in the Canadian workplace. tgam.ca/2Bv6TDR ** The Quebec government's economic advisory council is calling on the province to quintuple its investment in artificial intelligence to C$500 million ($400.48 million) over the next decade, warning its nascent power in machine learning will be at risk if it does not boost funding. tgam.ca/2BsRrrX ** Barrick Gold Corp is on track to lose its long-held crown as the world's largest gold producer after forecasting production for this year that will likely fall short of U.S. competitor Newmont Mining Corp. tgam.ca/2o2tTm6 NATIONAL POST ** Sears Canada creditors could be a step closer in their attempt to recoup some of the C$3 billion ($2.40 billion) in controversial dividends paid out to the company's shareholders — most notably, Sears Holdings Corp chief executive Edward Lampert — years prior to the defunct retailer's insolvency filing last June. bit.ly/2BvuWm1 ** Canopy Growth Corp strengthened its lead in the cannabis market in the third quarter, more than doubling its year-over-year revenue in the three months leading to Dec 31. bit.ly/2o2amm1   Britain The Times * Jeff Fairburn, chief executive of Persimmon, is in line for one of the largest bonuses in UK corporate history, currently set to be as much as 100 million pounds ($140.03 million). bit.ly/2Cmxe3L * Sterling will plunge more than 15 percent from current levels if Britain leaves the European Union in a disorderly fashion, the International Monetary Fund has warned. bit.ly/2ClvkjU The Guardian * British workers are set for the biggest annual pay rise in a decade, according to forecasts from the Bank of England's agents, as the rising minimum wage and staff shortages finally begin to lift wages above inflation. bit.ly/2Cllleu * GVC, the online gambling firm behind Foxy Bingo, has been fined 350,000 pounds for "repeatedly misleading consumers" with offers of free bonuses, on the same day that regulators announced a crackdown on gambling adverts. bit.ly/2Cl6L6Q The Telegraph * An independent U.S. trade body on Wednesday said it rejected hefty duties on Bombardier's C-Series jets partly because Boeing lost no sales or revenue when Delta Air Lines ordered the aircraft in 2016 from the Canadian planemaker. bit.ly/2CmhJc2 * The chief executive of Galliford Try has said that the cost of a troublesome road project in Aberdeen, one of the contracts which sunk fellow contractor Carillion, will be more than 150 million pounds higher than it had initially thought. bit.ly/2CmC6Ge Sky News * The parent company of Barratt, Dip Dab brands, Tangerine Confectionery, will be auctioned later this year by its owner, the private equity behemoth Blackstone. bit.ly/2CldBcp * The European Union economy grew at its fastest rate in 10 years in 2017, registering a 2.5 percent increase on the year before. bit.ly/2ClZjIo The Independent * British lawmakers have called for urgent action over an erupting pensions misselling scandal after finding that financial advisers exploited thousands of savers for "cynical" personal gain. ind.pn/2CmCm8a * Major banks including Goldman Sachs and JP Morgan have been called out by Conservative MP and head of the influential Treasury Select Committee Nicky Morgan for failing to sign the Women in Finance Charter, which pledges to promote gender diversity across their businesses. ind.pn/2ClimTr    

14 февраля 2018, 01:42

ABX vs. NEM: Which Is the Better Gold Stock Ahead of Earnings?

With Barrick scheduled to report on Feb 14 and Newmont reporting on Feb 22, its a good time to consider which is a better stock.

12 февраля 2018, 15:21

What's in Store for Yamana Gold (AUY) This Earnings Season?

Lower expected costs are likely to support Yamana Gold's (AUY) Q4 margins.

31 января 2014, 18:12

В 2013 году Newmont повысила производство на 2%

 По итогам минувшего года золотодобывающая компания из США - Newmont Mining - повысила производство золота в годичном исчислении на 2% до 5,1 млн унций, говорится в сообщении компании. В последнем квартале 2013 г. золотодобытчик произвел 1,5 млн унций драгметалла против 1,2 млн унций, произведенных за аналогичный период в 2012 г. Ранее Newmont озвучила прогноз на минувший год на уровне 4,8-5,1 млн унций золота. Производство меди в 2013 г. увеличилось на 0,7% до 144 млн фунтов, а в прошлом квартале - на 8,5% до 38 млн фунтов. Средняя цена продажи золота по итогам минувшего года составила $1393, а в IV квартале - $1267, что ниже на 16% и 25% аналогичных показателей, зафиксированных годом раннее. Newmont Mining, второй по объема производитель золота в мире после Barrick Gold, прогнозирует, что выпуск золота по итогам 2014 г. будет на уровне 5-5,3 млн унций, а меди - на уровне 160-175 млн фунтов. В этом году расходы на поддержку производства составят $1075-1175 на унцию золота и $2,75-2,95 на фунт меди. Золотодобытчик отметил, что в текущем году планирует вложить $1,3-1,4 млрд, при этом 90% будет инвестировано в поддержание производства.

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31 января 2014, 17:12

В 2013 г. Newmont повысила производство на 2%

По итогам минувшего года золотодобывающая компания из США Newmont Mining повысило производство золота в годичном исчислении на 2% до 5,1 млн унций, говорится в сообщении компании.