Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Gold Miners ETF (AMEX: GDX) where we have detected an approximate $100.8 million dollar outflow — that’s a 1.3% decrease week over week (from 198,552,500 to 195,902,500). Among the largest underlying components of GDX, in trading today Barrick Gold Corp. (NYSE: ABX) is off about 1.1%, Goldcorp Inc (NYSE: GG) is off about 0.7%, and Newmont Mining Corp. (NYSE: NEM) is lower by about 0.7%. For a complete list of holdings, visit the GDX Holdings page » …read more
Source: FULL ARTICLE at Forbes Markets
Tag Archives: GDX
Notable ETF Inflow Detected – GDX, ABX, GG, NEM
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Gold Miners ETF (AMEX: GDX) where we have detected an approximate $142.3 million dollar inflow — that’s a 2.0% increase week over week in outstanding units (from 191,902,500 to 195,752,500). Among the largest underlying components of GDX, in trading today Barrick Gold Corp. (NYSE: ABX) is off about 0.9%, Goldcorp Inc (NYSE: GG) is off about 0.7%, and Newmont Mining Corp. (NYSE: NEM) is up by about 0.7%. For a complete list of holdings, visit the GDX Holdings page » …read more
Source: FULL ARTICLE at Forbes Markets
Major Gold Miners Strike New 52-Week Lows (GDX, NEM, AU, ABX, GG)
Filed under: Commodities & Futures
This will not sound nice, but it isn’t meant to: It really sucks to be a gold miner right now.
Gold prices have lost the wind at their back, gold production prices are higher and demand for the shiny yellow metal is not being juiced up by industries and consumers. Labor issues in many parts of the developing world have also turned what had been a risk into an actual higher cost event. We recently gave an update with a muted outlook after taking World Gold Council data into consideration.
To show just how bad thing shave been: the Market Vectors Gold Miners ETF (NYSEMKT: GDX) hit a new 52-week low of $36.47 on Monday against a prior 52-week range of $37.02 to $55.25. But wait, it gets worse. The ETF tracks the NYSE Arca Gold Miners Index. This index appears to be at a three-year low.
Here is what we are seeing in other gold majors:
Newmont Mining Corp. (NYSE: NEM) is down 1.6% at $38.95, under the prior low of the past year as the 52-week range is $39.56 to $59.03, and it is now under $20 billion in market cap. This is the lowest price back to August of 2009, if you do not pay attention to dividends.
AngloGold Ashanti Ltd. (NYSE: AU) is at $23.77, versus a prior 52-week range of $23.88 to $41.20. This is the lowest going back to February of 2009.
Barrick Gold Corp. (NYSE: ABX) is at a new 52-week low of $28.89, versus a prior 52-week range of $29.33 to $47.24. This $29 billion value compares to a low back in December of 2008 if you do not count dividend payments.
Goldcorp Inc. (NYSE: GG) is still worth $26 billion, and at $32.05 after a 1.5% drop, it still has 2% to go before hitting a new 52-week low.
What is interesting is that gold itself is at $1,574 per ounce. That is still more than $30 above the 52-week low from May of 2012. The World Gold Council noted that gold was up about 8% in dollar terms in 2012, and that was the 12th consecutive annual gain.
Filed under: 24/7 Wall St. Wire, Commodities & Metals, Metals Tagged: ABX, AU, GDX, GG, NEM
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Gold Miners ETF Experiences Big Inflow
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Gold Miners ETF (AMEX: GDX) where we have detected an approximate $208.6 million dollar inflow — that’s a 2.9% increase week over week in outstanding units (from 186,452,500 to 191,902,500). Among the largest underlying components of GDX, in trading today Barrick Gold Corp. (NYSE: ABX) is down about 1%, Goldcorp Inc (NYSE: GG) is up about 0.2%, and Newmont Mining Corp. (NYSE: NEM) is lower by about 0.6%. For a complete list of holdings, visit the GDX Holdings page » …read more
Source: FULL ARTICLE at Forbes Markets
Gold Miners Breaks Above 200-Day Moving Average – Bullish for GDX
By ETFChannel.com In trading on Wednesday, shares of the Gold Miners ETF (AMEX: GDX) crossed above their 200 day moving average of $47.14, changing hands as high as $47.53 per share. Gold Miners shares are currently trading up about 2.1% on the day. The chart below shows the one year performance of GDX shares, versus its 200 day moving average:
Source: FULL ARTICLE at Forbes Markets