Últimas noticias sobre VanEck Gold Miners ETF (ARCA:GDX)

VanEck Gold Miners ETF

VanEck Vectors Gold Miners ETF

Basic Materials

Other

The fund normally invests at least 80% of its total assets in common stocks and depositary receipts of companies involved in the gold mining industry. The index is a modified market-capitalization weighted index primarily comprised of publicly traded companies involved in the mining for gold and silver. The fund is non-diversified.

Newmont Corp

Agnico Eagle Mines Ltd

Gold Fields Ltd

Zijin Mining Group Co Ltd

Anglogold Ashanti Ltd

VANECK GOLD MINERS UCITS ETF

MicroSectors Gold Miners -3X Inverse Leveraged ETNs

VanEck Junior Gold Miners ETF

VANECK JUNIOR GOLD MINERS UCITS ETF

GOLDEX RES CORP by Goldex Resources Corp.

Goldex Resources Corp

MicroSectors Gold Miners 3X Leveraged ETN

Tidal Trust II YieldMax Gold Miners Option Income Strategy ETF

VANECK GOLD MINERS ETF

Gold prices are nearing the $3,000 per ounce mark, signaling a potential shift in global economic dynamics. Economist Mohamed El-Erian has emphasized the significance of this trend.
What Happened: El-Erian urged the U.S. to take notice and pointed out that gold&#8217;s price has surged nearly 40% over the past year, reaching $2,715 per ounce, in an <a href="https://www.ft.com/content/b5fb1e6b-bb8d-4ab5-9c92-f1f6fc40a54b">op-ed </a>for the Financial Times. This increase has defied traditional economic influences such as interest rates and inflation. The rise is largely due to countries like China and other &#8220;middle power&#8221; nations diversifying their reserves away from the U.S. dollar.
See Also: <a href="https://www.benzinga.com/insights/options/24/10/41411253/palantir-technologies-unusual-options-activity?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Palantir Technologies Unusual Options Activity</a>
Foreign central banks&#8217; consistent gold purchases have bolstered its strength, reflecting a broader loss of confidence in the U.S.&#8217;s management of the global order. This includes the use of trade tariffs and investment sanctions. 
El-Erian warns, &#8220;As it develops deeper roots, this risks materially fragmenting the global system and eroding the international influence of the dollar and the US financial system. That would have an impact on the U.S.'s ability to inform and influence outcomes, and undermine its national security.&#8221;
He advises Western governments to closely monitor this evolving situation due to its implications for national security and global economic stability.
Why It Matters: The recent surge in gold prices coincides with a period of uncertainty in the U.S. markets. On Oct. 17, gold reached a <a href="https://www.benzinga.com/markets/asia/24/10/41398733/gold-surges-past-2-700-to-record-high-asia-and-europe-markets-in-green-global-markets-today-while-us">record high of $2,696 </a>per ounce amid U.S. election uncertainties. Despite mixed quarterly earnings, strong retail sales and positive economic data sustained market optimism.
Furthermore, a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41390144/gold-could-reach-3-000-by-2025-bank-of-america-analyst-says-ultimate-perceived-safe">Bank of America</a> analyst has projected that gold could reach $3,000 by 2025, highlighting its status as the &#8220;ultimate perceived safe haven&#8221; amid concerns over U.S. fiscal policies. Despite rising U.S. Treasury yields, gold prices have continued to climb, supported by these factors.
Price Action: As per <a href="https://pro.benzinga.com">Benzinga Pro</a>, gold ETFs were mostly trading higher during Monday&#8217;s pre-market. VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) was up by 1.04%, VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) was up by 1.65%, ProShares Ultra Gold (UGL) was trading 1.34% higher. However, VanEck Merk Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OUNZ#NYSE">OUNZ</a>) was trading 0.70% lower. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/esg/24/10/41409688/this-small-cap-nuclear-stock-is-up-over-100-in-a-month-will-it-keep-generating-momentum?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">This Small-Cap Nuclear Stock Is Up Over 100% In A Month: Will It Keep Generating Momentum?</a></li>
</ul>
Image via Unsplash
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

News

Commodities

Markets

General

Market Vectors ETF Trust Market Vectors Gold Miners

GDXJ

OUNZ

Gold's Race To $3,000: Mohamed El-Erian Says US And Other Western Nations Can't Afford To Ignore It

This week, the Vanguard S&amp;P 500 ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NASDAQ">VOO</a>) saw a roughly 0.7% gain, reflecting a broadly positive sentiment on Wall Street driven by a combination of upbeat earnings and <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41386234/strong-september-retail-sales-put-feds-next-move-in-doubt-interest-rate-cuts-are-">macroeconomic factors</a>. 
VOO, which is designed to track the performance of the S&amp;P 500, benefits from movements in its underlying components, making it a key barometer for the overall U.S. stock market.
What&#8217;s Happening: One of the major drivers for VOO's upward movement was a strong start to earnings season that boosted investor confidence. Notably, Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) surged 10% <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41406623/netflix-should-continue-to-outperform-6-analysts-on-streaming-stocks-q3-earnings">after reporting an earnings beat</a>.
As Netflix is a significant part of the S&amp;P 500, its performance positively influenced VOO's price. Other companies, such as Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>), which jumped over 9% on earnings, further contributed to the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41406234/intuitive-surgical-posts-q3-earnings-beat-these-analysts-raise-forecasts-on-dv5-upt">bullish market sentiment</a>.
On Thursday, semiconductor stocks fueled a major push for the S&amp;P 500, as <a href="https://www.benzinga.com/news/earnings/24/10/41373163/nvidia-supplier-tsmc-reports-q3-revenue-earnings-beat-amid-rising-demand-for-ai-chips">strong earnings</a> from Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSMC#NYSE">TSMC</a>) invigorated investor confidence in the tech sector.
Read Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/10/41407647/spy-reaches-600-billion-in-assets-oldest-us-etf-hits-milestone-as-all-time-highs-conti">SPY Reaches $600 Billion In Assets: Oldest US ETF Hits Milestone As All-Time Highs Continue</a>
This semiconductor rally played a pivotal role in driving the S&amp;P 500 higher, and by extension, VOO, as technology remains one of the largest sectors in the index.
What Else: Gold miners saw strong momentum as gold prices reached new record highs, with the VanEck Gold Miners ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NASDAQ">GDX</a>) climbing nearly 4% Friday.
While VOO's exposure to gold miners is limited, the broader gains in commodity-related sectors helped balance weaker performances in sectors like energy.
Macroeconomic data released on Thursday also played a role in sustaining the market's positive momentum. September retail sales exceeded expectations, signaling robust consumer spending, while jobless claims fell, underscoring labor market strength. 
Although the positive data slightly diminished hopes for Federal Reserve rate cuts in November, it reinforced the view of economic resilience, which supported investor sentiment across equity markets. VOO, as a broad-market ETF, was a key beneficiary of this optimism.
Read Also: <a href="https://www.benzinga.com/exclusives/24/10/41405659/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">Benzinga&#8217;s &#8216;Stock Whisper&#8217; Index: 5 Stocks Investors Secretly Monitor But Don&#8217;t Talk About Yet</a>

ISRG

NFLX

TSMC

What's Going On With Vanguard S&P 500 ETF (VOO) This Week?

Wall Street was in positive territory in Friday midday trading, buoyed by upbeat quarterly earnings reports that kept <a href="https://www.benzinga.com/markets">investor sentiment bullish.</a>
Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) surged 10% to fresh record highs after delivering a strong earnings beat. The tech-heavy Nasdaq 100 rose 0.8%, pushing its weekly performance into positive territory for the sixth consecutive week.
The S&amp;P 500 and Dow also edged higher, both on track for the sixth straight week of gains, with the Dow flirting with all-time highs.
Gold miners led industry performance as gold prices hit new record levels above $2,700 per ounce. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) soared over 4%, hitting the highest level in over four years. Friday is poised to mark the fourth straight session of gains for both gold and silver, with silver jumping over 3%, heading for its best day since late September.
West Texas Intermediate (WTI) crude prices tumbled more than 2%, slipping below the $70-per-barrel mark. WTI is down over 8% for the week, on pace for its worst weekly decline since January.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) climbed 2.8% to above $68,800.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day % change</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,352.25</td>
<td>0.8%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,870.75</td>
<td>0.5%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>43,300.82</td>
<td>0.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,279.45</td>
<td>-0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:55 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101824&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.5% to $585.12.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.1% higher to $433.01.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.8% to $495.21.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) stalled at $226.03.</li>
<li>The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up 0.9%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.6%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Stocks moving in reaction to earnings reports were Intuitive Surgical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>), up over 9%, Crown Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>), up over 4%, Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>), down 6%, American Express Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>), down 2.4%, Procter &amp; Gamble Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>) down 0.4%, Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) down 3.3%, Fifth Third Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FITB#NASDAQ">FITB</a>), down 1.7%, Ally Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>), down 1% and Comerica Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>), up 4%. </li>
<li>Lamb Weston Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LW#NYSE">LW</a>) soared 10% following a report indicating that activist investor&nbsp;Jana Partners&nbsp;has built a 5% stake in the company.</li>
<li>CVS Health Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) fell over 6% after the company replaced its CEO and cut its third-quarter outlook.</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41406623/netflix-should-continue-to-outperform-6-analysts-on-streaming-stocks-q3-earnings">Netflix &#8216;Should Continue To Outperform&#8217;: 6 Analysts On Streaming Stock&#8217;s Q3 Earnings</a></li>
</ul>
Photo via Shutterstock.

Analyst Color

Equities

Sector ETFs

Broad U.S. Equity ETFs

Treasuries

Econ #s

Tech

ETFs

$BTC

ALLY

SPDR Dow Jones Industrial Average ETF Trust

FITB

Stocks Rise, Netflix Soars To Record Highs, Oil Falls Below $70, Gold Miners Rally: What's Driving Markets Friday?

Barrick Gold Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) shares are trading lower on Wednesday. The company reported preliminary<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41353276/barrick-reports-q3-preliminary-production-results-with-continued-improvement-at-pueblo-viejo" rel="noreferrer noopener"> third-quarter production metrics</a>.
The company sees production of 943,000 ounces of gold and 48,000 tonnes of copper and preliminary sales of 967,000 ounces of gold and 42,000 tonnes of copper.
Barrick anticipates a significantly stronger fourth quarter, aiming to meet its full-year production guidance for both gold and copper in 2024.
Notably, in the third quarter, the average market price for gold was $2,474 per ounce, while copper averaged $4.18 per pound.
The company said that preliminary gold production remained steady on a Q/Q basis.
Pueblo Viejo sequentially improved by 23% due to ongoing plant optimization, while North Mara benefited from higher grades.
On a Q/Q basis, the third quarter gold cost of sales per ounce is expected to increase by 1% to 3%, total cash costs by 3% to 5%, and all-in-sustaining costs by 0% to 2%, partly due to higher royalties from increased gold prices.
Meanwhile, preliminary copper production increased Q/Q, mainly due to higher grades and recoveries at Lumwana, which benefited from improved ore access following ramped-up stripping activities in the second quarter.
On a Q/Q basis, the third quarter cost of sales per pound is expected&nbsp;to rise by 5% to 7% and C1 cash costs by 13% to 15%.
However, all-in-sustaining costs per pound are expected to decrease by 2% to 4%, primarily due to reduced capitalized waste stripping at Lumwana.
Barrick is scheduled to release its third quarter results before the market <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">opens on November 7, 2024</a>.
Investors can gain exposure to the stock via&nbsp;Sprott Gold Miners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGDM#NYSE">SGDM</a>) and&nbsp;VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>).
Price Action: GOLD shares are down 0.47% at $20.12 at the last check Wednesday.
Image via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41311099/terrorism-in-pakistan-threatens-foreign-mine-development-saudi-arabia-still-invests-billions" target="_blank" rel="noreferrer noopener">Terrorism in Pakistan Threatens Foreign Mine Development, Saudi Arabia Still Invests Billions</a></li>
</ul>

Large Cap

Guidance

Movers

GOLD

SGDM

Barrick Sees Stable Gold Output In Q3, Prepares For Stronger Q4

Gold is back in the spotlight, and eyes are on the Fed. As the U.S. Federal Reserve prepares for what could be an aggressive rate cut, gold ETFs, especially the gold-bullion tracking ETFs such as the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) and the iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>), are <a href="https://www.benzinga.com/topic/gold">riding the wave</a>.
Gold prices, already hovering near record highs, are inching closer to a breakthrough that could send the precious metal into uncharted territory.
With the dollar softening, the allure of gold as a safe haven has only intensified. Year-to-date, the GLD has surged nearly 25% and the IAU has gained about 25%, outpacing broader market indices like the S&amp;P 500 (which is up 18% in comparison). While physical gold-tracking ETFs have been surging, ETFs tracking gold miners haven&#8217;t been left behind.
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) is up about 27% YTD and the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) is up 28% YTD.
<h1 class="wp-block-heading">Gold Shines on Dovish Fed, Weaker Dollar</h1>
Investors seem unfazed by today's slight lull in prices — understandable, given the anticipation of a possible 50-basis-point rate cut. The weakening dollar, compounded by the Fed&#8217;s dovish tone, is creating the perfect storm for gold to shine even brighter.
Behind the scenes, central banks and institutional buyers have been steadily piling into gold, boosting its momentum. Over the past three months, gold-tracking ETFs have drawn in billions in inflows, with retail investors now jumping on board, hoping to capitalize on the metal's momentum.
The net inflows into these ETFs signal that many see more upside ahead, especially as the Fed's anticipated rate cuts could push yields lower, further reducing the opportunity cost of holding gold.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/09/40862122/rate-cut-prospects-fuel-investor-risk-appetite-gold-hits-record-highs-harris-outperforms-trump-t">Rate-Cut Prospects Fuel Investor Risk Appetite, Gold Hits Record Highs, Harris Outperforms Trump: This Week In The Markets</a>
<h1 class="wp-block-heading">Gold Emerging As A Preferred Hedge</h1>
The macroeconomic backdrop has added extra fuel to the rally. From rising geopolitical tensions to global economic uncertainties, investors are seeking shelter, and gold is emerging as their preferred hedge. The metal's safe-haven appeal is being bolstered by fears of economic slowdowns, not just in the U.S. but globally. 
China's persistent economic struggles, for example, are only adding to the demand for gold, as investors diversify away from riskier assets.
<h1 class="wp-block-heading">What Could Temper Gold Bulls?</h1>
While a rate cut seems all but certain, there are still factors that could keep a lid on gold's upside. Any sign of a more conservative move by the Fed, such as a smaller-than-expected cut, could temper bullish enthusiasm. 
There's also the possibility that stronger-than-expected economic data could boost the dollar, muting gold's rally.
For now, though, the combination of central bank buying, ETF inflows and weakening dollar dynamics makes gold an attractive option for those looking to ride out market volatility.
With the potential for gold to push through its previous highs, investors are watching closely to see if the Fed's next move will give the precious metal the final nudge it needs.
Will gold soar to new heights, or will a more cautious Fed decision put the brakes on the rally? The only thing certain is that, for now, gold is shining brighter than ever.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40891378/ahead-of-fomc-meeting-paul-krugman-says-fed-rates-will-be-elevated-even-with-50-bps">Ahead Of FOMC Meeting Paul Krugman Says Fed Rates Will Be Elevated Even With 50 Bps Cut: &#8216;Argument For Incrementalism Is Very Weak&#8217;</a></li>
</ul>
Photo: Shutterstock

Long Ideas

Specialty ETFs

Trading Ideas

Gold ETFs Poised For Liftoff: Can The Fed's Rate Cut Propel Prices To New Heights?

The volatility that dominated markets in the early part of the month sharply reversed in the past week, driven by growing expectations of interest rate cuts that have bolstered investor risk appetite.
The latest batch of inflation statistics for August have given the green light for the Federal Reserve to proceed with an interest rate cut, which is highly likely to <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40812986/inflation-slows-to-2-5-in-august-lowest-rate-since-february-2021-core-index-remai">occur on Sept. 18.</a>
The remaining question concerns the size of the cut — whether it will be 25 basis points or 50 basis points — though market consensus and recent comments from Fed officials suggest the more conservative 25 basis points is the likely scenario.
Risk assets experienced a significant rebound, with the S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), recovering losses from the prior week and notching five straight days of gains. A similar picture emerged for the Nasdaq 100, which marked the best week since October 2023.
Treasury yields fell substantially and the dollar weakened, driving the price of gold to <a href="https://www.benzinga.com/markets/equities/24/09/40833654/gold-reaches-record-high-as-dollar-weakens-on-soft-producer-inflation-data-wall-street-eyes-four">fresh all-time highs.</a>
Additionally, the week saw the first televised debate between Vice President Kamala Harris and former President Donald Trump, with polls indicating Harris outperformed, <a href="https://www.benzinga.com/news/24/09/40808499/trump-vs-harris-debates-results-are-in-flash-poll-shows-resounding-majority-pick-vice-president-as-w">further widening her lead.</a>
<h1 class="wp-block-heading">You Might Have Missed…</h1>
<h1 class="wp-block-heading">Gold Miners Surge</h1>
Gold mining stocks, as monitored through the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), rallied this week, marking on Thursday their best one-day performance in six months as gold prices hit new record highs. A macro strategist highlighted striking similarities between today&#8217;s economic landscape <a href="https://www.benzinga.com/markets/equities/24/09/40838414/gold-miners-eye-best-1-day-rally-in-6-months-as-gold-hits-fresh-record-highs-todays-environment-">and the turbulent 1970s.</a>
<h1 class="wp-block-heading">VP Harris Boosts Solar</h1>
Solar stocks, tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), surged as Vice President Harris emerged as the clear winner in her debate with Trump, bolstering confidence in clean energy policies. Several leading renewable energy companies saw <a href="https://www.benzinga.com/markets/equities/24/09/40817317/solar-shares-climb-as-harris-gains-momentum-post-debate-against-trump-7-top-gainers-in-clean-ene">sharp gains this week.</a>
<h1 class="wp-block-heading">Small Cap Rally</h1>
In an exclusive interview with Benzinga, a Lazard small-cap expert forecasted a 30-50% rally in the Russell 2000, fueled by declining interest rates and strengthening economic conditions. With the Federal Reserve poised to begin a rate-cutting cycle, small-cap stocks are anticipated to outperform, closing the performance gap <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40794070/exclusive-lazard-small-cap-expert-predicts-30-50-russell-2000-rally-on-the-back-of-">with larger-cap counterparts.</a>
<h1 class="wp-block-heading">Autonomous Vehicle Growth</h1>
U.S. autonomous vehicle sales are projected to reach 230,000 units by 2034, following renewed progress at Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Waymo and General Motors Co.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) Cruise. Advancements in technology and regulatory approvals are expected to drive the industry forward, boosting consumer <a href="https://www.benzinga.com/news/24/09/40792410/us-autonomous-vehicle-sales-to-hit-230k-by-2034-after-progress-resumes-at-alphabets-waymo-gms-cruise">adoption and market penetration.</a> Read Next: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40861742/nasdaq-100-posts-biggest-weekly-rally-in-almost-a-year-as-fed-rate-cut-hopes-grow-top-"> • Nasdaq 100 Posts Biggest Weekly Rally In Almost A Year As Fed Rate Cut Hopes Grow: Top 7 Tech Stocks Of The Week</a> 
Don&#8217;t miss the opportunity to dominate in a volatile market at the&nbsp;<a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Benzinga SmallCAP Conference on Oct. 9-10, 2024</a>,&nbsp;at the Chicago Marriott Downtown Magnificent Mile.
Get exclusive access to CEO presentations, 1:1 meetings with investors, and valuable insights from top financial experts. Whether you&#8217;re a trader, entrepreneur, or investor, this event offers unparalleled opportunities to grow your portfolio and network with industry leaders.
<a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Secure your spot and get your tickets today!</a>
Photo: Shutterstock

Macro Economic Events

Small Cap

Global

Economics

Federal Reserve

GOOG

GOOGL

Rate-Cut Prospects Fuel Investor Risk Appetite, Gold Hits Record Highs, Harris Outperforms Trump: This Week In The Markets

Wall Street is experiencing a risk-on session Friday, with all sectors of the S&amp;P 500 index trading in the green as traders are energized by the now-imminent Federal Reserve rate cut, expected in <a href="https://www.benzinga.com/topic/interest-rates">less than a week.</a>
Both the S&amp;P 500 and Nasdaq 100 are on track for their fifth consecutive session of gains, pushing their weekly performances to 4% and 5.7%, respectively, and fully recouping last week&#8217;s losses.
Friday saw small-cap stocks build significant momentum, once again outperforming their large-cap counterparts amid the euphoria over the anticipated Fed rate cuts.
A large overnight bet by a trader on a 50-basis-point Fed rate cut sent the 2-year Treasury yield down by 7 basis points to 3.58%. This puts it on track to close at its lowest level since September 12, 2022. 
Market-implied probabilities for a half-point cut surged to as high as 43%, according to CME FedWatch data. 
Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), continues to extend its historic highs, rising by 1%. Meanwhile, silver has roared ahead with a 3.3% gain, bringing its weekly performance to a stunning 16%, marking its best week since April 2020.
The rally in precious metals has been a boon for miners. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) has extended its weekly gains beyond 10%, its best performance since March 2023.
Oil prices are cooling off, slipping by 0.4% after Thursday&#8217;s sharp rally. In the cryptocurrency market, Bitcoin gained 2.2%, climbing to $59,400 and is on track to close at its highest level since late August.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,182.68</td>
<td>2.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>41,355.75</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,620.96</td>
<td>0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,484.48</td>
<td>0.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.4% higher to $561.37.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.7% to $414.78.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.2% higher to $474.18.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 2.4% to $216.84.</li>
<li>Both the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) and the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 1.2%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) showed the smallest gains, up 0.3%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) fell over 9%, despite reporting better-than-expected results last quarter, as revenue guidance missed forecasts. </li>
<li>Boeing Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) dropped 3.8% after 33,000 union workers launched a strike on Friday, rejecting the company's proposed four-year contract amid ongoing challenges at the aircraft manufacturer.</li>
<li>United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) gained nearly 2% after announcing an agreement with SpaceX to equip its fleet with Starlink&#8217;s high-speed Wi-Fi service.</li>
<li>Warner Bros Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) rose over 9%, on track for the strongest 2-day rally since 2008, after announcing a multi-year partnership with Charter Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NYSE">CHTR</a>). </li>
<li>Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) dropped more than 6% after Barclays downgraded the stock from &#8216;Equal-Weight&#8217; to &#8216;Underweight&#8217; and slashed the price target from $181 to $133 per share.</li>
</ul>
Read now: 
<ul>
<li><a href="https://www.benzinga.com/24/09/40857449/consumer-morale-hits-4-month-high-inflation-expectations-ease-partisan-gaps-in-sentiment-inched-up">Consumer Morale Hits 4-Month High, Inflation Expectations Ease: &#8216;Partisan Gaps In Sentiment Inched Up&#8217;</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Mid Cap

Bonds

ADBE

CHTR

GRMN

XLRE

Wall Street Aims For Fifth Straight Gain, Small Caps Soar As 2-Year Yields Hit 2-Year Lows, Adobe Sinks: What's Driving Markets Friday?

At midday on Thursday, Wall Street was showing slight gains, with small caps leading the charge. The Russell 2000 index surged 1.2%, outperforming large-cap indices <a href="https://www.benzinga.com/news/small-cap">in a notable rebound.</a>
The session kicked off with the release of the August Producer Price Index (PPI), which revealed mixed inflation data, following a slightly hotter-than-expected underlying consumer inflation picture a day earlier. 
However, the PPI report had little impact on market expectations surrounding future Federal Reserve rate cuts, with traders fully pricing in a reduction in the fed funds rate next week.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40700320/jpmorgan-warns-anticipated-rate-cuts-may-not-significantly-boost-stock-markets-fed-will-start-ea">JPMorgan Warns Anticipated Rate Cuts May Not Significantly Boost Stock Markets</a>
Meanwhile, jobless claims remained largely unchanged from the previous week and in line with forecasts, suggesting stability in the labor market. 
Also in line with market expectations, the European Central Bank (ECB) also announced a 25-basis-point cut to the deposit facility rate, lowering it to 3.5%.
The macroeconomic backdrop provided a tailwind for commodities. Gold hit a new all-time high, up 1.7% surpassing $2,550 per ounce, <a href="https://www.benzinga.com/markets/equities/24/09/40838414/gold-miners-eye-best-1-day-rally-in-6-months-as-gold-hits-fresh-record-highs-todays-environment-">boosting mining stocks. </a>
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) surged 4.3% by midday, marking its strongest session since early March 2024.
Silver prices also saw a strong uptick, rallying 3.8%, which pushed the Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>) up by more than 5%, positioning it for its best session since December 2023.
Across the broader commodities complex, oil prices climbed 2.4%, while natural gas spiked 4.5%.
In the cryptocurrency market, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was up 1.1%, rebounding after Wednesday&#8217;s slight dip. 
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,132.34</td>
<td>1.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,340.93</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,572.48</td>
<td>0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,928.03</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091224&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.4% higher to $557.23.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.3% to $410.61.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.6% to $471.53.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.3% to $211.46.</li>
<li>The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up 1.3%. The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) was the laggard, down 0.5%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) soared 4.5% after BNP Paribas raised the price target from $58 to $65. </li>
<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) plunged over 14% after announcing plans to cut annual R&amp;D spending by approximately $1.1 billion starting in 2027, citing &#8220;recent commercial challenges.&#8221; The company now projects its 2025 revenue to range between $2.5 billion and $3.5 billion, below analyst expectations of $3.9 billion. </li>
<li>Medical Properties Trust, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPW#NYSE">MPW</a>) rallied by over 17%, fter the medical REIT disclosed a global settlement with tenant&nbsp;Steward Health Care System, its secured lenders, and the&nbsp;Unsecured Creditors Committee.</li>
<li>Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) fell by about 3.5% after&nbsp;Raymond James&nbsp;lowered its price target on the&nbsp;stock from $160 to $125.</li>
</ul>
Now Read:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40823561/this-under-the-radar-defensive-ai-sector-quietly-outperforms-all-others-despite-rec">This Under-The-Radar Defensive AI Sector Quietly Outperforms All Others, Despite Receiving &#8216;No Love&#8217; From Investors</a></li>
</ul>

Eurozone

MRNA

Stocks Edge Up As Producer Inflation Supports Rate Cut Bets, Small Caps, Miners Rally: What's Driving Markets Thursday?

Gold mining stocks, as tracked by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), are enjoying a stellar rally, rising 4.3% by 11 a.m. ET, on track for its largest one-day <a href="https://www.benzinga.com/topic/mining">gain since early March.</a>
The rally in miners was driven by a surge in gold prices, which jumped 1.6% to reach an all-time high of over $2,550 per ounce on Thursday, fueled by economic data and central bank interest rate decisions.
In the U.S., the latest producer inflation report for <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40831982/producer-inflation-slows-to-1-7-yearly-in-august-jobless-claims-align-with-expect">August showed mixed results.</a> Both the headline and core Producer Price Index (PPI) exceeded monthly expectations, but on an annual basis, they fell short. 
The European Central Bank (ECB) reduced its deposit facility rate <a href="https://www.benzinga.com/government/24/09/40831961/european-central-bank-cuts-key-interest-rates-as-inflation-cools">by 25 basis points</a>, bringing it to 3.5%. The ECB noted it is "appropriate to take another step in moderating the degree of monetary policy restriction." 
This move has increased demand for gold as a safe-haven asset amid lower interest rates in Europe and expectations for a similar 25-basis-point drop in the U.S. fed funds rate next week. 
<h1 class="wp-block-heading">Analyst Takeaways</h1>
Otavio Costa, macro strategist at Crescat Capital, highlighted that Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>), the second-largest gold miner globally, has reported its lowest annual gold production in more than 20 years. 
&#8220;From this perspective, today's environment closely resembles the 1970s,&#8221; Costa wrote in a post on social media platform X.
Back then low gold prices led major mining companies to shift their focus to other metals, just before gold experienced one of the most significant bull runs in history. 
Today, miners are once again diversifying into base metals, not due to low gold prices, but to capitalize on the growing demand for materials critical to electrification, like copper. 
However, this time the shift isn&#8217;t driven by low prices, but by a strategic move to increase exposure to base metals like copper, which are crucial for electrification and have attracted institutional capital. 
Costa argues that neglect of gold, in favor of base metals, is a potential opportunity. With fewer companies exploring and developing new gold projects, he sees several pathways for gold prices to rise, making gold-only investments particularly attractive.
However, Costa sees the limited supply as a bullish catalyst for gold, stating, "I believe it's time to be greedy when others are being fearful."
<h1 class="wp-block-heading">Thursday&#8217;s Seven Top Performing Gold Miners</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>NAME</td>
<td>% RETURN (1-DAY)</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>14.52</td>
</tr>
<tr>
<td>B2Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTG#NYSE">BTG</a>)</td>
<td>10.04</td>
</tr>
<tr>
<td>First Majestic Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>)</td>
<td>9.96</td>
</tr>
<tr>
<td>Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>)</td>
<td>9.94</td>
</tr>
<tr>
<td>Equinox Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQX#NYSE">EQX</a>)</td>
<td>8.09</td>
</tr>
<tr>
<td>OceanaGold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGC#NYSE">OGC</a>)</td>
<td>7.18</td>
</tr>
<tr>
<td>New Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>) </td>
<td>7.01</td>
</tr>
</tbody>
</table>
</figure>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40833654/gold-reaches-record-high-as-dollar-weakens-on-soft-producer-inflation-data-wall-street-eyes-four">Gold Reaches Record High As Dollar Weakens On Soft Producer Inflation Data; Wall Street Eyes Fourth Day Of Gains</a></li>
</ul>
Photo: Shutterstock

Gold Miners Eye Best 1-Day Rally In 6 Months As Gold Hits Fresh Record Highs: 'Today's Environment Closely Resembles The 1970s'

The momentum in gold&#8217;s recent rally has lost much of its shine, <a href="https://www.benzinga.com/topic/gold">with the precious metal</a> unable to reach new record highs since Aug. 20, as U.S. Treasury yields stabilize and the dollar rebounds.
On Wednesday, gold traded at $2,505 per ounce, down 0.8% for the day, poised to break a<a href="https://www.benzinga.com/markets/commodities"> three-session winning streak.</a>
The dollar's recent surge, driven by positive catalysts, appears to be fading, prompting traders to take profits and reduce exposure to gold.
 Rate-cut expectations have not seen significant improvement, with speculators fully pricing in a September rate cut but assigning a 65% probability to a smaller 25-basis-point reduction, compared to 35% for a 50-basis-point cut, according to the CME FedWatch tool.
As the Federal Reserve&#8217;s rate cut expectations remained largely unchanged, Treasury yields stabilized, with the 10-year yield trading at 3.83% on Wednesday. Despite falling 67 basis points since early July, the yield hasn&#8217;t dropped below 3.75% since earlier this month, when a volatility event caused wild swings in equity and fixed income markets.
Geopolitical tensions in the Middle East, which have historically boosted safe-haven assets like gold, did not escalate into a broader conflict after recent exchanges between Israel and Hezbollah. This de-escalation has further diminished gold&#8217;s appeal.
The U.S. dollar index (DXY) was up 0.4% Wednesday, after closing Tuesday at the lowest levels since July 2023.
<h3 class="wp-block-heading">Wednesday&#8217;s Pullbacks In Gold Mining Stocks</h3>
The dip in gold prices has led to a more significant decline in gold mining stocks. 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>) both fell by 2.5%.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Company</td>
<td>1-day return (%)</td>
</tr>
<tr>
<td>Torex Gold Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NYSE">TXG</a>)</td>
<td>-4.89%</td>
</tr>
<tr>
<td>Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>)</td>
<td>-4.75</td>
</tr>
<tr>
<td>First Majestic Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>)</td>
<td>-4.63</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>-4.56</td>
</tr>
<tr>
<td>OceanaGold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGC#NYSE">OGC</a>)</td>
<td>-4.47</td>
</tr>
<tr>
<td>Pan American Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>)</td>
<td>-4.41</td>
</tr>
</tbody>
</table>
</figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/24/08/40600134/investors-funnel-2-2b-into-these-5-real-estate-etfs-in-anticipation-of-fed-rate-cuts">Investors Funnel $2.2B Into These 5 Real Estate ETFs In Anticipation Of Fed Rate Cuts</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

PAAS

Gold Rally Loses Steam As Treasury Yields Stabilize, Dollar Rebounds: 6 Miner Stocks See Declines On Wednesday

Mohamed El-Erian, Chief Economic Advisor at Allianz, highlighted on X writing &#8220;Gold is trading within $5 of a new record high.&#8221;
What Happened: El-Erian posted a screenshot showing gold prices at $2524.06, reflecting a 5.87% gain. The lowest close was recorded at $2369.31 on Aug. 5, with a 30-day average price of $2453.21. 
Gold mining stocks have recently experienced a notable surge in value. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), which includes holdings like Newmont (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), Agnico Eagle Mines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>), and Barrick Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>), has risen by 26.51% this year, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro data</a>.
Similarly, other ETFs such as SPDR Gold MiniShares Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLDM#NYSE">GLDM</a>), iShares Gold Trust Micro Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAUM#NYSE">IAUM</a>), and iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>) have also seen gains of over 21% this year.
Historically, gold reached an all-time high of $2,531.70 in August. The precious metal last traded at $2,509, and December futures contracts are currently trading at $2,543.70, down 0.45%. Year to date, gold prices have gained approximately 22.3%.
<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 is trading within $5 of a new record high.<a href="https://twitter.com/hashtag/economy?src=hash&amp;ref_src=twsrc%5Etfw">#economy</a> <a href="https://twitter.com/hashtag/markets?src=hash&amp;ref_src=twsrc%5Etfw">#markets</a> <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> <a href="https://twitter.com/hashtag/econtwitter?src=hash&amp;ref_src=twsrc%5Etfw">#econtwitter</a> <a href="https://t.co/hzcQCutV9a">pic.twitter.com/hzcQCutV9a</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1828048988072816986?ref_src=twsrc%5Etfw">August 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/asia/24/08/40563191/nasdaq-100-falls-1-tests-50-day-average-support-tech-stocks-in-flux-on-monday">Nasdaq 100 Falls 1%, Tests 50-Day Average Support: Tech Stocks In Flux On Monday</a>
Why It Matters: The recent rise in gold prices follows a series of bullish predictions and market movements. Last week, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40457722/gold-is-getting-its-moment-in-the-sun-and-experts-say-the-record-high-prices-could-">experts noted</a> that gold had surged approximately 20% this year, reaching a record high. Ole Hansen, head of commodity strategy at Saxo Bank, highlighted that gold has been in an "uninterrupted rally" since October when it was priced at $1,810 an ounce.
Further bolstering this trend, Ryan McIntyre, Managing Partner at Sprott Inc., predicted that gold prices would remain &#8220;very positive&#8221; for <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40509313/expert-predicts-gold-to-be-very-positive-for-next-18-months-a-whole-new-source-of-m">the next 18 months</a>. He attributed this to increased buying by central banks and recent inflows into ETFs backed by gold.
Adding to the optimistic outlook, J.P. Morgan Research estimated that gold would exceed $2,500 per ounce by the end of 2024, with predictions that it would reach $2,600 per ounce by 2025. This forecast underscores gold&#8217;s role as a safe investment, <a href="https://www.benzinga.com/startups/24/08/40550668/jpmorgan-predicts-2-600-gold-prices-by-2025-what-a-1-million-gold-bar-means-for-the-market">especially amid economic uncertainty</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40541513/bitcoin-atm-market-is-undergoing-necessary-correction-coinflip-founder-daniel-polotsky-say?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin ATM Market Is Undergoing &#8216;Necessary Correction,&#8217; CoinFlip Founder Daniel Polotsky Says</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

GLDM

IAUM

Mohamed El-Erian Observes Spike In Gold Says, Precious Metal 'Trading Within $5 Of A New Record High'

Minutes from the July Federal Open Market Committee (FOMC) meeting have further solidified investors&#8217; expectations for a rate cut at the upcoming September meeting, as policymakers highlighted <a href="https://www.benzinga.com/top-stories/24/08/40492530/fed-minutes-reveal-plausible-case-for-interest-rate-cut-as-policymakers-cheer-inflation-progress">continued progress in disinflation.</a>
The U.S. dollar index, as closely tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), extended losses to a negative 0.3% for the day as of 3:40 p.m. ET, eyeing its fourth consecutive session of losses, driven by rising expectations of Fed rate cuts.
The minutes revealed that some participants had considered the &#8220;plausible case&#8221; for lowering rates as early as the July meeting, a sentiment echoed by Fed Chair Jerome Powell during the subsequent press conference.
The vast majority of participants noted that, if incoming data aligned with expectations, &#8220;it would likely be appropriate to ease policy at the next meeting.&#8221;
&#8220;Participants judged that recent data had increased their confidence that inflation was moving sustainably toward 2 percent,&#8221; the minutes stated.
Participants also agreed that labor market conditions were coming into better balance and that indicators tracking jobless claims and job separations deserved close attention going forward.
Moreover, the moderation in the labor market is expected to continue contributing to disinflation, particularly in core nonhousing services prices.
The path seems set for a rate cut in September, with Fed funds futures markets assigning a 61.5% probability for a 25-basis-point cut, compared to a 38% chance of a more significant 50-basis-point cut.
The probability of a more aggressive half-point rate cut surged during Wednesday&#8217;s session, influenced by a downward revision in annual nonfarm payroll estimates through March 2024 and supported by the FOMC minutes.
Also Read: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40493585/why-arkk-stalled-as-qqq-took-off-harsh-lessons-over-past-5-years">Why ARKK Stalled As QQQ Took Off: Harsh Lessons Over Past 5 Years</a>
<h3 class="wp-block-heading">Market Reactions</h3>
Wall Street had a minimal reaction to the minutes, with indices broadly holding their session gains.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), tracking the S&amp;P 500 Index, was up by 0.4%, mostly unchanged after the minutes.
The tech-heavy Nasdaq 100, as monitored through the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), also showed a similar behavior, holding up a 0.5% gain for the day. 
Sector-wise, materials extended their gains following the release of the minutes, with the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) rising 1.2% for the session. 
Gold prices inched higher to $2,515 per ounce, fueling a surge in mining-related industries. 
The SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) rose 0.4% after the minutes, pushing session gains to 1.9%. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rose by about 0.5%, on track to secure its fifth straight session of gains, and reaching levels last seen in April 2022. 
In the cryptocurrency market, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) spiked 1.4% in the hour post minutes, extending daily gains to 3% 
Read now: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40489714/traders-raise-bets-on-aggressive-rate-cuts-as-us-economy-sees-818-000-jobs-revised-away-7-etfs-r">Traders Raise Bets On Aggressive Rate Cuts As US Economy Sees 818,000 Jobs Revised Away: 7 ETFs React To Employment Data</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

PowerShares DB US Dollar Index Bullish Fund

Dollar Falls As Fed Minutes Cement September Rate Cut; Bitcoin Rallies, Gold Miners Jump To 16-Month High

Editor&#8217;s name: This story has been updated to correct the spelling of Alamos Gold CEO John McCluskey&#8217;s name. 
Gold mining companies are ramping up <a href="https://www.benzinga.com/m-a/24/08/40309407/gold-fields-acquires-osisko-mining-for-1-57b-secures-control-over-highly-prospective-windfall-projec">M&amp;A activity</a> as record gold prices boost the free cash flow they can use to make deals.
As older mines become depleted and mining costs rise, quickly adding ounces in the ground is tempting, but it also adds the risk of paying too much or having trouble incorporating assets.
In the latest merger in the gold mining sector, Gold Fields Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>) said it plans to buy Osisko Mining Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/OBNNF#OTC">OBNNF</a>) for $1.57 billion in cash, giving the acquirer full ownership of the Windfall gold project in Canada.
&#8220;Deposits with the scale and quality of Windfall, combined with a world-class jurisdiction like Québec, are extremely rare," Gold Fields CEO&nbsp;Mike Fraser said in a prepared statement.
Also Read: <a href="https://www.benzinga.com/news/earnings/24/08/40349152/barrick-ceo-on-high-gold-prices-why-he-says-the-miner-is-undervalued-you-get-a-lot-for-free">Barrick CEO On High Gold Prices, Why He Says The Miner Is Undervalued: &#8216;You Get A Lot For Free&#8217;</a>
As gold companies rake in free cash flow from high gold prices, a big question this earnings season has been how they will allocate those funds, Bank of America analysts said in a note. Options include returning money to shareholders with dividends or share buybacks, exploring for gold and developing mines themselves, or buying other miners to bulk up on deposits quickly.
"Depleting resources, declining supply in old mines and the lack of new mines have been inherent threats to the industry," a Zacks Equity Research note said. "Due to the scarcity of discoveries and {exhausting of) existing resources, miners prefer building up reserves through acquisitions rather than digging new ones that are risky and capital-intensive."
On Friday, gold futures hit a record above $2,500 per ounce amid expectations of Federal Reserve rate cuts. The surge in the precious metal boosted gold mining stocks, with the&nbsp;VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rising 3.08% in Friday afternoon trading, as of last check.
<h1 class="wp-block-heading">A Feeding Frenzy for Assets</h1>
Gold deals last year included Pan American Silver Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NASDAQ">PAAS</a>) and Agnico Eagle Mines Ltd.'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>) purchase of Yamana Gold Inc. in a $4.8 billion cash-and-stock deal. But the blockbuster was the biggest-ever gold merger when Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) bought Newcrest Mining Ltd. for nearly $17 billion.
The Newmont-Newcrest deal is sparking further interest in gold M&amp;A, as Newmont said it intends to sell eight mines, including two it acquired from Newcrest, to help pay down debt and focus on top-tier mines and a two-year share repurchase program.&nbsp;
Newmont CEO Tom Palmer in a recent conference call said 20 parties made bids for its Akyem property in Ghana, and seven of those companies are preparing bids for the second phase of the sale process.&nbsp;
"We're certainly seeing a competitive process and good value coming through," he said.
Meanwhile, the company had 67 parties participate in the first phase of the sales process for its&nbsp;Cripple Creek &amp; Victor, Éléonore, Porcupine, Musselwhite and Coffee mines in Canada. There were "around" 24 bids submitted, he said.
"We've had a range of bids, from a single asset to a bundle of assets to the full portfolio," Palmer said. "And we are busily now having received those bids just in recent days, working through a process of assessing those, and determining, which parties we'll take into Phase 2. There's some very nice competition in that process."
In another example of how M&amp;A begets more M&amp;A, Alamos Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>) last month closed a $325 million all-stock deal for Argonaut Gold. Assets that Alamos didn't want were spun out and sold to Heliostar Metals Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HSTXF#OTC">HSTXF</a>) and Integra Resources Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITRG#NYSE">ITRG</a>).
<h1 class="wp-block-heading">Copper to Continue to Play a Role</h1>
A trend in gold mining has been gold companies accumulating substantial amounts of copper. Copper is often found alongside gold in the earth's crust, and copper mine lives can run into decades, giving gold shareholders the promise of cash flow if gold deposits wane.
Additionally, copper is increasingly attractive to both base and precious metals mining companies as experts estimate demand for the metal will continue increasing as nations electrify their economies. Copper is widely used in wiring and electric vehicle batteries.
One of the reasons Newmont bought Newcrest was the latter's large holdings of copper, as the latter added nearly 50 billion pounds of copper reserves and resources to Newmont's books in one fell swoop.
In 2023, Agnico Eagle bought a 50% interest in a Mexican copper-zinc project from Teck Resources Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>).
Meanwhile, Barrick Gold Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>)&nbsp;is spending nearly $2 billion to expand a copper mine in Zambia and $7 billion to build a copper and gold mine in Pakistan, with new production from both expected to begin in 2028.&nbsp;
John McCluskey, CEO of Alamos Gold, told Benzinga he thinks the largest gold companies will continue to scoop up copper assets as part of a broader decades-long gold M&amp;A trend.
"At the major end, you're going to find that," he said.
Now Read:&nbsp; • <a href="https://www.benzinga.com/government/24/08/40303994/global-gold-demand-hits-record-in-q2-as-investors-push-price-higher" target="_blank" rel="noreferrer noopener">Global Gold Demand Hits Record in Q2 As Investors Push Price Higher</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!
Photo: Underground gold and copper mine. Photo by Jose Luis Stephens via Shutterstock.

Buybacks

Asset Sales

HSTXF

ITRG

OBNNF

TECK

Gold Mining M&A Heats Up As Rising Metal Prices Boost Cash (CORRECTED)

The U.S. labor market&#8217;s seemingly gravity-defying growth has been tempered by revisions to employment gains from April <a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40487711/us-economy-adds-818-000-fewer-jobs-than-initially-reported-urgency-for-interest-r">2023 to March 2024.</a>
The American economy has seen 818,000 nonfarm payrolls, previously reported in official government statistics, vanish into thin air.
This downward revision reduces the average monthly job gains to around 175,000, down from the originally reported 242,000.
The most significant declines occurred in professional and business services (-358,000 for the year), leisure and hospitality (-150,000), retail trade (-129,000), and manufacturing (-115,000).
On the other hand, there were upward revisions in private education and health services (+87,000) and transportation and warehousing (+56,400).
The immediate takeaway from this data is that the U.S. labor market was not as hot as initially perceived, although job gains have still been solid, amounting to approximately 2.1 million annually through March 2024.
<h3 class="wp-block-heading">Market Reactions: Dollar Falls As Rate-Cut Bets Increase, While Utilities, Gold Miners Rally</h3>
The downward revision to annual payroll data has heightened expectations for aggressive Fed rate cuts, with speculators increasingly betting on a 50-basis-point cut in September. According to the CME Group Fed Watch tool, the probability of this outcome has risen to 34.5%, up from 29% the previous day.
Traders are now fully pricing in that the federal funds rate will approach 4.25%-4.5% by the end of the year, implying a full percentage point cut from current levels.
This shift in interest rate expectations triggered a negative reaction in the U.S. dollar, with the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) erasing earlier gains.
In contrast, gold prices reacted positively following the release, although the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) remained in negative territory at 11:20 a.m. ET, down 0.2%.
Growth-sensitive commodities like oil declined, with the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) falling more than 1% after the data release, and down 0.3% for the day.
While the S&amp;P 500 remained largely unchanged, notable sector movements emerged. The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) dropped sharply following the data release, while the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) and Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) saw gains.
Within industries, gold miners experienced a turnaround, with the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) flipping from session losses to gains.
<h3 class="wp-block-heading">Chart: 7 ETFs React To The Downward Revision In Employment Statistics</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="507" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/21113422/image-185-1024x507.png" alt="" class="wp-image-506595" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/21113422/image-185-1024x507.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/21113422/image-185-300x148.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/21113422/image-185-768x380.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/21113422/image-185-1536x760.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/21113422/image-185.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image: <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082124&amp;t=be2bearmibe3na1">Benzinga Pro</a></figcaption></figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40469009/a-bar-of-pure-gold-is-now-worth-1-million-what-can-it-buy-you">A Bar Of Pure Gold Is Now Worth $1 Million: What Can It Buy You?</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Currency ETFs

Forex

Traders Raise Bets On Aggressive Rate Cuts As US Economy Sees 818,000 Jobs Revised Away: 7 ETFs React To Employment Data

The price of gold has <a href="https://www.benzinga.com/news/large-cap/24/08/40419054/gold-prices-hit-all-time-highs-of-2-500-as-traders-jump-on-rate-cut-train-mining-stocks-on-the-mov">reached an all-time high</a>, and experts are predicting that it could climb even higher due to a combination of factors.
What Happened: Gold prices have surged approximately 20% this year, reaching a record high on Friday. The spot gold price is now just shy of $2,500 an ounce.
Ole Hansen, the head of the commodity strategy at Denmark&#8217;s Saxo Bank, in a Monday note, stated that the price rally has been in an &#8220;uninterrupted rally&#8221; since October when gold was priced at $1,810 an ounce. A standard-size gold bar of about 400 troy ounces now costs over $1 million.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40453739/elon-musk-sends-dogecoin-spiking-with-ai-generated-image-says-willing-to-serve-in-governme?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Sends Dogecoin Spiking With AI-Generated Image, Says &#8216;Willing To Serve&#8217; In Government Department That Spells D.O.G.E.</a>
What&#8217;s Driving The Market Higher?
A potential <a href="https://www.benzinga.com/news/24/08/40433267/mary-daly-of-federal-reserve-pitches-gradual-interest-rate-cuts-citing-inflation-confidence-we-are-o#:~:text=She%20emphasized%20the%20need%20for,%25%2C%20according%20to%20the%20report.">Federal Reserve interest rate cut,</a> following slower-than-expected July inflation data and higher unemployment figures, is a significant factor driving the market&#8217;s expectation for higher gold prices. Investors are eagerly awaiting Jerome Powell&#8217;s keynote at the Fed&#8217;s annual symposium at Jackson Hole, Wyoming, on Friday, for indications of the central bank&#8217;s next move.
Daniela Sabin Hathorn, a senior market analyst at Capital.com, <a href="https://capital.com/jackson-hole-preview-all-eyes-on-powell-and-gold">wrote</a>, &#8220;The question now is how big will the rate cut be?&#8221; A larger rate cut could lead to higher gold prices as a fall in US interest rates typically depresses bond yields and the greenback, driving investment into gold, which is internationally denominated in the dollar.
Geopolitical risks such as the wars in Ukraine, the Middle East, and the upcoming US presidential election are also boosting the appeal of gold, a traditional safe haven. In China, consumers are buying gold to preserve value amid a depressed economic environment, a property crisis, and a weak currency.
Hansen wrote, &#8220;Continued central bank demand amid geopolitical uncertainty and de-dollarization, and not least gold&#8217;s ability to offer a level of security and stability that other assets may not provide&#8221; would support the yellow metal.
Gold Outpaces Bitcoin Gains
Gold has also surpassed Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) performance, indicating that <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40107228/why-golds-luster-could-ignite-a-digital-gold-bitcoin-rally-10x-research">cryptocurrencies may not serve</a> as the effective hedge against lower interest rates, a declining dollar, and financial instability that Bitcoin proponents had anticipated. Over the past month, Bitcoin has dropped more than 10%, while gold prices have risen by 6% since mid-July.
"Gold is getting its moment in the sun, and investors are taking note," said Jason Goepfert, senior research analyst with Sundial Capital Research, <a href="https://www.barrons.com/amp/articles/gold-price-record-high-rally-1e904b77">reported</a> Barron&#8217;s.
Why It Matters: Gold is often viewed as a safe-haven investment in times of economic and political uncertainty. The precious metal can also serve as a hedge against declines in the value of the U.S. dollar. This has been a key factor in the recent surge in gold prices, <a href="https://www.benzinga.com/news/earnings/24/08/40349152/barrick-ceo-on-high-gold-prices-why-he-says-the-miner-is-undervalued-you-get-a-lot-for-free">as highlighted</a> by Barrick Gold Corp.&#8217;s CEO, Mark Bristow, who stated that the world&#8217;s geopolitical situation is the primary reason for the surge in gold prices, not inflation.
Meanwhile, Gold mining stocks have recently seen a significant rise in value. The VanEck Gold Miners exchange-traded fund (ETF) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), which includes holdings such as Newmont (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), Agnico Eagle Mines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>), and Barrick Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>), has increased by nearly 25% this year, according to data from <a href="http://pro.benzinga.com">Benzinga Pro</a>. Typically, when gold prices rise, the profits and sales for these mining companies also surge.
Other ETFs such as SPDR Gold MiniShares Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLDM#NYSE">GLDM</a>) and iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>) have also gained over 21% this year. 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/news/24/08/40409247/former-google-ceo-eric-schmidt-highlights-nvidia-as-major-ai-player-in-now-deleted-video-thats-not-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Former Google CEO Eric Schmidt Highlights Nvidia As Major AI Player In Now Deleted Video</a>
Photo courtesy: Michael Sutton via Flickr

Gold 'Is Getting Its Moment In The Sun' And Experts Say The Record High Prices Could Climb Even Higher: Here's The Case For Even More Glittering Gains

Wall Street edged slightly higher on Friday, with major equity indices showing modest gains <a href="https://www.benzinga.com/markets">at midday in New York.</a>
Both the S&amp;P 500 and Nasdaq 100 are on track to record their best week since October 2023, driven by stronger-than-expected economic data that eased earlier concerns of a recession. If they close in the green, they will secure the seventh straight positive session. 
On Friday, the University of Michigan&#8217;s Consumer Sentiment Index for August exceeded expectations, adding to a series of positive data, including lower-than-anticipated jobless claims and strong retail sales growth reported the day before.
Gold was the standout performer, climbing 1.5% to reach a record high of $2,500 per ounce, as traders positioned themselves in anticipation of imminent Federal Reserve rate cuts.
This surge in gold prices boosted gold mining stocks, with the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) advancing over 2%.
Oil prices, however, dipped 1.6% amid reduced geopolitical tensions as Gaza ceasefire negotiations resumed in Doha, Qatar. In a joint statement, the United States, Qatar, and Egypt announced that Washington had presented a new proposal that has the potential to rapidly close gaps and lead to a swift agreement.
Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 1.6%, reaching $58,368.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices </td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,142.44</td>
<td>0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,552.80</td>
<td>0.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,619.51</td>
<td>0.1%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,507.26</td>
<td>0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent081624&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.1% higher to $553.81.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;also rose 0.1% to $406.32.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged 0.2% up to $475.31.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) ticked 0.2% higher to $212.42.</li>
<li>The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>), The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), and The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, up by 0.5%. The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) lagged, down by 0.5%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>H&amp;R Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRB#NYSE">HRB</a>) rallied 15% following stronger-than-expected results last quarter.</li>
<li>Other stocks moving on earnings were Amcor plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMCR#NYSE">AMCR</a>), down 5%, Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>), down 1.5%, Coherent Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COHR#NYSE">COHR</a>), up 8%, Flower Foods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLO#NYSE">FLO</a>), down 0.3%, and Globant S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLOB#NYSE">GLOB</a>), up 4.9%. </li>
<li>Repligen Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGEN#NASDAQ">RGEN</a>) dropped 13% after making an acquisition offer to Maravai LifeSciences Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVI#NASDAQ">MRVI</a>), a company specializing in vaccine capping reagents with a market value of $2.2 billion. Following the offer, Maravai&#8217;s shares surged by 23%.</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40420968/walmart-stock-one-of-the-most-compelling-retail-investments-7-analysts-highlight-ma">Walmart Stock &#8216;One Of The Most Compelling&#8217; Retail Investments: 7 Analysts Highlight Market Share Gains</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

AMAT

AMCR

COHR

GLOB

MRVI

RGEN

Select Sector SPDR-Consumer Discretionary

Wall Street Gains Ground As Consumer Sentiment Improves; Gold Hits Record Highs, Boosting Mining Stocks: What's Driving Markets Friday?

Gold prices surged to record highs above $2,490 per ounce on Friday, rising more than 1.7% at 9:50 a.m. EST. A weakening U.S. dollar and declining <a href="https://www.benzinga.com/topic/treasury-yields">Treasury yields fueled the rally</a>.
<ul>
<li>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>), dropped 0.4%</li>
<li>The greenback is down nearly 1% against the Japanese yen.</li>
<li>Treasury yields softened, with the 2-year yield decreasing by 4 basis points to 4.05%</li>
<li>The 10-year yield edged down by 2 basis points to 3.89%.</li>
<li>Year-to-date, gold is up 21%, setting the stage for its strongest annual performance since 2020 when it gained 25%.</li>
</ul>
The rise in gold prices reflects growing anticipation that the Federal Reserve will initiate <a href="https://www.benzinga.com/topic/interest-rates">a series of rate cuts</a>.
<h2 class="wp-block-heading">Inflation Decelerates</h2>
July's inflation data, for both producer and consumer prices, slightly undershot expectations this week, reinforcing the disinflationary trend that is firmly on track.
Producer prices rose just 0.1% month-over-month in July, following a 0.2% increase in June, and came in below the 0.2% forecast. On an annual basis, producer inflation slowed to 2.2%, down from 2.7% in June.
Consumer inflation also decelerated for the fourth consecutive month, with the annual inflation rate dropping to 2.9% in July, the lowest since March 2021, compared to 3% in June. Core inflation, which excludes volatile food and energy prices, also eased to 3.2% from 3.3% in June, matching expectations.
Traders have slightly moderated their expectations for a large 50-basis-point Fed rate cut in September, now leaning towards a smaller 25-basis-point cut, with a 73% probability priced in. By the end of the year, markets are pricing in a total of 80 basis points in cuts, implying two additional 25-basis-point reductions at the Fed's November and December meetings.
Chart: Largest Gold-Backed ETF Reaches Record Highs
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="442" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16100714/image-1-49-1024x442.png" alt="" class="wp-image-499072" style="width:920px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16100714/image-1-49-1024x442.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16100714/image-1-49-300x130.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16100714/image-1-49-768x332.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16100714/image-1-49-1536x663.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16100714/image-1-49.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image: <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent081624&amp;t=be2bearmibe3na1">Benzinga Pro</a></figcaption></figure>
<h3 class="wp-block-heading">Gold ETFs See Strong Inflows</h3>
In July, global gold ETFs, which include the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) as well as several others, had their strongest month since April 2022, attracting $3.7 billion, marking the third consecutive month of inflows, according to data from the World Gold Council (WGC). 
North American funds led the charge, with inflows of $2 billion, more than offsetting minor outflows in May and June.
The WGC commented that &#8220;July was unprecedented on the political front with the assassination attempt on Trump followed by Biden stepping down from the presidential race. Gold ETF inflows around both dates suggest increased safe-haven demand.&#8221;
<h3 class="wp-block-heading">Jackson Hole Symposium in Focus</h3>
Looking ahead, all eyes are on the Jackson Hole Symposium, scheduled for Aug. 22-24, which comes just weeks before the Fed&#8217;s anticipated rate cuts in September. 
Historically, gold has shown strength following the Jackson Hole Symposium, as the WGC highlighted. This has often been followed by a pullback as bond yields tend to rise in the subsequent weeks.
<h3 class="wp-block-heading">Gold Miners Moving On Friday </h3>
The five best-performing gold mining stocks within the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) by 10:00 a.m. ET included:
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Company</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>SSR Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSRM#NYSE">SSRM</a>)</td>
<td>5.06%</td>
</tr>
<tr>
<td>Emerald Resources NL (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMR#NYSE">EMR</a>)</td>
<td>4.43</td>
</tr>
<tr>
<td>K92 Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNT#NYSE">KNT</a>)</td>
<td>4.07</td>
</tr>
<tr>
<td>Equinox Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQX#NYSE">EQX</a>)</td>
<td>3.51</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>3.49</td>
</tr>
</tbody>
</table>
</figure>
Industry heavyweights such as 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>) were 0.8% and 2.3% higher respectively. 
Now Read:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40405406/interest-rate-markets-rethink-fed-strategy-as-economic-data-signals-no-rush-for-m">Interest Rate Markets Rethink Fed Strategy As Economic Data Signals No Rush For Major Rate Cuts</a></li>
</ul>

SSRM

Gold Prices Hit All-Time Highs Of $2,500 As Traders Jump On Rate-Cut Train: Mining Stocks On The Move Friday

Barrick Gold Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) shares are trading higher after it reported&nbsp;second-quarter&nbsp;FY24 revenue of&nbsp;$3.162 billion&nbsp;(+12%&nbsp;Y/Y), <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40307875/key-projects-advance-as-barrick-keeps-tight-focus-on-value-creation-and-growth" rel="noreferrer noopener">beating the&nbsp;consensus of $3.114 billion</a>.&nbsp;
Gold production stood at 948 thousand ounces (-6%&nbsp;Y/Y), and gold sales were 956 thousand ounces (-4%&nbsp;Y/Y).
The average realized gold price rose&nbsp;19%&nbsp;Y/Y to&nbsp;$2,344&nbsp;per ounce, and All-in sustaining costs (AISC) rose&nbsp;11%&nbsp;Y/Y to&nbsp;$1,498 per ounce in the quarter.
Related: <a target="_blank" href="https://www.benzinga.com/government/24/08/40303994/global-gold-demand-hits-record-in-q2-as-investors-push-price-higher" rel="noreferrer noopener">Global Gold Demand Hits Record in Q2 As Investors Push Price Higher</a>
Copper production declined 10% Y/Y to 43 thousand tonnes, and the average realized copper price rose&nbsp;22%&nbsp;Y/Y to&nbsp;$4.53&nbsp;per pound.
Adjusted EPS of&nbsp;$0.32&nbsp;exceeded&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$0.27</a>.
At the end of the quarter, cash and cash equivalents stood at&nbsp;$4.04 billion, and debt was&nbsp;$4.72 billion.
Capital expenditure rose&nbsp;7%&nbsp;Y/Y to&nbsp;$819 million, and operating cash flow stood at&nbsp;$1.16 billion.&nbsp;
President and chief executive Mark Bristow said, &#8220;Key projects designed to boost production and expand the asset base include the recently permitted Goldrush mine in Nevada which is ramping up to annual production in excess of 400,000 ounces by 2028&nbsp;while the adjacent Fourmile project, 100% owned by Barrick, is shaping up as a new Tier One&nbsp;mine with a potential gold production in excess of 500,000 ounces per annum over more than two decades.&#8221;&nbsp;
&#8220;In the Dominican Republic, Pueblo Viejo is completing an expansion project designed to increase gold production to more than 800,000 ounces beyond 2040.&#8221;
&#8220;On the copper side of the business, two world-class projects are set to deliver into a rising price and demand market. In Zambia, the Lumwana super pit expansion will increase the mine&#8217;s production from 130,000 tonnes to 240,000 tonnes per annum&nbsp;while the Reko Diq project in Pakistan is targeting 400,000 tonnes of copper and 500,000 ounces of gold per annum.&#8221;
Dividend: GOLD declared a&nbsp;second-quarter&nbsp;dividend per share of&nbsp;$0.10, payable on September 16, to shareholders of&nbsp;record<a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40307867/barrick-declares-q2-dividend-and-buys-back-shares" rel="noreferrer noopener"> as of August 30, 2024</a>.
The company repurchased 2.95 million shares in the quarter under the $1 billion buyback program announced in February 2024.
FY24&nbsp;Outlook&nbsp;Reiterated: The company continues to project attributable gold production in the range of 3.9-4.3 million ounces and AISC in the range of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$1,320&nbsp;–&nbsp;$1,420&nbsp;per ounce</a>.
For 2024, capital expenditure&nbsp;is expected to be within&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38553218" rel="noreferrer noopener">$2.50 billion-$2.90 billion</a>.
Investors can gain exposure to the stock via&nbsp;Sprott Gold Miners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGDM#NYSE">SGDM</a>) and&nbsp;VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>).
Price Action: GOLD shares are up 4.44% at $17.41 premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/technicals/24/08/40283248/barrick-gold-preps-for-q2-earnings-will-it-unearth-bullish-prospects" target="_blank" rel="noreferrer noopener">Barrick Gold Preps For Q2 Earnings: Will It Unearth Bullish Prospects?</a></li>
</ul>

Earnings

Dividends

Gold Prices Boost Barrick Gold's Q2 Profits; Says On Track For Strong H2: Details

The latest Fed&#8217;s favorite inflation report, unveiled Friday by the Bureau of Economic Analysis, showed mixed <a href="https://www.benzinga.com/topic/inflation">results for market participants</a>.
What Happened: The headline Personal Consumption Expenditure (PCE) price index fell to 2.5% year-on-year in June, as expected. 
The core component remained steady at 2.6%, countering expectations of <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39983210/feds-preferred-inflation-measure-shows-mixed-readings-personal-income-spending-fa">a drop to 2.5%.</a>
The headline index&#8217;s decline to 2.5% marks the lowest point since February 2021, a level also seen in January and February 2024.
This data kept market-based probabilities for a September rate cut largely unaffected, with fed futures continuing to indicate a 100% chance of rate reductions, according to CME Group&#8217;s FedWatch tool.
The Bureau of Economic Analysis also reported lower-than-expected monthly increases in both personal spending and personal income last month. 
<ul>
<li>Personal income rose 0.2% in June, down from 0.4% in May and below the expected 0.4%. </li>
<li>Personal spending increased 0.3%, also down from 0.4% in May and missing the forecasted 0.3%.</li>
</ul>
<h3 class="wp-block-heading">Market reactions and pre-market ETF performances</h3>
U.S. equity futures maintained strong gains during premarket trading, despite a slight dip in large-cap index futures following the PCE report.
The U.S. dollar index remained broadly unchanged, while Treasury yields inched slightly lower, boosting bond-related exchange-traded funds (ETFs) in pre-market trading.
Interest-rate sensitive sectors, such as real estate, miners, and small caps, rose. Technology stocks also sharply rallied following declines in the previous two sessions.
Investors and traders are closely monitoring these exchange-traded funds, which showed notable pre-market gains:
<ol>
<li>iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) up 2.3%</li>
<li>ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) up 1.8%</li>
<li>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) up 1.6%</li>
<li>Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) up 1.5%</li>
<li>iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) up 1.3%</li>
<li>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) up 1.2%</li>
<li>US Global JETS ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) up 1.2%</li>
<li>VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) up 1.1%</li>
<li>Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) up 0.9%</li>
<li>iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) up 0.5%</li>
</ol>
Now Read:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/39970069/investors-go-all-in-on-small-caps-pour-over-6-billion-into-russell-2000-etf-this-month-they-will">Investors Go All In On Small Caps, Pour Over $6 Billion Into Russell 2000 ETF This Month: They &#8216;Will Return To Larger-Cap Alternatives,&#8217; Veteran Analyst Says</a></li>
</ul>
Image: Shutterstock

ARKK

JETS

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

iShares Trust Barclays 20+ Year Treasury Bond Fund

Fed's Favorite Inflation Gauge Falls To 2.5%, Lowest Since February 2021, But Core Remains Sticky: 10 ETFs To Monitor Thursday

Gold reached new all-time highs Tuesday, with the commodity soaring above $2,460 per ounce and showcasing a robust 1.7% gain for the session, driven by heightened investor convictions that the Fed will cut interest rates <a href="https://www.benzinga.com/federal-reserve">at its September meeting</a>.
Jerome Powell&#8216;s remarks during his<a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39779256/powell-praises-latest-inflation-progress-hints-at-imminent-rate-cuts-warns-hes-ve"> interview at the Economic Club of Washington</a> Monday appear to have dispelled the last doubts about the start of rate cuts after the Fed chair confidently welcomed the latest inflation reports for the second quarter.
"We've had now three better readings. And if you average them, it's a pretty good pace," Powell said. He further hinted the Fed would be willing to act by lowering interest rates if labor market conditions unexpectedly weaken.
Fed futures indicate traders are fully pricing in a rate cut at the September meeting, placing 93.3% odds of a 25-basis-point cut and a marginal 6.7% chance on a larger 50-basis-point cut, according to the CME Group&#8216;s FedWatch tool.
Yields on the 10-year Treasury note dropped by 7 basis points Tuesday to 4.16%, eyeing the lowest close since mid-March. The rise in gold and the reduction in Treasury yields spurred a rally in gold mining stocks.
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) soared by 3.3% on Tuesday, achieving its highest level since April 21, 2022. Its rally since the lows of February 2024 has now extended to 55%.
<h3 class="wp-block-heading">Chart: Gold Mining ETF Reaches Levels Unseen In 27 Months </h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="496" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16150319/image-24-1024x496.png" alt="" class="wp-image-439337" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16150319/image-24-1024x496.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16150319/image-24-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16150319/image-24-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16150319/image-24-1536x744.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16150319/image-24.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Image: <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071724&amp;t=be2bearmibe3na1">Benzinga Pro</a> 
<h3 class="wp-block-heading">Bank Of America Predicts Strong Gold Miner Earnings</h3>
&#8220;With the sharp and sustained move higher in gold prices, we think that there will be an increased focus on capital allocation in the sector,&#8221; wrote Bank of America analyst Lawson Winder. 
Winder suggested that companies in the mining sector might increase dividends or buy back shares to boost stock value. 
He emphasizes the importance of second-quarter guidance updates, noting that positive guidance can lead to substantial outperformance.
Winder also expects a focus on organic production growth and potential acquisitions, especially given the slowdown in corporate acquisition activity and the availability of assets for sale following Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)&#8217;s acquisition of Newcrest Mining.
<h3 class="wp-block-heading">Tuesday&#8217;s Movers Among Gold Miners</h3>
Tuesday&#8217;s leading performers within the VanEck Gold Miners ETF were:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Security Name</td>
<td>1-day Return (%)</td>
</tr>
<tr>
<td>Harmony Gold Mining Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>)</td>
<td>14.44</td>
</tr>
<tr>
<td>DRDGOLD Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRD#NYSE">DRD</a>)</td>
<td>10.51</td>
</tr>
<tr>
<td>First Majestic Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>)</td>
<td>5.19</td>
</tr>
<tr>
<td>Gold Fields Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>)</td>
<td>5.01</td>
</tr>
<tr>
<td>Barrick Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>)</td>
<td>4.60</td>
</tr>
</tbody>
</table>
</figure>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39800465/us-economy-cools-down-europe-heats-up-international-monetary-fund-flags-sticky-infl">US Economy Cools Down, Europe Heats Up: International Monetary Fund Flags Sticky Inflation, Worrisome National Debt</a></li>
</ul>
Photo via Shutterstock.

Gold Miners Hit 27-Month Peak, Bullion Breaks Record As Traders Decide September Rate Cut As Good As Done

Gold rises to another record; some analysts see no price ceiling anytime soon

Commodity Roundup: Oil set for weekly fall, precious metals hold steady in Oct

VanEck Gold Miners ETF set for seven straight sessions of gains

Gold closes above $2,700 for first time as geopolitical tensions simmer

Gold cleared $2700 on Thursday to a new all-time high and Silver and the gold stocks exploded higher to close the week. Gold is on track for $3000 and Silver now has a potential target of $38.

New All Time High In Gold & 11-Year High In Silver & Gold Miners

Barrick Gold: Gold's Rally Adds Fuel To The Bullish Thesis

The 1-Minute Market Report October 20, 2024

The gold price is up 32% year to date in 2024, from under $2,000 in February to record highs around $2,720 now.

Gold Soaring To Record Highs At $2,720 Is A Warning Shot

It's been an incredible year for precious metals investors.

NEM: Previewing The Largest Gold Miner's 3Q Earnings Report

Gold racks up another record; banks see gold's rise running into 2025

AAAU

ACTV

AFMC

AFSM

AVUV

BAPR

BITO

BLOK

BOIL

CHRS

CVLT

DRIP

EMQQ

GATO

GUSH

IDRV

IVOO

IVOV

KCCA

KLAC

KOLD

MAGS

MSOS

NUGT

PENG

PHYS

PLAY

PSLV

RILY

SGOL

SILJ

SIVR

SPLV

SPMD

SPMO

SPMV

SPSM

SPUS

SPUU

SPVM

SPVU

SPXE

SPXL

SPXN

SPXS

SPXT

SPXU

SPXV

SPYD

SPYG

SPYV

SPYX

SQEW

Comments

VanEck Gold Miners ETF

Noticias

Últimas noticias sobre VanEck Gold Miners ETF (ARCA:GDX)

Noticias

SOCIO/CONTRIBUIDOR

BENZINGA GLOBAL