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

Zinger Key Points
  • VanEck Gold Miners ETF reaches new yearly highs as gold prices reach unprecedented levels.
  • So far this week, inflows of $18 million have been recorded.

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

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