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Major Gold Miners: GDX, GOLD, NEM vs UGL


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Qwk: UB: UM: Ag1, 2, 3: GJ1, 2, 3, 4: ??

Michael Oliver may be Right... Quick move to GDX-$40...

GDX: Quick 20%+ GAIN if brk'out over $31? (says Michael Oliver)

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Precious Metals & Political Chaos: Gold, Silver & Changing World Order

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3.11.24/$70.03-ugl: AGQ-$27.95 (39.9%), GDX-$30.13 (43.0%), Gdxj-$36.60

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SAND-ugl ($4.80, 7.77% of $61.76, 12.13), was ($5.49, 9.33% of $58.79, 8.30)

12.13: KGC: $5.99, 9.70%, EQX: $4.89, 7.92%, FSM: $3.85, 6.23% v$61.76

08.30: KGC: $5.12, 8.71%, EQX: $5.14, 8.74%, FSM: $3.14, 5.34% v $58.79

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Updated: Gold:$1980, GLD:$184 (/10.76), UGL:$64, AGQ:$27, SLV:$21, GDX:$30.6

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UGL-Big: 2022: 9/'22 /63.69, Rgld: 125.45 (1.97x), Gold:18.12 (28.5%),

Mux: $7.91 (12.4%), Aris: C$4.05 (6.36%)

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MID/UGL $65.53: FSM (3.89, 5.94%), KGC (5.31, 8.10%), EQX (5.72, 8.73%), SAND (6.16, 9.40%)

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AGQ-/ugl=42.8% : 2022: 9/'22: 27.24, AG:$7.32 (26.9%), MAG: 12.11 (44.5%),

CDE: $3.08, (11.3%), GSVR: C$0.48 (1.76%)

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GDXJ-etc: 2022: 9/'22: $36.71 / 63.69= 57.6%
1/ RRI: 0.13 (0.35%), TLG: 0.65 (1.77%), LGD: 0.54 (1.47%), GAL: 0.36 (0.98%)

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GDXJ-etc: 2022: 9/'22: $36.71 / 63.69= 57.6%
2/ FF :
xx

GDXJ-etc: 2022: 9/'22: $36.71 / 63.69= 57.6%
3/ RRI: 0.13 (0.35%), TLG: 0.65 (1.77%), LGD: 0.54 (1.47%), GAL: 0.36 (0.98%)
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ABX - Barrick enters deal to resume Porgera operations
[2023-03-30 23:48]
Barrick Gold Corp. has signed an agreement with the government of Papua New Guinea and New Porgera Ltd. to resume operations at the Porgera gold mine. A special mining lease will be filed to reopen the mine.

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SAND-etc: update:

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=== . Last : Prev.: change: H-range-L, Mid.: BV’22:
CDE : $4.09: 5.36: -23.7%: 2.54 - 5.39, 3.97: $3.01:
EGQ : $5.28: 5.70: - 7.37%: 2.35 - 9.07,  5.71: $7.66
FSM :  $3.90: 4.71: - 17.2%: 2.05 -4.56,  3.31: $4.29
KGC :  $4.76: 5.08: -6.30%: 3.00 -6.34, 4.67: $4.77
SAND  $5.95: 5.70: +4.39%: 4.51 -9.18, 6.85: $4.73
====.             Ave.: - 10.0%
GOLD  18.79: 19.6 : -4.13%: 13.0-25.99, 19.5: 12.97:
MUX.  $8.88: 8.88: +0.00%: 2.81- 8.92, 5.87: $6.81:
RGLD $131.6 110.0 +0.00%: 84.5-147.7., 116.: 41.79:
GDX :  33.08: 36.8: -10.0%: 21.5-41.60, 31.6:
UGL :  63.94: 71.0:  -10.0%: 44.1-70.00, 57.1:
AGQ:  31.01 : 34.4:  -10.0%:  17.6-42.91, 30.3:
====

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Barrick Gold's first-quarter gold output down 15%

April 13 (Reuters) - Canadian miner Barrick Gold Corp said on Thursday its first-quarter gold production fell 15% sequentially, hurt by lower output at Carlin mine.

The company’s total preliminary gold output was 0.95 million ounces in the three months ended March 31, down from 1.1 million ounces in the previous quarter. (Reporting by Arshreet Singh; Editing by Shilpi Majumdar)

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      EXPECTED?  so GOLD price rose: $20.05 +0.42

Barrick Gold (NYSE: GOLD) (TSX: ABX), the world’s second largest gold miner, announced today that the company produced 0.95 million ounces of gold and 88 million pounds of copper in Q1 2023.

For comparison, Barrick produced 1.0 million ounces of gold and 101 million pounds of copper in Q1 2022 and 1.12 million ounces of gold and 96 million pounds of copper in Q4 2022.

The company said that, as previously guided, preliminary Q1 gold production was lower than Q4 2022 primarily as a result of lower production at Carlin, mainly due to annual roaster maintenance resulting in lower throughput at Goldstrike, the conversion of the Goldstrike autoclave to a conventional carbon-in-leach process and a harsh winter in northern Nevada impacting operations. This was combined with lower grades at Kibali due to mine sequencing.

According to a company press release, compared to Q4 2022, Q1 gold cost of sales per ounce is expected to be 3% to 5% higher, total cash costs per ounce are expected to be 13% to 15% higher and all-in sustaining costs per ounce are expected to be 9% to 11% higher.

> more: https://www.kitco.com/news/2023-04-13/Barrick-reports-lower-gold-and-copper-production-in-Q1-says-on-track-to-achieve-2023-targets.html

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Barrick Gold reports adjusted net earnings of $247 million in first quarter, announces dividend

For comparison, Barrick produced 0.99 million ounces of gold and 101 million pounds of copper in Q1 2022 and 1.12 million ounces of gold and 96 million pounds of copper in Q4 2022.

The company said that Q1 2023 production was in line with plan after planned maintenance at Nevada Gold Mines and start of plant commissioning at Pueblo Viejo.

According to a press release, Barrick's Q1 2023 gold production was lower than Q4 2022 primarily as a result of lower production at Carlin, mainly due to annual roaster maintenance resulting in lower throughput at Goldstrike, the conversion of the Goldstrike autoclave to a conventional carbon-in-leach process and a harsh winter in northern Nevada impacting operations. This was combined with lower grades at Kibali due to mine sequencing.

The company reported Q1 2023 total cash costs of $986 per ounce of gold (Q4 2022: $868 per ounce; Q1 2022: $832 per ounce) and all-in sustaining costs (AISC) of $1,370 per ounce of gold (Q4 2022: $1,242 per ounce; Q1 2022: $1,164 per ounce).

Barrick explained that the higher total cash costs per ounce reflect the lower ounces produced and sold relative to the prior quarter, while the increase in all-in sustaining costs per ounce was also driven by lower sales volumes partially offset by lower sustaining capital expenditures.

The company added that its Q1 2023 copper production was lower than Q4 2022, driven by lower production at Lumwana and Zaldívar, as expected.

Barrick noted that its Q1 2023 free cash flow of $88 million increased compared to Q4 2022 despite a lower production quarter. The company reported net earnings of $120 million ($0.07 per share) and adjusted net earnings of $247 million ($0.14 per share) in Q1 2023.

Barrick also announced the declaration of a dividend of $0.10 per share for the first quarter of 2023.

As previously guided, Barrick's gold production in 2023 is expected to increase through the year with the first quarter being the lowest, while copper production is expected to be higher in the second half of the year.

> more:

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Update /UGL $65.53: FSM (3.89, 5.94%), KGC (5.31, 8.10%), EQX (5.72, 8.73%), SAND (6.16, 9.40%)

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Kinross posts higher net earnings for Q1 as gold production up 23% y-o-y

The company explained that the increase in production was primarily attributable to the ramp up of production at La Coipa and higher production at Paracatu, Round Mountain and Fort Knox.

Production cost of sales from continuing operations per Au eq. oz. sold was $987 for the quarter, compared with $972 in Q1 2022, primarily due to higher costs at the company’s Nevada operations, largely offset by increased production.

Kinross added that during the first quarter, revenue from continuing operations increased to $929.3 million, up 33% compared with $700.9 million during Q1 2022, primarily due to an increase in gold equivalent ounces sold and an increase in average realized gold price.

The company also reported net earnings from continuing operations of $90.2 million, or $0.07 per share for Q1 2023, compared with reported net earnings of $81.3 million, or $0.06 per share, for Q1 2022.

“The increase in reported net earnings was mainly due to the increase in margins,” Kinross said.

According to a news release, as part of its continuing quarterly dividend program, the company declared a dividend of $0.03 per common share payable on June 15, 2023, to shareholders of record as of June 1, 2023.

“Our portfolio of operations is well positioned and on track to deliver our annual production and cost guidance,” the company noted.

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Gold SWOT: Barrick Gold has become noticeably fixated on copper

Strengths

  • The best performing precious metal for the week was gold, but still down 2.11%. Despite a "brutal week" for gold, it managed to find support by Friday, indicating a possible floor for the price. Swiss gold exports surged, particularly the shipments to India. This indicates strong demand for gold in India, one of the world's largest consumers of the metal. The rise in exports to Turkey and Hong Kong further suggests increasing global demand for gold.

Opportunities

  • According to Bank of America, looking at monthly gold price returns over the past 52 years, January stands out for its strong average return of 1.95%, with the price up 54% of the time. There are three other months with average monthly gold price returns in-excess of the 52-year average monthly return of +0.78%. These are December (+1.37%), September (+1.34%), and August (+1.18%), with the price up 56%, 54% and 58% of the time, respectively. The remaining months all have average returns below the 52-year average monthly return.
  • Bank of America notes that holding gold for December and January improves the average return to 3.32% with the price up 60% of the time. Holding gold from December to February further improves the average return to 4.12% with the price up 58% of the time. Meanwhile, holding gold through the summer months (July to September) has worked, but has been less rewarding with an average return of 3.10% and the price up 60% of the time. Gold has historically appreciated in summer ahead of strong Indian demand in October/November.
  • For a company with “gold” in its name, Barrick Gold Corp. has become noticeably fixated on copper. The world’s second-largest bullion producer recently approached First Quantum Minerals Ltd. to discuss a potential takeover, Bloomberg reported last week. And while the move was unsuccessful — Barrick’s informal overtures were rebuffed — its interest in buying a $17 billion copper miner provides the starkest evidence yet of a shifting focus at the company whose origins lie in Nevada’s gold veins.
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GOLD vs UGL: 17.60 / 60.53 = Ratio-29.1%

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Barrick produces 1.01 million oz of gold in Q2, says on track to achieve 2023 targets

Kitco News) - Barrick Gold (NYSE: GOLD) (TSX: ABX) announced Thursday that the company produced 1,009 koz of gold in Q2 2023, which is a decline of 3% compared to Q2 2022 (1,043 koz) and an increase of 6% compared to 952 koz produced in Q1 2023.

The company said its Q2 2023 gold production was higher than Q1 2023, primarily as a result of higher production at Carlin, driven by a return to normal throughput levels following significant maintenance undertaken in the first four months of the year, as well as higher grades at both Kibali and Veladero.

Barrick added that compared to Q1 2023, its Q2 2023 gold cost of sales per ounce is expected to be 3% to 5% lower, total cash costs per ounce are expected to be 1% to 3% lower, and all-in sustaining costs per ounce are expected to be up to 2% lower.

The company also reported it produced 107 million pounds of copper in Q2 2023, which is a decrease of 11% compared to Q2 2022 (120 million pounds) and an increase of 22% compared to 88 million pounds produced in Q1 2023.

> more: https://www.kitco.com/news/2023-07-13/Barrick-produces-1-01-million-ounces-of-gold-in-Q2-says-on-track-to-achieve-2023-targets.html

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SAND-ugl ($4.80, 7.77% of $61.76, 12.13), was ($5.49, 9.33% of $58.79, 8.30)

12.13: KGC: $5.99, 9.70%, EQX: $4.89, 7.92%, FSM: $3.85, 6.23% v$61.76

08.30: KGC: $5.12, 8.71%,  EQX: $5.14, 8.74%, FSM: $3.14, 5.34% v $58.79

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World’s lowest cost gold producers in Q3 2023 - report

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We looked only at companies that produced more than 100,000 ounces of gold in Q3 2023 and reported all-in sustaining cost (AISC) metric, which serves as an internationally recognized benchmark for operating efficiency. AISC is in USD.

 1. Centerra Gold (TSX:CG) (NYSE:CGAU).     $827/oz. :
 2. Lundin Gold (TSX:LUG) (OTCQX:LUGDF). $907/oz. :
 3. Perseus Mining (ASX:PRU) (TSX:PRU).      $937/oz. :
 4. Endeavour Mining (LSE:EDV) (TSX:EDV) (OTCQX:EDVMF). $967/oz. :
 5. Evolution Mining (ASX:EVN).                    $1,056/oz. :
 6. Alamos Gold (TSX:AGI) (NYSE:AGI).         $1,121/oz. :
 7. Agnico Eagle (NYSE:AEM) (TSX:AEM).     $1,210/oz. :
 8. Barrick (NYSE:GOLD) (TSX:ABX).             $1,255/oz. :
 9. Eldorado Gold (TSX:ELD) (NYSE:EGO).   $1,259/oz. :
10. Kinross (TSX: K) (NYSE: KGC).                $1,264/oz. :

https://www.kitco.com/news/article/2023-12-22/worlds-lowest-cost-gold-producers-q3-2023-report

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Gold and copper production dips at Barrick

Kitco News - Barrick Gold (NYSE:GOLD) produced 4.05 million ounces of gold in 2023, down 2% from 4.14 million ounces produced in 2022.

The number two gold miner announced its preliminary full year and fourth quarter 2023 production results today.

Copper dipped, too, 420 million pounds in 2023 compared to 440 million pounds in 2022. Barrick noted that both copper and gold production was within its guidance. Gold production was also up  for Q4 compared to Q3. In Q4 the average market price for gold was up, $1,971 per ounce compared to  $1,726 per ounce a year ago. 

Barrick Gold dropped 5% to $22.44 a share. It was a down day for the gold miners with the GDX off 3.94%. 

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1 day later - Big Drop: 

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POST:   For GLD, the "early c" bottom scenario - see several posts earlier - has been shattered, and the "later c" now clarifies to be targeting about $184.  Hope it comes in higher, since that would be $184 x10.8?= maybe: $1987.  Current gold price is $1994.6 with day low of $1990.  Current GLD is $184.79.   That's a target, and of course, I cannot rule out Gold going even lower.

10d: Possible $184 target = $1987? - Getting Tested?

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KEY LEVEL !

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Breakout from here would be a Big Deal

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Some GOOD NEWS:  

Barrick Q4 earnings beat estimates, announces $1 billion buy-back program
(Kitco News) - Higher gold prices in the final months of 2023 helped the world’s largest gold producer top fourth-quarter earning estimates.Wednesday, ahead of the North American trading session, Barrick Gold reported adjusted net earnings of $466 million or $0.27 per share for the fourth quarter of 2023. The company’s earnings handily beat analyst estimates of $0.21 per share.Adjusted net years for the full year totaled $1.467 billion, up from $1.326 billion reported in 2022.
Feb 14, 2024 - 8:26 AM  

> https://www.kitco.com/news/article/2024-02-14/barrick-q4-earnings-beat-estimates-announces-1-billion-buy-back-program

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