Posts for Ticker ‘GDX’

Yet Higher Gold Prices Cometh (GLD, GDX, ABX, GG)

Gold ImageYesterday’s surprise move from India that sent gold through the roof to almost $1,085.00 per ounce was a game changing event in gold.  Many technical analysts and chartists were looking for, or at least hoping for, a further consolidation in the price of the shiny yellow stuff.  Yet now that appears to not be the case.  This has broad ramifications for the SPDR Gold Shares (NYSE: GLD) and for Market Vectors Gold Miners ETF (NYSE: GDX); and it also of course will help push top-line and bottom line improvements to the likes of two of the huge players of Barrick Gold Corporation (NYSE: ABX) and for Goldcorp Inc. (NYSE: GG).  This morning we received an audio-visual slide show technical analysis presentation from one of our affiliates INO.  This was by Adam Hewison, who we have noted was making a big gold call for a move to $1,100 and then $1,200 or even higher back when gold prices were consolidating and well under the $1,000 mark.
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Posted on: November 4, 2009 – 11:09 am in Charts, Commodities, ETF, Emerging Markets, Metals, Technical Analysis, , , ,

A Few Lagging Gold Names (GDX, NXG, EGI, GRZ)

Gold ImageWith gold totally breaking out of the old power-band, it is interesting that a few players are still lagging the pack.  Many of these stocks are up 7% and closer to 10% now that many feel the $1,000.00 mark may become the new floor for gold.  To show how strong the group is with gold over $1,040.00, the Market Vectors Gold Miners ETF (NYSE: GDX) is up over 6% at $47.20.  We’d also make note that these are small AMEX shares and most have dual listings elsewhere.  We of course screened out all OTC and Pink Sheet stocks in this search today.
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Posted on: October 6, 2009 – 1:09 pm in Commodities, Metals, , , ,

Weak Economic News Sends Investors to Gold (ABX, KGC, GFI, GDX, GLD, RGLD)

camMonopoly_wideweb__430x325,0This morning’s reports on unemployment (up), manufacturing (down), housing (sort of up), and consumer spending (up a little) have pushed the market down. Out of the gate this morning, gold miners and spot gold prices followed the market down, but as trading has increased the spot gold price has recovered about half its early losses and the gold miners are coming back too. Read More »

Posted on: October 1, 2009 – 11:47 am in Metals, , , , , ,

Gold Miners Digging Out? (ABX, AU, NEM, GDX, GLD)

Now that Barrick Gold Corp. (NYSE:ABX) has raised $4 billion or so to buy out its hedges, the company is set to enjoy an expected run-up in gold prices. In early trading today, Barrick shares were up about 1.5%, AngloGold Ashanti Ltd. (NYSE:AU) shares were up slightly, and Newmont Mining Corp. (NYSE:NEM) shares were up about 1%.

Share prices for these and other gold mining shares have been on the rise for the past few weeks. The Market Vectors Gold Miners ETF (NYSE:GDX) peaked at $48 a week ago, a new 52-week high. SPDR Gold Shares ETF (NYSE:GLD) also flirted with a new 52-week high today. Spot gold prices have been as high as $1,015/oz today, but are moving back down at just $1,001.79. Read More »

Posted on: September 24, 2009 – 11:13 am in Metals, , , , ,

The $1,000 Gold Call Returns (GLD, GDX, UGL, ABX, HMY)

Gold ImageThe commodities call is back on.  It isn’t $100 oil, but it is for $1,000.00 gold.  We have two well respected market technicians calling for higher gold prices.  At 10:12 AM EST,  Spot Gold was trading at $982.34, a change of +$7.78 or +0.80%.  Simultaneously, the SPDR Gold Shares (NYSE: GLD) was up 0.4% at $96.55.  The Market Vectors Gold Miners ETF (NYSE: GDX), which is an ETF full of the top gold mining stocks, is up over 1.5% at $43.15 and has been all over the place this morning.  The Ultra Gold ProShares (NYSE: UGL), which tries to track twice the dollar performance of gold bullion, was up 0.75% at $36.95 on fairly thin volume.  Even Barrick Cold Corporation (NYSE: ABX), one of the largest miners and producers, was up 0.8% at $38.12 on active trading.  Harmony Gold Mining Co. Ltd. (NYSE: HMY) is also up about 2.6% at $10.27, and this is despite J.P. Morgan downgrading this stock this morning to Hold from Buy.

One of our affiliates, INO.com, has an audio/video presentation by Adam Hewison that shows data back to 2001 and using current data to discuss the possibilities of a break-out coming up in the price of spot gold.  This notes how yesterday was a large day and is back up to the resistance line.  He still thinks that the $1,000.00 per ounce mark continues to be the big hurdle but that is possible to see even before the end of the week.

We also saw how Dennis Gartman yesterday was on CNBC talking about gold rallying more in foreign currency markets than the U.S. and he noted how something was going on there… particularly as gold went up the same day the bond market went up.  It seems to Gartman that the vote is a bet on gold but one against the economy.  What is funny is that Gartman thinks that everyone should have exposure to gold, but 2% to 3% of their portfolio or 5% in extreme cases.

And there is more to this yet, particularly as you go into 2010…
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Posted on: September 3, 2009 – 10:31 am in Charts, Commodities, Metals, Technical Analysis, Trading Alert, , , , ,

Charts vs. Fundamentals: How High Can Gold Go? (GG, ZLC, GLD, GDX, ABX)

Gold ImageThis morning’s move in gold may have seemed like an anomaly as gold briefly traded up over $970.00 per ounce.  The shiny yellow stuff rose $2.28 at $964.78 as of 10:42 AM EST.    What is interesting is how the companies and instruments around the shiny metal have been trading and what they have been reporting.  Gold Fields (NYSE: GG), Zale Corp. (NYSE: ZLC), SPDR Gold Shares (NYSE: GLD), Market Vectors Gold Miners ETF (NYSE: GDX), and Barrick Gold Corporation (NYSE: ABX) are all of focus and interest here.

One of our affiliates has run a chart based audio visual analysis with the expectation that next week will be a solid week in gold and a note that we could pass the $1,000.00 mark.
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Posted on: August 6, 2009 – 11:18 am in Charts, Commodities, ETF, Luxury, Metals, , , , ,

Gold Miners Staging Breakouts (GDX, AU, GOLD, RGLD, ABX, AUY, GG, NEM)

Gold has been making a serious comeback and many are talking about the $1,000 per ounce level again as being ahead shortly.  This latest run is with energy prices screaming, the US Dollar getting pounded again, and with the fears that all this new money being printed is going to create much higher inflation down the road.  When gold was making the same sort of run to $1,000 earlier this year, that was because of the fear premium.  The other difference is that in this move, we are now starting to see a technical break-out on the charts of some of the top gold miners that trade in the U.S. that are actually global operations.  The Market Vectors Gold Miners ETF (NYSE: GDX) was up 4% at $44.45 in early trading, and its 52-week trading range is $15.83 to $51.84.  Two gold stocks are making key break-outs: AngloGold Ashanti Ltd. (NYSE: AU) and Randgold Resources Limited (NASDAQ: GOLD).  Other large gold mining leaders are lagging, but you have to wonder how long that will last if the stock market stays strong and if the interest in the re-flation trade stays high.
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Posted on: May 29, 2009 – 9:16 am in Commodities, ETF, Metals, , , , , , , ,

Gold ETF’s Try To Interpret Anglogold Earnings (AU, GLD, GDX)

Gold ImageWith gold back well above the $900.00 mark, it seems that the SPDR Gold Shares (NYSE: GLD) and the Market Vectors Gold Miners ETF (NYSE: GDX) are trying to interpret a key gold earnings report.  South African gold miner AngloGold Ashanti Ltd. (NYSE:AU) reported first quarter 2009 profits of $150 million and EPS of $0.42, substantially better than fourth quarter 2008 loss of $17 million (EPS loss of -$0.05).

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Posted on: May 15, 2009 – 8:09 am in Commodities, ETF, Metals, , ,

Gold Miners Struggling with Costs, Gold Prices (NEM, ABX, GDX)

gold-image1Lower prices for copper and gold hit Newmont Mining Corp. (NYSE:NEM) hard in the first quarter of 2009. Barrick Gold Corp. (NYSE: ABX) is also getting hit after its report, and all of this is acting to drag down even the Market Vectors Gold Miners ETF (NYSE: GDX).

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Posted on: April 30, 2009 – 9:15 am in Commodities, ETF, Earnings, Luxury, Metals, , ,

Will Gold Get the Flu? (GLD, GDX, IAU)

gold-imageGold is not being used by industry right now and demand for jewelry remains highly unexciting, but many traders are still using the shiny metal stuff for the ultimate flight to safety for protecting against uncertainty and inflation.  Some ETFs we track, SPDR Gold Shares (NYSE:GLD), Market Vectors Gold Miners ETF (NYSE:GDX), and iShares COMEX Gold Trust (NYSE:IAU) were all off around 1% in pre-market trading this morning.

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Posted on: April 27, 2009 – 8:57 am in Commodities, ETF, Metals, , ,

Gold Production Expected to Fall (AU, GLD, GDX)

gold-image31AngloGold Ashanti Ltd. (NYSE:AU) has indicated that first quarter 2009 production will reach just 1.1 million ounces of gold, 2.5% lower than previous guidance. The company has maintained its previous guidance for production for the full year at 4.9-5.0 million ounces at a cash cost of $435-$450/ounce.
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Posted on: April 2, 2009 – 9:21 am in Commodities, ETF, Metals, , ,

Gold’s Value Without Fear & Inflation (GLD, GDX, ABX, GFI, GG, NEM)

gold-image3The recent move in gold may be saying something about how to value the commodity in an environment of low inflation and in an environment where fear brings less of a premium.  The London gold price today is down around $920/ounce. That’s about $25/ounce lower than yesterday’s close and gold had been down about $30/ounce earlier.  In fact, that decline reflects what may be a topping trend in gold prices for the last 30 days.  For the past year gold prices have trended upward, but the last thirty days have turned down. The SPDR Gold Shares (NYSE: GLD) ETF is almost flat for the past 30 days and for the past year. The Market Vectors Gold Miners Index (NYSE: GDX) is down about 20% for the year and about flat for the last 30 days.
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Posted on: March 24, 2009 – 10:11 am in Commodities, ETF, Metals, , , , , ,

The Reflation Trade Emerges, Again (USO, OIL, GLD, GDX, DBA)

burning-money-pic28money-stack-image46Some good news in the markets today and the massive influx of future money from the Fed and Treasury has led to a substantial increase in both crude oil and gold prices. NYMEX crude futures are up more than $3/barrel, and London gold is above $950/ounce after falling below $890/ounce yesterday.  Yesterday, it was the exit of fear driving the markets, now the notion of “inflation coming around the corner” is back.
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Posted on: March 19, 2009 – 9:36 am in Commodities, ETF, Economy, , , , ,

Gold Stock Pressure, With Or Without Gold Prices (EGO, RGLD, IAG, GSS, GLD, GDX, ABX)

gold-image4We covered last weekend about how the $1,000.00 gold was at an inflection point and looking as though it was either poised to pop to $1,200.00 on the speculation of fear or that it was likely to fall back towards $800.00 as reality prevails as the world didn’t flatten and proceed to roll off the edge into the abyss.  What is interesting is that even as gold was hitting highs, many of the miners, particularly the speculative miners, were well under highs and have seen even worse pressure this week on gold’s pullback.
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Posted on: February 27, 2009 – 9:03 am in Commodities, Metals, Trading Alert, , , , , , ,

$800 or $1,200 Gold, Panic Vs. Inflation, ETF’s (GLD, UGL, DZZ, DGP, DGZ, GDX)

gold-image1We have probably covered more gold stocks over the last couple of months than we care to recall, but we have been getting more and more inquiries on the ETF’s and on how to play the shiny yellow stuff directly.  When we see the media covering any topic with this frenzy and traders getting more and more interested, history and calm dictate that an inflection point has been reached.  Following this inflection point is almost certainly what will be a sharp move in either direction.  Gold breached the $1,000.00 threshold Friday as panic set further and further in, so in theory we could either be at $1,200.00 or $800.00 with a near-equal probablity in just a few months.
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Posted on: February 21, 2009 – 8:43 am in Commodities, ETF, Luxury, Metals, Oil & Gas, Trading Alert, , , , , ,

Royal Gold, Envy of Chartists & Gold Bugs (RGLD, ABX, MFN, GG, NEM, GDX)

Royal_gold_logoIn the current climate, there are hardly any stocks which are hitting new 52-week highs.  If you go to the gold sector, the leaders are very far under their highs.  Apparently, it seems that Royal Gold Inc. (NASDAQ: RGLD) did not get the memo that its peers are well off of highs and that there are problems with the stock market.  Shares of Royal Gold are at 52-week and all-time highs.  There may be good reason too.

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Posted on: December 17, 2008 – 12:12 pm in Commodities, Interview, Luxury, Metals, Trading Alert, , , , , ,

Gold Stock Challenging 52-Week & All-Time Highs (RGLD, NEM, ABX, GG, GDX)

Gold_picWe didn’t include Royal Gold, Inc. (NASDAQ:RGLD) in yesterday’s look at mining stocks where we outlined scenarios which would make 2009 a great year or a lousy year for the sector’s key players.  But investors certainly have been looking it over. Shares closed at $37.06 yesterday, about $3.00 from their 52-week high.  In fact, shares even briefly put in a new 52-week high on an intra-day basis.

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Posted on: December 12, 2008 – 11:27 am in Commodities, Metals, Trading Alert, , , , ,

Gold Fields Underscores Woes of Gold Sector (GFI, NEM, GG, ABX, AU, GLD, GDX)

Gold_pic_2South African gold miner Gold Fields Limited (NYSE:GFI) posted its fiscal year 2008 earnings today. The company has been hit hard by higher costs, lower production, and a cave-in that killed eight miners. The company reported net profit for the year of $662.6 million on production of about 3.64 million ounces of gold.  What is most interesting here is that the issues inside the company may offer some great insight to the problems inside other global gold miners. 

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Posted on: September 29, 2008 – 11:10 am in Metals, , , , , , ,

Leveraged Gold ETN/ETF Launches (DZZ, DGP, DGZ, GLD, GDX, DGL, DB)

Deutsche Bank AG (NYSE: DB) has launched three new Exchange Traded Notes (ETN’s) that will track the performance of certain index moves inside the Deutsche Bank Liquid Commodity Index – Optimum Yield Gold ™.  What is great is that these three ETN’s can be used in IRA’s for long or short trading styles because of some immediate inverse in the ETN’s.  Investors can also make leveraged strategies based on the ETN’s.

The ETN’s listed by Deutsche Bank will now trade on NYSE Arca under the following ticker symbols:

  • DB Gold Double Short ETN (NYSE: DZZ)
  • DB Gold Double Long ETN (NYSE: DGP)
  • DB Gold Short ETN (NYSE: DGZ)

Prior to this, the normal gold ETF from the Deutsche Bank index was PowerShares DB Gold (AMEX: DGL).

Investors will now have more select exchange traded vehicles outside of the streetTRACKS Gold Shares (NYSE: GLD) ETN that tracks the raw price of gold on a 1:10 price ratio, and outside of the ETF called the Van Eck’s Market Vectors Gold Miners ETF (AMEX: GDX) that tracks some of the major gold mining stocks rather than the commodity.   

"Thar’s gold ETN’s in them thar hills."

Jon C. Ogg
February 28, 2008

Posted on: February 28, 2008 – 2:35 pm in ETF, Metals, , , , , , , , ,

ETF Winners & Losers (June 12, 2007)

DJIA                        13,295.01; -129.95 (0.97%)
S&P500                  1,493.00; -16.12 (1.07%)
NASDAQ                 2,549.77; -22.38 (0.87%)
10YR-Bond             5.248%; +0.111%
NYSE Volume          2,964,548,000
NASDAQ Volume    2,046,866,000

Obviously we have the "inverse index and UltraShort ETF’s" leading the day because of the more than 125 point drop in the DJIA today.  Regardless, there are some winners outside of the inverse funds.   And there is a whole slew of ETF losers.

WINNERS:
The top 22 ETF performers are short or ultra-short ETF’s, but here are the few and far between sectors that won on their own…..but most aren’t even real stock sectors….

United States Natural Gas                             (UNG) +1.05%
PowerShares DB G10 Currency Harvest     (DBV) +0.42%
PowerShares DB Agriculture                         (DBA) +0.41%
CurrencyShares British Pound Sterling Tr  (FXB) +0.29%
PowerShares DB US Dollar Index Bullish  (UUP) +0.20%

LOSERS:
SPDR S&P China                                             (GXC) (-2.17%)
Market Vectors Steel                                         (SLX) (-2.11%)
Market Vectors Gold Miners                             (GDX) (-2.09%)
Claymore/Zacks Yield Hog                              (CVY) (-2.08%)
WisdomTree International Financial             (DRF) (-2.05%)
iShares Dow Jones US Real Estate              (IYR)  (-2.03%)
iShares S&P Latin America 40 Index             (ILF) (-2.01%)
SPDR S&P Emerging Markets                        (GMM) (-1.97%)
WisdomTree Pacific ex-Japan Hi-Yld Eq       (DNH) (-1.94%)

Jon C. Ogg
June 12, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Posted on: June 12, 2007 – 3:22 pm in ETF, HI/LOW, , , , , , , , , , , , , ,