Commodities & Metals
Short Sellers Jostle for Position on Gold-Mining Stocks
November 11, 2020 11:52 am
In the two-week short interest reporting period that ended October 30, the price of gold slipped by about 1.5%. For the year to date, gold futures have gained approximately 22%, after posting an all-time high at $2,089.20 in July. Shortly before noon Wednesday, the yellow metal traded at around $1,863 per ounce.
Short interest decreased on three of five gold-mining stocks and increased on two of three gold exchange-traded funds in the two-weeks ended October 30.
Newmont Corp. (NYSE: NEM) saw short interest fall by 187% to 8.0 million shares. That represents about 1.0% of the company’s float. Days to cover remained at two. In the two-week short interest period, the share price slipped by about 0.3%. Its 52-week range is $33.00 to $72.22, and shares traded at $63.55 on Wednesday.
Barrick Gold Corp. (NYSE: GOLD) short interest rose by 4% in the two weeks to the end of October. About 16.47 million shares were short, less than 1% of the miner’s total float. Days to cover remained at one. Shares dropped by about 3.7% in the period and traded at $25.50 on Wednesday. The stock’s 52-week range is $12.65 to $31.22.
Freeport-McMoRan Inc. (NYSE: FCX) short sellers dumped about 21% of their positions over the two-week period. Some 25.1 million shares were short, or about 1.7% of the stock’s float. The stock increased by about 0.8% in the two-week period, and days to cover remained at two. Shares traded at $19.40 on Wednesday, in a 52-week range of $4.82 to $21.29.
Agnico Eagle Mines Ltd. (NYSE: AEM) saw short interest decrease by 13% in the latter half of October. About 1.1% (2.6 million) of the company’s shares were short. Days to cover remained at three. The stock price declined by about 4.3% during the short interest reporting period. Shares traded Wednesday at $72.75, in a 52-week range of $31.00 to $89.23.
Kinross Gold Corp. (NYSE: KGC) short interest rose by 5% to about 11.3 million shares, or 0.9% of the stock’s float, during the two-week reporting period. The share price tumbled by 13.4% and days to cover remained at one. The stock traded at $7.65 on Wednesday, in a 52-week range of $2.72 to $10.32.
The VanEck Vectors Gold Miners ETF (NYSEARCA: GDX) saw short interest fall by 6% in the two-week period to 40.9 million shares. Days to cover remained at two. The share price dropped by about 7% during the period and traded Wednesday at $37.00. The 52-week range is $16.18 to $45.78.
The VanEck Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ) saw short interest increase by 5% to 6.5 million shares. Days to cover dropped from two to one. Shares lost about 9% during the two-week period. The 52-week range is $19.52 to $65.95, and shares traded on Wednesday at $53.10.
SPDR Gold Shares (NYSEARCA: GLD) saw short interest rise by about 11.3% during the two-week period to 8.8 million shares. The share price dipped by about 1.3% in that time. The 52-week range is $136.12 to $194.45, and shares traded on Wednesday at $174.90.
24/7 Wall St.Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Editors' Picks
