A temporarily strengthening U.S. dollar continues to put pressure on gold prices, as investors pour money into the greenback based upon perceived safety.
This of course isn't a nod towards a really strong dollar, but rather the consequences of an falling euro in response to the endless sovereign debt crisis in Europe, as well as the volatile political climate.
Gold prices will continue to fall, as they usually do, as long as the U.S. dollar gets stronger against the euro. As soon as that changes it will reverse, and gold prices will resume their climb.
Until that happens, we could see gold prices drop to December lows of close to $1,520, and from there, if the euro remains weak, gold could fall below the $1,500 an ounce mark.
The U.S. dollar climbed against a basket of major currencies while the euro dropped to a four-month low against the dollar.
Also pressuring gold is the unwinding of bullish positions in the metal by money managers, who have slashed their long positions by about 20 percent. That brings holdings in gold futures by the money managers to the lowest level since the latter part of 2008.
Since the fundamentals accompanying the rise in gold prices remain in place, it's only a matter of a relatively short time before prices start to climb again.
Showing posts with label Gold Prices. Show all posts
Showing posts with label Gold Prices. Show all posts
Monday, May 14, 2012
Wednesday, March 21, 2012
Gold Could Jump on Inflation, Dollar, India Jewelry Demand
Gold prices may be poised to rebound as several elements are combining to give the yellow metal a probable boost.
Federal Reserve Chairman Ben Bernanke made a statement that rising oil prices could spark inflation, the U.S. dollar has been under pressure, and jewelers in India are ending a 5-day shutdown protesting proposed tax increases from the Indian government; all of which could push gold prices up quickly over the short term.
Another major factor is the ongoing sovereign debt crisis in Europe, which continues to weigh down the Zone. The media has neglected it recently, so it hasn't been part of the conversation, even though it's a significant factor in the movement of gold prices.
Bernanke was extremely bearish on European banks, which points to the fact there will be more quantitative easing coming, which is also very bullish for gold.
So far in 2012 gas prices in the U.S. have soared 18 percent, reaching a ten-month high of $3.864 a gallon Wednesday. Not only is inflation a trigger for gold prices to rise, but in the case of higher gas prices, it takes away from consumer spending, which weakens the economy, which also can push gold prices higher.
Gold for April delivery on New York Mercantile Exchange the Comex division of the New York Mercantile Exchange settled at $1,650.30 an ounce, up $3.30, or 0.2 percent.
Federal Reserve Chairman Ben Bernanke made a statement that rising oil prices could spark inflation, the U.S. dollar has been under pressure, and jewelers in India are ending a 5-day shutdown protesting proposed tax increases from the Indian government; all of which could push gold prices up quickly over the short term.
Another major factor is the ongoing sovereign debt crisis in Europe, which continues to weigh down the Zone. The media has neglected it recently, so it hasn't been part of the conversation, even though it's a significant factor in the movement of gold prices.
Bernanke was extremely bearish on European banks, which points to the fact there will be more quantitative easing coming, which is also very bullish for gold.
So far in 2012 gas prices in the U.S. have soared 18 percent, reaching a ten-month high of $3.864 a gallon Wednesday. Not only is inflation a trigger for gold prices to rise, but in the case of higher gas prices, it takes away from consumer spending, which weakens the economy, which also can push gold prices higher.
Gold for April delivery on New York Mercantile Exchange the Comex division of the New York Mercantile Exchange settled at $1,650.30 an ounce, up $3.30, or 0.2 percent.
Thursday, March 1, 2012
Silver, Gold Jump After Big Selloff
A day after silver and gold were hammered, the two precious metals rebounded after investors took advantage to get in at a good price.
Silver and gold prices have been soaring, and were due for a correction.
Silver for May delivery climbed $1.02, or 2.9 percent, to $35.66 an ounce. Gold for April delivery rose $10.90, or 0.6 percent, to end the session at $1,722,20 an ounce on the Comex division of the New York Mercantile Exchange.
Neither the long-term outlook for silver or gold has changed, and the upward price momentum, over time, will continue.
Other metals were also up today, including May copper, which was up 5 cents, or 1.4 percent, to $3.92 a pound.
April platinum rose $8.50, or 0.5 percent, to $1,701.10 an ounce. Palladium for June delivery jumped $8.35, or 1.2 percent, to $715 an ounce.
Silver Wheaton closed at $38.80, gaining $0.43, or 1.12 percent. First Majestic Silver closed at $20.80, jumping $0.34, or 1.66 percent. Silvercorp Metals closed at $7.36, up $0.01, or 0.14 percent.
Silver and gold prices have been soaring, and were due for a correction.
Silver for May delivery climbed $1.02, or 2.9 percent, to $35.66 an ounce. Gold for April delivery rose $10.90, or 0.6 percent, to end the session at $1,722,20 an ounce on the Comex division of the New York Mercantile Exchange.
Neither the long-term outlook for silver or gold has changed, and the upward price momentum, over time, will continue.
Other metals were also up today, including May copper, which was up 5 cents, or 1.4 percent, to $3.92 a pound.
April platinum rose $8.50, or 0.5 percent, to $1,701.10 an ounce. Palladium for June delivery jumped $8.35, or 1.2 percent, to $715 an ounce.
Silver Wheaton closed at $38.80, gaining $0.43, or 1.12 percent. First Majestic Silver closed at $20.80, jumping $0.34, or 1.66 percent. Silvercorp Metals closed at $7.36, up $0.01, or 0.14 percent.
Wednesday, September 21, 2011
Gold, Silver Nowhere Near Being Finished
All the hoopla by the mainstream financial media about the possibility of gold and silver having entered into a bubble is just that: hoopla. Both aren't anywhere near to historic highs, as measured against the CPI-U, and have plenty of upside left in them both.
Even if you wanted to measure gold by the governments unreliable CPI numbers, when adjusted for inflation, gold would still have to reach $2,330 to attain the record it reached in 1980, giving it 30 percent more room to run.
For silver it's even better, as when measured against the government CPI data, it would need to reach $136, an upside of about 246 percent, depending on when you read this article.
But by most measurements, gold and silver should perform even better than those represented by the data above. For example, when measured by percentage gains from 1971 to the former record high, gold climbed 249 percent and silver 307 percent during that time.
If that was to translate into today's prices, gold would jump to $6,227 an ounce, and silver to $160 an ounce.
As we all know though, past performance doesn't guarantee what will happen in the future, but it is a type of general road map one can follow.
The point is, when measured by historical performance, whichever metrics you use, gold and silver are far from reaching their highs, and even further from entering into bubble status.
That's not to say the correction is over or there won't be volatility on the ongoing upward climb of silver and gold prices. Volatility will always be part of silver and gold because of their connection to movements based on headlines, especially with silver.
But overall, we'll continue to see these two precious metals move up in price, as there's nothing in the macroeconomic situation that has changed which would alter that outlook.
Even if you wanted to measure gold by the governments unreliable CPI numbers, when adjusted for inflation, gold would still have to reach $2,330 to attain the record it reached in 1980, giving it 30 percent more room to run.
For silver it's even better, as when measured against the government CPI data, it would need to reach $136, an upside of about 246 percent, depending on when you read this article.
But by most measurements, gold and silver should perform even better than those represented by the data above. For example, when measured by percentage gains from 1971 to the former record high, gold climbed 249 percent and silver 307 percent during that time.
If that was to translate into today's prices, gold would jump to $6,227 an ounce, and silver to $160 an ounce.
As we all know though, past performance doesn't guarantee what will happen in the future, but it is a type of general road map one can follow.
The point is, when measured by historical performance, whichever metrics you use, gold and silver are far from reaching their highs, and even further from entering into bubble status.
That's not to say the correction is over or there won't be volatility on the ongoing upward climb of silver and gold prices. Volatility will always be part of silver and gold because of their connection to movements based on headlines, especially with silver.
But overall, we'll continue to see these two precious metals move up in price, as there's nothing in the macroeconomic situation that has changed which would alter that outlook.
Wednesday, August 31, 2011
Alcoa (AA), Caterpillar (CAT) Push Dow Up
After solid reports from the Chicago purchasing managers' index and factory orders, shares of Alcoa (NYSE:AA) and Caterpillar (NYSE:CAT) helped push the Dow up, as it moved slightly into positive territory on the year.
In early trading the S&P 500 (SPX) climbed 10 points, or 0.9%; and the Nasdaq Composite (COMP) was up 21 points, or 0.8%.
On Friday the August report for jobs will be released, with expectations of the economy adding about 80,000 new jobs. The unemployment rate should remain at 9.1 percent.
It also appears there will be another round of quantitative easing, with the question apparently only what form it'll take, not if it'll be implemented. That will put downward pressure on the U.S. dollar and push gold and other commodities up.
Alcoa was trading at $12.77, up $0.41, or 3.32 percent, as of 11:59 AM EDT. Caterpillar was at $91.70, jumping $1.87, or 2.08 percent.
In early trading the S&P 500 (SPX) climbed 10 points, or 0.9%; and the Nasdaq Composite (COMP) was up 21 points, or 0.8%.
On Friday the August report for jobs will be released, with expectations of the economy adding about 80,000 new jobs. The unemployment rate should remain at 9.1 percent.
It also appears there will be another round of quantitative easing, with the question apparently only what form it'll take, not if it'll be implemented. That will put downward pressure on the U.S. dollar and push gold and other commodities up.
Alcoa was trading at $12.77, up $0.41, or 3.32 percent, as of 11:59 AM EDT. Caterpillar was at $91.70, jumping $1.87, or 2.08 percent.
Thursday, July 14, 2011
Gold Prices Today Soaring on Debt Fears
With U.S. and European debt generating huge concerns among investors, gold continues to push up, increasing by $3 to $1,588.50 an ounce at the Comex division of the New York Mercantile Exchange for August delivery.
Gold has reached as high as $1,594.90, as it presses toward the $1,600 an ounce mark.
The euro was up 0.33 percent against the dollar, while the dollar index remains flat at $74.96.
Uncertainty in the U.S. and Europe continues to be the determining factor in the price of gold during this time, and the hint toward the Federal Reserve being ready to pour more money into the market and further devalue the U.S. dollar is more fuel to the gold price fire.
Also on the back of the minds of investors is the inflation situation in China and India. India just announced inflation climbed to 9.44 percent in Junem up form 9.06 percent in May. Production prices in the U.S. also help gold, and silver as well, falling 0.4 percent below what was being looked for.
Barrick Gold (NYSE:ABX) and US Gold Corp (NYSE:UXG) have been the recipients of bullish call activity recently, with investors acquired 53,000 call options in comparison to 20,000 puts.
US Gold has heavy call activity for November. The share price has been jumping since it hit $5.82 on Monday. It was trading at $6.65, as of 10:59 AM EDT.
A number of gold miners have pulled back after jumping in early morning trading. Goldcorp was at $54.01, falling 0.23, or 0.42 percent, as of 11:00 AM EDT. Yamana Gold (NYSE:AUY) was at $13.01, down $0.14, or 1.06 percent. Eldorado Gold was trading at $17.76, declining $0.01, or 0.06 percent. NovaGold was at $10.06, dropping $0.21, or 2.04 percent.
Gold has reached as high as $1,594.90, as it presses toward the $1,600 an ounce mark.
The euro was up 0.33 percent against the dollar, while the dollar index remains flat at $74.96.
Uncertainty in the U.S. and Europe continues to be the determining factor in the price of gold during this time, and the hint toward the Federal Reserve being ready to pour more money into the market and further devalue the U.S. dollar is more fuel to the gold price fire.
Also on the back of the minds of investors is the inflation situation in China and India. India just announced inflation climbed to 9.44 percent in Junem up form 9.06 percent in May. Production prices in the U.S. also help gold, and silver as well, falling 0.4 percent below what was being looked for.
Barrick Gold (NYSE:ABX) and US Gold Corp (NYSE:UXG) have been the recipients of bullish call activity recently, with investors acquired 53,000 call options in comparison to 20,000 puts.
US Gold has heavy call activity for November. The share price has been jumping since it hit $5.82 on Monday. It was trading at $6.65, as of 10:59 AM EDT.
A number of gold miners have pulled back after jumping in early morning trading. Goldcorp was at $54.01, falling 0.23, or 0.42 percent, as of 11:00 AM EDT. Yamana Gold (NYSE:AUY) was at $13.01, down $0.14, or 1.06 percent. Eldorado Gold was trading at $17.76, declining $0.01, or 0.06 percent. NovaGold was at $10.06, dropping $0.21, or 2.04 percent.
Monday, May 23, 2011
Eldorado Gold (EGO) Jumps on Euro Fears
Eldorado Gold Corp. (NYSE:EGO) closed strong last week as concerns over the faltering European Union over its sovereign debt crisis pushed gold prices up, and gold miners with them.
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 was up by about 1.15 percent, but still down 4 percent from the all-time high of $1,575 an ounce reached 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.
Eldorado Gold participates in the discovery, exploration, development, production, and reclamation of gold properties in Brazil, the People’s Republic of China, Greece, and Turkey.
Eldorado closed Friday at $15.68, up $0.20, or 1.29 percent. It has a market cap of $8.60 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 was up by about 1.15 percent, but still down 4 percent from the all-time high of $1,575 an ounce reached 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.
Eldorado Gold participates in the discovery, exploration, development, production, and reclamation of gold properties in Brazil, the People’s Republic of China, Greece, and Turkey.
Eldorado closed Friday at $15.68, up $0.20, or 1.29 percent. It has a market cap of $8.60 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.
Monday, May 9, 2011
Gold ETFs (GDXJ) (DGP) (GLD) After Gold Closes Up
Gold was able to shake itself of silver Friday, as it has been weighed down by the plummeting price of silver in recent trade, which also has been dragging down gold ETFs and ETNs like Market Vectors Junior Gold Mine (NYSE:GDXJ), DB Gold Double Long ETN (NYSE:DGP) and SPDR Gold Trust (NYSE:GLD).
Gold for June delivery climbed $10.20, or 0.7 percent, to $1,491.60 an ounce. Gold lost 4.2 percent last week, as it had settled at a record $1,556.40 an ounce the Friday before. Gold fell 4.2 percent on the week.
Silver for July delivery dropped 95.3 cents, or 2.6 percent, to $35.29 an ounce on the Comex division of the New York Mercantile Exchange. It had risen as high as $36.43 an ounce in Friday's trading.
The front-month silver contract had its worst week since late March 1980. Silver for May delivery fell 27 percent in the five-day period — its biggest percent drop since that date. The most-active July contract also was down 27 percent on the week.
Silver has lost 14 percent so far in 2011. On April 25, silver had reached as high as $49.845.
DB Gold Double Long ETN (NYSE:DGP) closed Friday at $46.04, gaining $1.36, or 3.04 percent.
Gold for June delivery climbed $10.20, or 0.7 percent, to $1,491.60 an ounce. Gold lost 4.2 percent last week, as it had settled at a record $1,556.40 an ounce the Friday before. Gold fell 4.2 percent on the week.
Silver for July delivery dropped 95.3 cents, or 2.6 percent, to $35.29 an ounce on the Comex division of the New York Mercantile Exchange. It had risen as high as $36.43 an ounce in Friday's trading.
The front-month silver contract had its worst week since late March 1980. Silver for May delivery fell 27 percent in the five-day period — its biggest percent drop since that date. The most-active July contract also was down 27 percent on the week.
Silver has lost 14 percent so far in 2011. On April 25, silver had reached as high as $49.845.
DB Gold Double Long ETN (NYSE:DGP) closed Friday at $46.04, gaining $1.36, or 3.04 percent.
Wednesday, April 27, 2011
Agnico-Eagle (AEM) (NEM) (AUY) (AU) Close Mixed as Gold, Silver Routed
Gold prices closed down Tuesday from records set the previous trading session, temporarily falling below the important $1,500 level, but the losses in the yellow metal were subdued, as gold miners Agnico-Eagle (NYSE:AEM), Newmont Mining (NYSE:NEM), Yamana Gold (NYSE:AUY) and AngloGold Ashanti (NYSE:AU) closed mixed.
On the other hand, silver futures plunged Tuesday as investors took profits from record prices as uncertainty over the Federal Reserve policy decision coming up that it could have an adverse effect on the metals' unprecedented rally.
There is some wariness by some on how the Federal Reserve might respond in light of recent signs of higher food and energy prices.
Silver took a beating Tuesday. After setting records for seven out of the last eight trading sessions. Silver closed Tuesday almost 10 percent below Monday's intraday record $49.820.
The most actively traded silver contract, for May delivery, fell $2.099, or 4.5%, to settle at $45.050 a troy ounce on the Comex division of the New York Mercantile Exchange. Front-month April silver lost $2.093, or 4.4%, to finish at $45.058.
Most-active Comex June gold was down $5.60, or 0.4 percent, to settle at $1,503.50 a troy ounce while the nearby April contract fell $5.60, or 0.4 percent, to end at $1,503.00.
Gold trading near $1,500 an ounce has increased buying in silver as a less expensive alternative.
On the other hand, silver futures plunged Tuesday as investors took profits from record prices as uncertainty over the Federal Reserve policy decision coming up that it could have an adverse effect on the metals' unprecedented rally.
There is some wariness by some on how the Federal Reserve might respond in light of recent signs of higher food and energy prices.
Silver took a beating Tuesday. After setting records for seven out of the last eight trading sessions. Silver closed Tuesday almost 10 percent below Monday's intraday record $49.820.
The most actively traded silver contract, for May delivery, fell $2.099, or 4.5%, to settle at $45.050 a troy ounce on the Comex division of the New York Mercantile Exchange. Front-month April silver lost $2.093, or 4.4%, to finish at $45.058.
Most-active Comex June gold was down $5.60, or 0.4 percent, to settle at $1,503.50 a troy ounce while the nearby April contract fell $5.60, or 0.4 percent, to end at $1,503.00.
Gold trading near $1,500 an ounce has increased buying in silver as a less expensive alternative.
Tuesday, April 26, 2011
Goldcorp (GG) (SA) (UXG) (AEM) Close Down as Gold Breaks Another All-Time Record
Gold and silver prices are continuing their upward move, even as gold miners Goldcorp (NYSE:GG), Seabridge Gold (Amex:SA), US Gold (AMEX:UXG) and Agnico-Eagle (TSE:AEM)(NYSE:AEM) all closed down, as it appears investors took some profits as the yellow metal continues its upwards run.
Gold closed at a new high, jumping $5.30 to settle at $1,509.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold had ended the session above $1,500 for the first time last Thursday.
Today's Gold trading had the Globex June Gold contract trading at $1519.20 before a profit taking sell-off mid to latter part of the trading session.
Silver prices soared to a 31-year high again, settling at $47.15, up $1.09 for the day, or 2.4 percent. April silver futures in New York traded as high as $49.10 an ounce but dropped to close at $47.15 mark.
The more active May silver contract soared just shy of the $50 level, trading as high as $49.82 before falling back.
An incredible number of silver and gold contracts were sold Monday, reaching 109,000 for gold and 199,000 for silver. Silver prices were volatile, moving in a $4.18 range.
The majority of this is based upon the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake.
The DXY index of the U.S. dollar's value against a basket six other major currencies dropped 0.2 percent to 73.99, its lowest level since August 2008. It's down 6.4 percent so far in 2011.
Gold closed at a new high, jumping $5.30 to settle at $1,509.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold had ended the session above $1,500 for the first time last Thursday.
Today's Gold trading had the Globex June Gold contract trading at $1519.20 before a profit taking sell-off mid to latter part of the trading session.
Silver prices soared to a 31-year high again, settling at $47.15, up $1.09 for the day, or 2.4 percent. April silver futures in New York traded as high as $49.10 an ounce but dropped to close at $47.15 mark.
The more active May silver contract soared just shy of the $50 level, trading as high as $49.82 before falling back.
An incredible number of silver and gold contracts were sold Monday, reaching 109,000 for gold and 199,000 for silver. Silver prices were volatile, moving in a $4.18 range.
The majority of this is based upon the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake.
The DXY index of the U.S. dollar's value against a basket six other major currencies dropped 0.2 percent to 73.99, its lowest level since August 2008. It's down 6.4 percent so far in 2011.
Monday, April 25, 2011
Newmont (NEM) Easily Beats Earnings Estimates on Rising Gold Prices
In a preview of what gold miners in the future will face, Newmont this time around was able to generate a healthy earnings gain because rising gold prices were able to overcome increased costs, resulting in earnings easily beating analysts' estimates.
Newmont of course has a strong copper exposure, so is more than just a gold miner. Even so, its earnings were generated by rising price of gold more than anything, although copper has been no slouch in that regard either.
First-quarter earnings, adjusted for some items, were $513 million, or $1.04 a share, compared with $408 million, or 83 cents a share, last year in the same quarter.
Sales jumped 10 percent to $2.5 billion, according to Newmont, which operates mines in North and South America, Africa, Australia and Indonesia.
Analysts on average were looking for adjusted earnings of 99 cents a share and revenue of $2.4 billion.
Production targets for the full year 2011 of 5.1 million to 5.3 million ounces of gold and 190 million to 220 million pounds of copper were kept in place by Newmont.
The Newmont board also approved a second-quarter dividend of 20 cents a share linked to the gold price, based on the net average realized price of $1,382 an ounce in the first quarter.
"The price link dividend is one that provides some certainty and flexibility in that upward pricing environment and there is an opportunity to share more with investors over time through that, should we choose to do so," said Chief Executive Officer Richard O'Brien.
Newmont Mining closed Thursday at $59.23, gaining $0.38, or 0.65 percent.
Newmont of course has a strong copper exposure, so is more than just a gold miner. Even so, its earnings were generated by rising price of gold more than anything, although copper has been no slouch in that regard either.
First-quarter earnings, adjusted for some items, were $513 million, or $1.04 a share, compared with $408 million, or 83 cents a share, last year in the same quarter.
Sales jumped 10 percent to $2.5 billion, according to Newmont, which operates mines in North and South America, Africa, Australia and Indonesia.
Analysts on average were looking for adjusted earnings of 99 cents a share and revenue of $2.4 billion.
Production targets for the full year 2011 of 5.1 million to 5.3 million ounces of gold and 190 million to 220 million pounds of copper were kept in place by Newmont.
The Newmont board also approved a second-quarter dividend of 20 cents a share linked to the gold price, based on the net average realized price of $1,382 an ounce in the first quarter.
"The price link dividend is one that provides some certainty and flexibility in that upward pricing environment and there is an opportunity to share more with investors over time through that, should we choose to do so," said Chief Executive Officer Richard O'Brien.
Newmont Mining closed Thursday at $59.23, gaining $0.38, or 0.65 percent.
Thursday, April 21, 2011
Silver Wheaton (SLW) (HL) (AEM) (AGI) Upgraded by Cannacord
Canaccord Genuity analyst Steven Butler raised his ratings on Silver Wheaton (NYSE:SLW), Alamos Gold Inc. (TSE:AGI), Agnico-Eagle Mines Limited (NYSE:AEM) and Hecla Mining (NYSE:HL), while also boosting his price outlook for silver and gold for 2011.
“We continue to believe that macroeconomic conditions favor higher gold and silver prices, including record global liquidity, inflation prospects and low real interest rates, currency debasement on sovereign debt woes and political unrest in the Middle East and North Africa,” Butler wrote in a note.
Butler raised his gold price for 2011 to $1,525 an ounce and for silver to $42. For his peak price scenario, he sees gold jumping to $1,600 and silver to $47.50.
With the exception of Alamos Gold Inc., which was upgraded to "Speculative Buy" from "Hold," the rest of the companies were raised to "Buy."
Alamos was trading in Toronto at $15.93, gaining $0.73, or 4.80 percent. Agnico-Eagle Mines was trading in New York at $67.86, rising $0.42, or 0.62 percent, as of 1:22 PM EDT. Silver Wheaton was at $42.03, up $0.33, or 0.79 percent. Hecla was trading at $9.29, jumping $0.07, or 0.76 percent.
“We continue to believe that macroeconomic conditions favor higher gold and silver prices, including record global liquidity, inflation prospects and low real interest rates, currency debasement on sovereign debt woes and political unrest in the Middle East and North Africa,” Butler wrote in a note.
Butler raised his gold price for 2011 to $1,525 an ounce and for silver to $42. For his peak price scenario, he sees gold jumping to $1,600 and silver to $47.50.
With the exception of Alamos Gold Inc., which was upgraded to "Speculative Buy" from "Hold," the rest of the companies were raised to "Buy."
Alamos was trading in Toronto at $15.93, gaining $0.73, or 4.80 percent. Agnico-Eagle Mines was trading in New York at $67.86, rising $0.42, or 0.62 percent, as of 1:22 PM EDT. Silver Wheaton was at $42.03, up $0.33, or 0.79 percent. Hecla was trading at $9.29, jumping $0.07, or 0.76 percent.
Kinross (KGC) (GFI) (AUY) (ANV) Close Mixed as Gold Breaks Record Again
Kinross Gold (NYSE:KGC), Gold Fields (NYSE:GFI), Yamana Gold (NYSE:AUY) and Allied Nevada Gold (AMEX:ANV) closed mixed on Wednesday as gold continues to break records on a daily basis recently.
Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.
Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.
After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.
Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.
The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.
The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.
Allied Nevada Gold closed Wednesday at $39.78, gaining $0.78, or 2.00 percent. Yamana Gold closed at $12.80, falling $0.13, or 1.01 percent. Gold Fields ended the trading session at $17.88, rising $0.20, or 1.13 percent. Kinross Gold closed at $15.37, jumping $0.13, or 0.85 percent.
Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.
Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.
After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.
Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.
The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.
The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.
Allied Nevada Gold closed Wednesday at $39.78, gaining $0.78, or 2.00 percent. Yamana Gold closed at $12.80, falling $0.13, or 1.01 percent. Gold Fields ended the trading session at $17.88, rising $0.20, or 1.13 percent. Kinross Gold closed at $15.37, jumping $0.13, or 0.85 percent.
Wednesday, April 20, 2011
Gold Breaks $1,500 as Kinross (KGC) (RGLD) (AUY) (HMY) Close Mixed
After blowing past the $1,500 an ounce mark on Tuesday, gold prices settled just under the important psychological barrier at $1,495.10, as gold miners Royal Gold (NASDAQ:RGLD), Yamana Gold (NYSE:AUY), Harmony Gold Mining (NYSE:HMY) and Kinross Gold Corp (NYSE:KGC) closed mixed on the day.
Gold prices settled just below $1,500 an ounce after hitting that level earlier Tuesday's session, helped by a weaker dollar.
The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.
Silver prices for May delivery climbed almost a dollar to settle at $43.91.
Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake.
Add to that the warning from rating agency S&P that the U.S. could have its debt downgraded if it doesn't deal with the growing debt crisis and you have a weak macroeconomic outlook favoring gold and other commodities.
Royal Gold closed Tuesday at $56.46, gaining $0.28, or 0.14 percent. Yamana Gold ended the session at $12.93, up $0.39, or 3.11 percent. Harmony Gold Mining closed at $14.78, falling $0.18, or 1.20 percent. Kinross Gold Corp. closed the day at $15.24, rising $0.02, or 0.13 percent.
Gold prices settled just below $1,500 an ounce after hitting that level earlier Tuesday's session, helped by a weaker dollar.
The gold contract for June delivery rose $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to close at $1,495.90 an ounce.
Silver prices for May delivery climbed almost a dollar to settle at $43.91.
Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake.
Add to that the warning from rating agency S&P that the U.S. could have its debt downgraded if it doesn't deal with the growing debt crisis and you have a weak macroeconomic outlook favoring gold and other commodities.
Royal Gold closed Tuesday at $56.46, gaining $0.28, or 0.14 percent. Yamana Gold ended the session at $12.93, up $0.39, or 3.11 percent. Harmony Gold Mining closed at $14.78, falling $0.18, or 1.20 percent. Kinross Gold Corp. closed the day at $15.24, rising $0.02, or 0.13 percent.
Monday, April 18, 2011
Hecla (HL) (AXU) (SSRI) (MGN) Trade Mixed as Silver Continues to Rise
Silver again hit new 31-year highs Friday soaring as high as $42.95 an ounce, closing the week up 4.9%. Silver for May delivery rose 90.7 cents to settle at $42.571 an ounce. Silver has risen just under 40 percent so far in 2011. Alexco Resource (AMEX:AXU), Silver Standard Resources (NASDAQ:SSRI), Hecla Mining (NYSE:HL) and Mines Management (AMEX:MGN) traded mixed on the day.
Gold prices roared toward the $1,500 an ounce mark, trading on Friday as high as $1,488 an ounce in afternoon action until closing at $1,486.50 an ounce.
Inflation continues to be a major factor in silver price movement, as it has with many precious and base metals, with food and fuel prices in the U.S. continuing to soar and consumer prices in China to climb.
The continuing collapse of the U.S. dollar, sovereign debt crisis in Europe and the unrest in the Middle East makes silver and gold an attractive safe haven alternative for capital.
Mines Management closed Friday at $2.71, plunging $0.17, or 5.90 percent. Hecla Mining closed at $9.61, gaining $0.08, or 0.84 percent. Silver Standard Resources closed at $33.80, dropping $0.18, or 0.53 percent. Alexco Resource ended the day at $9.64, losing $0.01, or 0.10 percent.
Gold prices roared toward the $1,500 an ounce mark, trading on Friday as high as $1,488 an ounce in afternoon action until closing at $1,486.50 an ounce.
Inflation continues to be a major factor in silver price movement, as it has with many precious and base metals, with food and fuel prices in the U.S. continuing to soar and consumer prices in China to climb.
The continuing collapse of the U.S. dollar, sovereign debt crisis in Europe and the unrest in the Middle East makes silver and gold an attractive safe haven alternative for capital.
Mines Management closed Friday at $2.71, plunging $0.17, or 5.90 percent. Hecla Mining closed at $9.61, gaining $0.08, or 0.84 percent. Silver Standard Resources closed at $33.80, dropping $0.18, or 0.53 percent. Alexco Resource ended the day at $9.64, losing $0.01, or 0.10 percent.
Fortuna (FVITF) (SLW) (ISVLF) (GPL) Trade Down Even as Silver Continues to Rise
Silver again hit new 31-year highs Friday soaring as high as $42.95 an ounce, closing the week up 4.9%. Silver for May delivery rose 90.7 cents to settle at $42.571 an ounce. Silver has risen just under 40 percent so far in 2011. Impact Silver (OTC:ISVLF.PK), Silver Wheaton (NYSE:SLW), Great Panther (AMEX:GPL) and Fortuna (OTC:FVITF.PK) traded down on the day.
Gold prices soared toward the $1,500 an ounce mark, trading on Friday as high as $1,488 an ounce in afternoon action until closing at $1,486.50 an ounce.
Inflation continues to be a major factor in silver price movement, as it has with many precious and base metals. as food and fuel prices in the U.S. continue to soar and consumer prices in China climb.
The continual collapse in the U.S. dollar, sovereign debt crisis in Europe and the unrest in the Middle East makes silver and gold an attractive safe haven alternative for capital.
Fortuna closed Friday at $6.43, falling $0.12, or 1.85 percent. Great Panther closed at $4.08, down $0.08, or 1.92 percent. Silver Wheaton closed at $42.61, dropping $0.27, or 0.63 percent. Impact Silver ended the day at $2.73, losing $0.07, or 2.69 percent.
Gold prices soared toward the $1,500 an ounce mark, trading on Friday as high as $1,488 an ounce in afternoon action until closing at $1,486.50 an ounce.
Inflation continues to be a major factor in silver price movement, as it has with many precious and base metals. as food and fuel prices in the U.S. continue to soar and consumer prices in China climb.
The continual collapse in the U.S. dollar, sovereign debt crisis in Europe and the unrest in the Middle East makes silver and gold an attractive safe haven alternative for capital.
Fortuna closed Friday at $6.43, falling $0.12, or 1.85 percent. Great Panther closed at $4.08, down $0.08, or 1.92 percent. Silver Wheaton closed at $42.61, dropping $0.27, or 0.63 percent. Impact Silver ended the day at $2.73, losing $0.07, or 2.69 percent.
Yamana (AUY) (RGLD) (KGC) (GFI) Trade Mixed as Gold Rushes 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. Royal Gold (Nasdaq:RGLD), Kinross Gold (NYSE:KGC), Yamana Gold (NYSE:AUY) and Gold Fields (NYSE:GFI) 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.
Gold Fields closed Friday at $17.88, falling $0.09, or 0.50 percent. Kinross Gold closed at $15.67, dropping $0.21, or 0.13 percent. Yamana Gold closed at $12.80, gaining $0.05, or 0.39 percent. Royal Gold ended the session at $53.77, up $0.33, or 0.62 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.
Gold Fields closed Friday at $17.88, falling $0.09, or 0.50 percent. Kinross Gold closed at $15.67, dropping $0.21, or 0.13 percent. Yamana Gold closed at $12.80, gaining $0.05, or 0.39 percent. Royal Gold ended the session at $53.77, up $0.33, or 0.62 percent.
Endeavour (EXK) (AG) (CDE) (PAAS) Trade Mixed as Silver Continues to Climb
Silver again hit new 31-year highs Friday soaring as high as $42.95 an ounce, closing the week up 4.9%. Silver for May delivery rose 90.7 cents to settle at $42.571 an ounce. Silver has risen just under 40 percent so far in 2011. First Majestic (NYSE:AG), Coeur d'Alene Mines (NYSE:CDE), Pan American Silver (NASDAQ:PAAS) and Endeavour Silver (AMEX:EXK) traded mixed on the day.
Gold prices soared toward the $1,500 an ounce mark, trading on Friday as high as $1,488 an ounce in afternoon action until closing at $1,486.50 an ounce.
Inflation continues to be a major factor in silver price movement, as it has with many precious and base metals. as food and fuel prices in the U.S. continue to soar and consumer prices in China climb.
The continual collapse in the U.S. dollar, sovereign debt crisis in Europe and the unrest in the Middle East makes silver and gold an attractive safe haven alternative for capital.
Endeavour Silver closed Friday at $11.98, gaining $0.19, or 1.61 percent. Pan American Silver closed at $38.07, up $0.72, or 1.93 percent. Coeur d'Alene Mines closed at $31.30, rising $0.22, or 0.71 percent. First Majestic ended the day at $23.69, falling $0.33, or 1.37 percent.
Gold prices soared toward the $1,500 an ounce mark, trading on Friday as high as $1,488 an ounce in afternoon action until closing at $1,486.50 an ounce.
Inflation continues to be a major factor in silver price movement, as it has with many precious and base metals. as food and fuel prices in the U.S. continue to soar and consumer prices in China climb.
The continual collapse in the U.S. dollar, sovereign debt crisis in Europe and the unrest in the Middle East makes silver and gold an attractive safe haven alternative for capital.
Endeavour Silver closed Friday at $11.98, gaining $0.19, or 1.61 percent. Pan American Silver closed at $38.07, up $0.72, or 1.93 percent. Coeur d'Alene Mines closed at $31.30, rising $0.22, or 0.71 percent. First Majestic ended the day at $23.69, falling $0.33, or 1.37 percent.
Friday, April 15, 2011
Alamos (AGI) (GBU) (CG) Up, (ORA) Down as Gold, Silver Rise Again
Shares of most gold miners were up as gold soared again Thursday, with Aura Minerals (TSE:ORA), Gabriel Resources (TSE:GBU), Centerra Gold (TSE:CG) and Alamos Gold (TSE:AGI) trading up in Toronto, with the exception of Aura.
Gold for June delivery climbed $16.80 to settle at $1,472.40 an ounce on the Comex division of the New York Mercantile Exchange. Silver jumped $1.427, or 3.6 percent, to $41.664 an ounce.
The collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, increasing inflation and consequences of the Japanese earthquake are just some of the negative catalysts affecting the price movements.
The U.S. dollar was close to session lows, resulting in a further impetus to gold. The U.S. currency traded as low as 74.617, its lowest level since December 2009.
In base metals trading, May copper dropped 1.05 cents to settle at $4.284 a pound, July platinum increased $18.40 to $1,795.60 an ounce and June palladium was up $8.95 to $774.25 an ounce.
Alamos Gold closed in Toronto Thursday at $14.25, gaining $0.62, or 4.55 percent. Centerra Gold closed at $17.41, up $0.27, or 1.58 percent. Gabriel Resources ended the session at $7.20, rising $0.28, or 4.05 percent. Aura Minerals closed down at $2.92, falling $0.08, or 2.67 percent.
Gold for June delivery climbed $16.80 to settle at $1,472.40 an ounce on the Comex division of the New York Mercantile Exchange. Silver jumped $1.427, or 3.6 percent, to $41.664 an ounce.
The collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, increasing inflation and consequences of the Japanese earthquake are just some of the negative catalysts affecting the price movements.
The U.S. dollar was close to session lows, resulting in a further impetus to gold. The U.S. currency traded as low as 74.617, its lowest level since December 2009.
In base metals trading, May copper dropped 1.05 cents to settle at $4.284 a pound, July platinum increased $18.40 to $1,795.60 an ounce and June palladium was up $8.95 to $774.25 an ounce.
Alamos Gold closed in Toronto Thursday at $14.25, gaining $0.62, or 4.55 percent. Centerra Gold closed at $17.41, up $0.27, or 1.58 percent. Gabriel Resources ended the session at $7.20, rising $0.28, or 4.05 percent. Aura Minerals closed down at $2.92, falling $0.08, or 2.67 percent.
Subscribe to:
Posts (Atom)