Loading ...We have in most parts of the world a graduated tax structure .
Inflation continuously moves those at the bottom of the power pyramid into ever higher taxation brackets.
TPTB NEED inflation
Buygold
When gold prices surged above $2,000/oz last year in March 2022 and in August 2020, the VanEck Gold Miners ETF traded above $40 per share, or at least 25% higher than today’s price.
These kind of statements could suggest it could move 25 % higher or what’s different now than then. I’ll go for what’s different like the Fed even though this current group of wackados ruining the country is bullish for PMs depending.
Industrial metals starting to strengthen
dragging silver along with them. Works for me.
USD starting to weaken.
Still undervalued
Digging For Discounts: Gold Mining Stocks Offer 30% Bargain—Is It An Unmissable Buying Opportunity?
4:58 pm ET April 5, 2023 (Benzinga) Print
Investors ponder if gold mining businesses have already capitalized from the recent gains in the price of the precious metal, or whether they are instead selling at a discount.
By plotting the VanEck Gold Miners ETF (ARCA: GDX) in relation to the price of gold, it seems that gold miners are trading relatively cheap with respect to what the bullion prices would suggest.
Assuming a perfect or nearly perfect correlation with gold prices, as it has been for much of the past decade, the VanEck Gold Miners ETF would have traded about 30% higher than current levels.
When gold prices surged above $2,000/oz last year in March 2022 and in August 2020, the VanEck Gold Miners ETF traded above $40 per share, or at least 25% higher than today’s price.
Why Are Gold Miners So Cheap To Gold?
The reason why gold miners performed somewhat poorly in comparison to commodity prices was because the industry’s major players—Newmont Corp. (NYSE: NEM), Barrick Gold Corp. (NYSE: GOLD), Franco-Nevada Corp. (NYSE: FNV), and Agnico Eagles Mines Ltd. (NYSE: AEM)—rose far less than other smaller names in the industry.
Stocks with less than 1% weight in the GDX portfolio, such as Equinox Gold Corp. (NYSEAM: EQX), up 70%, Dundee Precious Metals Ltd. (OTCPK: DPMLF), up 58%, and Torex Gold Resources (OTCPK: TORXF), up 45%, have produced the biggest year-to-date gains in the gold mining industry.
In essence, if the bottom of the sector has soared in response to gold increases, the heavyweights have yet to jump on gold’s bullish bandwagon.
GDX Best-Performing Holdings Year-to-Date
Company
Weight (%)
YTD Return (%)
Equinox Gold Corp.
0.69
69.82
Dundee Precious Metals Inc.
0.58
58.31
Torex Gold Resources Inc.
0.58
45.02
GDX Top Holdings and Their Performance Year-to-Date
Company
Weight (%)
YTD Return (%)
Newmont Corporation
10.40
10.59
Barrick Gold Corporation
8.82
15.21
Franco-Nevada Corporation
7.57
13.03
Agnico Eagle Mines Limited
7.25
8.12
Newmont Corp: Analyst Price Targets Might Be Raised Shortly
The present median analyst price target for Newmont stands at $56.00, a relatively conservative figure when considering the implications of current gold prices.
Wall Street analysts have traditionally adjusted Newmont’s price target with some lag compared to gold price fluctuations.
Should gold prices continue to sustain at current levels or even increase, it’s reasonable to anticipate upward revisions for Newmont’s and other gold mining giants’ price targets in the coming weeks or months. This trend could potentially yield a positive impact on mining stock prices.
Read next: Peter Schiff Once Asked Bitcoin ‘Fanatics’ To Stop Making Fun Of Gold: ‘Don’t Be The Last One Onboard’
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Maya
That was some good advise. What would they have to lose if they would kill even healthy birds anyways. It also might create a gene pool of birds that survived it. Also perhaps find ways to help them survive.
That’s the thing about these labs and why I don’t like to dwell too long on just one thing other than in this case those clot shots are still being given.
While people are just figuring out one they could be working on a dozen others around the world. Especially if they think they can get away with it because we don’t have a Congress and justice system with a back bone even when persecuted medical experts testified!!! Science is a two edge sword.
0430 “Absorbing the gains”
Pretty quiet in the overnights. Gold was down earlier, but now only down $3. Silver up $.04. Industrial metals are up across the board, 1/2 to 1%. Oil is down $.66, back below $80
USD is down a little, rates down 4 bips to 3.27% and continuing to weaken, SM futures basically flat, world markets up slightly across the board. Soft commodities mixed, notably lumber is up another 2% after yesterdays’ gains. Bitcoin is down two hundy’s – hanging out around $28K.
Bloomberg reporting that there is a 97% chance recession starts in July. Probably already started, at least according to the eco data we’ve seen over the last week.
Eco data today is light, the weekly unemployment is out a couple hours from now. Don’t see that as a threat to gold.
Another flat to slightly down day makes sense before ripping higher Monday after the jobs report. SM closed again tomorrow.
goldielocks @ 13:52 Re: Bird Flu
Commenter from another blog suggested wiping out the entire bird population at a farm when only 2 or 3 infected birds were found was the wrong epidemiological thing to do. He suggested the farm be isolated and let the flu run it’s course, disposing of dead birds. In the end you will have survivor birds who now have natural immunity. Breed ’em and start a new flock.
But that doesn’t accomplish the food shortages that appear to be the aim of the “Kill All The Chickens” orders. Yeah, I read that it may have jumped to humans… planned or not. So that will be the next scare wave. Got Ivermectin?
Tucker Carlson was on fire tonight
doubted the US has any gold as “Fort Knox hasn’t been audited in decades”.
He gets it.
Mr Copper
I appreciate your optimism but the problems aforementioned are still there.
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