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Post by richardsok on Feb 23, 2024 14:09:29 GMT
Found out that the company is cutting its dividend, as well as announced some asset sales to "maximize profits". I'm going to re-evaluate the holding, may cut my losses here. Win Win --- I thought you mentioned you'd dumped NEM a week or two ago. I keep GOAU and GLTR on my watch list but (like NEM) are far too volatile to trade by my lights. If you decide to take losses on NEM, you might consider GNT -- throwing off stable monthly distributions and remains at deep discount. GGN is an anomaly -- steadily climbing but don't understand why. However -- NEM just came out with their 4Q 2023 report TODAY(!) saying they mined 5.5 million ounces of gold at a cost of $1400/ounce as well as other minerals, copper etc. for the previous three months. Nevertheless news articles report NEM missed estimates. Heck, I might be buying. I'm certainly watching. (As ever, FWIW.) |
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Post by richardsok on Feb 23, 2024 16:26:51 GMT
NEM news today:
"Gold miner Newmont (NYSE:NEM) looks to consolidate its business and reduce its $8 billion debt load by divesting a chunk of its assets.
What Happened: Following last year’s acquisition of Newcrest, Newmont is focusing on what it calls a “go-forward portfolio” that will provide shareholders with exposure to so-called tier-one assets in “the world’s most favorable mining jurisdictions," according to president and CEO Tom Palmer.
The six mines up for sale include Éléonore, Musselwhite, and Porcupine in Canada, CC&V in the US and Akyem in Ghana, and a non-core project, Coffee in Canada.
Additionally, the company is offloading two Australian assets acquired through Newcrest — the Telfer and Havieron mines....."
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Post by win1177 on Feb 23, 2024 18:19:40 GMT
Found out that the company is cutting its dividend, as well as announced some asset sales to "maximize profits". I'm going to re-evaluate the holding, may cut my losses here. Win Win --- I thought you mentioned you'd dumped NEM a week or two ago. I keep GOAU and GLTR on my watch list but (like NEM) are far too volatile to trade by my lights. If you decide to take losses on NEM, you might consider GNT -- throwing off stable monthly distributions and remains at deep discount. GGN is an anomaly -- steadily climbing but don't understand why. However -- NEM just came out with their 4Q 2023 report TODAY(!) saying they mined 5.5 million ounces of gold at a cost of $1400/ounce as well as other minerals, copper etc. for the previous three months. Nevertheless news articles report NEM missed estimates. Heck, I might be buying. I'm certainly watching. (As ever, FWIW.) Richard, I did place an order to sell my position, but it was a limit order so was never exercised. Had set limit at $35/ share, so never sold it. Now, I’ll probably lower my limit and go ahead and dispose of it. I’m zero for two batting on gold stocks, you would THINK I learned my lesson!!! I’ll take a look at GNT. Win |
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Post by yogibearbull on Feb 23, 2024 18:37:34 GMT
Gabelli CEFs GGN & GNT have gold & oil producers. Both have high distributions with possible ROCs. They do differ in some details.
Many years ago when I had them, I found that oil and gold producers were rarely in sync on the upside. So, much of the time either the oil or gold producers were the drag. But in selloffs, both gold & oil producers did poorly.
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Post by yogibearbull on Apr 1, 2024 12:59:17 GMT
With gold bullion hitting new highs (see bottom panel), and gold-miners lagging badly, at some point the mining margins should flow to the bottom lines of gold-miners. They have rather fixed costs of operation, and benefit a lot when gold bullion runs up and/or stays high. Even if gold-miners don't reach their 2020 highs, the rally in gold bullion cannot hurt gold-miners. stockcharts.com/h-sc/ui?s=GDX&p=D&yr=5&mn=0&dy=0&id=p61346029078 |
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Post by yogibearbull on Apr 4, 2024 14:44:36 GMT
A rare time since late-February when both oil, gold and gold-miners are aligned, making combo CEFs GGN and GNT look good. Beware that their high distributions include ROCs. stockcharts.com/h-perf/ui?s=GGN&compare=GNT,GDX,GLD,XLE&id=p34792889074 |
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