Short interest for VanEck Junior Gold Miners ETF gives investors a sense of the degree to which investors are betting on the decline of VanEck Junior Gold Miners ETF's stock. Short interest data is updated every two weeks.

VanEck Junior Gold Miners ETF (ARCA:GDXJ), Short Interest Report

VanEck Junior Gold Miners ETF

VanEck Vectors Junior Gold Miners ETF

Newmont,Logo,On,Phone,,Blurred,Gold,Bars,On,The,Background,

Large Cap

Macro Notification

Sector ETFs

Commodities

Econ #s

ETFs

Market Vectors ETF Trust Market Vectors Gold Miners

GDXJ

RGLD

Newmont outperforms expectations, sparking a rally in the gold mining industry despite weak investor sentiment. Strong Q1 performance and dividend declared.

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

News

Penny Stocks

Federal Reserve

Markets

Trading Ideas

$BTC

GGLDF

Source: Michael Ballanger 04/08/2024

Michael Ballanger of GGM Advisory Inc. shares his thoughts on the current state of the gold and silver market, as well as a few junior stocks he believes are worth looking into.

Silver and Gold: The Winning Bet

gold Barrick miner

Macro Economic Events

Specialty ETFs

Politics

Economics

GROY

WEXPF

YGTFF

Gold prices are up around 13% so far this year, but as of Friday&#39;s close the VanEck Gold Miners ETF was up less than 11%.

Mining Executives Weigh In On Gold Prices, Financing, Projects: &#39;We&#39;re Definitely Glad&#39;

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

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!

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

Gold prices surged past $2,220 an ounce during Thursday&#8217;s New York trading session, achieving a new all-time high amid growing anticipation of coordinated interest rate reductions <a href="https://www.benzinga.com/topic/interest-rates">by major central banks. </a>
With an 8.5% increase in March 2024, this marks gold&#8217;s best monthly performance since July 2020, when it climbed 10.8% amid substantial monetary and fiscal stimulus efforts during the COVID-19 pandemic.
The robust surge in gold prices has lifted the values of gold mining companies, with the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) climbing about 20% for the month, marking its best monthly performance since November 2020.
Medium-term debt dynamics in Europe and the U.S., alongside increasing domestic political polarization, have spurred central banks to ramp up their gold purchases, according to Bank of America&#8217;s commodities and derivatives strategist Francisco Blanch.
Blanch draws a parallel to the end of USD-gold convertibility in 1971, which heralded a new international monetary system. 
Similarly, he suggests the escalating geopolitical rift between the U.S./European Union and China/Russia, encompassing trade, politics and defense, is at &#8220;the heart of the run up in gold.&#8221;
<h2 class="wp-block-heading">Chart: Gold Notches Best-Performing Month In Nearly 4 Years </h2>
<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/2024/03/28154131/image-64-1024x495.png" alt="" class="wp-image-269752" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Top-Performing Gold Mining Stocks In March 2024</h2>
The top performers within the VanEck Gold Miners ETF portfolio for March 2024 were:
<ul>
<li>Equinox Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQX#NYSE">EQX</a>), with an increase of 49%.</li>
<li>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>), rising by 44.2%.</li>
<li>Harmony Gold Mining Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) and Torex Gold Resources Inc. (OTCPK: TORXF), both up by 42%.</li>
<li>OceanaGold Corporation (OTCPK: OCANF), which saw a 37% increase.</li>
</ul>
The leading performers in the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) portfolio for March 2024 included:
<ul>
<li>Argonaut Gold Inc. (OTCPK: ARNGF), with a gain of 70.65%.</li>
<li>McEwen Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUX#NYSE">MUX</a>), which rose by 60.34%.</li>
<li>Australian Strategic Materials Ltd (OTCPK: ASMMF), with an increase of 40.82%.</li>
<li>Gatos Silver, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GATO#NYSE">GATO</a>), closely behind with a 40.48% gain.</li>
<li>Hochschild Mining plc (OTCPK: HCHDF), with a rise of 36.57%.</li>
</ul>
Read now: <a href="https://www.benzinga.com/news/large-cap/24/03/37990561/easters-bitter-surprise-cocoa-is-up-240-in-a-year-what-can-a-ton-of-the-chocolate-commodity-get-yo">Easter&#8217;s Bitter Surprise: Cocoa Is Up 240% In A Year – What Can A Ton Of The Chocolate Commodity Get You Today?</a>
Photo via Shutterstock.

ARNGF

AUSTRALIAN STRATEGIC MTRL by Australian Strategic Materials Ltd.

ASMMF

GATO

HCHDF

OCANF

TORXF

Gold Prices Rise To All-Time Highs, Mark Best Month In 4 Years: Mining Stocks Rally As Traders Anticipate Windfall Gains

March 2024 has been a golden month for gold mining stocks, marking their best performance in a year. 
The catalyst? A mix of anticipation for lower interest rates and robust demand from central banks sent gold prices — and consequently, <a href="https://www.benzinga.com/topic/mining">gold mining stocks — soaring. </a>
The bullion found support at $2,160 per ounce, hitting all-time highs at $2,222 last week following a dovish Fed meeting, before staging a temporary respite. 
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), a key barometer for the gold mining industry, saw a robust rally of over 13% this month, setting it on course for its strongest monthly gain since March 2023, when it rose by 17%.
This month, the gold mining sector has outshone all other U.S. industries, surpassing even the performance of semiconductor stocks, as measured by the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>), and energy services, as indicated by the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
<h1 class="wp-block-heading">Chart: Gold Miner ETF Eyes The Strongest Monthly Performance In A Year</h1>
<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/2024/03/26114809/image-57-1024x495.png" alt="" class="wp-image-265902" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Also Read: <a href="https://www.benzinga.com/money/best-gold-stocks">Best Gold Stocks Right Now</a>
<h1 class="wp-block-heading">JP Morgan Sees A Potential &#8216;Golden Era&#8217; For Gold Prices</h1>
Stephen Jury, managing director at J.P. Morgan Private Bank, outlined a constructive view on the precious metal&#8217;s future, in his latest investment strategy report. 
Jury pointed to the Federal Reserve&#8217;s anticipated interest rate cuts starting June 2024 as a key driver for gold&#8217;s appreciation in the next 12 months. 
He noted, &#8220;In our opinion, this should set the stage for gold appreciation.&#8221; 
Jury also highlighted the role of geopolitical tensions and the upcoming global elections in 2024, involving countries that represent half of the world&#8217;s population, in driving central bank demand for gold.
<h1 class="wp-block-heading">Central Banks And Retail Investors: A Bullish Momentum</h1>
With more than 60 countries heading to the polls in 2024 and ongoing regional conflicts, central banks are expected to continue diversifying their reserves into gold, potentially less sensitive to price changes. 
&#8220;A persistent theme of geopolitical tension should continue to drive Central Bank reserve diversification,&#8221; Jury wrote, adding that he expected &#8220;more central banks to add to their buying momentum this year&#8221;
Additionally, Jury anticipated a return of retail ETF investors to the gold market as yields fall, marking an under-owned and under-appreciated investment ripe for appreciation. JP Morgan&#8217;s forecast for gold prices by year-end 2024 stands at $2,250-2,350.
Read Now: <a href="https://www.benzinga.com/markets/equities/24/03/37936320/larry-fink-warns-of-us-retirement-crisis-in-blackrocks-annual-letter-you-are-on-your-own">Larry Fink Warns Of US Retirement Crisis In BlackRock&#8217;s Annual Letter: &#8216;You Are On Your Own&#8217;</a>

Analyst Color

Price Target

Analyst Ratings

Gold Mining Stocks Eye Best Month In A Year As 'Golden Era' For The Precious Metal Looms

Gold prices are projected to rise to $2,500-$2,600 per ounce, representing an&nbsp;attractive portfolio hedge for equity investors, according to a Bank of America report published this week. 
As the precious metal surged to fresh record highs following the Fed March meeting, investment and ETF strategist Jared Woodard from Bank of America identified two primary engines driving gold&#8217;s unprecedented rally: its hedging quality <a href="https://www.benzinga.com/topic/gold">and central bank purchases. </a>
<h1 class="wp-block-heading">Chart: Gold Hit Record Highs Post-Fed March 2024 Meeting</h1>
<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/2024/03/21115130/image-47-1024x495.png" alt="" class="wp-image-260971" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/21115130/image-47-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/21115130/image-47-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/21115130/image-47-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/21115130/image-47-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/21115130/image-47.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h1 class="wp-block-heading">Key Drivers Sending Gold To Record Highs</h1>
&#8220;Gold&nbsp;has the lowest correlation to the S&amp;P 500 of almost any asset class and&nbsp;can act as a haven if inflation reaccelerates or growth slows&nbsp;later this year,&#8221; Woodard wrote.
Woodard highlighted that &#8220;central banks have been hoarding gold like never before,&#8221; accumulating over 2,100&nbsp;tons&nbsp;in the past&nbsp;two&nbsp;years.
The expert also stressed that unlike previous rallies, the current surge in gold&#8217;s value has largely bypassed retail investors. This is evidenced by a 25% drop in total ETF gold holdings, suggesting that prices could have been even higher if retail participation mirrored that of institutional entities.
This gap presents a potential for increased demand, especially if yields decrease, possibly driving prices to the $2500-$2600 range, as predicted by Bank of America technical analyst Paul Ciana.
<h1 class="wp-block-heading">A Preference for Physical Gold ETFs Over Miners</h1>
When considering how to get exposure to gold, Woodard and his team advocate for physical gold ETFs, such as iShares Gold Trust Micro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAUM#NYSE">IAUM</a>) and SPDR Gold Minishares Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLDM#NYSE">GLDM</a>), which are less expensive than the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) and iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>). 
Physical gold ETFs are also preferred versus miner ETFs, as the former offers a more stable and direct exposure to the commodity&#8217;s value.
Bank of America showed that in the long timeframe, gold mining ETFs have not kept pace with their physical counterparts, partly due to the presence of mining companies disproportionately affected by downturns, diluting potential gains.
The expert recommended prioritizing mining stocks with a higher ratio of upside to downside beta, such as Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) or Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), to capitalize on gold&#8217;s positive trajectory while mitigating risk.
In the mining ETFs arena, Bank of America&#8217;s preference is on the iShares MSCI Global Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RING#NYSE">RING</a>) and the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) as it &#8220;offers above average risk-adjusted returns and buy-rated stock exposure&#8221; compared to Sprott Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGDM#NYSE">SGDM</a>) and VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>)
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37870905/feds-dovish-stance-ignites-market-rally-everybody-is-bullish-veteran-wall-street-in">Fed&#8217;s Dovish Stance Ignites Market Rally: &#8216;Everybody Is Bullish,&#8217; Veteran Wall Street Investor Says</a>
Photo: Shutterstock

Mid Cap

New ETFs

GLDM

GOLD

IAUM

RING

SGDM

Gold Investors Should Own These ETFs, Says Bank Of America: Why Analysts Expect Gold Spike To $2,600

Gold has been on a tear of late and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37569351/gold-rises-to-all-time-highs-marks-longest-winning-streak-since-july-2000-driven-by">closed at a record high on Friday.</a> An economist said on Friday gold miners have lagged the rally in the yellow metal and could soon play catch-up.
What Happened: Gold&#8217;s record run hasn&#8217;t sparked interest in gold mining stocks, said economist and gold bull Peter Schiff. On Friday, gold futures settled at $2,186.20, up 0.97%. Despite the development, exchange-traded funds comprising gold mining stocks were essentially unchanged in the session. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) ended Friday&#8217;s session up 0.10% $29.64, while the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) fell 0.42% to $35.93, according to<a href="https://benzinga.grsm.io/lxquj26b2sag"> Benzinga Pro data.</a>
&#8220;An explosive move up can&#8217;t be that far away. So buy the miners before the crowd realizes what&#8217;s going on,&#8221; Schiff said.
Delving into the potential reasons for a lack of reaction among mining stocks, Schiff said it could be due to investors selling these stocks to buy Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) ETFs.
Schiff also said he expects gold opening with a gap up at $2,200 on Monday. 
&#8220;This is more likely to be the case if Bitcoin crashes over the weekend,&#8221; he said.
See Also: <a href="https://www.benzinga.com/money/best-gold-stocks">Best Gold Stocks Right Now</a>
5 Gold Stocks To Keep A Tab On: Given the likelihood of the Federal Reserve reversing its rate hikes, the gold rally could continue. Gold, denominated in the U.S. dollar, shares an inverse relationship with the dollar, which could lose steam when the Fed cuts rates.
<a href="https://www.benzinga.com/money/is-gold-a-good-investment">Gold is also a good inflation hedge</a> and could be a go-to asset when inflationary pressure remain stubborn. 
If the yellow metal adds further luster to it and gold miners follow it on the way higher, here&#8217;s a list of stocks that could be worth accumulating:
<ul>
<li>B2Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTG#NYSE">BTG</a>)</li>
<li>Centerra Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CGAU#NYSE">CGAU</a>)</li>
<li>DRDGOLD Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRD#NYSE">DRD</a>)</li>
<li>Barrick Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>)</li>
<li>Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>)</li>
<li>New Found Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NFGC#NYSE">NFGC</a>)</li>
<li>NovaGold Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NG#NYSE">NG</a>)</li>
<li>Pan American Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>)</li>
<li>Seabridge Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SA#NYSE">SA</a>)</li>
<li>Sandstorm Gold Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAND#NYSE">SAND</a>)</li>
</ul>
These stocks were screened based on the following criteria:
<ul>
<li>Over $300 million market cap</li>
<li>Average trading volume over 500,000</li>
<li>Analyst rating of &#8220;Buy&#8221; or higher</li>
<li>Average analysts&#8217; price target is 30% above current market price</li>
</ul>
Read Next: <a href="https://www.benzinga.com/news/24/03/37526937/you-buy-gold-and-hope-it-doesnt-go-up-surge-in-gold-prices-sparks-investor-debate-on-long-term-value">&#8216;You Buy Gold And Hope It Doesn&#8217;t Go Up&#8217;: Surge In Gold Prices Sparks Investor Debate On Long-Term Value</a>
Photo: Shutterstock

Equities

Long Ideas

$SAND

CGAU

NFGC

PAAS

SAND

Gold Stocks Could Gain In Catch-Up Rally, Says Peter Schiff: 'Explosive Move Up Can't Be Far Away'

Precious metals surged once again in response to Fed Chair Jerome Powell&#8216;s recent statements hinting at potential monetary policy easing in 2024, contingent upon further positive data on inflation and growing confidence that price pressures will align <a href="https://www.benzinga.com/markets/equities/24/03/37511027/jerome-powell-hints-at-2024-interest-rate-cuts-awaits-greater-confidence-on-inflation-stocks-reb">with the 2% target.</a>
Gold prices, as gauged by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), soared 0.8% to $2,150/oz during midday trading in New York, surpassing the previous peak of $2,146/oz set in December 2023. The yellow metal is now on track for its seventh consecutive day of gains.
Similarly, silver experienced a notable 2.2% rally, reaching $24.20/oz, its highest level since the end of December 2023. Since the beginning of the month, both gold and silver have seen impressive gains of 5% and 6.4%, respectively.
Treasury yields extended their decline on Wednesday, with the 10-year yield falling to 4.1%, marking its lowest level in a month. Similarly, longer-dated 30-year yields dropped by 5 basis points to 4.25%, the lowest since early February.
The U.S. dollar index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), fell by 0.5%, on track for its worst session in 2024. 
In response to queries regarding the timing of potential Fed rate cuts, Powell remarked, &#8220;We are not expecting inflation to necessarily hit the 2% mark, but we do require further evidence.&#8221; Powell emphasized the anticipation of a continued decline in 12-month inflation readings. 
The Fed Chair dismantled fears of an imminent recession and stated that commercial real estate risks are &#8216;manageable.&#8217;
Markets reflect expectations of four rate cuts by December 2024, with a 73% probability assigned to the first rate cut potentially occurring as early as June.
<h2 class="wp-block-heading">Chart: Gold Prices Reach Record Highs</h2>
<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/2024/03/06132325/image-11-1024x495.png" alt="" class="wp-image-241808" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/06132325/image-11-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/06132325/image-11-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/06132325/image-11-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/06132325/image-11-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/06132325/image-11.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Mining Stocks Rally Wednesday</h2>
The significant upticks in both gold and silver sparked a vigorous rally among mining stocks on Wednesday.
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rose 2.5%, poised for a fifth straight days of gains, reaching the highest since mid-January. 
The VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) surged 2.4%, showing a similar trend. 
<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>Ivanhoe Electric Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IE#NYSE">IE</a>)</td>
<td>12.03%</td>
<td>$ 1.05B</td>
</tr>
<tr>
<td>Contango Ore, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#NYSE">CTGO</a>)</td>
<td>8.63%</td>
<td>$ 186.97M</td>
</tr>
<tr>
<td>Vista Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGZ#NYSE">VGZ</a>)</td>
<td>7.27%</td>
<td>$ 53.25M</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>6.19%</td>
<td>$ 1.19B</td>
</tr>
<tr>
<td>Austin Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AUST#NYSE">AUST</a>)</td>
<td>5.73%</td>
<td>$ 13.15M</td>
</tr>
<tr>
<td>DRDGOLD Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRD#NYSE">DRD</a>)</td>
<td>4.88%</td>
<td>$ 684.89M</td>
</tr>
<tr>
<td>Gold Resource Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GORO#NYSE">GORO</a>)</td>
<td>4.70%</td>
<td>$ 24.48м</td>
</tr>
<tr>
<td>Hycroft Mining Holding Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYMC#NASDAQ">HYMC</a>)</td>
<td>3.7%</td>
<td>$ 41.31M</td>
</tr>
<tr>
<td>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)</td>
<td>3.61%</td>
<td>$ 55.17B</td>
</tr>
<tr>
<td>Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>)</td>
<td>3.40%</td>
<td>$ 2.43B</td>
</tr>
</tbody>
</table>
</figure>
Read now: <a href="https://www.benzinga.com/markets/equities/24/03/37490089/exclusive-truemark-investment-ceo-reveals-strategy-to-beat-markets-with-actively-managed-etfs">EXCLUSIVE: TrueMark Investment CEO Reveals Strategy To Beat Markets With Actively Managed ETFs</a>
Photo via Shutterstock.

Broad U.S. Equity ETFs

Currency ETFs

AUST

CRML

CTGO

GORO

Hycroft Mining Holding Corporation - Class A Common Stock

HYMC

PowerShares DB US Dollar Index Bullish Fund

Gold Hits All-Time Highs, Silver Rallies To 2024 Peak As Powell Hints At Fed Rate Cuts: 10 Mining Stocks Moving Wednesday

The glittering allure of gold is captivating traders once again, as the precious metal notches its fourth consecutive day of gains. 
Gold prices have surged past the $2,040 per troy ounce (.oz) mark on Tuesday, a level not seen since the early <a href="https://www.benzinga.com/topic/gold">days of May 2023.</a>
The bullion, as closely monitored through the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) is now within spitting distance of its all-time highs at $2,081, briefly hit during the volatile session on May 4, 2023. It&#8217;s even creeping closer to its highest closing price ever recorded, hitting $2,063 back in August 2020.
<h2 class="wp-block-heading">Chart: Gold Prices Are On Track To Retest Prior Peaks </h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="697" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28162758/GOLD_2023-11-28_19-28-03_a28bb-1024x697.png" alt="" class="wp-image-151622" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28162758/GOLD_2023-11-28_19-28-03_a28bb-1024x697.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28162758/GOLD_2023-11-28_19-28-03_a28bb-300x204.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28162758/GOLD_2023-11-28_19-28-03_a28bb-768x523.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28162758/GOLD_2023-11-28_19-28-03_a28bb-1536x1045.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28162758/GOLD_2023-11-28_19-28-03_a28bb.png 1587w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Gold On The Rise: 5 Forces at Play</h2>
<ul>
<li>Broader Dollar Weakness: The greenback&#8217;s weakness has lent significant support to gold. The U.S. dollar index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), has fallen below 103 levels on Tuesday, reaching lows last seen in mid-August. </li>
<li>Fed&#8217;s Tone Shifts: One of the Federal Reserve&#8217;s most fervent hawkish members, Gov. Christopher J. Waller, has surprisingly taken a dovish stance during his address to the American Enterprise Institute on Tuesday: &#8220;Inflation rates are moving along pretty much like I thought,&#8221; Waller declared. He expressed growing confidence that current policy measures are well-positioned to slow down the economy and bring inflation back to the 2% target. Notably, he was also &#8220;reasonably confident&#8221; this can be achieved without a significant spike in the unemployment rate, which currently stands at 3.9%. Waller suggested that if the decline in inflation persists over several months, rate cuts could become a reality. </li>
<li>Rising Fed Rate Cut Bets: Following Waller&#8217;s remarks on Tuesday, the market has responded with increased bets on rate cuts in 2024. The CME Group&#8217;s Fedwatch tool, which gauges market-implied probabilities of future policy rates, now indicates a nearly 65% chance of a rate cut as early as May 2024. Traders are also estimating at least four rate cuts by December 2024, assigning a probability of 69%. </li>
<li>Treasury Yields Tumble: Gold&#8217;s primary enemies in financial markets, the yields on U.S. Treasury bonds, which offer a consistent and predictable return that the bullion cannot provide, are now less of a worry. The policy-sensitive 2-year Treasury yields have fallen by 22 basis points to 4.74% over the past two sessions, hitting levels last observed in early August. The yields of the 10-year Treasury note has also declined to 4.35%, the lowest since mid-September. </li>
<li>Improving Investment Demand: Investor demand, a previously dormant factor in 2022, is now beginning to tilt in favor of gold prices. The SPDR Gold Trust, the largest exchange-traded fund (ETF) tracking gold, has seen $1.5 billion in net inflows during November, marking the most robust monthly influx since March 2022.</li>
</ul>
<h2 class="wp-block-heading">Further Implications Of A Gold Price&#8217;s Rally</h2>
The surge in gold prices was propelling gold mining stocks upward.
On Tuesday, the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) showcased a remarkable 4.5% gain, while the leveraged Direxion Daily Gold Miners Index Bull 2XShares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUGT#NYSE">NUGT</a>) surged impressively by 8.8%. In addition, junior gold miners, tracked by the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>), recorded a solid 3.7% increase.
Read Also: <a href="https://www.benzinga.com/23/11/35838465/a-golden-opportunity-portfolio-manager-highlights-unprecedented-discount-in-gold-mining-stocks">Golden Opportunity: Portfolio Manager Highlights Unprecedented Discount In Gold Mining Stocks</a>
Among Tuesday&#8217;s top-performing gold miners were Gold Fields Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>), AngloGold Ashanti plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>), and Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), with gains of 9%, 7.5% and 6.5%, respectively.
Notably, Benzinga recently conducted a virtual event focused on the outlook for the metal industry. You can revisit this insightful discussion in the YouTube clip provided below.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Benzinga Virtual Events: Metals &amp; Mining Outlook" width="500" height="281" src="https://www.youtube.com/embed/TGfuWi1Gs7Y?start=3830&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div>
</figure>
Read Now: <a href="https://www.benzinga.com/markets/equities/23/11/35988551/tesla-cybertruck-event-preview-what-investors-should-know-about-vehicle-thats-blade-runner-meets">Tesla Cybertruck Event Preview: What Investors Should Know About Vehicle That&#8217;s &#8216;Blade Runner&#8217; Meets James Bond</a>

Treasuries

NUGT

Gold Price Nears All-Time Highs As Market Confidence In Fed Rate Cuts Grows, Igniting Gold Miners Rally

A fundamental gauge in the world of finance and economics has just provided a signal not to be underestimated. We are talking about the gold-to-copper ratio, which can offer valuable insights into the overall health of the global <a href="https://www.benzinga.com/topic/economics">economy and financial markets. </a>
This ratio represents the strength of a safe-haven asset, such as gold, which tends to rise during periods of market and economic turmoil, in comparison to copper, often considered a barometer for industrial production and seen as the driving force behind global economic growth. 
In practice, it indicates how many pounds of copper one ounce of gold can purchase.
As highlighted by SentimenTrader on social media platform X, the &#8220;copper-to-gold ratio has recently crossed a crucial threshold, signaling positive prospects for metals and mining.&#8221;
When examining the chart, this indicator surpassed the value of 544 on Wednesday, reaching its highest level since the end of May 2023.
The ratio is now approaching a significant resistance zone, marked by a triple-top pattern that occurred in December 2020, July 2022, and May 2023.
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="509" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/18154442/GOLD_HG1_2023-10-18_20-44-27_de719-1024x509.png" alt="" class="wp-image-126538" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/18154442/GOLD_HG1_2023-10-18_20-44-27_de719-1024x509.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/18154442/GOLD_HG1_2023-10-18_20-44-27_de719-300x149.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/18154442/GOLD_HG1_2023-10-18_20-44-27_de719-768x382.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/18154442/GOLD_HG1_2023-10-18_20-44-27_de719-1536x764.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/18154442/GOLD_HG1_2023-10-18_20-44-27_de719.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Why Is Gold Rising? </h2>
The conflict in the Middle East has so far benefited two commodities: gold and oil. While the increase in oil prices is primarily due to rising geopolitical and supply risks in the region, what has garnered more attention in recent weeks is the surge in gold prices. 
This is because not only has the price of gold risen by 6% since Hamas carried out terrorist attacks on Oct. 7, but it has also done so while Treasury yields and the dollar were on the rise, breaking its usual negative correlation with these variables.
According to Otavio Costa, a partner and macro strategist at Crescat Capital, gold appears to be on a path toward reaching $2,000 per ounce again, indicating the potential for a significant breakout that could mark the beginning of another long-term cycle. Costa referenced a statement made by Ray Dalio: &#8220;If you don&#8217;t own gold, you know neither history nor economics.&#8221;
<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">Gold approaching $2,000/oz again, now poised for a historical break out that could mark the beginning of another long-term cycle. Ray Dalio put it succinctly: &quot;If you don&#39;t own gold, you know neither history nor economics&quot; <a href="https://t.co/FZSBCo7FZm">pic.twitter.com/FZSBCo7FZm</a>
&mdash; Otavio (Tavi) Costa (@TaviCosta) <a href="https://twitter.com/TaviCosta/status/1714613164485300432?ref_src=twsrc%5Etfw">October 18, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<h2 class="wp-block-heading">Gold Miners Outperformed</h2>
Gold miners have emerged as the top-performing industry in October.
Both the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) and the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) have seen impressive gains of 9.5% and 7.5%, respectively. 
These returns outshine those of any other U.S. industry, including Oil &amp; Gas Exploration &amp; Production, as indicated by the SPDR Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>), which has posted a 3.3% increase.
Gold Fields Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>) has emerged as the best-performing stock in the GDX thus far in October, up 31%. 
Harmony Gold Mining Company Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) has been the top performer among junior gold miners, up 29% this month. 
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="509" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/18155631/XOP_2023-10-18_20-56-00_c28c5-1024x509.png" alt="" class="wp-image-126542" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/18155631/XOP_2023-10-18_20-56-00_c28c5-1024x509.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/18155631/XOP_2023-10-18_20-56-00_c28c5-300x149.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/18155631/XOP_2023-10-18_20-56-00_c28c5-768x382.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/18155631/XOP_2023-10-18_20-56-00_c28c5-1536x764.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/18155631/XOP_2023-10-18_20-56-00_c28c5.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read now: <a href="https://www.benzinga.com/etfs/sector-etfs/23/10/35316269/30-year-mortgage-rates-skyrocket-to-8-highest-in-over-2-decades-amid-treasury-turmoil">30-Year Mortgage Rates Skyrocket To 8%, Highest In Over 2 Decades Amid Treasury Turmoil</a>
Photo: Shutterstock

Small Cap

Gold Miners Positioned For Upswing: Keep An Eye On This Leading Economic Indicator

We performed a screening of medium-cap ETFs, defined as having Assets Under Management (AUM) between $2 billion and $10 billion &#8211; to determine what funds had the largest positive and negative returns on the week, according to data from <a href="http://etfdb.com">etfdb.com</a>. Only non-leveraged funds were considered.
<h2 class="wp-block-heading">Winners</h2>
SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>)
XOP is up 6.53% over the trailing week.
The SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF offers exposure to the exploration and production sub-sector of the domestic oil market. Like many of State Street's products, it is equal weighted, making it a balanced option.
The fund has $3.64 billion in AUM and an expense ratio of 0.35%. XOP has holdings in 60 companies, with the 10 largest comprising 25.60% of the fund.
The fund's largest holdings are Range Resources Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RRC#NYSE">RRC</a>) and Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) making up 2.71% and 2.63% of the fund, respectively.
XOP is up 11.52% YTD.
VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>)
GDXJ was up 6.47% on the week.
The VanEck Gold Miners ETF provides exposure to the gold mining industry. The performance of the underlying equities tends to correlate to the spot price of gold, making this a sort of indirect investment in gold itself, although this is not a one-to-one correlation.
GDXJ has $3.65 billion in AUM and an expense ratio of 0.52%. The fund has holdings in 94 companies, with the 94 largest comprising 43.53% of the fund.
The fund's largest holdings are Kinross Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>) and Pan American Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>) making up 6.94% and 6.64% of the fund, respectively.
YTD, GDXJ is down 4.94%.
<h2 class="wp-block-heading">Losers</h2>
iShares U.S. Medical Devices ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHI#NYSE">IHI</a>)
IHI is down 5.54% on the week.
The iShares U.S. Medical Devices ETF focuses on the oft-overlooked device section of the healthcare sector. Devices tend to be a more steady bet than pharmaceuticals as the approval pipeline tends to be less of a gamble.
IHI has $5.05 billion in AUM and an expense ratio of 0.40%. The fund has holdings in 56 companies, with the 10 largest comprising 71.84% of the fund. Its largest holdings are Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>) and Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) making up 17.44% and 10.61%, respectively.&nbsp;
IHI is down 13.37%, YTD.
ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>)
ARKK was down 3.67% on the week.
The ARK Innovation ETF is Cathie Wood's flagship ETF. The fund invests in "disruptive" companies defined as those companies that introduce a technologically enabled new product or service that potentially changes the way the world works.
ARKK has $7.00 billion in AUM and an expense ratio of 0.75%. The fund has holdings in 32 companies, with the 10 largest comprising 61.79% of the fund.
The fund's largest holdings are Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Coinbase Global, Inc. Class A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) making up 10.35% and 8.00% of the fund, respectively.
YTD, ARKK is up 21.90%.
Featured photo by <a href="https://unsplash.com/@luandmario?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Maria Lupan</a> on <a href="https://unsplash.com/photos/hy97yy3e03A?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Unsplash</a>

ARKK

COIN

FANG

iShares Dow Jones US Medical Devices Index Fund

ISRG

TSLA

Amid Israel-Palestine And Ukraine Gas, Gold Up Big, Cathie Wood's ARKK Down Almost 4% - ETF Winners And Losers: Medium-Cap Returns

We performed a screening of medium-cap ETFs, defined as having Assets Under Management (AUM) between $2 billion and $10 billion &#8211; to determine what funds had the largest positive and negative returns on the week, according to data from <a href="http://etfdb.com">etfdb.com</a>. Only non-leveraged funds were considered.
VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>)
GDXJ was up 8.24% on the week.
The VanEck Gold Miners ETF provides exposure to the gold mining industry. The performance of the underlying equities tends to correlate to the spot price of gold, making this a sort of indirect investment in gold itself, although this is not a one-to-one correlation.
GDXJ has $3.65 billion in AUM and an expense ratio of 0.52%. The fund has holdings in 53 companies, with the 94 largest comprising 43.53% of the fund.
The fund's largest holdings are Kinross Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>) and Pan American Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>) making up 6.74% and 6.73% of the fund, respectively.
YTD, GDXJ is down 6.40%.
KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>)
KWEB is up 8.03% on the week.
KraneShares CSI China Internet ETF offers pure-play exposure to Chinese software and information technology stocks. These companies directly compete with the FANG+ behemoths that dominate the US market.
KWEB has $5.54 billion in AUM and an expense ratio of 0.69%. The fund has holdings in 32 companies, with the 10 largest comprising 61.85% of the fund.
The fund's largest holdings are PDD Holdings Inc. Sponsored ADR Class A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) and Alibaba Group Holding Limited (HKG: 9988) making up 10.44% and 8.75% of the fund, respectively.
YTD, KWEB is down 5.10%.
<h2 class="wp-block-heading">Losers</h2>
iShares U.S. Medical Devices ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHI#NYSE">IHI</a>)
DBC is down 2.83% on the week.
The iShares U.S. Medical Devices ETF focuses on the oft-overlooked device section of the healthcare sector. Devices tend to be a more steady bet than pharmaceuticals as the approval pipeline tends to be less of a gamble.
DBC has $5.05 billion in AUM and an expense ratio of 0.40%. The fund has holdings in 56 companies, with the 10 largest comprising 71.84% of the fund. Its largest holdings are Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>) and Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) making up 17.40% and 10.72%, respectively.&nbsp;
DBC is down 11.43%, YTD.
Vanguard Consumer Staples ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VDC#NYSE">VDC</a>)
VDC is down 1.87% on the week.
The Vanguard Consumer Staples ETF offers exposure to one of the safest sectors of the US economy, consumer staples.
VDC has $6.36 billion in AUM and an expense ratio of 0.10%. The fund has holdings in 107 companies, with the 10 largest comprising 60.70% of the fund. Its largest holdings are Procter &amp; Gamble Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>) and Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) making up 12.61% and 8.24%, respectively.&nbsp;
VDC is down 5.70%, YTD.Featured photo by<a href="https://unsplash.com/@pokmer?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash"> Jingming Pan</a> on<a href="https://unsplash.com/photos/iYsrkq5qq0Q?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash"> Unsplash</a>

KWEB

Citigourp Global Markets 2% Protected Notes Linked To The Djia

As Israel-Palestine Conflict Escalates, Gold Ticks Up  - ETF Winners And Losers: Medium-Cap Returns

The July jobs report issued Friday delivered mixed takeaways for the market, although it confirmed an overall <a href="https://www.benzinga.com/economics/macro-economic-events/23/08/33573419/julys-mixed-jobs-report-payrolls-miss-estimates-unemployment-rate-dips-wages-surp">healthy U.S. labor market.</a>
On one hand, the pace of nonfarm payrolls growth fell short of forecasts in July, with 187,000 jobs gained compared to the expected 200,000. On the other hand, the jobless rate fell to 3.5%, exceeding expectations of 3.6%. Wages increased at a monthly pace of 0.4% and an annual rate of 4.4%, which was faster than expected.
<h2 class="wp-block-heading">Biden, Fed Governor On July&#8217;s Jobs Report</h2>
The market interpreted the jobs report in a dovish manner, lowering expectations for potential interest rate hikes in September. Market-derived probabilities put the chance of a 25-basis-point hike in September at 13%, down from 19% before the report was issued Friday morning. 
President Joe Biden applauded the job market data, emphasizing that the share of working-age Americans with jobs has reached a 20-year high. He attributes this positive trend to the effects of his economic policies, often referred to as &#8220;Bidenomics.&#8221;
Atlanta Fed President Raphael Bostic said the Fed is likely to remain into restrictive territory well into 2024 and said he is unsurprised wages remain strong.
Five stocks from the Russell 1000 index (large-cap) and five exchange-traded funds had substantial price action in the opening minutes of trading Friday as a result of jobs data and the movement in interest rates, as well as statements regarding quarterly corporate results.
Read now: <a href="https://www.benzinga.com/23/08/33561045/lawmakers-press-biden-to-address-us-investment-risks-in-china-for-too-long-america-has-funded-the-ch">Lawmakers Press Biden To Address US Investment Risks In China: &#8216;For Too Long, America Has Funded The China Communist Party&#8217;s Military Buildup&#8217;</a>
<h2 class="wp-block-heading">5 Stocks Rallying On Friday</h2>
<ul>
<li>Atlassian Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>) surged by an impressive 19% as the company massively surpassed Street&#8217;s estimates in the last quarter, prompting Barclays to raise its price target from $165 to $195.</li>
<li>Natera Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NTRA#NYSE">NTRA</a>) soared 16% after delivering better-than-expected results in the second quarter. </li>
<li>Universal Display Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLED#NASDAQ">OLED</a>) rose 11% following its stronger-than-expected earnings and revenues, with both Needham and Deutsche Bank raising their price targets.</li>
<li>Cloudflare, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NET#NASDAQ">NET</a>) experienced a 10% rally after it reported stronger-than-anticipated earnings, leading Needham to increase the price target from $75 to $85. </li>
<li>Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) gained nearly 10%, achieving its strongest daily performance since November 2022 due to a surprise EPS and revenue beat in the last quarter.</li>
</ul>
<h2 class="wp-block-heading">5 ETFs Rallying On Friday</h2>
<ul>
<li>The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) saw a notable 2.2% increase in stocks within the consumer discretionary sector, largely driven by a surge in the ETF&#8217;s heavyweight, Amazon.</li>
<li>VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) experienced a boost of 1.8% in response to rising gold prices that were fueled by a declining dollar.</li>
<li>iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>) surged 1.7%, aided by a 1% increase in the value of the Mexican peso. </li>
<li>First Trust DJ Internet Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDN#NYSE">FDN</a>) rose 1.2%, led by Amazon, Cloudflare and Atlassian. </li>
<li>iShares JP Morgan USD Emerging Market Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMB#NYSE">EMB</a>) recorded an impressive 1% gain, marking its best daily performance of the week. A lower U.S. dollar and declining Treasury yields contributed to the strength of emerging market bonds.</li>
</ul>
Related Link: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/08/33575375/atlassian-performs-despite-macro-headwinds-4-analysts-on-q4-print-outlook">Atlassian Performs Despite Macro Headwinds: 4 Analysts On Q4 Print, Outlook</a>
Photo via Shutterstock.

Emerging Market ETFs

Movers

AMZN

iShares JPMorgan USD Emerging Markets Bond Fund

First Trust Dow Jones Internet Index Fund

NTRA

OLED

TEAM

Select Sector SPDR-Consumer Discretionary

Investors Cheer Jobs Report: Why Are These 5 Stocks And 5 ETFs Shining On Friday?

In the latest virtual conference presented by Benzinga, three outstanding experts and industry professionals gathered to explore the prospects of a new <a href="https://www.benzinga.com/events/#virtual-events">&#8220;Supercycle&#8221; for gold miners. </a>
Delving into crucial factors affecting the performance of gold mining stocks, they discussed Fed interest rates, market valuations, geopolitics, ESG and technological innovation in the industry. 
In the first part, Imaru Casanova, a portfolio manager for Gold and Precious Metals at VanEck, highlighted the potential bullish catalysts for gold miners and presented her top stock recommendations. 
Taylor McKenna, CFA and an analyst at Kopernik Global Investors, emphasized the value of gold mining stocks and discussed the application of AI technologies. 
Luke Norman, co-founder and executive chairman at US Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USAU#NYSE">USAU</a>), offered insights into the gold mining exploration side and the permitting cycle.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Benzinga Virtual Event: A New Supercycle for Gold Miners?" width="500" height="281" src="https://www.youtube.com/embed/i4aLbrAoe1I?start=1&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div>
</figure>
<h2 class="wp-block-heading">VanEck Sees Attractive Valuations In The Gold Mining Industry</h2>
VanEck&#8217;s Casanova expressed optimism about the outlook for gold miners, citing the end of the Fed tightening cycle as a potential bullish catalyst. 
With strong global support in the current environment, gold miners are poised to demonstrate their leverage with higher gold prices. Casanova highlighted the historically low multiples at which gold mining stocks are currently trading, coupled with controlled balance sheet costs, generate an attractive investment opportunity.
&#8220;When gold traded at these levels (around $1,970) in the past, stocks in the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) or VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) index were trading 15-20% higher,&#8221; Casanova said. 
Regarding top stock recommendations, Casanova identified Endeavor Mining PLC (OTCPK: EDVMF), Alamos Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>), and Agnico Eagle Mines Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>). She emphasized that VanEck&#8217;s current price forecast for gold is $2,075 per ounce in the next 12 months, which offers a compelling case for diversification and growth in the gold mining sector.
Read Also: <a href="https://www.benzinga.com/news/23/07/33287887/agnico-eagle-mines-debt-overview">Agnico Eagle Mines&#8217; Debt Overview</a>
<h2 class="wp-block-heading">Kopernik Global Investors Is Bullish On Smaller Miners </h2>
Kopernik Global Investors&#8217; McKenna expressed strong conviction in gold mining, pointing out the attractive valuations the sector offers. McKenna discussed the opportunity in smaller companies within the industry such as Seabridge Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SA#NYSE">SA</a>), International Tower Hill Mines Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THM#NYSE">THM</a>), and Western Copper and Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRN#NYSE">WRN</a>), which trade at even cheaper valuations than big miners but carry higher risk.
Among the majors he highlighted is Barrick Gold Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) offers attractive valuations as it shows an all-in-sustaining cost (AISC) of $1,400 an ounce, positioning the company for significant potential if gold prices continue to rise.
McKenna also stressed the importance of scrutinizing management teams and incentives, and he shared insights into how AI technologies, such as driverless trucks for mining, are being employed to boost productivity and reduce environmental impact.
<h2 class="wp-block-heading">US Gold Corp&#8217;s Vision for the Greenest Mine in North America</h2>
US Gold Corp.&#8217;s Norman shed light on the gold mining exploration and permitting cycle. He emphasized that smaller companies involved in gold exploration often become investment vehicles for larger corporations in the sector. Norman provided an overview of US Gold Corp.&#8217;s primary project, the CK Gold project, and its location just outside Cheyenne, Wyoming.
&#8220;Navigating the permitting process in North America can be challenging, with federal agencies causing bottlenecks,&#8221; Norman said. 
Norman did highlight the advantage of working with the state of Wyoming, which has set a mandate for a more streamlined permitting timeline. 
Despite trading at a significant market discount due to perceived permitting challenges, US Gold Corp. has 1.5 million ounces of reserves in the ground, and its all-in-sustaining costs are projected at $800 per ounce. 
Norman believed the in-situ value of reserves in the ground should place U.S. Gold Corp&#8217;s market cap to about $300 million, while the company is currently trading at about $40 million market cap. Norman highlighted how ESG became a hugely important factor in the business and he aspired to develop the greenest mine in North America.
<a href="https://www.benzinga.com/quote/USAU/analyst-ratings">Now Read: U.S. Gold Stock, Analyst Ratings, Price Targets, Predictions</a>
Photo: Shutterstock

Government

Regulations

Exclusives

EDVMF

USAU

Unlocking Gold Mining's Supercycle: Insights From Benzinga's Virtual Conference

Shares of precious metals miners rallied on&nbsp;Thursday, with the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) tracking the industry posting a 1.2% rise for the session and several mining <a href="https://www.benzinga.com/money/best-mining-stocks">stocks reporting solid gains</a>. 
Thursday&#8217;s unexpected surge in <a href="https://www.benzinga.com/economics/macro-economic-events/23/06/32777370/higher-than-expected-increase-in-unemployment-claims-raises-alarm-for-job-market">unemployment claims</a>, sparked fears about a weakening labor market and triggered positive reactions for gold and silver mining companies. According to the latest CME Group Fed Watch tool, investors have placed their bets on the Federal Reserve keeping interest rates unchanged next week, assigning a nearly 75% probability.
Both the dollar and U.S. Treasury yields fell for the session, while precious metals rose, as the risk of an additional hike faded, at least for now.
Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), gained 1.3%, while silver, tracked by the iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>), climbed 3.7%.
<h2 class="wp-block-heading">Best Performing Mining Stocks On Thursday</h2>
<ol>
<li>Caledonia Mining Corp. plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMCL#NYSE">CMCL</a>): CMCL rallied nearly 5% on Thursday, marking the strongest daily performance among US-listed precious-metals mining stocks</li>
<li>Compañía de Minas Buenaventura S.A.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) up 4.3%</li>
<li>Contango Ore, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#NYSE">CTGO</a>) up 4.2%</li>
<li>McEwen Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUX#NYSE">MUX</a>) up 4.1%</li>
<li>DRDGold Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRD#NYSE">DRD</a>) up 2.4%.</li>
</ol>
Chart: Gold and Silver Rallied On Thursday, Driving Mining Stocks Up
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="655" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/08160301/GLD_2023-06-08_22-02-43_f5fd1-1024x655.png" alt="" class="wp-image-49374" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/08160301/GLD_2023-06-08_22-02-43_f5fd1-1024x655.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/08160301/GLD_2023-06-08_22-02-43_f5fd1-300x192.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/08160301/GLD_2023-06-08_22-02-43_f5fd1-768x492.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/08160301/GLD_2023-06-08_22-02-43_f5fd1-1536x983.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/08160301/GLD_2023-06-08_22-02-43_f5fd1.png 1834w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read now: <a href="https://www.benzinga.com/news/earnings/23/06/32774600/nasdaq-s-p-500-futures-slip-as-traders-await-fed-cues-analyst-says-risk-reward-for-equities-no-long">Stocks Rally, Metals Gain As Dollar, Yields Fall: Soft Labor Market May Prompt Fed Pause</a>

Small Business

CMCL

Why Are Precious Metals Miners Rallying? 5 Mining Stocks To Watch

Gold has had a textbook rally following the tumultuous week in the U.S. banking sector and heavy drops in Fed hike expectations as recession risks loom.
On Friday, gold surged 2% beyond $1,950/oz levels, putting it on track for a 6% weekly gain, its largest since early November 2022.
The precious&nbsp;metal is regarded as the premier safe haven asset in this current market climate since it does not carry any default concerns, has continuously maintained its value through periods of persistent inflation, and generally climbs during times of economic slowdown and recession.
Next: <a href="https://www.benzinga.com/news/23/03/31309073/rich-dad-poor-dad-author-says-you-should-invest-in-these-two-assets-amid-silicon-valley-banks-collap">&#39;Rich Dad, Poor Dad&#39; Author Says You Should Invest In These Two Assets Amid Silicon Valley Bank&#39;s Collapse</a>
Gold is very sensitive to rate movements because higher interest rates raise the opportunity cost of investing in non-yielding assets like gold, and vice versa. A weaker dollar, lower Treasury yields, and a collapse&nbsp;in expectations for the Fed&#39;s rate hikes are all contributing to gold&#39;s bullish momentum.
Fed swaps now price in a 19 basis point hike in March, with the terminal rate forecast to reach 4.9% in May and then fall from there.&nbsp;
Overall, there are three 25-basis-point rate cuts priced until December 2023.&nbsp;
Short-term two-year Treasury yields fell by more than 40 basis points this week, <a href="https://www.benzinga.com/news/23/03/31388668/bond-market-volatility-echoes-great-recession-will-central-banks-give-up-on-interest-rate-hikes" target="_blank">the largest drop since October 1987&#39;s Black Monday.</a>
Gold technical analysis: Bull flag pattern in place
<img alt="" src="https://www.benzinga.com/files/u1363475/gc1_2023-03-17_14-57-54_92987.png" style="height:574px; width:100%" />
Gold price daily timeframe &ndash; Chart: TradingView
Gold prices broke through a multi-resistance zone this week, which included the 50-day moving average, the psychological $1,900/oz level, and the 61.8% Fibonacci retracement level of the high-to-low range from 2022.&nbsp;
After the breakout of the flag channel, we can observe the emergence of a bullish flag pattern on the price chart, which may presage an extension of the current rally.&nbsp;
The next resistance level is between 1,975 and 1,980, which corresponds to the 2023 price high as well as the 78.6% Fibonacci level.&nbsp;
Breaking through this barrier will boost the bull&#39;s momentum and improve the chances of an assault on the psychological 2,000 mark.
3 Gold ETFs to Watch: GLD, GDX, GDXJ
SPDR Gold Trust ETF (NYSEARCA: GLD),&nbsp;VanEck Vectors Gold Miners ETF (NYSEARCA: GDX) and Junior Gold Miners VanEck Vectors ETF (NYSEARCA: GDX)&nbsp;GDXJ are three ETFs to watch for investors looking to profit on gold&#39;s rally.&nbsp;
1) GLD
SPDR Gold Trust ETF (NYSEARCA: GLD) is an exchange-traded fund&nbsp;managed by World Gold Trust Services, LLC that invests in gold bullions and is linked to physical gold performance.&nbsp;
As a result, its price moves in lockstep with the commodity, and it does not pay dividends.&nbsp;
GLD saw its highest weekly net inflow in almost a year in the week ended March 16, totalling $709.5 million.
<img alt="" src="https://www.benzinga.com/files/u1363475/koyfin_20230317_021911377.png" style="height:760px; width:100%" />
GLD price chart and weekly ETF flows &ndash; Chart: Koyfin
2) GDX
The VanEck Vectors Gold Miners ETF (NYSEARCA: GDX)&nbsp;is an exchange-traded fund that invests in the stocks of companies in the gold mining industry. It tracks the NYSE Arca Gold Miners Index&#39;s performance through a complete replication.&nbsp;Dividends are paid once a year, and the current dividend yield is 1.6%.&nbsp;
GDX&#39;s major holdings include Newmont Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>), Franco-Nevada Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>), Agnico Eagle Mines Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eam#NYSE">EAM</a>).&nbsp;
In the week ending March 16, GDX received $52 million in weekly net inflows, after around $240 million in outflows the previous week.
<img alt="" src="https://www.benzinga.com/files/u1363475/koyfin_20230317_023040961.png" style="height:760px; width:100%" />
GDX price chart and weekly ETF flows &ndash; Chart: Koyfin
&nbsp;
3) GDXJ 
The VanEck Vectors Junior Gold Miners (NYSEARCA: GDX) is an exchange-traded fund that invests in stocks of companies involved in the gold mining industry. Differently from GDX,&nbsp;the majority of these companies are still&nbsp;in the development and exploratory phases and are seeking for land with a high potential for significant mineral deposits.&nbsp;
Junior gold miners are thus more volatile than already productive gold miners, which is why GDXJ has a greater volatility than GDX.&nbsp;
GDXJ&#39;s top holdings include Kinross Gold Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kgc#NYSE">KGC</a>), Yamana Gold Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/auy#NYSE">AUY</a>), Alamos Gold Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/agi#NYSE">AGI</a>), and Pan American Silver Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/paas#NYSE">PAAS</a>).&nbsp;
The last&nbsp;week&#39;s ETF flow data is missing, but GDXJ had $24 million in outflows in the week ending March 9.
<img alt="" src="https://www.benzinga.com/files/u1363475/koyfin_20230317_031155717.png" style="height:760px; width:100%" />
GDXJ price chart and weekly ETF flows &ndash; Chart: Koyfin
Next:&nbsp;<a href="https://www.benzinga.com/trading-ideas/long-ideas/23/03/31365973/looking-to-play-the-gold-miner-sector-to-the-upside-this-etf-offers-2x-leverage" target="_blank">Looking To Play The Gold Miner Sector To The Upside? This ETF Offers 2X Leverage</a>
<ul>
</ul>

Technicals

Intraday Update

Gold Rallies Eyeing $2,000/oz As Recession Looms – These 3 ETFs To Gain From Precious Metal's Bull Wave

The VanEck Junior Gold Miners ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gdxj#NYSE">GDXJ</a>) is an exchange-traded fund (ETF) consisting of mostly medium to smallish <a href="https://www.benzinga.com/topic/precious-metals">precious metals</a> companies. For investors looking to diversify broadly in that sector, it&rsquo;s quite interesting.&nbsp;
Some of the components include Yamana Gold Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/auy#NYSE">AUY</a>) with 5.97% of the fund, Kinross Gold Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kgc#NYSE">KGC</a>) with 5.74% and Pan American Silver Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/paas#NYSE">PAAS</a>) with 4.57% &ndash; he best known of the miners represented.
Among the lesser-known names are smaller outfits such as Endeavour Mining PLC (OTCMKTS: EDVMF) with 4.05%, B2Gold Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/btg#NYSE">BTG</a>) with 3.95% and Alamos Gold Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/agi#NYSE">AGI</a>) with 3.54%.
As of Sept. 7, the fund held 100 positions with most of the rest of the components representing small and very small operations, all of which are publicly traded.&nbsp;
The idea here is that investors gain broad ownership of many different medium and small mining operations so that diversification beyond the huge miners &ndash; Newmont Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>) and Barrick Gold Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>), for example &ndash; is achieved.
See also: <a href="https://www.benzinga.com/money/how-to-invest-in-gold">How to Invest in Gold in 2022</a>
For investors concerned with the possibility of increased inflation, it&rsquo;s a fascinating concept. Here&rsquo;s the daily price chart:
<img alt="" src="https://cdn.benzinga.com/files/vaneck1.jpg" style="height:481px; width:640px" />
Note the positive divergences appearing on the relative strength indicator (RSI) and on the moving average convergence/divergence indicator (MACD), both below the price chart. There is less downward pressure each time this fund hits a new low, which is the significance of the divergences. This kind of look can mean that selling is drying up and giving way to buying.
Here&rsquo;s the daily price chart for the largest holding, Yamana Gold:
<img alt="" src="https://cdn.benzinga.com/files/vaneck2.jpg" style="height:481px; width:640px" />
Notice how the MACD is trending higher as the September low barely takes out the early July low. The RSI is not showing it yet, but it may be early for this position. Note that the early January 2022 are holding thus far.&nbsp;
This is the daily price chart for the second-largest holding, Kinross Gold:
<img alt="" src="https://cdn.benzinga.com/files/vaneck3.jpg" style="height:481px; width:640px" />
This is a clear example of the steadily rising RSI and MACD indicators showing positive divergences to the price action. Note that the September low remains (so far) above the mid-July low. Kinross is adding a 3.48% dividend to the fund as a bonus.
And here&rsquo;s the price chart for the third-largest component, Pan American Silver:
<img alt="" src="https://cdn.benzinga.com/files/vaneck4.png" style="height:481px; width:640px" />
This one adds excellent exposure to the silver mining market. The look here is more dramatic with the fall from the April high to the recent low. Nonetheless, the moving average convergence/divergence indicator is suggesting a slowing of selling momentum. The RSI doesn&rsquo;t yet agree.
For diversification into medium to smaller miners, as a hedge for fear of greater inflation, VanEck may be worth a look.
Related: <a href="https://www.benzinga.com/money/how-much-is-a-gold-bar-worth">How Much is a Gold Bar Worth?</a>
Not investment advice. For educational purposes only.
Charts courtesy of StockCharts

The VanEck Junior Miners Index: What It Consists Of And Why It's Interesting Now

Photo by Scottsdale Mint on <a href="https://unsplash.com/photos/rQ36_ZtZedo">Unsplash</a>
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
Could a growth slump be on its way to the equities market?
With the consumer price index <a href="https://fred.stlouisfed.org/series/CPIAUCSL">rising</a> by roughly 7% in 2021 &ndash; the highest reading since 1982 &ndash; and the Federal Reserve&rsquo;s <a href="https://www.pbs.org/newshour/economy/fed-will-tighten-credit-faster-and-sees-3-rate-hikes-in-2022-amid-inflationary-pressure">decision</a> to tighten credit faster and execute three interest rate hikes in 2022, many professionals believe that the time has come for equities to slow down.
Shon Anderson, president and chief wealth strategist for Anderson Financial Strategies, for example, has hinted that 2022 may be a lackluster year in the stock market and portfolios in general, while other analyst groups like Schaeffer Investment Research have drawn similar conclusions.&nbsp;
While no one &ndash; not even professionals &ndash; has a crystal ball, it seems safe to assume that monumental moves exhibited by growth stocks like Roblox Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rblx#NASDAQ">RBLX</a>) and Rivian Automotive Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>) may not be as frequent in 2022. With growth stocks possibly diminishing and professionals hinting at a difficult terrain, investors are likely considering other avenues for opportunities.&nbsp;&nbsp;
<a href="https://ad.doubleclick.net/ddm/trackclk/N5877.282784BENZINGA.COM/B25998599.327972917;dc_trk_aid=520157515;dc_trk_cid=165891730;cid=0010019854;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=">FOREX.com</a> believes that its metal offerings may provide just what they&rsquo;re looking for.&nbsp;
<h2>Metals with FOREX.com&nbsp;&nbsp;</h2>
FOREX.com &ndash; the U.S.&rsquo;s <a href="https://www.cftc.gov/sites/default/files/2022-02/01-%20FCM%20Webpage%20Update%20-%20December%202021.pdf">leading</a> broker for forex trading according to the monthly Retail Forex Obligations Reports published by the Commodities Futures Trading Commission &ndash; grants investors several avenues to engage with metals. The broker provides access to unleveraged spot gold and spot silver against the US Dollar.&nbsp;&nbsp;
The former commodity may prove an interesting avenue in 2022 with several reports hinting at the possibility for bullish sentiment for gold in 2022. For one, with the Federal Reserve&rsquo;s <a href="https://www.pbs.org/newshour/economy/fed-will-tighten-credit-faster-and-sees-3-rate-hikes-in-2022-amid-inflationary-pressure">upcoming</a> rate hikes, the finding that gold has averaged a 200% appreciation within the last 5 rate-hike cycles has placed it on some investors&rsquo; radars.&nbsp;
Rising demand for gold jewelry and <a href="https://www.mining.com/web/chart-how-much-gold-is-in-the-world/">scarcity</a> in gold reserves serve as other potential fundamental catalysts, and an examination of the VanEck Junior Gold Miners ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gdxj#NYSE">GDXJ</a>) provides further ammunition for optimistic bulls. The chart showcases a textbook cup and handle pattern that&rsquo;s indicative of a possible continuation to the upside.&nbsp;
FOREX.com offers Spot Gold and Spot Silver against the U.S. dollar, providing plenty of opportunities for the American investing audience to engage in predictions for 2022. As the SPDR S&amp;P 500 (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/spy#NASDAQ">SPY</a>) and Invesco QQQ Trust Series 1 (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) experience their much-anticipated corrections, some may say that the time is ripe for alternative investments. Spot Gold and Silvers contracts are not subject to regulation under the U.S Commodity Exchange Act.
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
<img alt="Advertisement" src="https://ad.doubleclick.net/ddm/trackimp/N5877.282784BENZINGA.COM/B25998599.327972917;dc_trk_aid=520157515;dc_trk_cid=165891730;cid=0010019854;ord=[timestamp];dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=?" style="height:1px; width:1px" />

Forex

RBLX

RIVN

Could FOREX.com's Metals Prove A Worthy Substitute To Equities In 2022?

Photo by Sharon McCutcheon on <a href="https://unsplash.com/photos/yoWkkoUbG4E">Unsplash</a>
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.&nbsp;
GoldMining Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gldg#NASDAQ">GLDG</a>) might provide investors with an interesting opportunity as fundamental and technical data could be viewed as supporting a bullish hypothesis for the next year for gold.&nbsp;&nbsp;
Several catalysts have caused investors to share this optimism for the commodity.&nbsp;
&nbsp;A particularly potent catalyst is the Federal Reserve&rsquo;s <a href="https://www.pbs.org/newshour/economy/fed-will-tighten-credit-faster-and-sees-3-rate-hikes-in-2022-amid-inflationary-pressure">outlook</a> to execute three interest rate hikes in 2022. Rising interest rates have long coincided with growth in gold assets. Gold has averaged a 200% appreciation within the last five rate hike cycles.&nbsp;
Rising demand for gold jewelry and <a href="https://www.mining.com/web/chart-how-much-gold-is-in-the-world/">scarcity</a> in gold reserves serve as other potential fundamental catalysts, and an examination of the VanEck Junior Gold Miners ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gdxj#NYSE">GDXJ</a>) might be able to provide further ammunition for optimistic bulls. The chart showcases a textbook cup and handle pattern that&rsquo;s indicative of a potential continuation to the upside.&nbsp;
With technical and fundamental factors potentially aligning, some investors may be wondering how certain companies are preparing.&nbsp;&nbsp;
With a portfolio of 15 companies across North and South America and a history of outperforming gold appreciation cycles, GoldMining believes it may just have the potential to spearhead a renewed gold movement, and is reportedly planning to capitalize on it.
Blackstone Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bx#NYSE">BX</a>), for example, is a shareholder, and Amir Adani, an entrepreneur, and investor, who has already realized 300% increases in his companies Uranium Royalty Corp (CVE: URC) and Uranium Energy Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uec#NYSE">UEC</a>), is a founder. Analyst firm H.C. Wainwright &amp; Co. has also placed a price target of 5 to 6.25 Canadian dollars on the company, which implies a 400% potential upside run from its current price at the time of writing.&nbsp;&nbsp;
The market&rsquo;s valuation of the company&rsquo;s gold resource &ndash; which currently sits at $2.6 per ounce &ndash; reportedly sits below industry standards, hinting at a potential valuation mismatch. The company also claims to have acquired projects worth $850 million in the depths of the bear market for only $81 million, representing a 10-cents-on-the-dollar deal.&nbsp;
With the addition of its $100 million portfolio holding in Gold Royalty Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/groy#NYSE">GROY</a>), GoldMining believes it is poised to take advantage of a potential &ldquo;gold rush&rdquo;.
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.

Emerging Markets

GLDG

Could This Company Be Among the Next Group for a Gold Play?

Shares of VanEck Vectors Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) saw some unusual options activity on Tuesday. Following the unusual option alert, the stock price moved down to $41.79. 
<ul>
<li>Sentiment: BULLISH</li>
<li>Option Type: SWEEP</li>
<li>Trade Type: PUT</li>
<li>Expiration Date: 2021-11-19</li>
<li>Strike Price: $40.00</li>
<li>Volume: 1000</li>
<li>Open Interest: 2991</li>
</ul>
<h2>Three Signs Of Unusual Options Activity</h2>
Exceptionally large volume (compared to historical averages) is one reason for which options market activity can be considered unusual. The volume of options activity refers to the number of contracts traded over a given time period. The number of unsettled contracts that have been traded, but not yet closed, is called open interest. These contracts are not yet closed because a buyer has not purchased the contract, or a seller has not sold it.
Another sign of unusual activity is the trading of a contract with an expiration date in the distant future. Usually, additional time until a contract expires allows more opportunity for it to reach its strike price and grow its time value. Time value is important to consider because it represents the difference between the strike price and the value of the underlying asset. 
Contracts that are "out of the money" are also indicative of unusual options activity. "Out of the money" contracts occur when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made with the expectation that the value of the underlying asset is going to change dramatically in the future, and buyers and sellers will benefit from a greater profit margin. 
<h2>Understanding Sentiment</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
Although the activity is suggestive of these strategies, these observations are made without knowing the investor's true intentions when purchasing these options contracts. An observer cannot be sure if the bettor is playing the contract outright or if they're hedging a large underlying position in a common stock. For the latter case, the exposure a large investor has on their short position in common stock may be more meaningful than bullish options activity. 
<h2>Using These Strategies To Trade Options</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Unusual Options Activity Insight: VanEck Vectors Junior Gold Miners ETF

Commodity Roundup: Oil gains as Gaza ceasefire talks end, precious metals rise

Gold powers higher on renewed rate cut hopes, Middle East uncertainty

Commodity Roundup: Gold eases as steady dollar dampens appeal, oil prices mixed

Commodity Roundup: Gold prices dip, oil falls more than 1% on U.S. crude build

After the introduction of Gold and Silver ETFs and a 13-year secular bear market, everyone knows gold miners suck. Here is almost everything you need to know, divided into a list.

Everything You Need To Know About Gold Stocks

Commodity Roundup: Gold holds steady; China's April crude oil, copper imports rise

Commodity Roundup: Gold up over 1%, natgas futures set for third week of gains

Capital Imbalances And Why David Daglio Is A Reformed Value Investor

Gold jumps to highest in a month as data signals slowing economy, likely rate cuts

The miners continue to lead the metals as they start to break above their April highs while Gold & Silver remain below those highs. Silver is getting ready to outperform Gold.