What's Moving Gold Mining Stocks Today? GDX ETF Hits Yearly Highs As Bullion Sets New Record

Gold mining stocks soared on Thursday, significantly outperforming the broader U.S. stock market which is projected to slump for a third consecutive day. 

The VanEck Gold Miners ETF GDX posted a daily 2.5% gain to $35.75 per share, hitting the highest in over a year, in the session when gold prices briefly touched fresh all-time highs of $2,081/oz. 

Chart: VanEck Gold Miners ETF Climbs To 1-Year High 

Major Gold Mining Companies That Contributed to The VanEck Gold Miners ETF's Excellent Performance on Thursday:

• Newmont Corp. NEM, rising 3.9% and contributing 0.37 percentage points to the GDX's overall daily performance.
• Agnico Eagles Ltd. AEM, rising 4% and contributing 0.30 percentage points to the fund's performance.
• AngloGold Ashant Ltd. AU, rising 5.3% and contributing 0.24 percentage points to the fund's performance.
• Gold Fields Ltd. GFI, rising 3.8% and contributing 0.22 percentage points to the fund's performance.
• Barrick Gold Corp. GOLD, up by 2% and contributing 0.18 percentage points to the fund's performance. 

GDX's Latest Funds Flows

According to Koyfin statistics, the VanEck Gold Miners ETF has received $18 million in inflows so far this week, switching from $158 million of outflows the previous week.

Strong inflows into GDX were observed in March during the weeks when the US regional banking system was under stress as a result of the failures of Silicon Valley Bank and Silvergate Capital.

So far this year, GDX has seen outflows totaling $200 million.

First-Quarter Earnings Reports

• Last week, Newmont reported a $0.40 EPS in Q1 2023, above expectations of $0.33. Revenues were lower than predicted ($2.679 billion versus $2.745 billion).
• On May 3, Barrick Gold announced a $0.141 EPS in Q1 2023, above expectations of $0.112. Revenues were also stronger than expected ($2.66 billion versus $2.581 billion). 
• On May 2, Franco Nevada Corp. FNV announced lower than expected EPS ($0.79 vs $0.80) and revenues ($276 million vs $293 million). 
• Last week, Agnico Eagles surprised analysts' estimates by reporting both a stronger than expected EPS ($0.582 vs $0.471) and revenues ($1.514 billion vs $1.481 billion). 

Image by Steve Bidmead from Pixabay