The ongoing rise in cost continues to weigh on the mining sector, as evidenced again by the performance of Barrick Gold (NYSE:ABX) in the latest quarter, where it missed its EPS estimates by a huge 10 cents a share.
For the fourth quarter ended December 31, Barrick earned $1.17 billion, or $1.17 a share. Analysts had been looking for $1.27 a share.
The rise in gold prices during the quarter wasn't enough to offset the soaring cost of doing business, although they did boost revenue to a huge $3.79 billion or 26 percent increase. Gold price increases accounted for 22 percent of the gains.
Net income fell from $961 million, or 96 cents a share last year to $959 million, or 96 cents a share in the latest quarter.
Fourth quarter gold production came to 1.81 million ounces, at $505.00 an ounce. For all of 2011 gold production reached 7.68 million ounces, at an average cost of $460.00 an ounce.
Gold production estimates for 2012 are from 7.3 million to 7.8 million ounces at a cah cost range of $520 to $560 an ounce. Barrick said the higher costs in production are the consequences of rising labor costs and inflation, as well as a change in the production mix.
The most recent analyst activity on Barrick was a downgraded from Canaccord Genuity on January 30, where they were taken from a "Buy" rating to a "Hold" rating, with a price target of $57.50 on the gold mining giant.
Barrick was trading at $47.65, up $0.22, or 0.46 percent, as of 12:45 PM EST.
Showing posts with label Barrick Gold. Show all posts
Showing posts with label Barrick Gold. Show all posts
Thursday, February 16, 2012
Wednesday, February 15, 2012
John Paulson's Barrick (ABX) (GLD) (GOLD) (IAG) Positions Changed
After a rough 2011, which followed a record-breaking 2010, John Paulson changed his positions in gold-related stocks SPDR Gold Trust ETF (NYSE:GLD), Randgold Resources (NASDAQ:GOLD), Iamgold (NYSE:IAG) and Barrick Gold (NYSE:ABX).
SPDR Gold Trust ETF (GLD), which continues to remain his largest holding, was lowered by Paulson by close to 3 million shares, now owning 17.3 million shares in the gold ETF. As of December 31, SPDR Gold Trust shares held by Paulson had a market value $2.6 billion.
Randgold Resources (GOLD), Iamgold (IAG) and Barrick Gold (ABX) were among the 10 positions Paulson increased his holdings in, a nod towards the continued belief that some gold miners are still undervalued when measured against the price of gold.
Other gold holdings of Paulson include NovaGold (AMEX:NG), Gold Fields (NYSE:GFI) and AngloGold Ashanti (NYSE:AU).
SPDR Gold Trust ETF (GLD), which continues to remain his largest holding, was lowered by Paulson by close to 3 million shares, now owning 17.3 million shares in the gold ETF. As of December 31, SPDR Gold Trust shares held by Paulson had a market value $2.6 billion.
Randgold Resources (GOLD), Iamgold (IAG) and Barrick Gold (ABX) were among the 10 positions Paulson increased his holdings in, a nod towards the continued belief that some gold miners are still undervalued when measured against the price of gold.
Other gold holdings of Paulson include NovaGold (AMEX:NG), Gold Fields (NYSE:GFI) and AngloGold Ashanti (NYSE:AU).
Tuesday, January 24, 2012
Barrick (ABX) (HMY) (MFN) (CRK) (SARA) (PXD) Ratings, Price Targets
Barrick Gold (NYSE: ABX), Harmony Gold Mining (NYSE: HMY), Minefinders Corp. Ltd. (NYSE: MFN), Comstock Resources (NYSE: CRK), Saratoga Resources (NASDAQ: SARA) and Pioneer Natural Resources (NYSE: PXD) ratings and price targets.
Barrick Gold (ABX) was downgraded by RBC Capital from an “Outperform” rating to a “Sector Perform” rating.
Harmony Gold Mining (HMY) was upgraded by UBS AG (NYSE:UBS) from a “Neutral” rating to a “Buy” rating.
Minefinders Corp. Ltd. (MFN) was downgraded by Canaccord Genuity from a “Buy” rating to a “Hold” rating.
Comstock Resources (CRK) was downgraded by Global Hunter Securities from an “Accumulate” rating to a “Neutral” rating. They have a price target of $20.00 on the company, down from $30.00.
C.K. Cooper initiated coverage on Saratoga Resources (SARA). They placed a “Buy” rating and a price target of $10.00 on the company.
Pioneer Natural Resources (PXD) was downgraded by Stifel Nicolaus from a “Buy” rating to a “Hold” rating.
Barrick Gold (ABX) was downgraded by RBC Capital from an “Outperform” rating to a “Sector Perform” rating.
Harmony Gold Mining (HMY) was upgraded by UBS AG (NYSE:UBS) from a “Neutral” rating to a “Buy” rating.
Minefinders Corp. Ltd. (MFN) was downgraded by Canaccord Genuity from a “Buy” rating to a “Hold” rating.
Comstock Resources (CRK) was downgraded by Global Hunter Securities from an “Accumulate” rating to a “Neutral” rating. They have a price target of $20.00 on the company, down from $30.00.
C.K. Cooper initiated coverage on Saratoga Resources (SARA). They placed a “Buy” rating and a price target of $10.00 on the company.
Pioneer Natural Resources (PXD) was downgraded by Stifel Nicolaus from a “Buy” rating to a “Hold” rating.
Tuesday, December 20, 2011
Barrick (ABX) (URI) (VRTX) (WNS) (BAMXY) (BMC) Upgraded
Barrick Gold Corp. (NYSE: ABX), United Rentals, Inc. (NYSE: URI), Vertex Pharmaceuticals (NASDAQ: VRTX), WNS Holdings Ltd (NYSE: WNS), BAYERISCHE (OTC: BAMXY) and BMC Software, Inc. (NYSE: BMC) were upgraded by analysts.
United Rentals, Inc. (URI) was upgraded by RBC Capital to an “Outperform” rating.
Vertex Pharmaceuticals (VRTX) was upgraded by RBC Capital to a “Sector Perform” rating.
WNS Holdings Ltd (WNS) was upgraded by Robert W. Baird from a “Neutral” rating to an “Outperform” rating. They have a price target of $13.00 on the company, up from $12.00.
Barrick Gold Corp. (ABX) was upgraded by Scotia Capital from a “Sector Perform” rating to an “Outperform” rating.
BAYERISCHE (BAMXY) was upgraded by WestLB to a “Neutral” rating.
BMC Software, Inc. (BMC) was upgraded by BMC Equities Research to a “Neutral” rating.
United Rentals, Inc. (URI) was upgraded by RBC Capital to an “Outperform” rating.
Vertex Pharmaceuticals (VRTX) was upgraded by RBC Capital to a “Sector Perform” rating.
WNS Holdings Ltd (WNS) was upgraded by Robert W. Baird from a “Neutral” rating to an “Outperform” rating. They have a price target of $13.00 on the company, up from $12.00.
Barrick Gold Corp. (ABX) was upgraded by Scotia Capital from a “Sector Perform” rating to an “Outperform” rating.
BAYERISCHE (BAMXY) was upgraded by WestLB to a “Neutral” rating.
BMC Software, Inc. (BMC) was upgraded by BMC Equities Research to a “Neutral” rating.
Monday, December 19, 2011
Barrick Gold (ABX) (CRM) (EXPR) (RAD) (DG) (KEX) Ratings, Price Targets
Barrick Gold (NYSE: ABX), Salesforce.com (NYSE: CRM), Express, Inc. (NASDAQ: EXPR), Rite Aid (NYSE: RAD), Dollar General (NYSE: DG) and Kirby Co. (NYSE: KEX) ratings and price targets.
Barrick Gold (ABX) was upgraded by Scotia Capital from a “Sector Perform” rating to an “Outperform” rating.
Salesforce.com (CRM) had its “Buy” rating reiterated by Needham & Company.
Express, Inc. (EXPR) had its “Overweight” rating reiterated by Piper Jaffray (NYSE:PJC). They have a price target of $32.00 on the company.
Rite Aid (RAD) had its “Neutral” rating reiterated by Goldman Sachs (NYSE:GS).
Dollar General (DG) is now covered by Bank of America (NYSE:BAC). They placed a “Buy” rating on the company.
Kirby Co. (KEX) is now covered by Evercore Partners. They placed an “Overweight” rating on the company.
Barrick Gold (ABX) was upgraded by Scotia Capital from a “Sector Perform” rating to an “Outperform” rating.
Salesforce.com (CRM) had its “Buy” rating reiterated by Needham & Company.
Express, Inc. (EXPR) had its “Overweight” rating reiterated by Piper Jaffray (NYSE:PJC). They have a price target of $32.00 on the company.
Rite Aid (RAD) had its “Neutral” rating reiterated by Goldman Sachs (NYSE:GS).
Dollar General (DG) is now covered by Bank of America (NYSE:BAC). They placed a “Buy” rating on the company.
Kirby Co. (KEX) is now covered by Evercore Partners. They placed an “Overweight” rating on the company.
Friday, October 7, 2011
Barrick (ABX) (WSO) (WWW) (AYI) (WES) (BECN) Upgraded
Barrick Gold Corp (NYSE: ABX), Watsco, Incorporated (NYSE: WSO), Wolverine World Wide (NYSE: WWW), Acuity Brands Inc (NYSE: AYI), Western Gas Partners (NYSE: WES) and Beacon Roofing Supply (NASDAQ: BECN) were upgraded by analysts.
Barrick Gold Corp. (NYSE: ABX) was upgraded by BMO Capital Markets from a “Market Perform” rating to an “Outperform” rating.
Watsco, Incorporated (WSO) was upgraded by Robert W. Baird from a “Neutral” rating to an “Outperform” rating. They have a price target of $68.00 on the company, down from $69.00.
Wolverine World Wide (WWW) was upgraded by Argus from a “Hold” rating to a “Buy” rating. They have a price target of $44.00 on the company.
Acuity Brands Inc. (AYI) was upgraded by KeyBanc from a “Hold” rating to a “Buy” rating. They have a price target of $50.00 on the company.
Western Gas Partners (WES) was upgraded by Stifel Nicolaus from a “Hold” rating to a “Buy” rating. They have a price target of $37.00 on the company.
Beacon Roofing Supply (BECN) was upgraded by KeyBanc from a “Hold” rating to a “Buy” rating. They have a price target of $21.00 on the company.
Barrick Gold Corp. (NYSE: ABX) was upgraded by BMO Capital Markets from a “Market Perform” rating to an “Outperform” rating.
Watsco, Incorporated (WSO) was upgraded by Robert W. Baird from a “Neutral” rating to an “Outperform” rating. They have a price target of $68.00 on the company, down from $69.00.
Wolverine World Wide (WWW) was upgraded by Argus from a “Hold” rating to a “Buy” rating. They have a price target of $44.00 on the company.
Acuity Brands Inc. (AYI) was upgraded by KeyBanc from a “Hold” rating to a “Buy” rating. They have a price target of $50.00 on the company.
Western Gas Partners (WES) was upgraded by Stifel Nicolaus from a “Hold” rating to a “Buy” rating. They have a price target of $37.00 on the company.
Beacon Roofing Supply (BECN) was upgraded by KeyBanc from a “Hold” rating to a “Buy” rating. They have a price target of $21.00 on the company.
Tuesday, September 6, 2011
Novagold (NG) (EGO) (ABX) (GG) (AUY) (NEM) Soar with Gold Price
Shares of Novagold (NYSE:AMEX), Eldorado Gold (NYSE:EGO), Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG), Yamana (NYSE:AUY), Newmont (NYSE:NEM) jumped Friday, along with the price of gold, as it closed in on its record of $1,888.70, set on August 22.
Gold futures in New York closed at $1,873.70 an ounce, gaining $47.70, or 2.6 percent.
The ongoing recession, endless sovereign debt crisis in Europe, and surety of a another round of quantitative easing will continue to offer support to gold prices going forward.
Silver also jumped, climbing $1.54, or 3.7 percent, to $43.02 an ounce. It's still off its 30-year high of $48.58 reached on April 29.
Newmont Mining closed Friday at $64.47, gaining $2.00, or 3.20 percent. NovaGold ended the session at $10.91, up $0.69, or 6.75 percent. Yamana closed at $16.83, rising $0.75, or 4.66 percent. Barrick closed at $52.87, climbing $1.20, or 2.32 percent. Eldorado Gold closed at $20.85, jumping $0.49, or 2.41 percent.
Gold futures in New York closed at $1,873.70 an ounce, gaining $47.70, or 2.6 percent.
The ongoing recession, endless sovereign debt crisis in Europe, and surety of a another round of quantitative easing will continue to offer support to gold prices going forward.
Silver also jumped, climbing $1.54, or 3.7 percent, to $43.02 an ounce. It's still off its 30-year high of $48.58 reached on April 29.
Newmont Mining closed Friday at $64.47, gaining $2.00, or 3.20 percent. NovaGold ended the session at $10.91, up $0.69, or 6.75 percent. Yamana closed at $16.83, rising $0.75, or 4.66 percent. Barrick closed at $52.87, climbing $1.20, or 2.32 percent. Eldorado Gold closed at $20.85, jumping $0.49, or 2.41 percent.
Monday, August 22, 2011
Gold Jumping on QE3 Speculation
Speculation the Federal Reserve will introduce another round of quantitative easing had the price gold surpassing the $1,890 mark early in the trading day, as investors continue to migrate toward safety in the volatile and weak economy.
Gold broke $1,890 in New York and London, as the failed Obama economic policies continue to weigh on the global economy.
While some continue to talk double-dip recession, we at Everything Gold have maintained we've never left the recession, as the data continue to confirm.
Others who believed in the recovery myth are now talking entering a recession, which has helped offer support to the price of gold, as well as the ongoing sovereign debt debacle in Europe. An earlier-than-expected QE3 adds more fuel to the gold price fire, and could cause an inevitable correction in gold to be somewhat subdued in comparison to what it may have been.
Barrick Gold (NYSE:ABX) was trading at $52.61, gaining $1.83, or 3.60 percent, as of 11:48 AM. Yamana Gold (NYSE:AUY) was trading at $15.94, jumping $0.43, or 2.77 percent. Newmont Mining (NYSE:NEM) was at $63.23, climbing $3.15, or 5.24 percent. Goldcorp was trading at $53.96, increasing $2.31, or 4.47 percent. Eldorado Gold was at $20.12, up $0.73, or 3.76 percent. Novagold was trading at $10.05, gaining $0.49, or 5.13 percent.
Gold broke $1,890 in New York and London, as the failed Obama economic policies continue to weigh on the global economy.
While some continue to talk double-dip recession, we at Everything Gold have maintained we've never left the recession, as the data continue to confirm.
Others who believed in the recovery myth are now talking entering a recession, which has helped offer support to the price of gold, as well as the ongoing sovereign debt debacle in Europe. An earlier-than-expected QE3 adds more fuel to the gold price fire, and could cause an inevitable correction in gold to be somewhat subdued in comparison to what it may have been.
Barrick Gold (NYSE:ABX) was trading at $52.61, gaining $1.83, or 3.60 percent, as of 11:48 AM. Yamana Gold (NYSE:AUY) was trading at $15.94, jumping $0.43, or 2.77 percent. Newmont Mining (NYSE:NEM) was at $63.23, climbing $3.15, or 5.24 percent. Goldcorp was trading at $53.96, increasing $2.31, or 4.47 percent. Eldorado Gold was at $20.12, up $0.73, or 3.76 percent. Novagold was trading at $10.05, gaining $0.49, or 5.13 percent.
Tuesday, August 9, 2011
JPMorgan (JPM) Says Gold Could Push $2,500 by the End of 2011
After three straight days of a huge gold rally, the largest since 2008, JPMorgan (NYSE:JPM) said gold could go crazy and soar to as high as $2,500 an ounce by the end of 2011.
This of course is led by Obama and the Democrat refusing to do the responsible thing and cut back on government spending (along with some Republicans).
Gold has jumped recently to an all-time high of $1,779 an ounce. The $2,500 mark, if reached, would represent a new high when taking into consideration being adjusted for inflation.
Goldman Sachs (NYSE:GS) has also joined the gold chorus, saying they see it hitting $1,730 an ounce within 6 months and $1,900 an ounce in 12 months.
Keynesianism is in its death throes as the realization the failed economic theory of the government printing money to escape recessions is just that - a failed one. Socialism everywhere is on the run as the unsustainability of entitlement programs and excessive military spending is increasingly being made clear to a growing number of people.
Consequently, the reason gold is soaring is not only as a safety hedge and defense against inflation, but it's value and recognition as a viable currency is roaring back. Gold has also broken away from the impact of demand, from and industrial standpoint, no longer considered to be affected by the business cycle.
As expected, gold miners are trading up today, with Yamana Gold (NYSE:AUY) trading at $13.61, gaining $0.16, or 1.19 percent, as of 12:14 PM EDT. NovaGold (NYSE:NG) was at $9.30, up $0.26, or 2.88 percent. Eldorado Gold (NYSE:EGO) was trading at $18.08, gaining $0.20, or 1.12 percent. Newmont Mining (NYSE:NEM) was at $54.46, up $0.33, or 0.61 percent. Goldcorp was trading at $46.66, gaining $0.22, or 0.47 percent. Barrick Gold was at $46.62, jumping $0.48, or 1.04 percent.
This of course is led by Obama and the Democrat refusing to do the responsible thing and cut back on government spending (along with some Republicans).
Gold has jumped recently to an all-time high of $1,779 an ounce. The $2,500 mark, if reached, would represent a new high when taking into consideration being adjusted for inflation.
Goldman Sachs (NYSE:GS) has also joined the gold chorus, saying they see it hitting $1,730 an ounce within 6 months and $1,900 an ounce in 12 months.
Keynesianism is in its death throes as the realization the failed economic theory of the government printing money to escape recessions is just that - a failed one. Socialism everywhere is on the run as the unsustainability of entitlement programs and excessive military spending is increasingly being made clear to a growing number of people.
Consequently, the reason gold is soaring is not only as a safety hedge and defense against inflation, but it's value and recognition as a viable currency is roaring back. Gold has also broken away from the impact of demand, from and industrial standpoint, no longer considered to be affected by the business cycle.
As expected, gold miners are trading up today, with Yamana Gold (NYSE:AUY) trading at $13.61, gaining $0.16, or 1.19 percent, as of 12:14 PM EDT. NovaGold (NYSE:NG) was at $9.30, up $0.26, or 2.88 percent. Eldorado Gold (NYSE:EGO) was trading at $18.08, gaining $0.20, or 1.12 percent. Newmont Mining (NYSE:NEM) was at $54.46, up $0.33, or 0.61 percent. Goldcorp was trading at $46.66, gaining $0.22, or 0.47 percent. Barrick Gold was at $46.62, jumping $0.48, or 1.04 percent.
Thursday, August 4, 2011
Gold Futures Soar to Record $1,684.70 An Ounce
Gold futures jumped to another record today, reaching as high as $1,684.70 in morning trading, as investors continue to pour their money into the safety of the yellow metal.
Gold futures for December delivery climbed $12.70, or 0.8 percent, to $1,679 at 10:29 A.M. on the Comex in New York after earlier reaching the record amount. This is the third day in a row gold has broken records.
The misguided actions of American politicians to raise the debt ceiling will increase the pace at which the U.S. dollar will eventually stop being the reserve currency of the world.
Even with the outrageous quantitative easing of the Federal Reserve and the Obama administration, the recession continues, no jobs have been created, and the value of the U.S. dollar continues to plunge. Gold will continue to rise in price under these conditions.
Gold miners, which have largely been lagging the upward price move of gold, show signs of beginning to be rewarded, as recent quarterly reports from Alamos Gold (TSX:AGI) and Yamana Gold (NYSE:AUY) seem to reveal that may be over. Most of this is in direct relationship to rising gold prices, as input costs have risen.
Even so, gold miners are getting punished today, as majors like Newmont Mining (NYSE:NEM), Goldcorp (NYSE:GG) and Barrick Gold (NYSE:ABX) are all trading down between 3 to 5 percent.
Gold futures for December delivery climbed $12.70, or 0.8 percent, to $1,679 at 10:29 A.M. on the Comex in New York after earlier reaching the record amount. This is the third day in a row gold has broken records.
The misguided actions of American politicians to raise the debt ceiling will increase the pace at which the U.S. dollar will eventually stop being the reserve currency of the world.
Even with the outrageous quantitative easing of the Federal Reserve and the Obama administration, the recession continues, no jobs have been created, and the value of the U.S. dollar continues to plunge. Gold will continue to rise in price under these conditions.
Gold miners, which have largely been lagging the upward price move of gold, show signs of beginning to be rewarded, as recent quarterly reports from Alamos Gold (TSX:AGI) and Yamana Gold (NYSE:AUY) seem to reveal that may be over. Most of this is in direct relationship to rising gold prices, as input costs have risen.
Even so, gold miners are getting punished today, as majors like Newmont Mining (NYSE:NEM), Goldcorp (NYSE:GG) and Barrick Gold (NYSE:ABX) are all trading down between 3 to 5 percent.
Friday, July 29, 2011
Barrick Gold (ABX) Facing Cost Challenges
During its conference call with analysts, Barrick Gold (NYSE:ABX) said its capital expenditures remain a challenge, as its project pipeline costs for its Cerro Casale project in Chile, Pueblo Viejo JV in the Dominican Republican, and the Pascua-Lama mine on the Chile-Argentina border have all been raised.
Also noted by Barrick CEO Aaron Regent is the increase in costs for labor, consumables and design adjustments at some of its major projects.
"Operationally and financially, we had a solid quarter but the increased pressure on the capital costs for projects has been a challenge," said Regent on the conference call.
Barrick has completed its $7.3 billion acquisition of Equinox Minerals in July, which should provide an additional cash flow source which will be reinvested in the gold business of the company. The Lumwana mine should produce about 300 million pounds of copper annually.
As for gold production in the second quarter, it rose from 1,944,000 ounces in 2010 to 1,977,000 ounces this year. The company said it should reach its production goal guidance of 7.6 million to 8 million ounces in 2011. Barrick's five-year goal is to reach 9 million ounces a year in gold production.
On the cost side, the company wants to cut is cash costs by 20 percent during that five-year period.
Earnings for the second quarter jumped 35 percent from $859 million, or 84 cents a share in the second quarter of 2010 to $1.16 billion, or $1.16 billion a share in the second quarter of 2011.
Also noted by Barrick CEO Aaron Regent is the increase in costs for labor, consumables and design adjustments at some of its major projects.
"Operationally and financially, we had a solid quarter but the increased pressure on the capital costs for projects has been a challenge," said Regent on the conference call.
Barrick has completed its $7.3 billion acquisition of Equinox Minerals in July, which should provide an additional cash flow source which will be reinvested in the gold business of the company. The Lumwana mine should produce about 300 million pounds of copper annually.
As for gold production in the second quarter, it rose from 1,944,000 ounces in 2010 to 1,977,000 ounces this year. The company said it should reach its production goal guidance of 7.6 million to 8 million ounces in 2011. Barrick's five-year goal is to reach 9 million ounces a year in gold production.
On the cost side, the company wants to cut is cash costs by 20 percent during that five-year period.
Earnings for the second quarter jumped 35 percent from $859 million, or 84 cents a share in the second quarter of 2010 to $1.16 billion, or $1.16 billion a share in the second quarter of 2011.
Monday, July 25, 2011
NovaGold (NG) (GG) (NEM) (EGO) (ABX) Trading Up as Gold Jumps
The price of gold is hopping again today, pushing up shares of gold miners like NovaGold (NYSE:NG), Goldcorp (NYSE:GG), Newmont (NYSE:NEM), Eldorado Gold (NYSE: EGO) and Barrick Gold (NYSE:ABX), as the market remains jittery over the inability of politicians to come to a conclusion concerning the debt ceiling.
U.S. gold futures for August delivery rose to $16.80 an ounce at $1,618.30.
Spot gold climbed as high as $1,624 an ounce and was up 1.1 percent at $1,615.74 an ounce.
Expectations are the price of gold will be volatile this week, moving in conjunction with news stories released covering the negotiations.
Silver Prices jumped to $41.08 an ounce in Monday morning – a 2.5 gain from the close on Friday. It has pulled back since then.
U.S. gold futures for August delivery rose to $16.80 an ounce at $1,618.30.
Spot gold climbed as high as $1,624 an ounce and was up 1.1 percent at $1,615.74 an ounce.
Expectations are the price of gold will be volatile this week, moving in conjunction with news stories released covering the negotiations.
Silver Prices jumped to $41.08 an ounce in Monday morning – a 2.5 gain from the close on Friday. It has pulled back since then.
Wednesday, July 6, 2011
Price Targets on Alcoa (AA) (ABX) (AVB) (CDE) Changed
Alcoa Inc. (NYSE: AA), Barrick Gold (NYSE: ABX), AvalonBay Communities, Inc. (NYSE: AVB) and Coeur d'Alene Mines (NYSE: CDE) had their price targets adjusted by analysts.
Deutsche Bank (NYSE:DB) cut their price target on Alcoa Inc. (AA) from $22.00 to $20.00. They have a “buy” rating on the company.
Deutsche Bank cut their price target on Barrick Gold Corp (ABX) from $76.00 to $67.00. They have a “buy” rating on the company.
Barclays Capital raised their price target on AvalonBay Communities, Inc. (AVB) from $123.00 to $125.00. They have an “equal weight” rating on the company.
Deutsche Bank cut their price target on Coeur d Alene Mines Corp (CDE) from $54.00 to $50.00. They have a “buy” rating on the company.
Coeur d'Alene Mines closed Tuesday at $24.83, gaining $0.91, or 3.80 percent. Alcoa closed at $16.39, jumping $0.08, or 0.49 percent. Barrick Gold closed at $45.98, up $1.20, or 2.68 percent. AvalonBay Communities, Inc. closed at $134.39, rising $1.83, or 1.38 percent.
Deutsche Bank (NYSE:DB) cut their price target on Alcoa Inc. (AA) from $22.00 to $20.00. They have a “buy” rating on the company.
Deutsche Bank cut their price target on Barrick Gold Corp (ABX) from $76.00 to $67.00. They have a “buy” rating on the company.
Barclays Capital raised their price target on AvalonBay Communities, Inc. (AVB) from $123.00 to $125.00. They have an “equal weight” rating on the company.
Deutsche Bank cut their price target on Coeur d Alene Mines Corp (CDE) from $54.00 to $50.00. They have a “buy” rating on the company.
Coeur d'Alene Mines closed Tuesday at $24.83, gaining $0.91, or 3.80 percent. Alcoa closed at $16.39, jumping $0.08, or 0.49 percent. Barrick Gold closed at $45.98, up $1.20, or 2.68 percent. AvalonBay Communities, Inc. closed at $134.39, rising $1.83, or 1.38 percent.
Friday, July 1, 2011
Miners (ABX) (GG) (NEM) Close Up While Gold Falls
Newmont Mining (NYSE:NEM), Barrick Gold (NYSE:ABX) and Goldcorp (NYSE:GG) closed up Thursday, even as gold prices fell.
Gold closed down on the last day of the quarter, as prices weakened after Greece voted for austerity measures in order to prevent a debt default by securing financial aid.
Even so, gold still finished the quarter in positive territory because of an ongoing extremely weak global economy.
As for the sovereign debt crisis in Europe, it continues to fluctuate back and forth as the EU battles to keep countries from becoming the first domino to drop in what could quickly become a contagion. The sovereign debt situation in Europe is far from being solved or safe.
Gold closed the quarter up by close to five percent, settling at $1,502.80, down $7.60 for August futures. Spot gold was trading at just over $1,500 an ounce.
The inability of gold to rally on a weak U.S. dollar has some concerned it could be a negative sign for the next quarter. Against a basket of currencies the greenback was down half a percent. Most of that on an expected increase in interest rates in Europe.
Silver also closed down Thursday, ending the quarter down 7.5 percent. If it doesn't find more support, many believe it could drop significantly more before it begins its upward climb again. Silver had nine straight positive quarters before this one.
Newmont Mining closed at $53.97, gaining $0.45, or 0.84 percent. Goldcorp closed at $48.27, up $0.02, or 0.04 percent. Barrick Gold closed at $45.29, rising $0.21, or 0.47 percent.
Gold closed down on the last day of the quarter, as prices weakened after Greece voted for austerity measures in order to prevent a debt default by securing financial aid.
Even so, gold still finished the quarter in positive territory because of an ongoing extremely weak global economy.
As for the sovereign debt crisis in Europe, it continues to fluctuate back and forth as the EU battles to keep countries from becoming the first domino to drop in what could quickly become a contagion. The sovereign debt situation in Europe is far from being solved or safe.
Gold closed the quarter up by close to five percent, settling at $1,502.80, down $7.60 for August futures. Spot gold was trading at just over $1,500 an ounce.
The inability of gold to rally on a weak U.S. dollar has some concerned it could be a negative sign for the next quarter. Against a basket of currencies the greenback was down half a percent. Most of that on an expected increase in interest rates in Europe.
Silver also closed down Thursday, ending the quarter down 7.5 percent. If it doesn't find more support, many believe it could drop significantly more before it begins its upward climb again. Silver had nine straight positive quarters before this one.
Newmont Mining closed at $53.97, gaining $0.45, or 0.84 percent. Goldcorp closed at $48.27, up $0.02, or 0.04 percent. Barrick Gold closed at $45.29, rising $0.21, or 0.47 percent.
Monday, May 23, 2011
Barrick (ABX) Closed Week Slightly Up
After a wild ride last week, gold prices finally closed up and Barrick Gold (NYSE:ABX) moved up with it in the final session on Friday.
June gold closed on Friday at $1,508.90 an ounce, up $16.50, trading in a range of $1,486.40 and $1,515.80.
For the Week gold ended up by about 1.15 percent, although still down 4 percent from the all-time high of $1,575 an ounce attained in the early part of May.
Silver closed at $35.16, up 0.6 percent, but down by about 30 percent since a record high on April 28 of $49.51.
Barrick Gold participates in the production and marketing of gold, as well as related activities like exploration and development of mines.
Barrick closed Friday at $45.60, up $0.03, or 0.07 percent. It has a market cap of 45.57 billion.
June gold closed on Friday at $1,508.90 an ounce, up $16.50, trading in a range of $1,486.40 and $1,515.80.
For the Week gold ended up by about 1.15 percent, although still down 4 percent from the all-time high of $1,575 an ounce attained in the early part of May.
Silver closed at $35.16, up 0.6 percent, but down by about 30 percent since a record high on April 28 of $49.51.
Barrick Gold participates in the production and marketing of gold, as well as related activities like exploration and development of mines.
Barrick closed Friday at $45.60, up $0.03, or 0.07 percent. It has a market cap of 45.57 billion.
Friday, May 20, 2011
Barrick Gold (NYSE:ABX) Trades Up
Even though gold prices closed slightly down on Thursday, Barrick Gold (NYSE:ABX) closed up on the day.
Gold for June delivery, closed down $3.40, or 0.2 percent, at $1,492.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
Silver prices ended the session down. July delivery for silver fell 16.5 cents, or 0.5 percent, to $34.932 a troy ounce.
The ICE Futures' dollar index was down 0.5 percent at 75.106. The U.S. dollar was down against most of its major peers at the end of trading Thursday.
Extremely bad news on Obama's economy pressured the commodity sector.
July contracts had copper falling 5.25 cents to settle at $4.0525 a pound and platinum dropped $10.90 to $1,769 an ounce. June palladium settled down $9.05 at $728.15 an ounce.
Housing sales and manufacturing data revealed an ongoing weak and fragile American economy.
Barrick Gold Corporation participates in gold exploration, mine development and production and marketing of gold. Overall the company has a portfolio of 25 operating mines and a pipeline of projects located around the world, including North America, South America, the Australia Pacific region, and Africa. The also have exposure to copper, oil and gas properties.
The giant miner closed Thursday at $45.57, gaining $0.22, or 0.49 percent.
Gold for June delivery, closed down $3.40, or 0.2 percent, at $1,492.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
Silver prices ended the session down. July delivery for silver fell 16.5 cents, or 0.5 percent, to $34.932 a troy ounce.
The ICE Futures' dollar index was down 0.5 percent at 75.106. The U.S. dollar was down against most of its major peers at the end of trading Thursday.
Extremely bad news on Obama's economy pressured the commodity sector.
July contracts had copper falling 5.25 cents to settle at $4.0525 a pound and platinum dropped $10.90 to $1,769 an ounce. June palladium settled down $9.05 at $728.15 an ounce.
Housing sales and manufacturing data revealed an ongoing weak and fragile American economy.
Barrick Gold Corporation participates in gold exploration, mine development and production and marketing of gold. Overall the company has a portfolio of 25 operating mines and a pipeline of projects located around the world, including North America, South America, the Australia Pacific region, and Africa. The also have exposure to copper, oil and gas properties.
The giant miner closed Thursday at $45.57, gaining $0.22, or 0.49 percent.
Wednesday, May 11, 2011
Miners (ABX) (KGC) (ANV) (RGLD) (AU) Trade Mixed as Gold Jumps Again
Shares of gold miners Allied Nevada Gold (AMEX:ANV), Royal Gold (Nasdaq:RGLD), Barrick Gold (NYSE:ABX), AngloGold Ashanti (NYSE:AU) and Kinross Gold Corp (NYSE:KGC)close mixed Tuesday as gold bumps up again.
Gold for June delivery added $13.70, or 0.9%, to $1,516.90 an ounce on the Comex division of the New York Mercantile Exchange.
Silver also extended its rebound, with the July contract gaining $1.37, or 3.7%, to $38.47 an ounce.
Separately, HSBC Global Research boosted its average price estimate for gold, silver and platinum.
HSBC raised its gold price projection to $1,525 an ounce from $1,450 an ounce this year, and to $1,500 from $1,300 for 2012.
For silver, the bank sees it averaging $34 in 2011, up from a previous estimate of $26, and $29 from $20 in 2012.
Platinum is seen closing 2011 at $1,850 from $1,750, according to HSBC, and ending 2012 at $1,750 from $1,650.
For palladium, HSBC sees it averaging $825, from $750, in 2011, and $750 from $650 in 2012.
Barrick Gold closed at $47.65, down $0.02, or 0.04 percent.
Gold for June delivery added $13.70, or 0.9%, to $1,516.90 an ounce on the Comex division of the New York Mercantile Exchange.
Silver also extended its rebound, with the July contract gaining $1.37, or 3.7%, to $38.47 an ounce.
Separately, HSBC Global Research boosted its average price estimate for gold, silver and platinum.
HSBC raised its gold price projection to $1,525 an ounce from $1,450 an ounce this year, and to $1,500 from $1,300 for 2012.
For silver, the bank sees it averaging $34 in 2011, up from a previous estimate of $26, and $29 from $20 in 2012.
Platinum is seen closing 2011 at $1,850 from $1,750, according to HSBC, and ending 2012 at $1,750 from $1,650.
For palladium, HSBC sees it averaging $825, from $750, in 2011, and $750 from $650 in 2012.
Barrick Gold closed at $47.65, down $0.02, or 0.04 percent.
Monday, April 18, 2011
Barrick (ABX) (EGO) (NG) (IVN) Trade Mixed as Gold Climbs Toward $1,500
On Friday gold prices soared toward the $1,500 an ounce mark, trading as high as $1,488 an ounce in afternoon action until closing at $1,486.50 an ounce. Eldorado Gold Corporation (NYSE:EGO), NovaGold Resources Inc. (AMEX:NG), Ivanhoe Mines Ltd. (NYSE:IVN) and Barrick Gold (NYSE:ABX) traded mixed as many gold miners pulled back after pushing up last week.
Inflation continues to be a major factor in gold price movement, as food and fuel prices in the U.S. continue to soar and consumer prices in China jump.
The ongoing weakness in the U.S. dollar, sovereign debt crisis in Europe and the unrest in the Middle East makes gold an attractive safe haven alternative for capital.
Barrick Gold closed Friday at $53.33, falling $0.09, or 0.17 percent. Ivanhoe Mines Ltd. closed at $26.60, rising $0.22, or 0.83 percent. NovaGold Resources Inc. closed at $13.27, gaining $0.05, or 0.38 percent. Eldorado Gold Corporation ended the session at $18.06, up $0.18, or 1.01 percent.
Inflation continues to be a major factor in gold price movement, as food and fuel prices in the U.S. continue to soar and consumer prices in China jump.
The ongoing weakness in the U.S. dollar, sovereign debt crisis in Europe and the unrest in the Middle East makes gold an attractive safe haven alternative for capital.
Barrick Gold closed Friday at $53.33, falling $0.09, or 0.17 percent. Ivanhoe Mines Ltd. closed at $26.60, rising $0.22, or 0.83 percent. NovaGold Resources Inc. closed at $13.27, gaining $0.05, or 0.38 percent. Eldorado Gold Corporation ended the session at $18.06, up $0.18, or 1.01 percent.
Monday, March 28, 2011
Barrick (ABX), (AEM) (GG) (GFI) (ABGL) See Gold Cost Challenges
CEOs of Barrick Gold (NYSE:ABX), Agnico Eagle (NYSE:AEM), Goldcorp (NYSE:GG), Gold Fields (NYSE:GFI) and African Barrick Gold (ABGL) all recently said they see the rising costs of mining gold as a future challenge to the industry and their individual companies.
Even as the gold miners report stronger cash flows and good profits, costs are increasingly becoming an area of concern and some worry about the impact costs will have on capital expenditure
While the high price of silver, copper and other by-products of gold extraction have kept operating costs in check, miners are worried that capital spending on new projects will become unmanageable as labor, steel and energy costs keep pushing higher.
On top of that, gold miners have also suffered as the Canadian dollar, Australian dollar, Chilean peso and Mexican peso have strengthened against the U.S. dollar. Sales of most miners are typically denominated in U.S. dollars, while costs are often based in local "commodity" currencies.
A catch-22 for the industry is its success as well, as outlying gold deposits which couldn't be mined in the past because of prohibitive costs are now able to be mined successfully, but it does cost more to do it, but gold demand forces companies to pursue the resource.
Another problem is the delayed reaction from greedy governments, which are now attempting to extract a larger portion of the earning of the companies because of out of control spending and making promises they can't keep.
The problem there is they're making decisions based on past performance and costs rather than what the companies are now, and will be facing in future years. That could also devastate and slow the industry down if the greedy politicians attempt to take even more from the miners.
Even as the gold miners report stronger cash flows and good profits, costs are increasingly becoming an area of concern and some worry about the impact costs will have on capital expenditure
While the high price of silver, copper and other by-products of gold extraction have kept operating costs in check, miners are worried that capital spending on new projects will become unmanageable as labor, steel and energy costs keep pushing higher.
On top of that, gold miners have also suffered as the Canadian dollar, Australian dollar, Chilean peso and Mexican peso have strengthened against the U.S. dollar. Sales of most miners are typically denominated in U.S. dollars, while costs are often based in local "commodity" currencies.
A catch-22 for the industry is its success as well, as outlying gold deposits which couldn't be mined in the past because of prohibitive costs are now able to be mined successfully, but it does cost more to do it, but gold demand forces companies to pursue the resource.
Another problem is the delayed reaction from greedy governments, which are now attempting to extract a larger portion of the earning of the companies because of out of control spending and making promises they can't keep.
The problem there is they're making decisions based on past performance and costs rather than what the companies are now, and will be facing in future years. That could also devastate and slow the industry down if the greedy politicians attempt to take even more from the miners.
Friday, March 11, 2011
Newmont (NEM), Barrick (ABX), Goldcorp (GG), Eldorado (EGO) Jump on Safe Haven Focus
A number of things have again been lining up to support gold recently, including continuing sovereign debt issues in the EU; most recently with Spain. There's also rising inflation, and today's reminder with the earthquake in Japan, the fragility of the global economy. There's also the fighting in Libya which hasn't slowed down at all, creating more uncertainty.
Consequently investors are again migrating to gold and gold investments like miners Newmont (NYSE:NEM), Barrick (NYSE:ABX), Goldcorp (NYSE:GG), Eldorado Gold (NYSE:EGO), which are all up today as gold prices are bid up.
Gold for April delivery rose $7.10, or 0.5%, to $1,419.50 an ounce on the Comex division of the New York Mercantile Exchange.
Shares in SPDR Gold Trust (NYSEArca:GLD), Market Vectors Gold Miners ETF (NYSEArca:GDX) and Market Vectors Junior Gold Miners ETF (NYSEArca:GDXJ) are all up as well.
Silver investments like the iShares Silver Trust (NYSEArca:SLV) and Global X Silver Miners ETF (NYSEArca:SIL), along with Silver Wheaton (NYSE:SLW), are all up as well, moving in unison with gold.
Consequently investors are again migrating to gold and gold investments like miners Newmont (NYSE:NEM), Barrick (NYSE:ABX), Goldcorp (NYSE:GG), Eldorado Gold (NYSE:EGO), which are all up today as gold prices are bid up.
Gold for April delivery rose $7.10, or 0.5%, to $1,419.50 an ounce on the Comex division of the New York Mercantile Exchange.
Shares in SPDR Gold Trust (NYSEArca:GLD), Market Vectors Gold Miners ETF (NYSEArca:GDX) and Market Vectors Junior Gold Miners ETF (NYSEArca:GDXJ) are all up as well.
Silver investments like the iShares Silver Trust (NYSEArca:SLV) and Global X Silver Miners ETF (NYSEArca:SIL), along with Silver Wheaton (NYSE:SLW), are all up as well, moving in unison with gold.
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