Gold Miners (Finally) Performing

The largest gold miners (+2 Million oz./yr.) have been having a stellar year as Gold rallies to new highs.

As usual, the most levered companies, $AU & $GFI, have been the out-performers.

Barrick $GOLD still underperforming

Gold Just Had Its Best Day Since 2023

Market Updates

GOLD +0.17% NEM +8.43% ABX +6.20% GFI +3.31% XAGUSD1! PL1!

News

Gold prices, which had tumbled from record highs over the past week, reversed course and rose roughly 3% today, the biggest percentage jump since October 2023.

Spot gold was up 3.4% at $3,085.50/ounce. At $88.10 a troy ounce, gold futures' daily gain was the precious metal's largest in dollar terms since March 24, 2020, when markets were being convulsed by Covid lockdown orders and investors were fleeing into the haven asset.

Today's move came amid a bond market rout overnight and in the morning, followed by a historic surge in stock prices in the afternoon after President Trump’s reversal authorizing a 90-day pause on new tariffs for many countries—except for China which got hit with a 125% rate, effective immediately.

Silver gained 3.1% to $30.80/oz., Platinum slipped 1.2% to $931.87, and Palladium was up 1.9% at $923.75

Shares of top miners Newmont NEM and Barrick Gold ABX up ~8% and 4.9%, respectively

U.S.-listed shares of South African miners: Gold Fields GFI up 7.5%, AngloGold Ashanti AU rises 8.9%, Harmony Gold HAR jumps 13.8% and Sibanye Stillwater SW.N> soars nearly 19%

Shares of Canadian miners: Kinross Gold K and Agnico Eagle Mines AEM up 7.6% and 4.5%, respectively.

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MasterMetals

@MasterMetals

Gold rally finally attracts investors back to mining stocks after months of outflows

According to LSEG Lipper data, funds investing in physical gold and gold derivatives attracted a net $17.8 billion in 2024, the highest in five years, while funds investing in gold miners lost a net $4.6 billion, the most in a decade. 

Gold mining Funds saw their first net monthly inflow in six months in March, attracting $555.3 million, the highest since November 2023, according to Lipper data.

The Gold ETF's have seen continued interest all around the world:

Global Inflows: Gold ETFs have seen significant inflows in 2025, with a total of

Gold Miners waking up!

Nice day for the larger miners -- large cap no longer applies to these minnows... the biggest, $NEM & $AEM @ ±USD50BN each, are still worth less than what the mag 7 lose in a day... pic.twitter.com/1v3bDAVNfg

— MasterMetals (@MasterMetals) February 6, 2025

Break out spreading out among the Gold producers—even $SSRM. Can’t really say the same for $BTG… $AAUC.TO $AEM $LUG.TO $FVI.TO $FSM $EQX $MKO.V $CXB.TO $GMIN.TO $SKE.TO pic.twitter.com/M9ZMsbLdEn

— MasterMetals (@MasterMetals) February 5, 2025

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MasterMetals

@MasterMetals

#Gold - #GoldenCross at hand?

The daily chart of the gold futures shows the 50-day moving average (blue line) crossing the 200-day moving average (red line).

This is called a golden cross. The golden cross is a technical chart pattern indicating the potential for a major rally.

The MACD (lower chart) is very oversold and crossing the red line. This supports higher prices. The Relative Strength (RSI) (upper chart) is also pointing higher.

There's a feeling that the gold price is currently being held back by silver prices, as the July silver futures contract is in the delivery month and the open interest, which is high, indicates holders of the contracts are demanding delivery.  😥 

The 30-minutes Silver Chart (1 bar every 30 minute), shows how the Big Boys are putting pressure on silver prices for this very purpose.  Once this is done, we could expect higher prices for Gold & Silver across the board. 

Stay tuned! 

https://bit.ly/MasterMetals

#GOLD: Getting ready to break out —UPDATED! $GLD

GOLD looking to break through the 200 Day Moving Average. 

The 20 Day Moving Average has also crossed the 100 Day Moving Average to the upside portending better times ahead for the "Barbarous Relic". 

That’s what it looked like this morning May 17, 2021 before Gold broke out. 

This is what it looked like after:

Looking bullish! 

See more Metals Charts here:

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MasterMetals

@MasterMetals

#Gold’s recent sell off had less to do with fundamentals, and everything to do with clearing out the “jokers” who wanted to take delivery of their December Gold Contracts.

#Gold - Some #TechnicalAnalysis on the Current State of the Market 

Gold futures prices (paper gold) were able to cross on the upside the 200-day moving average (pink line). It all looks like the low of around US$ 1'760 per ounce may just have been an aberration and the result of technical selling by the Powers That Be, aka the PPT. It had nothing to do with fundamentals, and everything to do with clearing out all the jokers who wanted to take delivery of their December Gold Contracts. The MACD turned positive as it crossed  the red line.

What is needed now is a consolidation period in the next few weeks before year end, at which time Gold always outperforms? 

Attachment 2 displays the GDX (VanEck Vectors Gold  Miners ETF), the largest ETF investing in gold mining shares. The washout to around US$ 33 is probably the low in this short-term correction. The Relative Strength (upper chart) and the MACD (lower chart) have turned up. What we need here is a bottom formation over the next few weeks.

 

Attachment 3 shows where some gold producers are selling vs. implied premium/discount to spot gold.
 
Only B2Gold (BTO) is selling at a premium, while Lundin Gold (LUG), Pretium Resources(PVG) and Kirkland Lake Gold (KL) are close to neutral. All the rest are selling at a discount, and some at a heavy discount. The red figure represents the average, currently close to a 20% discount.
 
PG=Premier Gold, 
AR=Argonaut Gold, 
OGC=Oceana Gold,
KNT=K92 Mining, 
TXG=Torex Gold, 
GAU=Galiano Gold,
NGD=New Gold, 
CG=Centerra Gold, 
SSRM=SSR Mining,
EQX=Equinox Gold, 
DPM=Dundee  Precious Metals, 
AGI=Alamos Gold, 
GSS=Golden Star Resources.
 
The upper percentage figure is historically the high, and the lower percentage figure historically the lower level of trading in relation to the spot gold price. The blue diamond is the current status. 

(Source Scotiabank)

Attachment 4 shows the Point&Figure chart of the Philadelphia Gold &Silver Index (XAU). Contrary to the ARCA Gold Bugs Index (HUI), XAU also includes silver shares. It is used as a benchmark for gold funds to compare performance. The chart shows the sideways correction since August  (8 red figure).
 
 Attachment 5 displays the holdings.
 
It should always be remembered that at the heart of any successful strategy, is to buy low and sell high. Currently, we’re still in the Buy Low point of this Precious Metals Bull Market. 

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MasterMetals

@MasterMetals

Will #Gold #miners struggle to maintain 2019 production levels?

Prior to the coronavirus outbreak, peak gold supply was becoming a real possibility. Now, with exploration programs halted or cancelled and project disruptions hampering production, will Gold miners struggle to maintain 2019 production levels, as Wood Mac says? 

Is #Gold Setting Itself Up For A Fall? #HeadAndShoulders? $GLD

Gold Ain't Looking So Hot After Today's Slam Down…

Looks like a HeadAndShoulders Threatening Formation ?

Click Here To See All the Charts 

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MasterMetals

@MasterMetals

#Gold & #Silver Up Sharply

 

Gold aiming for $1750/oz.

Silver —barely— above $16/oz. 

https://mastermetalsblog.blogspot.com/p/blog-page_4.html#.Xr1alsNxph4.link

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MasterMetals

@MasterMetals

#Gold looking to go into this holiday weekend with a strong push above $1700

Gold Last at $1733.50/oz. up $49.20 (+2.92%)

https://mastermetalsblog.blogspot.com/p/blog-page_4.html
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MasterMetals
@MasterMetals

#Gold has given back most of 2020's gains, still much better than the $SPX...

#Gold had a rough day along with the rest of the market.

That's still better than the S&P which HAS LOST TWO AND A HALF YEARS' WORTH OF GAINS IN LESS THAN ONE MONTH!!

After the Fed's 0.50% rate cut, #Gold remains strong.

bit.ly/MasterMetalsCharts


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MasterMetals
@MasterMetals

#Gold's Slump Unlikely to Signal End of Rally

We've been here before.  In 2008 Gold dropped before marching higher to record $1920/oz three years later.

Gold fell a fifth in 2008, on its way to a record high.

Gold's Swoon Echoes Financial Crisis Blip

The conditions are still there for an extended rally.

Clara Ferreira MarquesMarch 2, 2020, 8:21 AM GMT+1

In times of coronavirus panic, even havens can be unreliable.

Gold closed off February on a tarnished note, ending last week with its steepest daily decline since 2013. As financial markets panicked over the spread of the pneumonia-like illness, stocks tumbled and dragged gold and other precious metals lower. That's a rare phenomenon for a metal that tends to shine brighter when everything else looks gloomy. It will also be a brief one.

Back in 2008, spot gold fell by more than a quarter between July and late October, before embarking on an unprecedented run toward $1,900 an ounce, once global rate cuts began in earnest.

#Gold recovering from Friday’s sell-off this AM. #MasterMetals #Charts $GLD

#Gold trading Back above $1600/oz.

bit.ly/MasterMetalsCharts … $GLD
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MasterMetals
@MasterMetals

The Bloodbath in #Gold continues $GLD

#Gold crushed

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MasterMetals
@MasterMetals

#Gold getting slammed.

Looks like they're selling it down so their S&P and NASDAQ portfolios' performance doesn't look so bad...

bit.ly/MasterMetalsCharts

As #Gold prices rose in 2019, investors jumped into #ETF’s | World @GoldCouncil



Huge rise in ETF inflows almost equalled the sharp drop in consumer demand in 2019

The net result was a marginal 1% decline in annual demand to 4,356t.

Global reserves grew by 650t – the second highest annual total.

Low/negative interest rates and geopolitical uncertainty fuelled this growth, while the gold price rally also attracted momentum-driven inflows.

Highlights

Annual gold demand in 2019 dips 1% to 4,355.7t

Total fourth quarter demand fell 19% y-o-y to 1,045.2t. Two main contributors to the y-o-y drop were jewellery and physical bar demand, both of which reacted to the elevated gold price. In US dollar value terms, the decline in Q4 demand was much shallower – down just 3% to US$49.7bn.

Inflows into global gold-backed ETFs and similar products pushed total holdings to a record year-end total of 2885.5t. Holdings grew by 401.1t over the year, with 26.8t added in Q4. Inflows were heavily concentrated in Q3 as the US dollar gold price rallied to a six-year high.

Central banks were net buyers for a 10th consecutive year: global reserves grew by 650.3t (-1% y-o-y), the second highest annual total for 50 years. Purchasing in Q4 of 109.6t was 34% lower y-o-y, although this was partly a reflection of the sheer scale of buying in 2018. 

China and India held sway over global consumer demand.

"Ratio of share price-to-free cash flow among senior #Gold #Miners...still hasn’t caught up to the gold price...more room to run" for #miningstocks $GDX $GLD

"The price increase, combined with capital discipline among the larger miners, is generating a bonanza of free cash flow while mergers could spark share gains among smaller players, according to five precious metals fund managers interviewed by Bloomberg.

"After more than $20 billion in mergers and acquisitions among large-cap miners last year, small and medium-sized companies could be next, providing another reason to buy."

See the whole piece on Bloomberg here:

https://www.bloomberg.com/news/articles/2020-01-15/gold-s-rally-seen-plowing-on-lifting-already-monster-cash-flow

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MasterMetals
@MasterMetals

#Gold & #Silver Bull Market Full Steam Ahead- even with the latest pullback!

This was originally set to be published on Jan. 6, 2020

Happy Golden New Year to All!!  May the wind be at your back! 

Due to New Year holidays Net Commitments of Gold and Silver Traders and the KITCO Gold Survey were not published. The statistics of the Christmas week were published and showed large speculators were increasing their long positions and commercial dealers expanding their short positions.