Gold-Mining Stocks See Some Big Short Interest Moves

Commodities & Metals

Published: October 27, 2020 10:48 am

In the two-week short interest reporting period that ended October 15, the price of gold slipped by about 2.9%. For the year to date, gold futures have gained nearly 25% and posted an all-time high at $2,089.20 in July. Early Monday, the yellow metal traded at around $1,909 per ounce.

Short interest decreased on three of five gold-mining stocks and on two of three gold exchange-traded funds in the two-weeks that ended October 15.

Newmont Corp. (NYSE: NEM) saw short interest jump by 18% to 9.6 million shares, which represents about 1.2% of the company’s float. Days to cover remained at two. In the two-week short interest period, the stock’s share price slipped by about 0.7%. Its 52-week range is $33.00 to $72.22 and shares traded at $62.70 on Tuesday.

Barrick Gold Corp.’s (NYSE: GOLD) short interest fell by 8% in the two-week period. About 15.7 million shares were short, less than 1% of the miner’s total float. Days to cover remained at one. Shares dropped by about 1.3% in the period, and the stock traded at $26.66 on Tuesday. The stock’s 52-week range is $12.65 to $31.22.

Freeport-McMoRan Inc. (NYSE: FCX) short sellers dumped about 8% of their positions over the two-week period. Some 31.6 million shares were short, or about 2.2% of the stock’s float. Shares traded at $17.60 on Tuesday, in a 52-week range of $4.82 to $18.67. The stock jumped by about 10% in the two weeks to October 15. Days to cover remained at two.

Agnico Eagle Mines Ltd. (NYSE: AEM) saw short interest increase by 2% in the first half of October. About 1.2% (2.9 million) of the company’s shares were short. Days to cover remained at three. Shares traded Tuesday at $79.60, in a 52-week range of $31.00 to $89.23. The stock price increased by about 4.1% during the short interest reporting period.

Kinross Gold Corp. (NYSE: KGC) added about 4.7% to its share price during the two-weeks through October 15. Short interest plunged by 24% to about 10.8 million shares, or 0.9% of the stock’s float. Days to cover remained at one. Shares traded at $8.60 on Tuesday, in a 52-week range of $2.72 to $10.32.

The VanEck Vectors Gold Miners ETF (NYSEARCA: GDX) saw short interest rise by 2% in the two-week period to 43.6 million shares. Days to cover remained at two. The share price rose by about 2.9% during the reporting period and traded Tuesday at $38.38. The 52-week range is $16.18 to $45.78.

The VanEck Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ) saw short interest decrease by 4% to 6.2 million shares. Days to cover increased from one to two. Shares increased by about 5.7% during the two weeks. The 52-week range is $19.52 to $65.95, and shares traded at $55.45 on Tuesday.

SPDR Gold Shares (NYSEARCA: GLD) saw short interest plummet by nearly 34% during the two week period to 7.9 million shares. The share price increased by about 1% during the two-week period. The 52-week range is $136.12 to $194.45, and shares traded Tuesday at $178.99.