Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in NextEra Energy Inc (NEE), where a total volume of 38,233 contracts has been traded thus far today, a contract volume which is representative of approximately 3.8 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 53.8% of NEE's average daily trading volume over the past month, of 7.1 million shares..
InvestorPlace - Stock Market News, Stock Advice & Trading Tips With accelerating inflation, gold is likely to trend higher. Gold stocks that are best positioned to benefit from higher gold prices. The post The 4 Best Gold Stocks to Buy Before the Yellow Metal Moves Higher appeared first on InvestorPlace. More From InvestorPlace Stock Prodigy Who Found NIO at $2… Says Buy THIS Now It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner
Stock indexes were lower globally on Monday with technology shares on Wall Street falling, while U.S. Treasury yields traded little changed even after a report showing the highest prices ever paid in a May manufacturing survey for New York state. Concerns over inflationary pressure helped to lift gold prices to their highest in more than three months, however. The Empire State Manufacturing Survey, produced by the New York Fed, showed the prices paid index rose to a record 83.5, the highest since the data series began in 2001, said Tom Simons, money market economist at Jefferies & Co.
(Bloomberg) -- A proposal to tax Chilean copper sales at rates of as high as 75% is reverberating all the way to Peru, where the leading presidential candidate wants to impose a similar measure.Pedro Castillo, who has vowed to nationalize a major gas field and capture more mineral profits to fund social spending, just added a tax on copper sales to his platform in a document he shared on Twitter late Sunday.The left-wing candidate, who retains a slim lead over his rival ahead of a runoff election, joins a list of politicians from copper-mining nations looking to gain a bigger share of record-high prices to fight poverty. In top producer Chile, the lower house of congress earlier this month passed a system of progressive taxes on copper sales in what could become one of the heaviest levies in global mining.“Let us note that the Chilean Chamber of Deputies has already approved a new royalty whose rate reaches 75% if it exceeds $4 a pound, as is the case today,” Castillo’s Free Peru party said in the document.Among proposed measures are a new tax on profits, royalties based on sales “as do neighboring countries such as Chile and Colombia” and the renegotiation of tax stability contracts with large companies, according to the document.Just like Chile did last year, Castillo is proposing a referendum to determine if Peruvians want a new constitution. He’s also proposing a national gas pipeline network, reducing food imports and setting aside land for small farms. On the Covid front, the candidate said his government would vaccinate all Peruvians older than 18 and ensure the country has access to 60 million shots.Investment RiskIn Chile, the mining industry and the government say the copper sales royalty -- which would come on top of corporate taxes and a separate tax on mining earnings -- would erode Chile’s competitiveness and stall investments.Peru, host to companies including Freeport-McMoRan Inc. and BHP Group, is the largest producer of copper after Chile and a major zinc, silver and gold supplier.While mining companies in Peru won’t be cheering additional taxes, that prospect would be preferable to the government expropriating assets, which was the initial fear when Castillo defied polls to win the first round vote. In addition, he’s likely to face stiff opposition from a divided legislature.The tax proposals are “rather less radical than his first-round rhetoric,” said Eileen Gavin, global markets and Americas principal analyst at Verisk Maplecroft. “Our view is that the local private sector in Peru, including the mining industry, should not panic. But should he be elected, big mining should be prepared to come to the table.”(Adds other elements of Castillo’s proposal)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Gold Miners ETF, where 6,150,000 units were destroyed, or a 1.5% decrease week over week. Among the largest underlying components of GDX, in morning trading today Newmont is up about 1.5%, and Barrick Gold is up by about 2.3%.
Gold prices head higher on Monday, adding to their climb to the highest level since in more than three months as stocks in many parts of the world traded lower.
The precious metals miner reported earnings, and it wasn't the update investors were hoping to get.
Miner Western Copper and Gold got a little support from an industry giant and investors thought it was a good thing.
(Bloomberg) -- Gold touched a more than three-month high, buoyed by signs that money managers and exchange-traded fund investors are turning more positive on the precious metal.Hedge fund managers increased their long-only position in U.S. futures and options by 12% from a week earlier, the most since June, according to government figures on Friday. Meanwhile, data compiled by Bloomberg show exchange-traded fund investors have bought bullion for the past six sessions, following months of sales.Prices have rebounded from lows in March as the dollar retreated and the Federal Reserve signaled it will keep interest rates low, even with signs of rising inflation. Expectations for further increases in consumer prices could start to boost demand for gold as a hedge, analysts say.“Following months of outflows, returning speculative interest could ultimately spark a breakout” in gold, TD Securities analysts led by Bart Melek said in a note.The TD analysts expect the period of high inflation, partly reflected in last week’s consumer- and producer-prices reports, to prove transitory, “but there remains a substantial amount of uncertainty surrounding the path for inflation. Nonetheless, considering that gold is underperforming against periods of high inflation, we see substantial upside risks for the yellow metal,” they said.Spot gold added 0.9% to $1,859.70 an ounce by 10:24 a.m. in New York, after reaching $1,860.88, the highest since Feb. 2. Silver, palladium and platinum also advanced. The Bloomberg Dollar Spot Index was steady.Investor interest in gold also got a lift after the metal topped the psychologically important $1,800 mark at the end earlier this month, according to Commerzbank AG analyst Carsten Fritsch.Gold’s gains took it past its 200-day moving average. Prices could climb to $1,878 if it surpasses resistance at $1,858, Ole Hansen, head of commodity strategy at Saxo Bank A/S, said earlier.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Elon Musk's tweets rattle the crypto complex again over the weekend. Where Bitcoin might go from here, and an updated look at our security selection process.
Gold is 0.3% higher this morning, as it is extending the short-term uptrend. What about the other precious metals?
VANCOUVER, British Columbia, May 17, 2021 (GLOBE NEWSWIRE) -- GT Gold Corp. (TSX-V:GTT; OTCQX:GTGDF) (the “Company” or “GT Gold”) is pleased to announce the successful completion of the previously-announced plan of arrangement with Newmont Corporation i under the Business Corporations Act (British Columbia) (the “Arrangement”). Pursuant to the Arrangement, Newmont has acquired the remaining 85.1% of the outstanding common shares of the Company not already owned by Newmont or its affiliates. Upon completion of the Arrangement, GT Gold became an indirect wholly-owned subsidiary of Newmont. “Newmont is excited to have the Tatogga project in the highly-sought after Golden Triangle district of British Columbia, Canada, become part of our world-class portfolio and part of our future,” said Newmont President and CEO Tom Palmer. “We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate, and we look forward to partnering with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as we understand that Tahltan consent is necessary for advancing the project.” Ashwath Mehra, Executive Chair of GT Gold stated, “We are delighted to close this Transaction with Newmont today, representing the execution of our plan and the culmination of significant value creation for GT Gold shareholders since the formation of the Company just a few years ago. As we pass custody of this world-class property to Newmont, we are sure it is in the best hands. I would like to thank the whole team of employees, consultants, advisors and directors, who over the years have helped create GT Gold and made it what is today.” The Arrangement was approved by GT Gold’s shareholders at a special meeting held on May 6, 2021, and by the Supreme Court of British Columbia on May 10, 2021. Under the terms of the Arrangement, shareholders of GT Gold (other than Newmont and its affiliates), will receive C$3.25 per GT Gold common share in cash. The Company expects that its common shares will be delisted from the TSX Venture Exchange on or about May 21, 2021, and the Company intends to promptly apply to cease to be a reporting issuer in Alberta and British Columbia. Newmont trades on the New York Stock Exchange (NYSE: NEM) and on the Toronto Stock Exchange (TSX: NGT). Arrangement Questions Registered GT Gold shareholders who have questions or require assistance with submitting their shares to the Arrangement may direct their questions to Computershare Investor Services Inc., who is acting as depositary under the Arrangement. Non-registered GT Gold shareholders should contact their brokers or other intermediary with any questions or for instructions or assistance with submitting their shares for the Arrangement. Further information regarding the Arrangement is available in the Company’s management information circular dated April 6, 2021, which is available under GT Gold’s profile on SEDAR at http://www.sedar.com. About GT Gold Corp. GT Gold is engaged in advancing its wholly-owned, 47,500 hectare Tatogga property, located in the renowned "Golden Triangle" near Iskut, British Columbia. To date, GT Gold has made two significant discoveries on the Tatogga property, "Saddle South", a precious metal rich vein system and "Saddle North", a gold-rich copper porphyry system. About Newmont Corporation Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925. For further information, please contact: GT Gold Corp.General Informationinfo@gtgoldcorp.caWebsite: http://www.gtgoldcorp.caNewmont CorporationEric ColbyVice President, Investor Relations and Corporate CommunicationsEric.Colby@newmont.comTel: (303) 837 2724 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Newmont Corporation (NYSE:NEM, TSX:NGT) announced the completion of the acquisition of GT Gold Corp. (TSX-V:GTT) through which Newmont acquired the remaining 85.1% of common shares of GT Gold not already owned by the Company.
The direction of the June Comex gold futures contract on Monday is likely to be determined by trader reaction to $1838.10.
Global shares hit the pause button and gold briefly reached a three-month high as surging COVID-19 cases in Asian countries and inflation pressures tempered demand for riskier assets. The MSCI World Index, a broad gauge of equity markets globally, was flat in European trade, albeit less than 2% from a recent record high. However, S&P 500 futures and Nasdaq futures were both pointing to a lower open for Wall Street, down 0.4%.
Spot gold climbed 0.6% to $1,854 per ounce after touching its highest level since 2 February, while US gold futures rose 0.8% to more than $1,853 per ounce.
In South America's copper-rich Andes political risk is rising as high poverty and debt levels amid the COVID-19 pandemic drive potentially sharp policy shifts and put mining wealth into the crosshairs of angry citizens and political leaders. In No. 1 copper producer Chile, an overhaul of its market-orientated constitution is underway, and it is debating whether to hike royalties on miners. Peru, the No. 2 producer, is heading for a polarized June presidential election with a little-known socialist leading in the polls who wants to redistribute mining wealth.
As the country continues to clock over 280,000 daily new cases of coronavirus, Indian borders are sealed barring some exceptions. Additionally, the visa process has become stricter.
BHP Group is under pressure from Canada to greenlight a giant potash project when it makes a final investment decision by mid-year but some investors said the world's biggest miner may obtain better returns by ploughing the funds elsewhere. The fertiliser ingredient will be in oversupply over much of the next decade, crimping returns from the project, and BHP may be better off investing more in commodities like copper and nickel which are seeing booming demand from the adoption of electric vehicles and solar power, they said. The Anglo-Australian company would ease investor concerns if it firms up a plan to sell a stake in the project, one investor said.
Asian share markets turned mixed on Monday as Chinese retail sales missed expectations and Singapore moved to close schools to fight a coronavirus outbreak, while more evidence of global inflation pressures helped gold to a three-month peak. Chinese retail sales rose 17.7% in April on a year ago, short of forecasts for a jump of 24.9%, while industrial output matched expectations with a rise of 9.8%.
Gold prices rose on Monday to their highest level in more than three months, as a dip in U.S. Treasury yields and worries over surging COVID-19 cases in some Asian countries boosted demand for the safe-haven metal. Spot gold was up 0.6% at $1,854 per ounce by 0649 GMT, after hitting its highest since Feb. 2 earlier in the session. "Treasury yields are falling and on the other hand, there seems to be fears about virus resurgence in Singapore, Taiwan and broader Asian-Pacific markets... driving up demand for safety," said Margaret Yang, a strategist at DailyFX.
Asian share markets turned mixed on Monday as data on Chinese retail sales missed expectations though industrial output stayed solid, while more evidence of global inflation pressures helped gold to a three-month peak. Chinese retail sales rose 17.7% in April on a year ago, short of forecasts for a jump of 24.8%, while industrial output matched expectations with a rise of 9.8%.
Industrial output and retail sales are forecast to show hefty annual gains given activity in April last year was badly marred by pandemic lockdowns. MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.2%, nudging further away from a four-month trough hit last week. Japan's Nikkei gained 0.4%, having also touched its lowest since early January last week.
By Gina Lee
For investors seeking to benefit from the rising price of Bitcoin, cryptocurrency stocks Silvergate Capital (SI) and Marathon Digital Holdings (MARA) may be just the ticket. The two stocks have crushed the broader markets.
It’s a busier week ahead on the economic calendar. Private sector PMIs will draw plenty of interest late in the week. Geopolitics will also be in focus in the week.
As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week's top crypto stories.
Polymetal is betting that Moscow will introduce a carbon tax as the London-listed Russian gold miner pushes to reduce its emissions. Vitaly Nesis, chief executive, told the Financial Times he was “firmly convinced that Russia has fully woken up to carbon reduction policy”, adding that Kazakhstan, where Polymetal also has operations, was “not far behind”. “The writing is on the wall regarding the carbon tax,” he said.
By Joe Foster, Portfolio Manager, Gold Strategy Gold Shifts on Yields, Miners Follow Gold’s response to changes in U.S. Treasury yields persisted through April, as prices trended to a monthly high of $1,798 per ounce on the 22nd while, at the same time, 10-Year yields fell to a monthly low of 1.53%. To end the month, [...]
Mali's main union will start a five-day strike on Monday which could impact the West African country's gold mining sector, its secretary-general said on state television. The National Union of Malian Workers (UNTM), which says it represents 80% of unionised workers in the country, including miners, teachers and health workers, has called the action in support of better pay. "The strike notice remains in force due to a lack of a agreement with the government," UNTM chief Yacouba Katile said on Friday.