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No farting around today, nice close @ $1268, smelled nothing but victory this opex Friday, let's hope for more of the same next week for Londumb opex.
Gold now testing $1169 for the second time with conviction this AM, rising with the dollar, on opex...it's about damn time!
Pump and Dump MM play thing???
I feel sorry for you, get a life!
Poor promotion.
Sad...
The Dollar index is now pretty much approaching election night lows of last year when gold was well over 1300. Gold is currently struggling to hold 1250 thanks in no small part to paper manipulation keeping it pegged. It's maddening to witness gold getting slammed with the slightest hint of a rising Dollar but, never recover it's loses when the Dollar crashes back down, way back down. TPTB must be reveling in the double whammy of the GDXJ negligence mess, still reeking havoc with miners...by the way where are the lawsuits for GDXJ's incompetency, failing in their fiduciary duty towards their shareholders... WE WILL HAVE OUR DAY!
T, No, he is probably feeling like me...totally disgusted with the sector and unending manipulation and control, posting lately for me has just seemed to be counter productive.
CD
T, I agree, this guy is either a complete idiot or paid basher, he just keeps his blinders on, coming back with the same drivel, even after being proven wrong, embarrassing himself over and over again, no shame whatsoever. His darling EGI now @.38 rapidly approaching lows of the year.
CD
DOW FUTURES -185, GOLD 1255...I bet miners still will not move higher, even with GDXJ selling, it makes NO sense.
The Dollar index is now pretty much approaching election night lows of last year when gold was well over 1300. Gold is currently struggling to cross over 1250 thanks in no small part to paper manipulation keeping it pegged. It's maddening to witness gold getting slammed with the slightest hint of a rising Dollar but, never recover it's loses when the Dollar crashes back down. TPTB must be reveling in the double whammy of the GDXJ negligence mess, still reeking havoc with miners...by the way where are the lawsuits for GDXJ's incompetency, failing in their fiduciary duty towards their shareholders... WE WILL HAVE OUR DAY!
Thanks Cork, interesting read, I always wondered about miners in that respect.
Thank you and God Bless, Cork.
Dollar down huge again today...gold still sitting at $1228?????????????
10 year treasury down..........gold still sitting at $1228?????????????
Stock market down..............gold still sitting at $1228?????????????
What is wrong with this picture?????
Wasn't Ten Bears in Outlaw Josie Wales and Dances With Wolves?
Dollar is now down .666 today, at it's lowest level since Nov 10, 2016, it is absolutely inconceivable and beyond all reason that gold just sits at $1229.
Gold was $1250 before the "no hike" FOMC meeting yesterday, the dollar spiked up .350 and gold was slammed $22 to $1228 as of this AM. Now the dollar has fallen right back to pre-FOMC levels, where is gold you ask....STILL DOWN $22, WHAT F**KING A FARCE, WHERE ARE THE CORRELATIONS AND HAND CUFFS??
Minelab is the Lamborghini of metal detectors, I use a GPX 4500 with a Nugget Finder coil. Hunting for placer gold in the deserts of the Southwestern US is my retirement goal, you can become a member of GPAA and legally prospect on their claims all over the US and keep what you find. I use Arizona Outback as my source for everything, very nice people, they even put together yearly Minelab metal detector prospecting trips to the deserts of the Australian outback...lots of gold there, they train you on your Minelab and you keep what you find.
http://www.arizonaoutback.com/azoroot/shop/
http://www.goldprospectors.org/
If you look at the 2nd TD table in that article you just posted, the 3rd column (GDXJ Flow) that is the amount of shares in millions being sold, last column (days to trade) is the amount of days at average volume that they expect sales to be completed (not necessarily continuous days).
I've always used TD, GDXJ re-balancing won't be complete until June 17th, they are dumping 40M shares of TGZ and 35M shares of GSS, I don't think they have arrived at those numbers quite yet, OUCH! GCM is not in GDXJ.
Geo, TPRFD is just as liquid, I had no problem selling 100k before the split. The majority of TPRFD transactions are combined with the GCM volume instead of being shown under the TPRFD ticker (I don't know why the mm's hide the TPRFD volume like this) but, they are executed just as quickly as GCM trades. I had the same experience when I sold my 600k of MEAOF in 1 hour a couple years ago, my volume showed up under MTO.
Teranga can't hang onto .70 with 100M cash and 220,000 oz/yr in a better mining district, how the heck is GCM going to maintain $1.50, let alone $2 or $3? IMO it's going to get sold right back down like ALL reverse splits do.
CD
And your reasoning is?
Part of gold's recent rise was "safe haven trade" (now reduced) based on France leaving the EU with a Le Pen victory...now with Macron winning first round, resulting in renewed EU stability and stronger Euro, gold should start to rise again on weaker dollar.
This dollar and gold volatility tonight is all about the French Le Pen/ Macron election, Le Pen wins...gold spikes, dollar dives, Macron wins...gold dives, dollar dives, then gold recovers on dollar weakness. It's a win, win for gold.
Well, now they've got GDXJ working in their favor to pin down the miners, effectively helping them with their negative perception agenda at no charge.
I sold some shares today for tax purposes and while watching the price action on my watch list, came to the conclusion that many miners just bottomed this afternoon, blue skies are on the horizon!
Mnuchin Says Trump Is "Absolutely Not" Trying To Talk Down The Dollar
Would you just listen to these lying assholes, although it looks like the dollar isn't buying this latest lie.
Someone probably got their ass handed to them when gold didn't drop on the paper dump yesterday and this is their mouthpiece.
By Tyler Durden
Apr 19, 2017 6:04 AM
One week after Donald Trump, in an interview with the WSJ, sent the dollar tumbling in its biggest one day drop in months, Treasury Secretary Steven Mnuchin has been engaging in damage control with not one but two appearances in the FT, first stating that in the "long-run" a stronger dollar is beneficial for the US economy on Monday, and then again making headlines overnight when he said that Donald Trump is "absolutely not" trying to talk down the strength of the dollar, as stated again in the Financial Times on Wednesday.
As we noted at the time, Mnuchin first had played down Trump's WSJ comment that the dollar was getting "too strong" in an interview first published late on Monday in the FT. Then, in a more detailed version published on Wednesday, he directly rejected the idea that Trump was trying to talk down the dollar, saying "Absolutely not, absolutely not."
FT — You say you don’t intervene in foreign exchange markets, and yet some people in the markets took the president’s comments last week as him talking down . . .
SM — Absolutely not. Absolutely not. I disagree with that completely.
FT — OK. So that’s not part of the strategy? To talk down the dollar?
SM — No. The president was making a factual comment about the strength of the dollar in the short term. And by the way, when we talk about an intervention, and we even noted this in the report, there’s a big difference between talk and action
While the dollar gained after Mnuchin's initial remarks late on Monday, on Wednesday the euro hit a three-week high as the dollar was weakened by doubts over a fiscal boost promised by the president and by the pricing out of bets on three U.S. Federal Reserve interest rates hikes this year. Mnuchin also said the Trump administration did not deem foreign countries to be manipulating their currency if they did so in a way that benefited Washington.
"To manipulate a currency you have to be doing it to disadvantage the United States," he said.
As a reminder, Trump's administration decided not to do so in a report published on April 13. The Treasury report recognized what many analysts have said over the past year, namely that China has recently intervened in foreign exchange markets to prop up the value of the yuan, not push it lower to make Chinese exports cheaper.
As Reuters adds, finance ministers and central bank chiefs meet in Washington this week for the International Monetary Fund's twice-yearly meetings. Mnuchin said addressing currency swings was "one of the IMF's most important roles".
While the EURUSD has fluctuated overnight, Mnuchin's repeat comment has had an impact on the USDJPY, which has levitated sharply in the overnight session, rising just shy of 109 and lifting both European stocks and US equity futures with it.
The President of the United States says the dollar is too strong and it's not talking down the dollar? Gimme a break, The dollar being too strong is GS boiler plate response every time they need to push it down a bit and in case you haven't noticed, they're clearly in charge now at the WH. Reminds me of the guy walking the tight rope across the grand canyon. This Donald Trump is walking a fine line between promising one thing and doing another. Are we down to parsing words now? You mean like "wipe it with a cloth"? Is that where we're headed now that the liberal bankers have absconded with the White House once again? A weaker dollar and "measured inflation" are banker speak (usually through left wing-nut economists) for American workers can work a little harder for a little less and all will be fine for the sake of corporate profits. The Fed just devalued everything you own and you income for the next 50 years with 10 trillion in QE.
Dollar now down 1.125 since Friday (now 99.475) with gold still flat and miners still down. I like the way they slammed gold down $6 this morning and it immediately rebounded magically right back to their starting point, no more all day long. WHAT A SHITSHOW!
Dollar has absolutely tanked (down .900) since Friday morning when gold was $1288. Were is gold now, struggling to hold $1290 complete with a 22,000 contract 3 Billion dollar dump earlier this AM and Dow -140. WERE ARE THE GD AUTHORITIES??????
What pitiful price action with this DOG! $1290 gold and THIS is what we get!
The rule is under 20% before share holders have to vote on it along with other restrictions as well.
Proof GDXJ Was Doing Some Heavy Re-balancing Today...
On top of it being GDXJ opex.
'Curse of Success' Leads the Most Popular Mining ETF to Widen Its Holdings
by Luzi-Ann Javier , Danielle Bochove , and Aoyon Ashraf
April 13, 2017, 12:45 PM EDT
MVIS Index changes rules, allowing ETF to add other equities
GDXJ attracts $1.5 billion, beating peers in materials sector
The world’s second-largest exchange-traded fund linked to material producers has become the victim of its own success.
With investors piling in amid a precious-metals recovery, VanEck Vectors Junior Gold Miners ETF’s assets jumped 60 percent to $5.54 billion this year. That created a dilemma for the fund that tracks the MVIS Junior Gold Miners Index, as its holdings surge above 10 percent of some of the companies it owns.
On Thursday, MVIS Index Solutions, a VanEck company, announced changes to its equity indexes, widening the criteria for inclusion into the gauge that is tracked by VanEck’s junior gold miner ETF.
“This is the curse of success,” said Sameer Samana, a St. Louis-based global quantitative strategist at Wells Fargo Investment Institute, which oversees $1.8 trillion. “They’re starting to run into issues of how much they own in certain names, how many names qualify for the index and they’re running into issues of how big the fund has gotten.”
Investors poured $1.5 billion into VanEck Vectors’ junior miner ETF this year, the most among global peers tracked by Bloomberg. Assets in the most popular mining ETF, which trades under the ticker GDXJ, climbed amid rising interest in small companies as large producers emerging form the downturn scout for new reserves.
The ETF was growing so fast it was in danger of having the kind of stakes in some junior miners more usually associated with large institutional or activist investors. That, in turn, could be an issue for individual shareholders who might worry such large “passive” holdings could ease pressure on boards around corporate governance, Eric Balchunas, an ETF analyst for Bloomberg Intelligence, said by telephone.
GDXJ invests at least 80 percent of its total assets in securities in the MVIS Junior Gold Miners Index, giving it enough wiggle room to add other companies. Its third-largest holding is VanEck Vectors Gold Miners ETF, which trades under the ticker GDX and tracks the NYSE Arca Gold Miners Index.
Loosening Criteria
“The index provider is loosening the criteria and making it more inclusive in order to deal with the liquidity and capacity issues,” Samana said by telephone.
Chris Sullivan, a spokesman of VanEck Vectors with MacMillan Communications, declined to comment beyond the MVIS statement on the index change.
Alamos Gold Inc., a Toronto-based gold producer that operates mines in Canada, Mexico and the U.S. is GDXJ’s biggest holding, where it has a 13 percent stake, according to data as of March 17 compiled by Bloomberg.
That’s still well below the 20 percent threshold that would trigger a public tender under Canadian rules. However, the total holdings of all funds under parent company VanEck Associates Corp. is already at 20.6 percent, the data show.
GDXJ’s situation isn’t that common. Gold mining is a specialized sub-industry within the materials sector, and GDXJ has been limited to the small players in that space, making it easy for the fund to acquire bigger stakes as money piles in, Samana said.
Extra Pop
"Generally, I’ve not seen this takeover bid issue arise in Canada,” Andrew Aziz, a partner at the law firm Osler, Hoskin & Harcourt LLP, said by telephone from Toronto. "It does not happen often at all because ETFs were started on the basis of tracking a broad market index like an S&P or a TSX 60 where they’re all large companies."
Over the past 12 months, GDXJ has surged 15 percent, outperforming VanEck Vectors Gold Miners, which tracks bigger producers of the metal. GDXJ’s holdings include small miners listed in countries such as Australia, China and the U.S.
“It’s unbelievable how popular it is,” Balchunas said, noting that its outperfomance hasn’t come with a large difference in volatility. “It just seems to have extra pop and juice when things go well."
A gauge of 15 large global gold producers is little changed in the past year while a separate Bloomberg Intelligence index of smaller miners gained 26 percent. But while juniors such as QMX Gold Corp. and Kaz Minerals Plc have more than doubled in value in that period, others such as Primero Mining Corp. and Carbine Resources Ltd. have tumbled.
“This is a broad perception that ETFs are the easy way to invest in a theme without devoting the time and effort to analyze the individual component firms,” said Alan Gayle, a senior strategist who helps oversee $42 billion in assets at RidgeWorth Investments in Atlanta. “As ETFs penetrate smaller and more specialized themes, they run the risk of actually distorting the market they are trying to mimic.”
I didn't recall Trump saying that, all I remember him saying is that the stock market was in a yuuuge bubble.
Thanks srm4u, I will try to digest, I also just spotted this...
Dude, GDXJ re-balances 3rd Friday every quarter.. It happened in March.
Could someone please explain the meaning of this post chain I found on StockTwits regarding fund re-balancing as a reason GDXJ was down today? I think I get it, just don't know if it holds merit.
It's painful when you lose money by trading a flawed vehicle such as $GDXJ when the sector itself is bullish and gold is @ 6 month high.
Never seen such a wide divergence between $GDX and $GDXJ like today. Bizarre. Don't know what to make of it.
The $GDXJ ETF is getting so large in market cap they are re-balancing with LARGE not JR Miners, thats why we got Price Screwed.
Exactly as CPCharts says - Re-balancing killed it today. ETF getting too big.
$GDXJ $JNUG were victims of fund re-balancing today. Too big for junior, buying larger miners THANKS VANECK!!!!!!
I asked because the first part of your quote confused me.
He can't have it both ways.
HUI Index just crossed the 200MDA with conviction.
I thought the German's had quite the dislike of Obummer, remember that embarrassing press conference he had over there during, I think his apology tour?
What part of Trump's agenda do you think would require a strong dollar?