Agnico-Eagle (NYSE:AEM), AngloGold Ashanti (NYSE:AU), Gold Fields (NYSE:GFI), Yamana Gold (NYSE:AUY) and NovaGold Resources Inc. (AMEX:NG) all closed down in trading Wednesday as a stronger dollar slightly pressured precious metals and base metals.
Palladium closed down and platinum settled flat.
Concerns over the sovereign debt crisis in Europe outweighed U.S. dollar concerns, putting downward pressure on gold and other metals, as the greenback gained against the euro.
The most actively traded gold contract, for August delivery, dropped $5.30, or 0.3 percent, to settle Wednesday at $1538.70 an ounce on the Comex division of the New York Mercantile Exchange.
Silver for July delivery was down 1.2 percent to settle at $36.62 an ounce.
Overall, expectations are market conditions will continue to favor gold and silver prices, pushing them higher over the next several months.
NovaGold closed Wednesday at $10.34, falling $0.71, or 6.43 percent. Yamana ended the session at $11.76, dropping $0.26, or 2.16 percent. Gold Fields closed at $14.62, down $0.36, or 2.40 percent. AngloGold Ashanti ended the day at $43.08, declining $0.79, or 1.80 percent. Agnico-Eagle closed at $61.49, losing $2.28, or 3.58 percent.
Showing posts with label Gold Fields Limited. Show all posts
Showing posts with label Gold Fields Limited. Show all posts
Thursday, June 9, 2011
Thursday, June 2, 2011
NovaGold (NG) (GG) (NEM) (GFI) (ABX) Lag Rising Gold Prices
NovaGold Resources Inc. (AMEX:NG), Goldcorp (NYSE:GG), Newmont Mining (NYSE:NEM), Gold Fields (NYSE:GFI) and Barrick Gold (NYSE:ABX) all closed down Wednesday, lagging behind rising gold prices responding to a fragile and weak American economy, as well as weak manufacturing numbers from China and the EU.
Gold and silver went in opposite directions on Wednesday after an employment report from the ADP said an anemic 38,000 jobs were added in May, while the figure for April was downwardly revised by 2,000.
Weak manufacturing numbers from China, the U.S. and the European Union pressed on silver, although it did gain some back as the trading day advanced.
News that Germany may get behind another bailout of the insolvent Greece was also considered a positive by the market, and could put some pressure on gold if the €60 billion expected to be lent to Greece is put into effect.
The realization the United States is in fact not in a recovery is counteracting the positive news out of Europe, and will probably be a stronger determining factor in gold and silver prices than any other consideration.
Gold for August delivery climbed $6.40 to $1,543.20 an ounce. Silver for July delivery was down 61.1 cents to settle at $37.694 an ounce.
Kinross Gold was able to close slightly in positive territory on Wednesday. Most of the major gold miners were trading up after hours.
Barrick closed at $47.28, falling $0.48, or 1.01 percent. NovaGold ended the session at $11.23, dropping $0.23, or 2.01 percent. Newmont closed at $55.67, down $0.90, or 1.59 percent. Goldcorp was at $49.46, declining $0.61, or 1.22 percent. Gold Fields ended at $16.05, falling $0.39, or 2.37 percent.
Gold and silver went in opposite directions on Wednesday after an employment report from the ADP said an anemic 38,000 jobs were added in May, while the figure for April was downwardly revised by 2,000.
Weak manufacturing numbers from China, the U.S. and the European Union pressed on silver, although it did gain some back as the trading day advanced.
News that Germany may get behind another bailout of the insolvent Greece was also considered a positive by the market, and could put some pressure on gold if the €60 billion expected to be lent to Greece is put into effect.
The realization the United States is in fact not in a recovery is counteracting the positive news out of Europe, and will probably be a stronger determining factor in gold and silver prices than any other consideration.
Gold for August delivery climbed $6.40 to $1,543.20 an ounce. Silver for July delivery was down 61.1 cents to settle at $37.694 an ounce.
Kinross Gold was able to close slightly in positive territory on Wednesday. Most of the major gold miners were trading up after hours.
Barrick closed at $47.28, falling $0.48, or 1.01 percent. NovaGold ended the session at $11.23, dropping $0.23, or 2.01 percent. Newmont closed at $55.67, down $0.90, or 1.59 percent. Goldcorp was at $49.46, declining $0.61, or 1.22 percent. Gold Fields ended at $16.05, falling $0.39, or 2.37 percent.
Friday, May 27, 2011
Barrick (ABX) (GFI) (GG) (NEM) Close Up Even as Gold Settles Slightly Down
Shares of Barrick Gold (NYSE:ABX), Gold Fields (NYSE:GFI), Goldcorp (NYSE:GG) and Newmont Mining all closed up on Thursday, even as gold prices traded slightly down.
Gold for June delivery declined $3.90, or 0.3 percent, to $1,522.80 an ounce.
Gold for August delivery was down $4.10, or 0.3 percent, to $1,523.70 an ounce in the Comex division of the New York Mercantile Exchange.
July silver fell 31 cents to settle at $37.33 an ounce, lower by 0.8 percent.
Trading was light as we approach Memorial Day weekend in the United States.
The U.S. dollar was weaker, as was economic data, but it wasn't enough to push up the price of gold, while other metals traded mixed.
First-time jobless claims were up again last week, jumping 10,000 remain above the 400,000 mark.
Barrick Gold closed at $47.12, rising $0.31 or 0.7 percent. Gold Fields ended at $16.10, up $0.27 or 1.7 percent, to . Goldcorp closed at $49.76, gaining $0.22 or 0.4 percent. Newmont Mining ended the session at $55.61, jumping $0.40 or 0.7 percent.
Gold for June delivery declined $3.90, or 0.3 percent, to $1,522.80 an ounce.
Gold for August delivery was down $4.10, or 0.3 percent, to $1,523.70 an ounce in the Comex division of the New York Mercantile Exchange.
July silver fell 31 cents to settle at $37.33 an ounce, lower by 0.8 percent.
Trading was light as we approach Memorial Day weekend in the United States.
The U.S. dollar was weaker, as was economic data, but it wasn't enough to push up the price of gold, while other metals traded mixed.
First-time jobless claims were up again last week, jumping 10,000 remain above the 400,000 mark.
Barrick Gold closed at $47.12, rising $0.31 or 0.7 percent. Gold Fields ended at $16.10, up $0.27 or 1.7 percent, to . Goldcorp closed at $49.76, gaining $0.22 or 0.4 percent. Newmont Mining ended the session at $55.61, jumping $0.40 or 0.7 percent.
Tuesday, August 17, 2010
Eton Park Buys SPDR Gold Shares (NYSEArca:GLD), Gold Fields (NYSE:GFI) in Last Quarter
Eton Park Capital Management LP, the $13 billion hedge fund run by Eric Mindich, moved a significant amount of capital into the gold market last quarter, acquiring shares of SPDR Gold Shares (NYSEArca:GLD) and Gold Fields Ltd. (NYSE:GFI).
Mindich acquired 6.58 million shares of SPDR and 780,000 shares of Gold Fields in the quarter via Eton Park.
SPDR Gold Shares has been one of the favorites of hedge funds in the past, and continues to be. Other major hedge fund holders of SPDR include John Paulson and George Soros, although both held their positions and didn't add any shares last quarter.
They did add gold miners, including Gold Fields by Paulson and Soros as well.
Major gold miners were targeted by major hedge funds in general, with Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) and Goldcorp (NYSE:GG) among the largest increase in holding for funds, accounting for the sixth, seventh and eight places in the order listed above.
SPDR Gold Shares landed in second place as far as the greatest increase in investments from hedge funds in the latest quarter, with all of them together holding 68.2 million shares in SPDR.
With data showing a continuing weak global and American economy, we should see an even larger increase for the current quarter of hedge fund holdings in gold.
Mindich acquired 6.58 million shares of SPDR and 780,000 shares of Gold Fields in the quarter via Eton Park.
SPDR Gold Shares has been one of the favorites of hedge funds in the past, and continues to be. Other major hedge fund holders of SPDR include John Paulson and George Soros, although both held their positions and didn't add any shares last quarter.
They did add gold miners, including Gold Fields by Paulson and Soros as well.
Major gold miners were targeted by major hedge funds in general, with Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) and Goldcorp (NYSE:GG) among the largest increase in holding for funds, accounting for the sixth, seventh and eight places in the order listed above.
SPDR Gold Shares landed in second place as far as the greatest increase in investments from hedge funds in the latest quarter, with all of them together holding 68.2 million shares in SPDR.
With data showing a continuing weak global and American economy, we should see an even larger increase for the current quarter of hedge fund holdings in gold.
Thursday, March 11, 2010
Newmont Mining (NYSE:NEM) Drops Airline on Safety Concerns
Newmont Mining Citylink Contract
Newmont Mining (NYSE:NEM) ended its contract with Citylink in Ghana, along with Goldfields Ghana doing the same, based on safety concerns for their people and equipment after an inspection which led to the ending of the transportation contract.
The safety audit was performed by two independent experts from two different firms, both which found problems and concerns they let the gold mining companies know about.
Citylink authorities defended their record, saying they fly an average of 300 times a month and have never had an incident.
Of course now that the aviation experts made their assessment, if anything were to happen now it would be on the mining companies, forcing them to break the contract as I see it.
Newmont Mining Citylink Contract
Newmont Mining (NYSE:NEM) ended its contract with Citylink in Ghana, along with Goldfields Ghana doing the same, based on safety concerns for their people and equipment after an inspection which led to the ending of the transportation contract.
The safety audit was performed by two independent experts from two different firms, both which found problems and concerns they let the gold mining companies know about.
Citylink authorities defended their record, saying they fly an average of 300 times a month and have never had an incident.
Of course now that the aviation experts made their assessment, if anything were to happen now it would be on the mining companies, forcing them to break the contract as I see it.
Newmont Mining Citylink Contract
Monday, February 8, 2010
Gold Fields (NYSE:GFI) Profits Up 44 Percent
Gold Fields (NYSE:GFI) Profits Up 44 Percent
We are about to get a bunch of earnings reports in the days ahead for gold mining companies, and starting things off was Gold Fields Limited (NYSE:GFI), which enjoyed profit growth for the latest quarter of 44 percent, or $187 million.
That's an increase of 44 percent over the third-quarter results and 146 percent over the fourth quarter of 2008.
Most of that profit growth for Gold Fields was because of the continuing spike in gold prices.
The company would have performed better had it better managed the mining safety delays experienced in the last quarter which brought gold production down to 900,000 ounces, in contrast to the 906,000 ounces of gold produced in the previous quarter.
South African gold production continues to be a concern with the company saying they are expecting only 850,000 ounces of gold in the first quarter of 2010 as a result.
Other concerns putting downwards pressure on the share price of Gold Fields Limited are the possibility of gold mines in South Africa being nationalized, possibilities of a lower price for gold, and why the company is offering a dividend of only 50 cents a share.
Gold Fields continues to be an unpredictable performer because of its strong presence in South Africa, and because of the high leverage associated with that, the company performs stronger when the price of gold goes up in contrast to many of its competitors, but also takes a bigger hit than its competitors when the price of gold goes down.
Gold Fields (NYSE:GFI) Profits Up 44 Percent
We are about to get a bunch of earnings reports in the days ahead for gold mining companies, and starting things off was Gold Fields Limited (NYSE:GFI), which enjoyed profit growth for the latest quarter of 44 percent, or $187 million.
That's an increase of 44 percent over the third-quarter results and 146 percent over the fourth quarter of 2008.
Most of that profit growth for Gold Fields was because of the continuing spike in gold prices.
The company would have performed better had it better managed the mining safety delays experienced in the last quarter which brought gold production down to 900,000 ounces, in contrast to the 906,000 ounces of gold produced in the previous quarter.
South African gold production continues to be a concern with the company saying they are expecting only 850,000 ounces of gold in the first quarter of 2010 as a result.
Other concerns putting downwards pressure on the share price of Gold Fields Limited are the possibility of gold mines in South Africa being nationalized, possibilities of a lower price for gold, and why the company is offering a dividend of only 50 cents a share.
Gold Fields continues to be an unpredictable performer because of its strong presence in South Africa, and because of the high leverage associated with that, the company performs stronger when the price of gold goes up in contrast to many of its competitors, but also takes a bigger hit than its competitors when the price of gold goes down.
Gold Fields (NYSE:GFI) Profits Up 44 Percent
Subscribe to:
Posts (Atom)