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Gold mining stocks, as tracked by the VanEck Gold Miners ETF , are enjoying a stellar rally, rising 4.3% by 11 a.m. ET, on track for its largest one-day gain since early March.
The rally in miners was driven by a surge in gold prices, which jumped 1.6% to reach an all-time high of over $2,550 per ounce on Thursday, fueled by economic data and central bank interest rate decisions.
In the U.S., the latest producer inflation report for August showed mixed results. Both the headline and core Producer Price Index (PPI) exceeded monthly expectations, but on an annual basis, they fell short.
The European Central Bank (ECB) reduced its deposit facility rate by 25 basis points, bringing it to 3.5%. The ECB noted it is "appropriate to take another step in moderating the degree of monetary policy restriction."
This move has increased demand for gold as a safe-haven asset amid lower interest rates in Europe and expectations for a similar 25-basis-point drop in the U.S. fed funds rate next week.
Analyst Takeaways
Otavio Costa, macro strategist at Crescat Capital, highlighted that Barrick Gold Corp. , the second-largest gold miner globally, has reported its lowest annual gold production in more than 20 years.
“From this perspective, today's environment closely resembles the 1970s,” Costa wrote in a post on social media platform X.
Back then low gold prices led major mining companies to shift their focus to other metals, just before gold experienced one of the most significant bull runs in history.
Today, miners are once again diversifying into base metals, not due to low gold prices, but to capitalize on the growing demand for materials critical to electrification, like copper.
However, this time the shift isn’t driven by low prices, but by a strategic move to increase exposure to base metals like copper, which are crucial for electrification and have attracted institutional capital.
Costa argues that neglect of gold, in favor of base metals, is a potential opportunity. With fewer companies exploring and developing new gold projects, he sees several pathways for gold prices to rise, making gold-only investments particularly attractive.
However, Costa sees the limited supply as a bullish catalyst for gold, stating, "I believe it's time to be greedy when others are being fearful."
Thursday’s Seven Top Performing Gold Miners
NAME | % RETURN (1-DAY) |
Coeur Mining, Inc. | 14.52 |
B2Gold Corp. | 10.04 |
First Majestic Silver Corp. | 9.96 |
Endeavour Silver Corp. | 9.94 |
Equinox Gold Corp. | 8.09 |
OceanaGold Corporation (NYSE:OGC) | 7.18 |
New Gold Inc. | 7.01 |
Read Now:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The momentum in gold’s recent rally has lost much of its shine, with the precious metal unable to reach new record highs since Aug. 20, as U.S. Treasury yields stabilize and the dollar rebounds.
On Wednesday, gold traded at $2,505 per ounce, down 0.8% for the day, poised to break a three-session winning streak.
The dollar's recent surge, driven by positive catalysts, appears to be fading, prompting traders to take profits and reduce exposure to gold.
Rate-cut expectations have not seen significant improvement, with speculators fully pricing in a September rate cut but assigning a 65% probability to a smaller 25-basis-point reduction, compared to 35% for a 50-basis-point cut, according to the CME FedWatch tool.
As the Federal Reserve’s rate cut expectations remained largely unchanged, Treasury yields stabilized, with the 10-year yield trading at 3.83% on Wednesday. Despite falling 67 basis points since early July, the yield hasn’t dropped below 3.75% since earlier this month, when a volatility event caused wild swings in equity and fixed income markets.
Geopolitical tensions in the Middle East, which have historically boosted safe-haven assets like gold, did not escalate into a broader conflict after recent exchanges between Israel and Hezbollah. This de-escalation has further diminished gold’s appeal.
The U.S. dollar index (DXY) was up 0.4% Wednesday, after closing Tuesday at the lowest levels since July 2023.
Wednesday’s Pullbacks In Gold Mining Stocks
The dip in gold prices has led to a more significant decline in gold mining stocks. The VanEck Gold Miners ETF and the VanEck Junior Gold Miners ETF both fell by 2.5%.
Company | 1-day return (%) |
Torex Gold Resources Inc. | -4.89% |
Endeavour Silver Corp. | -4.75 |
First Majestic Silver Corp. | -4.63 |
Coeur Mining, Inc. | -4.56 |
OceanaGold Corporation (NYSE:OGC) | -4.47 |
Pan American Silver Corp. | -4.41 |
Read Next:
Image created using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Endeavour Silver Corp. EXK announced that processing resumed at the Guanacevi mine site following the completion of temporary modifications.
On Aug 12, 2024, the company announced that the trunnion of the primary ball mill at the Guanacevi mill had failed, resulting in the suspension of material processing at the mill.
Since then, EXK made modifications to the plant to repurpose one of the regrind mills as the primary ball mill. However, mining will continue at a reduced rate of 400 tons per day (tpd) during this temporary period to maintain the ore body's safety and long-term viability. During this temporary phase, the plant has the potential to produce around 500 tpd or around half of its projected output capacity of 1,200 tpd.
In this period, the mining operation will concentrate on delivering the highest-grade ore to the mill while accumulating the rest. Contract mining and local third-party material procurement will be halted until the process plant operations are restored to full capacity.
These temporary solutions are expected to manage cash flow until the primary mill is fully functioning.
Due to the lower operating capacity for 15 weeks, 2024 operating costs and all in-sustaining costs will be higher than previously projected. Notably, operating costs and all other sustaining costs increased year over year in the first half of 2024.
During this decreased processing period, Guanacevi's production is expected to fall by 0.9 million to 1.1 million silver ounces and 2,000-3,000 gold ounces from its original operating outlook. The annual consolidated silver production for 2024 is estimated at 4.4-4.6 million ounces, with gold production of 36,000-38,000 ounces.
Endeavour Silver's silver-equivalent production for 2024 is expected between 7.3 million and 7.6 million ounces. It produced 4.4 million silver-equivalent ounces in the first half of 2024.
The company reported silver equivalent production of 2.16 million ounces in the second quarter of 2024, down 5% year over year. EKX produced 1.3 million ounces of silver in the quarter, down 12% from the second quarter of 2023. This was due to a 12% reduction in silver output at the Guanaceví mine and a 17% decrease at Bolañitos, both due to lower grades.
Endeavour Silver, however, witnessed a 7% year-over-year improvement in gold production at 10,549 ounces. The rise was driven by higher gold grades mined at both Guanaceví and Bolañitos, as well as increased gold content in third-party feed processed at Guanaceví. Gold output at the Guanaceví mine rose 9% year over year to 4,243 ounces, whereas the Bolañitos mine’s output grew 6% to 6,306 ounces.
Price Performance
Shares of EXK have gained 13.7% over the past year compared with the industry's 48.8% growth.
Zacks Rank & Stocks to Consider
Endeavour Silver currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, IAMGOLD Corporation IAG and Eldorado Gold Corporation EGO. CRS, IAG and EGO sport a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Carpenter Technology’s fiscal 2025 earnings is pegged at $6.06 per share. The consensus estimate for 2025 earnings has moved 17% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 15.9%. CRS shares have gained 155.9% in a year.
The Zacks Consensus Estimate for IAMGOLD’s 2024 earnings is pegged at 39 cents per share. The consensus estimate for 2024 earnings has moved 44% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 200%. CRS shares have gained 137% in a year.
The Zacks Consensus Estimate for Eldorado Gold’s 2024 earnings is pegged at $1.32 per share. The consensus estimate for 2024 earnings has moved 22% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 430%. EGO shares have gained 103% in a year.
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