The investment seeks to track the investment results of the MSCI ACWI Select Gold Miners Investable Market Index. The fund generally will invest at least 80% of its assets in the component securities of the underlying index and in investments that have economic characteristics that are substantially identical to the component securities of the underlying index. The index has been developed by MSCI Inc. (the "index provider" or "MSCI") to target a minimum of 30 companies in developed and emerging markets that are involved in the business of gold mining. The fund is non-diversified.
IPO Year: n/a
Exchange: NASDAQ
| Date | Price Target | Rating | Analyst |
|---|
Despite the stronger-than-expected increase in non-farm payrolls last month, the Bureau of Labor Statistics’ June Employment Situation report indicated an overall cooling trend in the U.S. labor market. Significant downward revisions of 111,000 fewer payrolls in the previous two reports, an unexpected rise in the unemployment rate, and the anticipated slowdown in wage growth are prompting most economists to believe the Federal Reserve may be more confident about announcing an interest rate cut, with September being the nearest option. Investors seem to share this view, with the probability of a September rate cut rising from 72% to 76% after the jobs report’s release, and the expecte
As April comes to a close, it’s time to compile the rankings for the top-performing sector and industry exchange-traded funds of the month. Taking a broader look at the stock market, the S&P 500 Index, represented by the SPDR S&P 500 ETF Trust (NYSE:SPY), finished April on a downturn, declining by approximately 3%. This marks the end of a five-month streak of gains. Similarly, the tech-heavy Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:QQQ), experienced a 3.5% decline. Among large-cap indices, blue-chip stocks showed slight underperformance, with the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) slipping by 4.5%. Small-cap stocks, represented by the iShares Russell 200
Newmont Corporation (NYSE:NEM) shares are trading higher after the company reported first-quarter FY24 results. Revenue reached $4.023 billion, above the consensus of $3.670 billion. Gold production fell 4% Y/Y to 1.675 million ounces due to lower output at Tanami on planned mill shutdown and seasonal rainfall impacts and the ongoing stripping campaigns at Boddington and Akyem. Also Read: Newmont’s Ghana Gold Mine Sale Targets $2B, Attracts Chinese Giants Gold Costs Applicable to Sales (CAS) stood at $1,057 per ounce, and gold All-In Sustaining Costs (AISC) came in at $1,439 per ounce. Adjusted EBITDA rose 23% Q/Q to $1.694 billion in the quarter. Adjusted EPS of $0.55, bea
Newmont Corporation (NYSE:NEM) has reportedly initiated the sale of its Akyem gold mine in Ghana, drawing interest from Chinese producers due to rising gold prices. Newmont, headquartered in Denver, has engaged Citigroup, Inc. (NYSE:C) for the sale and has begun reaching out to potential buyers, Bloomberg reported. Shandong Gold Mining Co. and Zijin Mining Group Co. are among the companies expressing initial interest in the asset, according to the report, citing people familiar with the matter. Chifeng Jilong Gold Mining Co. is also evaluating Akyem, while Australian miner Perseus Mining Ltd. expressed interest in the asset last month, Bloomberg added. Also Read: Centamin Reports
Gold prices are projected to rise to $2,500-$2,600 per ounce, representing an attractive portfolio hedge for equity investors, according to a Bank of America report published this week. As the precious metal surged to fresh record highs following the Fed March meeting, investment and ETF strategist Jared Woodard from Bank of America identified two primary engines driving gold’s unprecedented rally: its hedging quality and central bank purchases. Chart: Gold Hit Record Highs Post-Fed March 2024 Meeting Key Drivers Sending Gold To Record Highs “Gold has the lowest correlation to the S&P 500 of almost any asset class and can act as a haven if inflation reaccelerates or growth
Amid growing supply constraints and undervalued stock prices, value investors are gravitating towards mining stocks, seeking to capitalize on a market dislocation poised for a readjustment. Taylor McKenna, CFA analyst at Kopernik Global Investors LLC, shared insights at a Benzinga virtual event on Thursday, highlighting the significant gap between metal commodity prices and the valuation of mining companies. Watch The Full Benzinga Virtual Event – Mining Unearthed: Navigating the Ore of Innovation! Gold Stocks At A Discount Despite Rising Gold Prices McKenna pointed out the stark disconnection in the market, with gold trading above $2,000 per ounce while gold stocks are pr