에 대한 최신 뉴스 VanEck Gold Miners ETF (ARCA:GDX)

VanEck Gold Miners ETF

VanEck Vectors Gold Miners ETF

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The fund normally invests at least 80% of its total assets in common stocks and depositary receipts of companies involved in the gold mining industry. The index is a modified market-capitalization weighted index primarily comprised of publicly traded companies involved in the mining for gold and silver. The fund is non-diversified.

Newmont Corp

Agnico Eagle Mines Ltd

Gold Fields Ltd

Zijin Mining Group Co Ltd

Anglogold Ashanti Ltd

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S&amp;P 500과 나스닥 100 지수는 2020년 5월 이후 최악의 위축을 겪은 6월 서비스 부문 활동이 예상보다 크게 낮아지자 투자자들이 금리 인하에 대한 기대를 높이면서 목요일 사상 최고치를 경신했다.

연준 회의록을 앞두고 금리 인하 낙관론에 S&amp;P 500, 나스닥 100이 최고치 기록: 금, 채권 랠리

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금요일은 최근 몇 년 동안 금속 원자재 가격이 가장 강한 날 중 하나가 될 것으로 예상된다. 금은 1.7% 이상 상승해 온스당 2,400달러를 넘어 사상 최고치를 기록했고, 은은 6% 이상 급등해 2013년 2월 이후 최고치까지 올랐으며, 구리는 사상 최고치를 기록했다.

은 가격은 11년 만에 최고치, 금과 구리는 사상 최고점 기록: 광산 주식 급등

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지정학적 위험이 줄어들면서 금 가격은 미국 동부 시간으로 월요일 오후 3시 현재 2.7% 하락해 2,350달러 아래로 떨어졌다. 금과 밀접한 관련을 가진 은도 5.1%의 더 급격한 하락을 경험하며 지난 10월 이후 최대의 하락을 보여주었다.

지정학적 안도감에 금 매도 촉발, 2,350달러 이하로 하락: 광산주가 큰 타격

MicroSectors Gold Miners -3X Inverse Leveraged ETNs

VanEck Junior Gold Miners ETF

GOLDEX RES CORP by Goldex Resources Corp.

Goldex Resources Corp

MicroSectors Gold Miners 3X Leveraged ETN

Tidal Trust II YieldMax Gold Miners Option Income Strategy ETF

S&amp;P 500 and Nasdaq 100 indices surged to new all-time highs on Friday, driven primarily by a rally in Magnificent Seven stocks, which collectively reached a market capitalization exceeding $16 trillion.
The Roundhill Magnificent Seven ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NYSE">MAGS</a>) increased by 1.4% on Friday, boosting its weekly gain to 7.7%, marking the strongest weekly performance <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.benzinga.com/quote/MAGS&amp;ved=2ahUKEwjsreyntZCHAxU6hv0HHSFbDYUQFnoECBYQAQ&amp;usg=AOvVaw0qApwAlRjOLeb8gwVa_4Hr">since the fund&#8217;s inception.</a>
As mega-cap tech stocks attracted larger gains, blue-chip stocks held steady, while small caps fell. 
In June, the U.S. labor market showed signs of cooling despite a higher-than-expected increase in non-farm payrolls, due to previous downward revisions, a rise in the unemployment rate, and slower wage growth.
Economists have increasingly urged the Federal Reserve to initiate interest rate cuts, with September seen as the most likely starting point.
Traders quickly adjusted their expectations for rate cuts, assigning a 76% probability to a September move and now fully pricing in two rate cuts by the end of the year.
Treasury yields declined across the board, with the 2-year yield dropping by 7 basis points to 4.62%, and the 10-year yield falling by 6 basis points to 4.28%.
Gold prices advanced by 1.1%, fueling a rally in gold mining stocks, which outperformed other equity sectors on Friday. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) has surged nearly 7% over the last two sessions, marking its strongest two-day performance since early March.
In other markets, UK small-cap stocks, tracked by the iShares MSCI United Kingdom Small-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWUS#NYSE">EWUS</a>), rallied 1.4% following a landslide victory for the Labour Party in the legislative elections, ending 14 years of Conservative rule.
Cryptocurrency markets were volatile on Friday. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) prices hit an intraday low of $53,550 before recovering to $56,430.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,344.47</td>
<td>0.8%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,553.10</td>
<td>0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,250.89</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,020.45</td>
<td>-0.7%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 3:05 PM ET</figcaption></figure>
According to<a href="http://Register URL:&nbsp;http://www.benzinga.com/pro/register/?utm_source=BZprocontent070524&amp;t=be2bearmibe3na1">&nbsp;Benzinga Pro&nbsp;data</a>:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.4% higher to $553.55.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was flat at $392.70.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.9% higher to $495.20.</li>
<li>Sector-wise, the&nbsp;Communication Services&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)&nbsp;outperformed, up by 1.4%, while the&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, falling 1.7%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) rallied 4.3%, marking the strongest daily performance since early February. </li>
<li>Chipmakers ARM Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) rocketed 5.7% and 4.8%, respectively. </li>
<li>Macy&#8217;s Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) rallied 8.8% after rumors that Arkhouse Management and Brigade Capital Management increased offers to buy Macy&#8217;s remaining ownership. </li>
<li>Airline stocks declined, with budget carriers suffering the most significant losses following downgrades on Friday due to weakening fare trends. Spirit Airlines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) dropped 6.9%, Southwest Airlines Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) fell 4.5%, and United Airlines Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NYSE">UAL</a>) decreased by 3.2%.</li>
</ul>
Read now: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39649730/theyre-nowhere-near-being-robotaxis-bearish-tesla-analyst-says-musk-is-promoting-sm">&#8216;They&#8217;re Nowhere Near Being Robotaxis&#8217;: Bearish Tesla Analyst Says Musk Is Promoting &#8216;Smoke And Mirrors,&#8217; Stock Is Overvalued</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Tech

EWUS

MAGS

SAVE

Magnificent 7 Stocks Propel S&P 500, Nasdaq 100 To Record Highs As Jobs Data Fuels Rate Cut Bets; Gold Miners Rally: What's Driving Markets Friday?

The S&amp;P 500 and Nasdaq 100 indices surged to new all-time highs on Thursday, as investors heightened their expectations for rate cuts following June&#8217;s sharply lower-than-expected services sector activity, which experienced its worst <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39618958/us-services-sector-activity-experiences-largest-contraction-in-over-4-years-gold-ra">contraction since May 2020. </a>
Market-implied odds of a Fed rate cut in September rose from 65% to 72%, according to CME Group&#8217;s FedWatch tool, with traders pricing in more than 50 basis points of rate cuts by year end, implying two fully priced rate reductions by the Fed. 
Risk sentiment was particularly strong ahead of the Federal Open Market Committee (FOMC) Minutes, slated to be released at 2:00 p.m. ET. 
Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and the chip making industry, as tracked by the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>), rebounded, up 3.7% and 1.9%, respectively.
Strong gains also stemmed from gold miners, with the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) up 4.2%, eyeing one of the best-performing sessions year to date, driven by rising metal prices. 
Expectations of lower interest rates fueled gold prices up by 1.4%, silver up by 3.5%, and copper up by 2.6%. 
Treasury yields weakened sharply, with both the 10-year and 30-year yields down 7 basis points. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rose 1.1%, rallying the most since June 13. 
However, the crypto market faltered, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) down 2.7% to $60,450.
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,168.73</td>
<td>0.8%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,531.06</td>
<td>0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>202.16</td>
<td>0.1 %</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,273.72</td>
<td>-0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:28 p.m. ET</figcaption></figure>
According to&nbsp;<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070324&amp;t=be2bearmibe3na1">Benzinga Pro&nbsp;data:</a>
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.3% higher to $550.85.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.2% lower to $392.45.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.8% higher to $490.70.</li>
<li>Sector-wise, the&nbsp;Technology Discretionary&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)&nbsp;outperformed, up by 1.3%, while the&nbsp;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, falling 1%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Weight-loss giant Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) and Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) tumbled 1.9% and 4% respectively, after a study conducted by the Massachusetts Eye and Ear showed that Ozempic and Wegovy are linked to higher risk of blinding eye conditions. Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) and Viking Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VKTX#NASDAQ">VKTX</a>) also fell 1.9% and 2.2%, respectively.</li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares continued their upward momentum from Tuesday, rallying 5.5% after the electric-vehicle maker&#8217;s quarterly deliveries came in better than expected.</li>
<li>Other EV-related stocks also rallied, with Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) up 8%, Archer Aviation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>) up 15%. </li>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) surged over 7% following rumors from the Wall Street Journal that Skydance is once again interested in the deal to buy Paramount&#8217;s controlling company, National Amusements.</li>
<li>Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) fell 4.4%, marking the worst session since October 2023, amid lower-than-expected revenue last quarter. </li>
</ul>
Read Now: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39620397/june-jobs-report-preview-cooling-labor-market-trends-may-further-bolster-rate-cut-h">June Jobs Report Preview: Cooling Labor Market Trends May Further Bolster Rate Cut Hopes</a></li>
</ul>

S&P 500, Nasdaq 100 Climb To Record Highs As Data Fosters Rate Cut Optimism Ahead Of Fed Minutes; Gold, Bonds Rally: What's Driving Markets Wednesday?

Futures on U.S. equity indices inched slightly higher in Friday premarket trading after the Fed&#8217;s favorite inflation gauge, the Personal Consumption Expenditure (PCE), fell to 2.6% year-on-year <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39547288/feds-preferred-inflation-gauge-falls-to-lowest-level-since-november-2021-relieves">in May, as expected.</a>
It marked the lowest inflation rate since March 2021, bolstering market expectations for upcoming Fed interest rate cuts.
After the PCE price index report, traders increased their wagers on a September rate cut, assigning a 68% chance according to CME Group&#8217;s FedWatch tool.
Restricting the screener to stocks with a market cap above $50 billion, here are the top performers following the PCE price index report, according to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent062824&amp;t=be2bearmibe3na1">Benzinga Pro</a>.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Southern Copper (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>)</td>
<td>1.64%</td>
</tr>
<tr>
<td>Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>)</td>
<td>1.29%</td>
</tr>
<tr>
<td>Toronto-Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>)</td>
<td>0.82%</td>
</tr>
<tr>
<td>Deere &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>)</td>
<td>0.76%</td>
</tr>
<tr>
<td>GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>)</td>
<td>0.71%</td>
</tr>
<tr>
<td>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)</td>
<td>0.61%</td>
</tr>
<tr>
<td>ServiceNow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>)</td>
<td>0.58%</td>
</tr>
</tbody>
</table>
</figure>
Exchange traded funds (ETFs) rallying following the inflation data were: 
<ul>
<li>Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) up 1.6%</li>
<li>iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) up 1%</li>
<li>SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) up 0.9%</li>
<li>The Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) up 0.9%</li>
<li>VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) up 0.7%</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39531404/bank-of-america-analyst-highlights-fed-stress-test-opacity-varying-bank-impacts-gol">Bank of America Analyst Highlights Fed Stress Test Opacity, Varying Bank Impacts: &#8216;Goldman Sachs Worst Hit, Huntington Best&#8217;</a></li>
</ul>
Photo: Shutterstock

INTU

SCCO

7 Stocks, 5 ETFs Move On Friday As Fed's Preferred Inflation Rate Hits 3-Year Low

BMO Capital Markets analyst Raj Ray upgraded Gold Fields Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>) to Market Perform from Underperform and slightly increased the price target to <a target="_blank" href="https://www.benzinga.com/quote/GFI/analyst-ratings" rel="noreferrer noopener">$14.00 (from $13.50)</a>.
The bullish stance reflects revised gold price forecasts released today. Since early February, Gold Fields&#8217; shares have trailed the GDX by approximately 23%, despite favorable gold prices owing to recent operational volatility, delays and ramp-up challenges at the Salares Norte project in Chile, and a recent revision of guidance.
Gold Fields has lagged behind its peers due to challenges such as delays in ramping up Salares Norte, subsequent guidance revisions, and operational fluctuations, writes the analyst.
Still, the company has shown strong operational consistency despite recent volatility since 2020, the analyst says.
New management aims to enhance productivity and consistency, especially at Salares Norte.
Ray raised the EPS forecast to $1.31 (from $1.21) vs. consensus of $1.31 in FY24 and $1.49 (from $1.31) vs. street view of $2.00 in FY25.
Investors can gain exposure to the stock via VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) and Themes Gold Miners ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AUMI#NASDAQ">AUMI</a>).
Also Read: <a href="https://www.benzinga.com/markets/commodities/24/04/38079319/gold-fields-celebrates-first-gold-pour-at-salares-norte-boosts-chilean-production-outlook" target="_blank" rel="noreferrer noopener">Gold Fields Celebrates First Gold Pour At Salares Norte, Boosts Chilean Production Outlook</a>
Price Action: GFI shares are up 0.90% at $15.06 at the last check Wednesday.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Upgrades

Price Target

AUMI

Beyond Salares Norte: BMO Upgrades Gold Fields Despite Project Delays

As the price of gold continues to soar, prominent economists Mohamed A. El-Erian and Peter Schiff are emphasizing the ongoing strength of the gold market. El-Erian highlights the significant expansion of the commodity rally, while Schiff underscores the importance of holding onto gold and silver assets amid a promising market outlook.
What Happened: El-Erian, the chief economic advisor at Allianz, took to X to share his thoughts on the recent surge in gold prices. He pointed out that the price of gold has hit over 20 new highs this year, with the latest highs being accompanied by a significant expansion of the commodity rally. El-Erian also noted that the drivers behind these highs now include a wider range of demand and supply factors.
&#8220;This month's new highs in the price of #gold is not unusual,&#8221; El-Erian wrote.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This month's new highs in the price of <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> is not unusual. We have had over twenty new highs so far this year. What I find more notable: (i) Recent highs have been accompanied by a significant broadening of the commodity rally; and (ii) Drivers now encompass a wider set of… <a href="https://t.co/TnynVeWSnQ">pic.twitter.com/TnynVeWSnQ</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1792983521247764516?ref_src=twsrc%5Etfw">May 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Meanwhile, Schiff, a <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38911373/peter-schiff-says-bitcoin-is-dead-long-live-silver-but-is-it-really-true">well-known gold advocate</a> and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) critic, also took to X to advise investors to hold on to their gold and silver assets. He warned that selling during a bull market is easy, but buying back in is the hard part. Schiff believes that the current gold rally is just getting started and that good things come to those who wait.
&#8220;Don&#8217;t sell any of your #gold or #silver. It&#8217;s easy to sell out of a bull market. The hard part is buying back in. Just sit tight and enjoy the ride. It&#8217;s likely just getting started. Good things come to those who wait. We&#8217;ve waited a long time, so what&#8217;s coming should be great,&#8221; Schiff wrote. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Don&#39;t sell any of your <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> or <a href="https://twitter.com/hashtag/silver?src=hash&amp;ref_src=twsrc%5Etfw">#silver</a>. It&#39;s easy to sell out of a bull market. The hard part is buying back in. Just sit tight and enjoy the ride. It&#39;s likely just getting started. Good things come to those who wait. We&#39;ve waited a long time, so what&#39;s coming should be great.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1792997390334513439?ref_src=twsrc%5Etfw">May 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Investors interested in gold ETFs might check&nbsp;SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>), Abrdn Physical Gold Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGOL#NYSE">SGOL</a>), VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), which invests in global gold miner equities.
<a href="https://x.com/PeterSchiff/status/1792997390334513439"></a>See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38910906/bitcoin-dogecoin-ethereum-retrace-on-profit-taking-by-retail-investors-analyst-predicts-pa?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Dogecoin, Ethereum Retrace On Profit-Taking By Retail Investors: Analyst Predicts Parabolic Rise For King Crypto Following Consolidation Phase</a>
Why It Matters: The price of gold has been on a steady rise, recently hitting a new record high of $2,450 per ounce. This surge is attributed to the expectation that the U.S. Federal Reserve <a href="https://www.benzinga.com/trading-ideas/24/05/38941163/gold-shatters-expectations-with-a-record-high-of-2-450-per-ounce-amid-expectations-of-lower-interes">might lower interest rates</a> by September, making gold a more attractive investment option.
This trend has also been reflected in the actions of prominent investors. For instance, Michael Burry, the legendary investor who predicted the 2008 financial crisis, <a href="https://www.benzinga.com/markets/asia/24/05/38878116/big-short-investor-michael-burry-bets-heavy-on-gold-renewable-energy-stocks-exits-amazon-alphabet">recently made significant bets on gold</a> and renewable energy stocks, indicating a shift in investment strategies towards physical commodities and renewable energy.
However, not everyone is optimistic about the economic situation. Schiff, who is also the CEO of Euro Pacific Capital, recently criticized President Joe Biden&#8216;s new tariffs, <a href="https://www.benzinga.com/news/24/05/38862552/mohamed-el-erian-says-bond-and-equity-prices-getting-a-boost-after-softer-than-expected-headline-cpi">labeling them as taxes</a> that will only add to the economic misery.
Price Action: On Tuesday, Gold spot prices closed at $2,422 per ounce, up 0.07%, according to the data <a href="https://pro.benzinga.com/dashboard">from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38909046/top-trader-ditches-bitcoin-for-altcoins-dogecoin-killer-shiba-inus-potential-breakout-and-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Top Trader Ditches Bitcoin For Altcoins, &#8216;Dogecoin Killer&#8217; Shiba Inu&#8217;s Potential Breakout And More</a>
Image Via Shutterstock 
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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Mohamed El-Erian And Bitcoin-Critic Peter Schiff Highlight Gold's Soaring Prices And Market Momentum: 'Just Sit Tight And Enjoy The Ride'

Friday is shaping up to be one of the strongest days for metal commodities in recent years. Gold climbed over 1.7% toward a record-high close above $2,400 per ounce, silver surged more than 6% to its highest level since February 2013, and copper hit <a href="https://www.benzinga.com/topic/mining">an all-time high.</a>
What Happened: In a week marked by diminishing inflation fears, the case for Federal Reserve rate cuts strengthened. Additionally, news of a broad-based Chinese stimulus to support the struggling real estate sector sent metal commodities skyrocketing. Beijing announced measures such as reducing down payments for homebuyers and a state-financed package to convert unsold<a href="https://www.benzinga.com/markets/asia/24/05/38895805/china-goes-all-in-as-beijing-vows-to-buy-unsold-properties-chinese-stocks-rally-copper-hits-all-time"> properties into social housing.</a>
Copper, extremely sensitive to China&#8217;s economic health as the country is the top purchaser of the red metal, rallied 4% to above $5 a pound. This surge marked a fresh weekly all-time high and its strongest day since November 2022.
Precious metals like silver and gold positively reacted to both interest-rate and Chinese-related developments. Silver spiked above $30, breaking out of a triple-top resistance pattern.
Chart: Copper Hits All-Time High
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png" alt="" class="wp-image-344275" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Expert Insights on Metal Commodities</h3>
According to Otavio Costa, macro strategist at Crescat Capital, central banks are &#8220;acquiring gold to enhance the quality of their international reserves and thereby strengthen the credibility of their monetary systems.&#8221; 
He highlighted that unlike many investors and traders, central banks have a long-term perspective, meaning that &#8220;the accumulation of gold by these institutions is just beginning.&#8221;
According to analysts at Goldman Sachs, copper remains a focus amid an ongoing short squeeze that has sent futures to record highs. The investment bank maintains a positive outlook on copper, citing the market&#8217;s structural deficit and forecasting a 20% increase from current levels.
Jeff Currie, former Goldman Sachs commodities strategist and now chief strategy officer of energy pathways at Carlyle Group, stated in a Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-05-17/jeff-currie-says-copper-is-the-best-trade-he-s-seen-in-his-career?sref=TBDibEcD">interview </a>that the red mental still has more room to run, emphasizing copper&#8217;s importance in powering electric vehicles, updated grids and AI data centers.
Chart: Silver Notches Best-Performing Week Since August 2020
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png" alt="" class="wp-image-344292" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Mining Stocks Surge</h3>
The rally in metal commodities fueled broad-based gains on mining stocks. 
<ul>
<li>The SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) rose 1.8% reaching April 2022 highs. Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>) and Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) were the top gainers among miners, both up by 11%. </li>
</ul>
<ul>
<li>The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) skyrocketed 4.3%, hitting a record high since the fund&#8217;s inception in 2010. Taseko Mines Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGB#NYSE">TGB</a>), Ero Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ERO#NYSE">ERO</a>), and First Quantum Minerals Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FM#NYSE">FM</a>) were the fund&#8217;s top performers, up 7.3%, 6.8% and 6.6%, respectively</li>
</ul>
<ul>
<li>The Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>) rose 5%, reaching April 2022 highs. Besides Coeur Mining and Hecla Mining Company, Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>) also performed strongly, up 10%. </li>
</ul>
<ul>
<li>The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) surged 3%, also reaching April 2022 highs, with New Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>) topping the performance among gold miners, up nearly 12%.</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38894659/bank-of-americas-contrarian-guru-unveils-best-portfolio-hedge-against-hard-landing-">Bank Of America&#8217;s Contrarian Guru Unveils Best Portfolio Hedge Against Hard Landing: &#8216;No One Is Long&#8217;</a>
Photo: Shutterstock

Silver Rockets To 11-Year Highs, Copper Hits Record Peak, Gold Approaches Historic Close: Mining Stocks' Wild Ride

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/05/09/final-trades-live-nation-delta-air-lines-and-splv.html">Halftime Report Final Trades</a>,&#8221; Stephen Weiss of Short Hills Capital Partners picked Taiwan Semiconductor Manufacturing Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), which released quarterly results on April 10.
TSMC experienced a 60% surge in April sales to 236 billion New Taiwan dollars ($7.3 billion), driven by ongoing demand for artificial intelligence and signs of recovery in consumer electronics.
Shannon Saccocia of NB Private Wealth named iShares U.S. Utilities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDU#NYSE">IDU</a>) as her final trade.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Jim Lebenthal of Cerity Partners picked Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>).
Applied Materials is scheduled to hold a webcast to discuss its second quarter of fiscal 2024 financial results on Thursday, May 16 at 4:30 p.m. ET. Analysts expect the company to report quarterly earnings at $1.99 per share, up from $1.78 per share in the year-ago period. Applied Materials is projected to post revenue of $6.54 billion for the quarter.
Bill Baruch named VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), saying it could be the &#8220;time to shine.&#8221;
Price Action:
<ul>
<li>Taiwan Semiconductor shares rose 4.5% to close at $149.26 on Friday.</li>
<li>iShares U.S. Utilities ETF slipped 0.1% during Friday's session.</li>
<li>Applied Materials shares rose 1.7% to settle at $209.73 on Friday.</li>
<li>VanEck Gold Miners ETF declined 0.3% during Friday's session.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/24/05/38759507/top-3-industrials-stocks-that-may-collapse-this-month">Top 3 Industrials Stocks That May Collapse This Month</a>
Image: Shutterstock

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iShares Trust Dow Jones US Utilities Sector Index Fund

Taiwan Semiconductor, Applied Materials And More On CNBC's 'Final Trades'

The stock market is poised to mark a third consecutive session of gains, with major indices all trading in the green during midday trading in New York on Monday, as traders continue to react positively to quarterly earnings and the Federal Reserve&#8217;s unexpectedly dovish stance <a href="https://www.benzinga.com/economics/macro-economic-events/24/05/38584705/federal-reserve-takes-cautious-stand-on-inflation-powell-signals-preference-for-r">in its latest meeting.</a>
For Q1 2024, 80% of S&amp;P 500 companies have disclosed actual results, with over three quarters of them surpassing EPS estimates and 61% exceeding revenue estimates, according to FactSet.
The S&amp;P 500 rose by 0.4%, with the tech-heavy Nasdaq 100 showing a similar daily surge. Small caps, as measured by the iShares Russell 2000 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), outperformed large caps, rising by 1.2%.
Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) surged over 6% ahead of its Q1 results, set to be released after the market closes. The broader chipmaker industry, as tracked by the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>), rose 1.7%, showing solid gains. 
Commodities performed strongly overall, with natural gas prices surging nearly 6% to a 4-month high. West Texas Intermediate (WTI) light crude oil rose by 1%, on track to break a 5-day losing streak. 
Crude oil faced notable volatility around 12:47 EDT as gains were initially trimmed on news of Hamas accepting a ceasefire proposal, but then it partially recovered those losses after Israeli Forces stated that Hamas had agreed to a modified version not accepted by Israel.
Gold and silver also saw robust demand, with gold up over 0.7% and silver rallying about 3%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) softened 0.8%, with prices retracing after testing the 50-day moving average resistance at $65,500-$65,900 levels.
<h3 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,065.27</td>
<td>1.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,002.16</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,156.88</td>
<td>0.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,736.04</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:45 p.m. EDT </figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.6% to $514.40, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.2% to $387.45 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.6% to $437.98, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, up 1.3%, followed by the Industrials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>), up 0.8%. The Consumer Staples Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) was the major laggard, down 0.4%.
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Tyson Foods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>) fell over 7%, after the company missed the Street&#8217;s revenue estimates last quarter.</li>
<li>Other companies reacting to earnings were Loews Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/L#NYSE">L</a>) up 1.6%, CNA Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNA#NYSE">CNA</a>) up 0.5%, Jones Lang LaSalle Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JLL#NYSE">JLL</a>) up 4%, Freshpet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRPT#NASDAQ">FRPT</a>) up over 6%, Brookfield Renewable Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEPC#NYSE">BEPC</a>) up 3%, and Integra LifeSciences Holdings Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IART#NASDAQ">IART</a>) down 21%,</li>
<li>Gold and silver miners rallied sharply Monday, on the heels of surging metal prices. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) was up 2.4%, while the Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>) rocketed 2.9%. Notable outperformers for the industry were Coeur Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>), Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) and Fortuna Silver Mines Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSM#NYSE">FSM</a>) all screening a 5% surge.</li>
<li>Shares of Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) rose over 5% following a report by The New York Times on Sunday, indicating that the special committee approved initiating deal discussions with Sony and Apollo.</li>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) fell over 12% after it rallied by about 50% over the last two sessions. </li>
<li> Companies reporting after the close include ADTRAN Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>), Coty Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COTY#NYSE">COTY</a>), Fidelity National Information Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIS#NYSE">FIS</a>), FMC Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMC#NYSE">FMC</a>), Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>), Lumentum Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LITE#NASDAQ">LITE</a>), Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), Microchip Technology Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>), The Williams Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMB#NYSE">WMB</a>), Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>). </li>
</ul>
Read now: <a href="https://www.benzinga.com/news/24/05/38648277/tesla-lays-off-more-employees-over-weekend-report">Tesla Lays Off More Employees Over Weekend: Report</a>
Image generated using artificial intelligence via Midjourney.

Intraday Update

ADTN

BEPC

COTY

FRPT

IART

LITE

MCHP

PLTR

Stocks On Track For Third Green Session, Palantir Ignites Rally In Chipmakers, Commodities Rebound: What's Driving Markets Monday?

Barrick Gold Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>)&nbsp;reported first-quarter FY24 revenue of $2.747 billion (+4% Y/Y), which<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/g38543293/barrick-to-ramp-up-production-as-it-remains-on-track-to-achieve-2024-targets" rel="noreferrer noopener">&nbsp;is&nbsp;in line&nbsp;with the&nbsp;consensus</a>.&nbsp;
Gold production stood at 940 thousand ounces (-1% Y/Y), and gold sales were 910 thousand ounces (-5% Y/Y).
Related:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/rumors/24/04/38279955/barrick-misses-preliminary-gold-production-estimate-management-unfazed-by-risks-in-key-african-count" rel="noreferrer noopener">Barrick Misses Preliminary Gold Production Estimate, Management Unfazed By Risks In Key African Country</a>
The average realized gold price rose 9% Y/Y to $2,075 per ounce, and All-in sustaining costs (AISC) rose 8% Y/Y to $1,474&nbsp;per ounce in the quarter.
Copper production remained flat Y/Y to 40 thousand tonnes, and the average realized copper price declined 8% Y/Y to $3.86 per pound.
Adjusted EPS of $0.19 exceeded&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of $0.15</a>.
President and chief executive Mark Bristow said, &#8220;Our focus on exploration has placed Barrick in the unique position of more than replacing the reserves we mine year after year. Our key organic projects, such as the development of Reko Diq, the extension of Pueblo Viejo&#8217;s Tier One&nbsp;life by more than 20 years, and the transformation of Lumwana into one of the world&#8217;s major copper mines will secure Barrick&#8217;s production profile well into the future.&#8221;&nbsp;
At the end of the quarter, cash and cash equivalents stood at $3.94 billion, and debt was $4.73 billion.
Capital expenditure rose 6% Y/Y to $728 million, and operating cash flow stood at $760 million.&nbsp;
Dividend: GOLD declared a first-quarter dividend per share of $0.10, payable on June 17 to shareholders of&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/g38543277/barrick-declares-q1-dividend" rel="noreferrer noopener">record&nbsp;as of May 31</a>.
FY24 Outlook Reiterated: The company expects attributable gold production in the range of 3.9-4.3 million ounces and AISC in the range of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$1,320 – $1,420 per ounce</a>.
The company expects gold production to ramp up steadily during the year, led by the completion of the Pueblo Viejo plant expansion and the resumption of operations at the Porgera mine.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38111546/barrick-targets-peruvian-expansion-amidst-record-gold-prices" rel="noreferrer noopener">Barrick Targets Peruvian Expansion Amidst Record Gold Prices</a>
For 2024, capital expenditure&nbsp;is expected&nbsp;to be within&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37128210/barrick-golds-q4-earnings-shine-buyback-glitters-more" rel="noreferrer noopener">$2.50 billion-$2.90 billion</a>.
Also, the company inked an exploration earn-in agreement with Geophysx Jamaica Ltd.&nbsp;with respect to&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/g38543958/barrick-announces-extensive-exploration-partnership-with-geophysx-jamaica" rel="noreferrer noopener">certain properties located in Jamaica</a>.
Investors can gain exposure to the stock via&nbsp;Sprott Gold Miners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGDM#NYSE">SGDM</a>) and&nbsp;VanEck Gold Miners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>).
Price Action: GOLD shares are down 0.20% at $16.61 at the last check Wednesday.
Photo via Shutterstock

Earnings

Guidance

Dividends

GOLD

SGDM

Barrick Gold Maintains FY24 Outlook Despite Q1 Production Miss

Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), the world&#8217;s largest gold miner, saw its share price spike 13% on Thursday after the Denver-based company posted <a href="https://www.benzinga.com/news/earnings/24/04/38438315/why-gold-miner-newmont-shares-are-surging-today">stronger-than-expected earnings</a>.
This ignited a broad-based rally in the gold mining industry, despite the overall <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38439796/stocks-drop-tech-tumbles-with-metas-weak-outlook-q1-stagflation-fears-gold-miners-advance-">weak investor sentiment elsewhere.</a>
Newmont is currently on track to achieve its best-performing session since April 2020, when the mining giant rallied following a major volatility event due to the Covid-19 pandemic.
Chart: Newmont Eyes Top-Performing Session Since April 2020
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-1024x495.png" alt="" class="wp-image-309347" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Newmont Sharply Beats Estimates, Declares First Quarter Dividend</h3>
<ul>
<li>Newmont reported earnings per share (EPS) of $0.55 in Q1 2024, marking a 38% increase from the corresponding quarter of the previous year and surpassing Street&#8217;s consensus estimates of $0.36 by a significant 54%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro platform</a>. </li>
<li>Revenue for the quarter amounted to $4.02 billion, indicating a 50% rise from Q1 2023 and surpassing forecasts of $3.66 billion by a noteworthy 10% margin.</li>
<li>Newmont delivered $288 million in dividends to shareholders and declared a dividend of $0.25 per share of common stock for the first quarter of 2024.</li>
<li>Newmont reported gold Costs Applicable to Sales (CAS) per ounce of $1,057 and gold All-In Sustaining Costs (AISC) per ounce of $1,439, both notably lower than the average realized gold price of $2,090 per ounce. This stark contrast indicates wide profit margins for the company.</li>
<li>&#8220;Newmont delivered a strong first quarter operational performance, producing 2.2 million gold equivalent ounces and generating over $1.4 billion in cash from operations before working capital changes,&#8221; Tom Palmer, Newmont&#8217;s president and CEO, stated. </li>
</ul>
See Also: <a href="https://www.benzinga.com/news/earnings/24/04/38438315/why-gold-miner-newmont-shares-are-surging-today">Why Gold Miner Newmont Shares Are Surging Today</a>
<h3 class="wp-block-heading">Gold Miners Rally In Response To Newmont&#8217;s Results</h3>
Newmont&#8217;s remarkable Q1 earnings report catalyzed a significant rally in gold mining stocks, drawing investors to the industry in anticipation of potentially positive results from other players.
Additionally, miners showed a positive response to the rise in gold prices, with the precious metal gaining 0.7% to $2,330 per ounce, buoyed by escalating stagflationary worries triggered by the latest <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38434513/us-growth-slows-in-q1-yet-inflation-acceleration-signals-stagflation-the-worst-poss">gross domestic product report.</a>
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rose 3.1%, while junior gold miners, as tracked by the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) rose 1.8%. 
The top-performing North American gold miners on Thursday included:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-Day %</td>
<td>Market Cap</td>
</tr>
<tr>
<td>Newmont Corporation</td>
<td>13.06%</td>
<td>$ 50.54B</td>
</tr>
<tr>
<td>Buenaventura Mining Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>)</td>
<td>6.75%</td>
<td>$ 4.30B</td>
</tr>
<tr>
<td>DRDGOLD Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRD#NYSE">DRD</a>)</td>
<td>4.73%</td>
<td>$ 705.14м</td>
</tr>
<tr>
<td>AngloGold Ashanti plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>)</td>
<td>4.29%</td>
<td>$ 9.57B</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>3.52%</td>
<td>$ 1.88B</td>
</tr>
<tr>
<td>K92 Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNT#NYSE">KNT</a>)</td>
<td>2.69%</td>
<td>$ 1.31B</td>
</tr>
<tr>
<td>OceanaGold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGC#NYSE">OGC</a>)</td>
<td>2.31%</td>
<td>$ 1.61B</td>
</tr>
<tr>
<td>Calibre Mining Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CXB#NYSE">CXB</a>)</td>
<td>2.19%</td>
<td>$ 1.07B</td>
</tr>
<tr>
<td>Royal Gold, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NYSE">RGLD</a>)</td>
<td>1.91%</td>
<td>$ 8.12B</td>
</tr>
<tr>
<td>Agnico Eagle Mines Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>)</td>
<td>1.90%</td>
<td>$ 32.36B</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:45 p.m. EDT </figcaption></figure>
Now Read: <a href="https://www.benzinga.com/m-a/24/04/38405991/equinox-gold-snaps-up-greenstone-gold-mines-for-995m-in-incredibly-rare-deal">Equinox Gold Snaps Up Greenstone Gold Mines For $995M In &#8216;Incredibly Rare&#8217; Deal</a>
Image: Shutterstock

GDXJ

RGLD

Gold Glitters On Stagflation Tailwinds: Newmont Soars 13% In Biggest Post-Covid Gain, Leads Mining Sector Surge

Wall Street suffers a double blow in Thursday&#8217;s session, as softer-than-expected revenue forecasts from Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) are being compounded by weaker-than-expected economic growth and higher inflationary pressures last quarter, raising fears of a stagflation phase <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38434513/us-growth-slows-in-q1-yet-inflation-acceleration-signals-stagflation-the-worst-poss">for the U.S. economy.</a>
The U.S. economy grew by a 1.6% annualized pace in Q1 2024, slowing down sharply from the 3.4% pace in the previous quarter and missing expectations of a growth rate of 2.5%. Inflation, as measured by the Personal Consumption Expenditure (PCE) price index, substantially accelerated from a 1.8% to 3.4% annualized pace, with the underlying measure of core PCE escalating to 3.7%. 
The elite group of Magnificent Seven stocks <a href="https://www.benzinga.com/markets/equities/24/04/38436183/magnificent-7-tumble-wipe-out-300-billion-on-metas-weak-guidance-q1-stagflation-woes">wiped out nearly $300 billion in market value</a> earlier this morning, prior to marginally curbing losses by 1 p.m. in New York. 
The S&amp;P 500 and the tech-heavy Nasdaq 100 dropped by 1% and 1.2% respectively, while blue chips in the Dow Jones Industrial Average slightly underperformed, declining by 1.4%. 
Meta Platforms experienced a double-digit decline, pulling down both the tech index and the communication services sector, which saw its worst day since late October 2023.
Only a few industries managed to notch gains, with gold miners in the spotlight following stronger-than-expected quarterly results by Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>). The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rose 2.7%. 
Gold also saw an increase, rising by 0.7%, outperforming both stocks and bonds amid growing signals of stagflation from the economy. Crude oil inched lower, with the West Texas Intermediate (WTI) light crude down 0.4% to $82 a barrel. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) held steady around $64,500. 
In the bond market, Treasury yields surged, with the policy-sensitive 2-year yields rising to 5% as traders further dialed back expectations of Fed rate cuts. 
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,026.87</td>
<td>-0.9%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,975.61</td>
<td>-1.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,333.65</td>
<td>-1.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,923.49</td>
<td>-1.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:55 p.m. EDT </figcaption></figure>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Meta Platforms tanked 11% – its worst performance since October 2022 – despite beating both earnings and revenue forecasts last quarter, as weaker-than-expected guidance disappointed traders.</li>
<li>Other companies reacting to earnings were International Business Machines Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NASDAQ">IBM</a>) down 9%, Service Now Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) down 5%, Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) up 2.9%, Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) up 5.4%, Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) down 1.6%, United Rentals Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URI#NYSE">URI</a>) up 5.5%, with all of them reporting Wednesday after the close. </li>
<li>Reporting Thursday in the pre-market, Merck &amp; Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) up 2.5%, Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) down 6.6%, Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) down 6%, Union Pacific Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) up 4.3%, S&amp;P Global Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPGI#NYSE">SPGI</a>) flat, Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>), down 1.4%, Southern Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) up 1.7%, Altria Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>) up 1%, Valero Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) down 0.5%, Carrier Global Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CARR#NYSE">CARR</a>) up 8% and Astrazeneca plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) up 5.7%. </li>
<li>Notable names reporting after the close include Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) , Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>), Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), Gilead Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>), KLA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>), Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Roku, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>), Teladoc Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDOC#NYSE">TDOC</a>), T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) and Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>).</li>
</ul>
Read now: <a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38438240/feds-inflation-report-looms-this-friday-what-makes-it-so-crucial-for-markets">Fed&#8217;s Inflation Report Looms This Friday: What Makes It So Crucial For Markets?</a>
Photo: Shutterstock

Bonds

Treasuries

Movers

CARR

CMCSA

GILD

GOOGL

INTC

JNPR

KLAC

LRCX

MSFT

ROKU

SPGI

TDOC

TMUS

Stocks Drop, Tech Tumbles With Meta's Weak Outlook, Q1 Stagflation Fears; Gold Miners Advance: What's Driving Markets Thursday?

Newmont Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) shares are trading higher after the company reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38426146/newmont-reports-first-quarter-2024-results" rel="noreferrer noopener">first-quarter FY24 results</a>.
Revenue reached $4.023 billion, above the consensus of $3.670 billion.&nbsp;
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.&nbsp;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/03/37904712/newmonts-ghana-gold-mine-sale-targets-2b-attracts-chinese-giants" rel="noreferrer noopener">Newmont&#8217;s Ghana Gold Mine Sale Targets $2B, Attracts Chinese&nbsp;Giants</a>
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.&nbsp;
Adjusted EBITDA rose 23% Q/Q to $1.694 billion in the quarter.&nbsp;Adjusted&nbsp;EPS of $0.55,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the consensus of $0.36</a>.
Capital expenditure decreased 8% Q/Q to $850 million, and operating cash flow rose 26% from the prior quarter to $776 million.
As of March 31, 2024, Newmont had cash and cash equivalents of $2.34 billion.
Dividend: The company declared a dividend per share of $0.25 for the first quarter of FY24, payable on June 27 to shareholders of record on June 4.
FY24 Outlook: The company reaffirms its outlook for gold production of around 6.9 million ounces and&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37267757/why-gold-miner-newmont-shares-are-falling-today" rel="noreferrer noopener">Gold AISC of $1,400 per ounce</a>.
Newmont expects Tanami Expansion 2 development capital spending of $1.7 billion-$1.8 billion, with commercial production expected in the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">second half of 2027</a>.
The company delivered $105 million in synergies&nbsp;to-date&nbsp;related to the Newcrest transaction and is on track to deliver an expected $500 million in synergies by the end of 2025.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/large-cap/24/02/37287732/gold-miner-newmont-looks-to-sell-assets-reduce-8b-debt-load" rel="noreferrer noopener">Gold Miner Newmont Looks To Sell Assets, Reduce $8B Debt Load</a>
Investors can gain exposure to the stock via&nbsp;IShares MSCI Global Gold Miners ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RING#NASDAQ">RING</a>) and&nbsp;VanEck Gold Miners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>).
Price Action: NEM shares are up 11.4% at $43.01 at the last check Thursday.
Photo via Shutterstock

RING

Why Gold Miner Newmont Shares Are Surging Today

Gold prices declined 2.7% Monday to below $2,350 as of 3 p.m. EST as <a href="https://www.benzinga.com/topic/gold">geopolitical risks wane.</a>
Silver, closely associated with gold, experienced an even sharper downturn, plummeting by 5.1% — its most substantial drop since last October.
What Happened: Market sentiment toward the precious metals have turned cautious. Traders await key economic data releases scheduled for this week, which could fuel greenback demand. 
These include the advance estimates of U.S. gross domestic product growth for the first quarter on Thursday and the pivotal March Personal Consumption Expenditure (PCE) price index, regarded as the Federal Reserve&#8217;s favored inflation gauge, set for release on Friday.
Gold is currently on a four-week winning streak, yet Monday&#8217;s session represented its most significant decline since June 2022. 
Chart: Gold Faces Worst Day In Years As Geopolitical Tensions Cool
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/22150121/image-153-1024x495.png" alt="" class="wp-image-302980" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/22150121/image-153-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/22150121/image-153-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/22150121/image-153-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/22150121/image-153-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/22150121/image-153.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Mining Stocks Moving Monday</h3>
Plummeting gold prices weighed on mining stocks, with the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) witnessing a 4.3% decline. Silver miners, as tracked by the Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>), fell over 3%. 
Gold &amp; Silver Miners Take Heavy Hits: Top 10 Fallers On Monday
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Market Cap</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Aya Gold &amp; Silver Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYA#NYSE">AYA</a>)</td>
<td>€ 1.20B</td>
<td>-8.65%</td>
</tr>
<tr>
<td>AngloGold Ashanti plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>)</td>
<td>€ 8.548B</td>
<td>-8.58%</td>
</tr>
<tr>
<td>Wesdome Gold Mines Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WDO#NYSE">WDO</a>)</td>
<td>€ 1.06B</td>
<td>-7.07%</td>
</tr>
<tr>
<td>DRDGOLD Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRD#NYSE">DRD</a>)</td>
<td>€ 643.72B</td>
<td>-6.90%</td>
</tr>
<tr>
<td>OceanaGold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGC#NYSE">OGC</a>)</td>
<td>€ 1.47B</td>
<td>-5.02%</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>€ 1.61B</td>
<td>-4.44%</td>
</tr>
<tr>
<td>Torex Gold Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NYSE">TXG</a>)</td>
<td>€ 1.15B</td>
<td>-4.12%</td>
</tr>
<tr>
<td>K92 Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNT#NYSE">KNT</a>)</td>
<td>€ 1.18B</td>
<td>-4.04%</td>
</tr>
<tr>
<td>Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>)</td>
<td>€ 2.95</td>
<td>-3.95%</td>
</tr>
<tr>
<td>Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)</td>
<td>€ 40.62B</td>
<td>-3.83%</td>
</tr>
</tbody>
</table>
</figure>
Israel reportedly averted plans for a more extensive counterstrike on Iran last week, following intense diplomatic pressure from the U.S. and other foreign allies, coupled with the effective neutralization of the primary threat posed by a potential Iranian assault on Israeli soil.
Read Now: <a href="https://www.benzinga.com/general/macro-notification/24/04/38337484/is-the-us-national-debt-unsustainable-we-cant-have-a-deficit-of-7-of-the-gdp">Is The US National Debt Unsustainable? &#8216;We Can&#8217;t Have A Deficit Of 7% Of The GDP&#8217;</a>

Geopolitical Relief Triggers Gold Selloff: Prices Dip Below $2,350 Mark, Mining Stocks Hit Hard

Source: <a href="https://www.streetwisereports.com/article/2024/04/14/its-correction-time.html?utm_medium=feed">Clive Maund 04/14/2024</a>
Technical Analyst Clive Maund shares his thoughts on current movements in the gold market.
The turnaround in gold and the precious metals sector on Friday was really dramatic, with gold dropping about $80 from its 11 am EDT peak. This brought out the old explanation about &quot;the powers that be&quot; cratering it by burying it with paper shorts. However, as we can see, there may be a simpler explanation.
Gold had risen a lot by last Friday to become extremely overbought, and it appears that a part of this rise was due to the fear factor relating to Iran attacking Israel and starting World War 3. This has set gold up for a &quot;sell on the news event&quot; where it drops when Iran actually does attack Israel, especially if, as seems to be the case at the time of writing, Iran simply lobs some fireworks at Israel so that &quot;honor is satisfied&quot; with most of these drones or missiles being shot down and those that arrive do little damage. While hostilities may continue at a low-key level, it appears that Iran is behaving with some restraint in order to avoid inciting intervention by the U.S., which is Israel&#39;s giant henchman.
To answer the question of where gold and the PM sector generally are headed we are probably better off using the language of the market itself and seeing what the charts have to say.
The prediction in the last gold market update posted on March 16 turned out to be correct, as the following chart from that update shows, even if it took a little longer to get moving than expected.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024415105941_1.jpg" style="height:857px; width:668px" />
So we will now look at gold&#39;s latest 3-month chart to see what happened and, more importantly, what it portends for the future.
Before going any further, it should be pointed out that because the last prediction was correct, it doesn&#39;t mean that today&#39;s will be.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024415105959_2.jpg" style="height:857px; width:669px" />
As we can see, after the last update was posted, gold did indeed break out upside from its bull Flag to enter a strong uptrend that took it up to approach $2450 early Friday, at which point it had become extremely overbought &mdash; only once in the past ten years has it gotten more overbought, and that was only by a small margin.
It has been super-critically overbought on its RSI indicator pretty much all this month so far, which itself is a warning, with a much more dire warning appearing on Friday with the dramatic high volume intraday reversal candle that can be described as a gravestone doji / spinning top, both of which are bearish in this position and indicate a reversal. This suggests that Smart Money had figured out that Iran&#39;s attack on Israel would be a &quot;nothing-burger&quot; so they took profits.
Another reason for gold to consolidate or correct back here is the huge gap that the price has opened up with the 200-day moving average, which is a measure of how overbought it is.
If gold does react back, how much might it drop?
Probably not much, given the other much more serious bullish factors in play that aren&#39;t going anywhere. It is thought unlikely that it will be corrected back to about $2250, and it shouldn&#39;t drop as far as the preceding flag.
So what about PM stocks?
They also put in bearish candles on Friday with the proxy ETF, GDX&nbsp;(ARCA:GDX) putting in a prominent &quot;bearish engulfing pattern&quot; on its chart on Friday as we can see on its 3-month chart below. This indicates a reversal, especially as it occurred on high volume &mdash; the biggest for two years.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024415110113_3.jpg" style="height:857px; width:669px" />
Interestingly, copper also put in a bearish-looking candle on quite high volume on Friday, a so-called &quot;gravestone doji&quot; which is where the open and close are close together near the bottom of the day&#39;s range.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024415110139_4.jpg" style="height:857px; width:668px" />
The dollar, meanwhile, has done well on the fear trade, breaking strongly higher above resistance on Wednesday and following through with another big gain on Friday while it is getting short-term overbought, and so might consolidate or react back some, at this point, it looks like it wants to go higher still.
Some folks on Friday morning thought that we had entered a nirvana where the dollar and gold would rally strongly in tandem, but alas, that proved to be false.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024415110220_5.jpg" style="height:857px; width:803px" />
So, this is thought to be a good time to scale back positions somewhat in the PM sector, with a view to buying back at better prices on a reaction or taking the opportunity to rebalance portfolios to include the strongest stocks in the sector.
Where you have big gains in some stocks, it might work out well to say, take profits on half, then buy back after a reaction or consolidation or reposition into better stocks.
Important Disclosures:
<ol>
<li>
Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>
Clivemaund.com Disclosures
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund&#39;s opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund&#39;s opinions on the market and stocks cannot be only be construed as a recommendation or solicitation to buy and sell securities.

It's Correction Time

Source: <a href="https://www.streetwisereports.com/article/2024/04/19/is-a-commodities-super-cycle-on-the-way.html?utm_medium=feed">Streetwise Reports 04/19/2024</a>
Are we at the start of a commodities supercycle? We sat down with McAlinden Research to see what they had to say about the current state of commodities.
McAlinden Research Partners is a global provider of original investment strategy insights. The company&#39;s primary goal is to pinpoint profitable investment opportunities in their early stages and promptly inform their clients about these potential avenues for growth. Its founder, Joseph J. McAlinden, has over five decades of experience in the research and investment space.
With this in mind, we at Streetwise thought it would be good to sit down with some of the McAlinden team to get their take on what is currently going on in the commodities market.
First, we discussed current trends in the commodities space.
The McAlinden team told us, &quot;In the stock market, we have a super bull market. That is not showing any signs of letting up.&quot; However, when it comes to commodities, the market is a mixed bag. They pointed out that some commodities, such as cocoa, have soared while others, like lumber, have been struggling.
<h2>AI and Y2K</h2>
In terms of a parallel, the McAlinden team said, &quot;Market cycles don&#39;t repeat, but they do rhyme&quot; and this reminded them a bit of the late 90s and early 2000s. People thought the world was going to end with Y2K, which led to high revenue in technology companies. However, once the world realized the sky wasn&#39;t falling, it led to a major correction.
The McAlinden team compared this to the current excitement surrounding AI. Eventually, the market will learn if AI has lived up to the hype.
Was it as scary as everyone predicted?
Maybe it won&#39;t be as advanced as we had previously thought, and when that happens, corrections will be made like with technology during Y2K.
<h2>A Geopolitically Influenced Market</h2>
Now, the McAlinden team explained that commodities are influenced by similar fears and movements in the world. They said, &quot;Throughout history, you see that commodities are very heavily impacted, more impacted by geopolitics than equities.&quot;
For example, OPEC&#39;s oil embargoes significantly impacted the prices of oil in the 1970s, and this alliance of oil producers continues to have a profound impact on the price of energy commodities today.
&quot;Now, within OPEC, or this OPEC+Syndicate, you have countries like Russia and Saudi Arabia, which are both countries within or right on the edge of war zones&quot; the McAlinden team explained. &quot;They depend . . . the free movement of trade that is subject to a lot of risk. And that is definitely pushing up some of the commodity prices, particularly in energy.&quot;
<blockquote class="callOut left">Still, the team made it a point to note that they don&#39;t believe we are at the beginning of a commodities super cycle yet, though &quot;we may get there in the next couple of years.&quot;</blockquote>
Though the team pointed out that there has been a lot of chatter about &quot;worst-case scenarios&quot; that is not what has happened yet.
&quot;There&#39;s been a lot of chances [where we thought] this could get really bad, this could spiral out of control, but for the most part, the state actors have been pretty rational in trying to avoid these cataclysmic events that might create something like a supercycle.&quot;
They continued, &quot;I think that that has saved the world. [Still] there&#39;s only so many times you can really go right up to the edge of that risk cliff and not end up falling into it. And that&#39;s what you always have to be looking out for in commodities.&quot;
Still, the team made it a point to note that they don&#39;t believe we are at the beginning of a commodities super cycle yet, though &quot;we may get there in the next couple of years.&quot;
Once this happens, almost all commodities could appreciate in value simultaneously, but right now, they are still mixed and dependent on a myriad of factors, including geopolitics and weather.
<h2>Closer and Closer to a Recession</h2>
We then went on to discuss the current state of inflation, as commodities are also affected by this.
The McAlinden team said, &quot;The Fed suggested they were going to cut [interest rates] three times, and traders basically ignored that, and we&#39;re talking six or seven cuts . . . the data for the year started to show sticky inflation, and strong employment at the headline level; however, this was a bit misleading . . . there are reasons to expect inflation to improve, but [we] doubt it is going to happen in the next six months.&quot;
When asked about the misleading nature of the employment readings, the McAlinden team turned to current headlines regarding increased job creation in the U.S. Though the most recent reports show that job growth is beating the highest estimates of economists, this does not take into account the impact of part-time / contract work accounting for the entire net increase in payrolls over the past several months. So, while job creation is accelerating, full-time work is not.
<blockquote class="callOut right">The Biden White House has succeeded in bringing down CO2 emissions to their target level, but that has come at the expense of higher oil prices because of a lack of investment.</blockquote>
A small part of this is the emphasis among the young workforce to enter the so-called &quot;gig economy.&quot; More and more working millennials and Gen Z are leaning toward freelance and contract work rather than full-time employment.
A larger aspect, according to McAlinden&#39;s team, is &quot;this wave of immigration that the United States is experiencing right now, which is starting to inflate the supply of labor.&quot; People are coming to the United States to gain work visas. However, many of these workers tend to end up in part-time work. &quot; The number of part-time workers is exploding, but the number of full-time workers is falling, and it&#39;s falling at a rate we haven&#39;t seen in some time.&quot;
This is leading us closer and closer to a recession.
<h2>The Impact of the 2024 Election</h2>
Commodities are often influenced by federal policies. With this in mind, we spoke about how commodities may be impacted based on the results of the 2024 election. The current candidates are incumbent Democrat Joseph Biden and Republican nominee Donald Trump.
&quot;The outcome of the election will be important&quot; the McAlinden team told Streetwise.
Oil is one commodity in particular that may be affected. &quot;Trump is essentially running on this drill, baby drill mantra&quot; they said. &quot;One of his big campaign points is that [energy companies are] going to drill more when he&#39;s president . . . despite the fact that we have seen oil kind of go up to record highs, it&#39;s only slightly higher than where we were going back to 2020. Back in 2020, production was at 13.1 million barrels, which was the record . . . Today, we&#39;re [still] only at 13.1 million barrels. We were at 13.3 a couple of months ago.&quot;
<blockquote class="callOut left">&quot;If Trump was to win [that would be] bearish for oil prices because, if production is up, we&#39;re going to see prices come down&quot; they explained.</blockquote>
This is largely because &quot;The Biden White House&#39;s Interior Department is very hostile to oil companies, and oil companies don&#39;t really feel very comfortable investing a whole lot in North America right now because of the administration. So one president is saying drill, baby drill, the other is very concerned about climate change.
The Biden White House has succeeded in bringing down CO2 emissions to their target level, but that has come at the expense of higher oil prices because of a lack of investment, a lack of . . . leasing federal land to [energy] companies, and things like that. So, there definitely will be commodity implications from the election. And we think that really is going to be pronounced in energy commodities.&quot;
All in all, the current policies in today&#39;s White House and the policies Trump&#39;s administration will put in place if he is elected may be significantly different.
&quot;If Trump was to win [that would be] bearish for oil prices because, if production is up, we&#39;re going to see prices come down&quot; they explained.
<h2>The Weakening of the US Dollar</h2>
Another factor in a possible commodities supercycle is the status of the U.S. dollar.
&quot;We&#39;ve seen the dollar remain very strong over the past couple of years. It&#39;s weakened a little bit since 2022 when the dollar index broke 20-year highs, but when the dollar depreciates versus other currencies, commodities tend to benefit from that since . . . commodities are priced in dollars.&quot;
<blockquote class="callOut right">If the Federal Reserve stays tight and keeps the dollar strong, that&#39;s probably not so good for commodities.</blockquote>
This will allow other countries to buy even more commodities as their local currencies will be able to purchase more product in dollar terms.
They continued, &quot;The path of commodities will be heavily influenced by what the United States Federal Reserve does. If the Federal Reserve stays tight and keeps the dollar strong, that&#39;s probably not so good for commodities.
However, if the Fed is as dovish as everyone else or more dovish (it doesn&#39;t look like it&#39;s gonna be the case right now), that would weaken the dollar and would probably be good for commodities, assuming that there&#39;s not some major economic downturn that&#39;s causing those rates to come down like that.&quot;
<h2>ETFs</h2>
In summation, it looks like we are not yet at the starting line of the commodities super cycle, but we may get there in the next couple of years. With this in our back pocket, we asked the McAlinden team if they had any ETFs they thought might be impacted.
&quot;Unfortunately, things have gotten harder for equity investors trying to acquire commodities exposure&quot; they said. &quot;Last year, 21 commodity ETNs were actually closed out by Barclays.&quot; These covered most commodities across the board, and some of the pure plays that just focused on one commodity, like cocoa, had been some of the highest returning ones.&quot;
Still, the team had a handful of solid commodity-focused ETFs they were looking at.
Invesco&#39;s family of funds is one of these that covered a pretty broad allocation of commodities.
Another is Invesco DB Commodity Index Tracking Fund (ARCA:DBC), though McAlindnen shared more segmented ETFs such as Invesco DB Agriculture Fund (ARCA:DBA) for ags as well.
&quot;These are the kinds of the products that we&#39;re looking at to represent the performance of some kind of ideas that we might highlight as themes at some point&quot; they said.
Continuing on with their list, they shared mining ETFs such as Global X Copper Miners ETF (ARCA:COPX) and VanEck Gold Miners ETF (ARCA:GDX).
As for energy, they pointed out Invesco DB Oil Fund (ARCA:DBO), Energy Select Sector SPDR Fund (ARCA:XLE), and Sprott Uranium Miners ETF (ARCA:URNM).
Important Disclosures:
<ol>
<li>Katherine DeGilio wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>
McAlinden Research Partners Disclosures 
This report has been prepared solely for informational purposes and is not an offer to buy/sell/endorse or a solicitation of an offer to buy/sell/endorse Interests or any other security or instrument or to participate in any trading or investment strategy. No representation or warranty (express or implied) is made or can be given with respect to the sequence, accuracy, completeness, or timeliness of the information in this Report. Unless otherwise noted, all information is sourced from public data. 
McAlinden Research Partners is a division of Catalpa Capital Advisors, LLC (CCA), a Registered Investment Advisor. References to specific securities, asset classes and financial markets discussed herein are for illustrative purposes only and should not be interpreted as recommendations to purchase or sell such securities. CCA, MRP, employees and direct affiliates of the firm may or may not own any of the securities mentioned in the report at the time of publication.

Politics

General

PowerShares DBmmodity Index Optimum Yield Diversified Fund

URNM

Is a Commodities Super Cycle on the Way?

Source: <a href="https://www.streetwisereports.com/article/2024/04/10/the-gold-ride-of-a-lifetime-is-just-getting-started-expert-says.html?utm_medium=feed">Captain Ewave 04/10/2024</a>
Newsletter Writer Captain Ewave shares a detailed analysis showing where they believe the gold market is headed.
<div class="grid grid-cols-1 gap-3 font-claude-message pr-9 relative overflow-x-auto leading-[1.65rem]">
Are gold and gold mining stocks on the verge of an explosive move higher? Based on our latest analysis, the answer appears to be a resounding yes. Let&#39;s dive into the technical setup and what it could mean for precious metals investors.
<h2 class="whitespace-pre-wrap break-words">US 10-Year Bond Yield: Completing a Correction</h2>
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024410100731_1.png" style="height:810px; width:1000px" />
Our analysis suggests the U.S. 10-year bond yield has finished the first wave of a new 5-wave impulsive sequence at the 5.021% high. We are now likely seeing a corrective wave ii pullback, with key retracement levels at 2.698% (50%) and 2.155% (61.8%).
Zooming in further, it seems wave ii is carving out a simple 3-wave pattern. Within that, wave -i- of (a) likely ended at 3.785%, and wave -ii- is still in progress, potentially tracing out a bullish triangle. Our retracement levels for all of wave -ii- are 4.391% (50%) and 4.534% (61.8%).
Notably, U.S. rates are not confirming the dollar&#39;s recent high - a bullish divergence for gold. We recommend staying short to ride the wave (a)/ii drop, with a stop above 5.050%.
<h2 class="whitespace-pre-wrap break-words">Gold: Powerful Wave Pattern Unfolding</h2>
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024410100846_2.png" style="height:857px; width:846px" />
Gold&#39;s wave structure reveals the makings of a major thrust higher. It appears gold is advancing in wave .v., with wave ^i^ of i ending at $1997.20 and wave ^ii^ bottoming at $1931.80. This sets the stage for a powerful wave ^iii^ advance, with an initial target of $2234.50 (1.618 times wave ^i^).
Drilling down, wave ^iii^ is subdividing into five waves itself. Wave $i$ ended at $2151.20, and wave $ii$ pulled back to $1973.10. Now, wave $iii$ is extending, having already surpassed its first target of $2286.40 (2.618 times wave !i!). If the pattern continues, the next target for wave !iii! is $2473.10 (4.236 times wave !i!).
Stepping back, our current target for the entire wave -iii- is a towering $2531.10 (4.236 times wave -i-). Given the potent structure, we recommend being long gold and using puts as a risk management tool.
<h2 class="whitespace-pre-wrap break-words">CDNX: Juniors Breaking Out</h2>
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024410100902_3.png" style="height:675px; width:1000px" />
After a long triple three wave -ii- correction that ended at 506.65, the CDNX junior mining index has turned sharply higher in wave -iii-. The initial target for this move is $1773.38 (1.618 times wave -i-).
Within wave -iii-, wave (i) is underway, with wave $i$ ending at $548.33 and wave $ii$ bottoming at $517.17. The heart of the advance should be wave $iii, pointing to $627.08 (2.618 times wave $i$).
On the intraday chart, the price surged impulsively from $536.31 to $579.67, then pulled back correctively to $541.20, retracing just over 78.6% of the initial up-move. This is a bullish sign, suggesting the corrective dip is ending and a powerful wave !iii! advance is due next.
With a key daily reversal in the books, we recommend going long with the GDXJ to ride this major wave higher. Hold for the long term to maximize gains.
<h2 class="whitespace-pre-wrap break-words">GDX: Gold Majors Joining the Party</h2>
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024410101008_4.png" style="height:401px; width:1000px" />
The larger-cap GDX gold mining ETF (ARCA:GDX) also sports a powerful wave pattern. It appears the bullish wave B triangle ended at $25.67, launching wave C higher. We&#39;re now advancing in wave $i$ of -i- of (i) of i - an intricate nested pattern with huge potential.
Wave $i$ will likely peak near major resistance around 33.00, potentially coinciding with the top of gold&#39;s wave !iii!. From there, expect a wave $ii$ pullback to retrace 50-61.8% of wave $i$, presenting an ideal buy opportunity.
The intraday chart reveals a potential bullish triangle nearing completion. If so, expect an imminent upside breakout. Remarkably, the Gold Indices/Gold ratio is approaching record lows even as gold notches new all-time highs. This unsustainable divergence points to an explosive mean reversion higher for gold stocks &mdash; a rally of &quot;biblical scale&quot; as gold stocks catch up and overshoot gold&#39;s performance.
<h2 class="whitespace-pre-wrap break-words">Takeaway:Get Ready for a Golden Ride</h2>
In summary, our analysis suggests gold and gold stocks are on the cusp of a major wave higher as powerful impulsive patterns unfold. We recommend long positions in physical gold, the GDX and GDXJ ETFs, and select junior miners.
Use pullbacks as opportunities to add, keep stops disciplined to protect capital, and hold for the long haul to reap the full rewards of this epic bull market in precious metals. The golden ride of a lifetime is just getting started &mdash; make sure you have a seat on the rocket!
Important Disclosures:
</div>
<ol>
<li>
Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>

The Gold Ride of a Lifetime Is Just Getting Started, Expert Says

Subscribers to&nbsp;Chart of the Week&nbsp;received this commentary on Sunday, April 7.
All eyes and ears are unwaveringly on Federal Reserve Chair Jerome Powell&#39;s every move, eager for any morsel of information about interest rates. This past week, Powell spoke at Stanford University, sharing the Fed will more than likely lower the benchmark interest rate in the latter-half of the calendar year. While inflation did gain traction in January and February and many investors are worried the impending presidential election would impact timing, Powell shot down the concerns, brushing them off as unworthy of continued conspiracy.
Yet on Thursday, Minneapolis Fed President Neel Kashkari noted &quot;If we continue to see inflation moving sideways, then that would make me question whether we need to do those rate cuts at all.&quot; To further convolute the dynamic, Fed Governor Michelle Bowman on Friday went the other way, noting interest rates may have to be hiked to combat inflation. The lack of consensus from the central bank did a number on bond yields, with the 10-year Treasury yield last seen at 4.37%. The fallout from the bond yield spikage is not only a rough week for U.S equities, but also an extended runway for safe-haven assets like gold.
As the Fed see-saws and weighs the stream of economic data SPDR Gold Shares (ARCA:GLD) have made extreme moves to the upside, outpacing the broader market trends. Now Up 12.7% year-to-date, the shares are climbing above the SPDR S&amp;P 500 ETF Trust&#39;s (SPY) 8.7% for the same time frame, and don&#39;t look to be slowing anytime soon.
Gold futures for March turned in an 8.4% leap, the commodity&#39;s best monthly performance since July 2020. The precious metal has enjoyed six consecutive fresh record highs, and are now forming a cup and handle pattern on the monthly chart with the 1,000-month moving average -- which tends to precede a bullish shift. Even further, it has taken out the level that is twice its 2016 lows at the round $100 mark and just last night saw its Initial and Maintenance Margin requirements lifted overnight by the Chicago Mercantile Exchange (CME).
&nbsp;
<img alt="GLDcotw" src="https://schaeffers-cdn.s3.amazonaws.com/images/default-source/schaeffers-cdn-images/2024/april/mmo/gldcotw.jpg?sfvrsn=1ce8a606_2" style="height:497px; width:810px" />
It&#39;s hard to imagine what to expect in the coming months for gold, as surely it must be approaching its top. But this may not necessarily be the case when looking at six month returns and wider, as per data pulled by Schaeffer&#39;s Senior Quantitative Analyst Rocky White. Gold has gained at least 7.5% in one month, when compared to higher monthly returns since 1990. Typically, this has led to poor returns for gold over the short term. The next month has averaged a loss of 0.92%, with just 38% of the returns positive. The three-month returns are also bad, but it gets better at the six-month mark, where returns resume to being similar to other years and 12-month returns even outperform slightly.
<img alt="Goldreturnscotw" src="https://schaeffers-cdn.s3.amazonaws.com/images/default-source/schaeffers-cdn-images/2024/april/mmo/goldreturnscotw.jpg?sfvrsn=18e8a606_2" style="height:502px; width:551px" />
Until the Fed moves definitively in one direction, market activity will be anything but docile. The appeal of jumping aboard outperforming safe-haven assets for the long term will be hard to resist, especially when you factor in just how influential the incoming election season will be and the crescendo it will build to from summer to fall. Keep an ear to the ground and stay close to GLD&#39;s highly liquidated ETF peers VanEck Gold Miners (ARCA:GDX) and iShares Gold Trust (ARCA:IAU), as a diversified portfolio is almost always a good idea, especially with so many outside factors looming large.
The article &quot;<a href="https://www.marketbeat.com/articles/gold-where-will-it-go-after-this-record-breaking-run-2024-04-10/">Gold: Where Will It Go After This Record-Breaking Run?</a>&quot; first appeared on MarketBeat.

Gold: Where Will It Go After This Record-Breaking Run?

Penny Stocks

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Silver and Gold: The Winning Bet

TORONTO—It looks like the good mood among <a href="https://www.benzinga.com/etfs/sector-etfs/24/03/37994542/gold-prices-rise-to-all-time-highs-mark-best-month-in-4-years-mining-stocks-rally-as-traders-ant">gold miners</a> at last month's&nbsp;Prospectors &amp; Developers Association of Canada&nbsp;gathering was warranted.
Gold prices <a href="https://www.benzinga.com/news/large-cap/24/04/38117669/gold-shines-above-2-300-ends-another-week-at-record-high-mining-stocks-rally-to-11-month-peak">notched another record</a> above $2,300 on Friday, roughly a month after thousands of mining executives, analysts, financiers and investment bankers gathered in Toronto for the yearly conference and trade show.
At that time, gold was trading around $2,100 but was on its way higher amid expectations that the Federal Reserve will lower interest rates. Lower rates make non-interest-bearing gold more attractive. The precious metal has also gained ground amid worries over China's economy and tensions surrounding the war in Ukraine and the escalating conflict in the Middle East. Gold is often considered a safe haven in times of economic or political uncertainty.
Although gold mining stocks in general have been gaining ground, the industry is still lagging because of higher production costs. This suggests that if gold prices remain higher, mining stocks may play catch up, especially if inflationary pressures ease.
Gold prices are up around 13% so far this year, but as of Friday&#8217;s close the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) was up less than 11%. The VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) is closer, with a 12.55% gain.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37904601/global-mining-industry-faces-trust-deficit-despite-being-asked-to-produce-more-meta">Global Mining Industry Faces &#8216;Trust Deficit&#8217; Despite Being Asked To Produce More Metals For Energy Transition</a>
During the Toronto trade show in early March, gold mining companies were already celebrating gold's ascent as they pitched investors. They're undoubtedly celebrating more now.
Here are some thoughts from their pitches.
Alamos Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>): The presentation from Scott Parsons, senior vice president of investor relations for intermediate gold producer <a href="https://www.benzinga.com/m-a/24/03/37964057/alamos-gold-acquires-argonaut-gold-shareholders-look-toward-synergies">Alamos Gold</a> seemed particularly prescient.
As he was speaking, gold was just shy of all-time highs, and Parson's said he expected to see record gold prices in the second half of this year. His prediction came true early.
He saw several factors underpinning gold, including rising government debt levels, significant deficits and rising debt service costs. Also, he saw central bank easing on the horizon and rising geopolitical risks.
Gold Royalty Corp. (NYSEAMERICAN: GROY): One way to invest in gold equities without the drag of rising costs is through royalty or streaming stocks. These companies provide miners with upfront financing in exchange for revenue or metal eventually produced from a mine.&nbsp;
<a href="https://www.benzinga.com/news/earnings/24/03/37996542/gold-royalty-projects-revenue-to-double-universal-stainless-sees-record-sales-atlas-lithium-gets-30">Gold Royalty</a> chief financial officer Andrew&nbsp;Gubbels noted in his presentation that the company doesn't have any exposure to operating or capital cost inflation.
"We think it's a better way to invest in gold," he said.
NovaGold Resources Inc. (NYSEAMERICAN: NG): Richard Williams, chief operating officer of NovaGold, said his company is "highly leveraged" to the gold price.
"We have definitely been glad the gold price is going up," he said.
That's understandable because the stock needs a turnaround. Although shares have been rising over the past month as gold has climbed sharply, NovaGold is still down around 16% year to date.&nbsp;
The stock has been under pressure over concerns about its Donlin project in Alaska, which it owns with Barrick Gold Corp. (GOLD). NovaGold wants to update its feasibility study but Barrick wants to continue exploratory drilling.
Equinox Gold Corp. (NYSEAMERICAN: EQX): "High gold prices are good for everybody" in the gold mining industry, said Rhylin Bailie, vice president of investor relations with Equinox Gold.
Prior to a recent run up, the company's stock wasn't doing as well as it should because it is working on a capital intensive project in Ontario, Canada, she said. Two other projects in the province that are not Equinox's have seen higher capex than expected, and investors assumed that would happen with Greenstone, she said.
But the company says the project is on budget and on track with its time schedule.
"We are going to be pouring gold during the first half of the year as promised," Bailie said.
Western Exploration Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/WEXPF#OTC">WEXPF</a>): "Welcome to $2,100 gold," Darcy Marud, CEO of Western Exploration, said in his presentation in early March. "That should put a smile on everybody's face."
It seems the grins are continuing.
At some point, because of the nature of all commodities, gold prices will fall back. That could come from trading consolidation or news that reduces the chances that the Federal Reserve will lower interest rates. Easing tensions in the Middle East or Ukraine could also take some of the shine off.
Over the long run, the precious metal is still seen by many as holding its value and playing a defensive role in portfolios.
"Gold weathers all price environments," Marud said.
Gold Terra Resource Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/YGTFF#OTC">YGTFF</a>): Even though gold prices are traveling higher, financing for gold exploration continues to lag, including in Canada, one of the world's most prolific mining jurisdictions.
"Investing in exploration is dying," said Gerald Panneton, CEO of of Gold Terra. "Yellowknife has probably been underexplored for 20 years."
That's the area in Canada's Northwest Territories where Gold Terra is exploring below the underground workings of a mine that was closed in 2003 when much lower gold prices made it unprofitable.
The plan for 2024 is to "drill, drill, drill,"&nbsp;Panneton said. "We'd like to do 10,000 meters."
But the current financing market doesn't allow for that much, he said.
In January, gold financings dropped to $72 million, marking their lowest point in five years,&nbsp;according&nbsp;to S&amp;P Global Market Intelligence. Last month, gold financings rebounded to $198 million, ending a three-month losing streak but remaining relatively low compared with most monthly results over 2022 and 2023, the data provider said.
Now Read: <a href="https://www.benzinga.com/markets/commodities/24/04/38111351/exclusive-key-indicator-may-flip-global-economic-forecasts-copper-is-beginning-to-define-its-">EXCLUSIVE &#8211; Key Indicator May Flip Global Economic Forecasts — &#8216;Copper Is Beginning To Define Its Own Narrative&#8217;</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to&nbsp;<a href="mailto:licensing@benzinga.com" target="_blank" rel="noreferrer noopener">licensing@benzinga.com</a>&nbsp;to get started!

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Mining Executives Weigh In On Gold Prices, Financing, Projects: 'We're Definitely Glad'

As the weekend comes to a close, let&#8217;s take a look at the top stories that shaped the week. From the U.S. manufacturing sector hitting an 18-month high to a warning about a potential debt crisis, here&#8217;s what you need to know.
<h3 class="wp-block-heading">US Manufacturing Activity Hits 18-Month High</h3>
The U.S. manufacturing sector has seen a significant upturn, with March 2024 marking the highest growth rate since September 2022. This development has been attributed to the strong performance of the&nbsp;SPDR Dow Jones Industrial Average ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) and the&nbsp;SPDR S&amp;P 500&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>). Analysts had predicted a lower growth rate, making this surge a clear indication of improving conditions.&nbsp;<a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38025259/us-manufacturing-activity-hits-highest-growth-in-18-months-clear-signs-of-improvi">Read the full article&nbsp;here</a>.
<h3 class="wp-block-heading">China&#8217;s March Manufacturing Growth Could Trigger Deflation</h3>
China&#8217;s manufacturing sector experienced a substantial increase in March 2024. This led to a rally in shares of Chinese companies and metal commodities, potentially causing a deflationary impact on global markets. The&nbsp;Alibaba Gr Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and the&nbsp;VanEck Gold Miners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) were among the beneficiaries of this growth.
Experts have warned that this surge could have a deflationary effect on global markets.&nbsp;<a href="https://www.benzinga.com/markets/asia/24/04/38021682/chinas-march-manufacturing-growth-could-dump-into-global-markets-thus-triggering-deflation-expert-wa">Read the full article&nbsp;here</a>.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/04/38107237/wall-street-looks-to-regain-footing-amid-high-volatility-after-rate-jitters-as-traders-eye-jobs-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Wall Street Set To Stumble At Open As Traders Eye Key Data, Fed Chair Powell&#8217;s Speech: Analyst Finds 2 Reasons To Stay Optimistic In April</a>
<h3 class="wp-block-heading">US Labor Market Heats Up In March</h3>
The U.S. labor market experienced a significant boost in March 2024, with payrolls growing by 303,000. This marks the highest increase in 10 months and has dampened hopes for a rate cut in June. Companies like&nbsp;AstraZeneca&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) and&nbsp;Adobe&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) were among those that contributed to this growth. <a href="https://www.benzinga.com/etfs/specialty-etfs/24/04/38108835/us-labor-market-heats-up-in-march-payrolls-grow-by-303-000-highest-in-10-months-dampen-rate-c">Read the full article&nbsp;here</a>.
<h3 class="wp-block-heading">Mohamed El-Erian Criticizes &#8216;Overly Data Dependent&#8217; Federal Reserve</h3>
Mohamed El-Erian, the chief economic adviser at Allianz, has criticized the U.S. Federal Reserve&#8217;s data-dependent strategy. He argues that this approach has caused the Fed to lose sight of its broader strategy. This critique comes at a time when the Fed&#8217;s data-dependent approach is under scrutiny. El-Erian suggests that the Fed&#8217;s focus on data has led it to become a play-by-play commentator, deviating from its original strategy.&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38110452/mohamed-el-erian-says-overly-data-dependent-federal-reserve-has-turned-into-a-play-">Read the full article&nbsp;here</a>.
<h3 class="wp-block-heading">&#8216;Serious Debate&#8217; Needed To Avert 2025 US Debt Crisis</h3>
Wharton professor Joao Gomes has raised concerns about the rapid growth of U.S. debt. He warns that without immediate action from Congress, the U.S. could face a debt crisis by 2025. Gomes emphasizes the need for a serious debate to address this issue and prevent a potential crisis. His warning comes at a time when the U.S. debt is growing at an alarming rate, raising questions about the country&#8217;s financial stability. <a href="https://www.benzinga.com/news/24/04/38104382/serious-debate-needed-to-avert-2025-us-debt-crisis-warns-wharton-expert">Read the full article&nbsp;here</a>.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/04/38066197/wall-street-set-to-stumble-at-open-as-traders-eye-key-data-fed-chair-powells-speech-analyst-finds-2?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Wall Street Set To Stumble At Open As Traders Eye Key Data, Fed Chair Powell&#8217;s Speech: Analyst Finds 2 Reasons To Stay Optimistic In April</a>
Wall Street illustration created using artificial intelligence via MidJourney.
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ADBE

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US Manufacturing Hits 18-Month High, China's Growth Could Trigger Deflation And More: Economics Weekly Roundup

Recent decline in commodities is only temporary, JPM says in mid-year outlook

GDX: Multiples And Margins Tell Us Something Important

We have the SPX making higher highs and the SPX/VIX ratio making higher highs giving the "all clear" for now

SPX Shows Bullish Signals

Commodity Roundup: Gold dips as focus shifts to Powell, oil rises on supply woes

On the weekly gold chart, a bull flag scenario exists. Interestingly, gold could dip to $2200 or even lower and the flag would still be intact.

Gold's Bull Flag And The Election In Iran

Connecting The Critical Nodes

Gold price jumps on rising hopes for U.S. rate cuts; silver surges 4%

Gold has shown impressive strength weathering 2024's summer doldrums. Now through the worst of its weakest seasonals of the year, gold didn't suffer any prolonged selling.

Gold's Doldrums Strength

Gold prices rise as cooler U.S. jobs data builds case for sooner Fed rate cut

In this podcast, we discuss the most recent technical action in Gold & Silver, the return of big money macro buyers in recent days.

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