Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Gold News Highlights: Barrick Gold Corporation (USA) (ABX)’s Peter Munk, Newmont Mining Corp (NEM) Rating Upgraded & Market Vectors Gold Miners ETF (GDX)

Editor’s Note: Barrick Gold Corporation (USA) (NYSE:ABX), Newmont Mining Corp (NYSE:NEM), Market Vectors Gold Miners ETF (NYSEARCA:GDX), Agnico Eagle Mines Ltd (USA) (NYSE:AEM)

Insight – Barrick Gold’s Peter Munk seeks to regain his Midas touch (euronews)
Peter Munk has long driven the agenda for Barrick Gold Corporation (USA) (NYSE:ABX), the company he formed in 1983 and built into the world’s largest gold producer, but recent missteps have raised questions about the leadership of a man once seen as a visionary in the industry. Munk, who owns a stake of less than a quarter of a percent in the company, still steers Barrick Gold Corporation (USA) (NYSE:ABX)’s strategy from his position as chairman, and he is now attempting to shore up the miner’s position. But some investors, seizing on what they view as misguided decisions and problems at several mines, are questioning both the company’s direction, and Munk’s role.

Barrick Gold Corporation (USA) (NYSE:ABX)

Newmont Mining Corp. Upgraded to Neutral at Zacks (NEM) (Daily Political)
Newmont Mining Corp (NYSE:NEM) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a research report issued on Wednesday, AR Network reports. The firm currently has a $34.00 price target on the stock. Zacks‘ target price would suggest a potential upside of 3.63% from the company’s current price. Shares of Newmont Mining Corp traded down 1.22% during mid-day trading on Wednesday, hitting $32.41. 2,926,954 shares of the company’s stock traded hands. Newmont Mining Corp (NYSE:NEM) has a 1-year low of $26.43 and a 1-year high of $57.93.

The Market Vectors Gold Miner ETF Is A Lousy Way To Bet On Gold (Seeking Alpha)
The thesis of this article is that the Market Vectors Gold Miners ETF (NYSEARCA:GDX) is a lousy way to bet on an appreciation in the gold price. There are two primary reasons for this. First, any given gold miner will not necessarily offer leverage to the gold price. This is true of several of the major holdings of GDX. Second, many of the components of GDX are silver miners, and many of the primary gold miners produce silver and copper. In all, I doubt that even 80% of the combined revenues of Market Vectors Gold Miners ETF (NYSEARCA:GDX) components come from gold.

Three strikes and African Barrick’s Hawkins is out (Financial Times)
It should come as no surprise that majority shareholder Barrick Gold Corporation (USA) (NYSE:ABX) has ousted Greg Hawkins as chief executive of African Barrick Gold. The company missed production targets in three consecutive years. Moreover, gold miners have been replacing expansionist bosses with penny pinchers, just like the big base metal diggers. Newmont Mining Corp (NYSE:NEM), Kinross and Barrick Gold of Canada – which owns a controlling stake in London-listed African Barrick – are all under new management. “We are moving from an industry that was about growth – almost at any cost – to one where the focus is on cost management,” says Jonathan Guy at RBC Capital Markets.

Agnico Eagle Slashes Nunavut Expenses (Seeking Alpha)
Agnico Eagle Mines Ltd (USA) (NYSE:AEM) produced 224,089 ounces in Q2 compared to 265,350 ounces in the same period last year. This lower production rate was caused by the longer than expected shutdown of its Kittila mine for maintenance as the mine only operated for 14 days in the quarter. The cash cost per ounce increased to $785, which is up considerably from last year’s $660/oz, because the LaRonde and Pinos Altos mines generated lower by-product revenue which obviously has a direct impact on the cash costs net of by-products.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.