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15 сентября, 15:50

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) ALCOA INC. AA 44.78 -0.02(-0.04%) 190 ALTRIA GROUP INC. MO 62.43 0.15(0.24%) 1300 Amazon.com Inc., NASDAQ AMZN 990.55 -1.66(-0.17%) 4566 Apple Inc. AAPL 158.6 0.32(0.20%) 108423 AT&T Inc T 36.33 0.01(0.03%) 1750 Barrick Gold Corporation, NYSE ABX 17.1 -0.04(-0.23%) 31349 Boeing Co BA 246.43 1.20(0.49%) 1665 Cisco Systems Inc CSCO 32.15 -0.04(-0.12%) 1528 Citigroup Inc., NYSE C 69.15 -0.09(-0.13%) 1100 Exxon Mobil Corp XOM 80.33 0.24(0.30%) 7766 Facebook, Inc. FB 171 0.04(0.02%) 39893 FedEx Corporation, NYSE FDX 212 -2.52(-1.17%) 9564 Ford Motor Co. F 11.55 -0.01(-0.09%) 1426 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 13.93 0.07(0.51%) 3148 General Electric Co GE 24.1 0.08(0.33%) 29717 General Motors Company, NYSE GM 38.9 0.11(0.28%) 12880 Goldman Sachs GS 227.02 0.17(0.07%) 1004 Google Inc. GOOG 925.69 0.58(0.06%) 1415 Hewlett-Packard Co. HPQ 19.5 0.04(0.21%) 410 Intel Corp INTC 36.53 0.05(0.14%) 9647 Microsoft Corp MSFT 74.8 0.03(0.04%) 5448 Pfizer Inc PFE 35.7 -0.03(-0.08%) 1037 Procter & Gamble Co PG 93.64 0.09(0.10%) 6492 Tesla Motors, Inc., NASDAQ TSLA 375.57 -2.07(-0.55%) 22848 Twitter, Inc., NYSE TWTR 18.1 -0.11(-0.60%) 3866 Wal-Mart Stores Inc WMT 79.6 -0.08(-0.10%) 117 Walt Disney Co DIS 97.85 -0.05(-0.05%) 7772 Yandex N.V., NASDAQ YNDX 32.42 0.22(0.68%) 4126 Источник: FxTeam

14 сентября, 15:51

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) ALCOA INC. AA 44.8 -0.11(-0.24%) 600 ALTRIA GROUP INC. MO 61.94 0.09(0.15%) 13726 Amazon.com Inc., NASDAQ AMZN 996.5 -3.10(-0.31%) 26196 Apple Inc. AAPL 159 -0.65(-0.41%) 175898 AT&T Inc T 36.53 -0.02(-0.05%) 1348 Barrick Gold Corporation, NYSE ABX 17.15 0.05(0.29%) 34368 Boeing Co BA 242.5 0.57(0.24%) 5699 Caterpillar Inc CAT 119.5 -0.13(-0.11%) 451 Chevron Corp CVX 114.19 0.01(0.01%) 1909 Cisco Systems Inc CSCO 32.04 -0.14(-0.44%) 2258 Citigroup Inc., NYSE C 69.2 -0.19(-0.27%) 9934 Exxon Mobil Corp XOM 79.65 -0.12(-0.15%) 5710 Facebook, Inc. FB 172.45 -0.60(-0.35%) 25365 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 13.8 -0.14(-1.00%) 74546 General Electric Co GE 24.08 -0.03(-0.12%) 18311 Goldman Sachs GS 226.83 0.27(0.12%) 1260 Google Inc. GOOG 933.11 -1.98(-0.21%) 1886 Home Depot Inc HD 160.03 0.01(0.01%) 654 Intel Corp INTC 36.15 -0.18(-0.50%) 3396 JPMorgan Chase and Co JPM 90.82 -0.33(-0.36%) 4956 McDonald's Corp MCD 156.8 -0.20(-0.13%) 167 Merck & Co Inc MRK 64.9 -0.08(-0.12%) 402 Microsoft Corp MSFT 74.94 -0.27(-0.36%) 15587 Nike NKE 53.5 -0.02(-0.04%) 3128 Pfizer Inc PFE 35.08 0.02(0.06%) 11995 Starbucks Corporation, NASDAQ SBUX 54.38 0.09(0.17%) 2423 Tesla Motors, Inc., NASDAQ TSLA 365.04 -1.19(-0.32%) 25757 Twitter, Inc., NYSE TWTR 18.11 -0.09(-0.49%) 10529 Visa V 105.66 -0.17(-0.16%) 642 Wal-Mart Stores Inc WMT 79.83 -0.03(-0.04%) 586 Источник: FxTeam

13 сентября, 15:52

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) Amazon.com Inc., NASDAQ AMZN 983.99 1.41(0.14%) 5762 Apple Inc. AAPL 160 -0.86(-0.53%) 360977 AT&T Inc T 36.3 0.04(0.11%) 2607 Barrick Gold Corporation, NYSE ABX 17.5 0.07(0.40%) 29764 Caterpillar Inc CAT 121.23 0.29(0.24%) 414 Cisco Systems Inc CSCO 32.21 -0.20(-0.62%) 5837 Citigroup Inc., NYSE C 68.75 -0.04(-0.06%) 6587 Exxon Mobil Corp XOM 79.55 0.05(0.06%) 1361 Facebook, Inc. FB 172.65 -0.31(-0.18%) 20377 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 13.99 -0.31(-2.17%) 105415 General Motors Company, NYSE GM 37.85 -0.04(-0.11%) 3482 Home Depot Inc HD 160.3 0.39(0.24%) 3443 Intel Corp INTC 36.13 0.04(0.11%) 626 JPMorgan Chase and Co JPM 90.8 -0.09(-0.10%) 900 McDonald's Corp MCD 156.4 0.07(0.04%) 3265 Microsoft Corp MSFT 74.65 -0.03(-0.04%) 2088 Nike NKE 53.55 0.15(0.28%) 2691 Starbucks Corporation, NASDAQ SBUX 53.5 -0.04(-0.07%) 791 Tesla Motors, Inc., NASDAQ TSLA 362.9 0.15(0.04%) 16529 Twitter, Inc., NYSE TWTR 18.11 -0.06(-0.33%) 20027 United Technologies Corp UTX 110.2 0.34(0.31%) 3848 Verizon Communications Inc VZ 46.89 0.10(0.21%) 503 Visa V 106.26 0.05(0.05%) 878 Wal-Mart Stores Inc WMT 79.5 -0.11(-0.14%) 264 Walt Disney Co DIS 97.97 0.08(0.08%) 1892 Источник: FxTeam

12 сентября, 19:10

Wall Street: ближайшие уровни поддержки и cопротивления по основным акциям

Компания Тикер Ближайший уровень поддержки Цена Ближайший уровень сопротивления Alcoa Corporation AA 37,00 45,03 45,00 Apple Inc. AAPL 155,00 161,17 165,00 Barrick Gold Corporation ABX 16,50 17,38 19,00 American International Group, Inc. AIG 58,00 61,00 67,00 Amazon.com Inc. AMZN 940,00 981,05 1080,00 American Express Company AXP 84,00 86,45 88,00 Boeing Co. BA 230,00 239,87 240,00 Bank of America Corporation BAC 23,00 23,91 25,00 Caterpillar Inc. CAT 112,00 120,60 125,00 Cisco Systems, Inc. CSCO 30,00 32,39 32,50 Chevron Corporation CVX 103,00 112,20 114,00 Walt Disney Co. DIS 95,00 97,51 104,00 The Dow Chemical Company DWDP 64,00 68,08 70,00 Ford Motor Co. F 10,50 11,58 11,80 Facebook, Inc. FB 165,00 172,78 175,00 FedEx Corporation FDX 200,00 216,08 220,00 General Electric Company GE 24,00 23,75 26,00 General Motors Company GM 34,50 37,90 38,00 Google Inc. GOOG 900,00 929,18 1000,00 The Goldman Sachs Group GS 215,00 226,94 235,00 The Home Depot, Inc. HD 145,00 159,85 160,00 Honeywell International Inc. HON 132,00 138,45 140,00 Hewlett-Packard Company HPQ 17,00 19,41 19,50 International Business Machines IBM 140,00 146,27 156,00 Intel Corporation INTC 34,50 36,22 36,50 International Paper Co. IP 50,00 56,23 59,00 Johnson & Johnson JNJ 130,00 132,55 137,00 JPMorgan Chase & Co. JPM 88,00 90,98 95,00 The Coca-Cola Company KO 44,00 46,66 47,00 McDonald's Corp. MCD 152,00 156,21 162,00 3M Co. MMM 200,00 209,95 215,00 Altria Group Inc. MO 60,00 62,26 67,00 Merck & Co. Inc. MRK 61,00 65,48 66,00 Microsoft Corporation MSFT 71,00 74,63 75,00 Nike Inc. NKE 52,00 53,56 56,00 Pfizer Inc. PFE 32,50 35,32 37,00 Procter & Gamble Co. PG 86,00 93,31 94,00 Starbucks Corporation SBUX 52,00 53,77 56,00 AT&T, Inc. T 35,00 36,18 39,50 The Travelers Companies, Inc. TRV 115,00 123,07 130,00

11 сентября, 15:53

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) ALCOA INC. AA 43 0.39(0.92%) 584 ALTRIA GROUP INC. MO 62.75 0.52(0.84%) 3601 Amazon.com Inc., NASDAQ AMZN 973.28 7.38(0.76%) 10282 AMERICAN INTERNATIONAL GROUP AIG 60.6 0.82(1.37%) 3704 Apple Inc. AAPL 160.47 1.84(1.16%) 286246 AT&T Inc T 35.72 0.13(0.37%) 15944 Barrick Gold Corporation, NYSE ABX 17.53 -0.28(-1.57%) 27302 Boeing Co BA 239.55 0.77(0.32%) 1146 Caterpillar Inc CAT 118.52 0.70(0.59%) 828 Cisco Systems Inc CSCO 31.55 0.07(0.22%) 506 Citigroup Inc., NYSE C 66.5 0.33(0.50%) 128603 Exxon Mobil Corp XOM 78.95 0.13(0.16%) 1431 Facebook, Inc. FB 172.14 1.19(0.70%) 70128 Ford Motor Co. F 11.33 -0.03(-0.26%) 69144 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 14.51 0.27(1.90%) 48271 General Electric Co GE 23.85 0.03(0.13%) 32285 General Motors Company, NYSE GM 37.1 0.10(0.27%) 5860 Goldman Sachs GS 219 1.79(0.82%) 11890 Google Inc. GOOG 933.2 6.70(0.72%) 5027 Home Depot Inc HD 158.5 -1.16(-0.73%) 81201 Intel Corp INTC 35.29 0.10(0.28%) 916 JPMorgan Chase and Co JPM 89.17 0.75(0.85%) 35184 Microsoft Corp MSFT 74.49 0.51(0.69%) 5495 Pfizer Inc PFE 34.25 0.15(0.44%) 3359 Procter & Gamble Co PG 93.2 0.36(0.39%) 206 Starbucks Corporation, NASDAQ SBUX 53.75 0.26(0.49%) 426 Tesla Motors, Inc., NASDAQ TSLA 350 6.60(1.92%) 59333 The Coca-Cola Co KO 46.5 0.20(0.43%) 2793 Travelers Companies Inc TRV 123.48 3.72(3.11%) 9259 Twitter, Inc., NYSE TWTR 17.58 0.13(0.75%) 15023 United Technologies Corp UTX 109.68 0.13(0.12%) 921 UnitedHealth Group Inc UNH 197.99 0.24(0.12%) 208 Visa V 105.55 1.12(1.07%) 1554 Wal-Mart Stores Inc WMT 79.31 0.43(0.55%) 1845 Walt Disney Co DIS 97.75 0.68(0.70%) 13490 Yandex N.V., NASDAQ YNDX 32.45 0.58(1.82%) 13464 Источник: FxTeam

16 августа, 14:42

World’s Largest Hedge Fund Bridgewater Buys $68 Million of Gold ETF

World’s Largest Hedge Fund Bridgewater Buys $68 Million of Gold ETF  - World’s largest hedge fund Bridgewater buys $68 million of gold ETF in Q2- Investors poured $870 million into SPDR Gold in Q2- Billionaire Paulson keeps 4.36 million shares in SPDR Gold- “Risks are now rising and do not appear appropriately priced in” - warns Dalio on Linkedin- Investors should avoid ETFs and paper gold and own physical gold- Given negative interest rates, companies should consider allocating some of corporate deposits to physical gold as done by Munich Re From Bloomberg: Hedge-fund managers including billionaire John Paulson are being rewarded as investor worries over everything from uneven economic data to U.S.-North Korean tensions fuel a rally in bullion. At the end of June, Paulson & Co. owned 4.36 million shares of SPDR Gold Shares, a U.S. government filing showed Monday. That’s unchanged from the three months through March. Bridgewater Associates, the world’s largest hedge fund, added the ETF to its portfolio in the quarter, with the purchase of 577,264 shares valued at $68.1 million, a regulatory filing showed Aug. 10. Templeton Global Advisors Ltd. boosted its stake in Barrick Gold Corp. Investors poured $870 million into SPDR Gold in the second quarter, taking the fund’s total assets to $34 billion as U.S. inflation continued to undershoot the Federal Reserve’s target, putting at risk policy makers’ projection for rising interest rates. While the prospect of monetary policy tightening remains, investors recently turned their focus on geopolitical strains as North Korea’s Kim Jong Un threatened the U.S. territory of Guam, boosting demand for bullion as a haven. “Prospective risks are now rising and do not appear appropriately priced in,” billionaire Ray Dalio, who manages Bridgewater, said in a LinkedIn post, as he recommended investors allocate 5 percent to 10 percent of their assets to gold. Dalio also flagged rising odds that the U.S. Congress may fail to raise the debt ceiling, “leading to a technical default, a temporary government shutdown, and increased loss of faith in the effectiveness of our political system.”  Full article on Bloomberg here Related ContentWorld’s Largest Reinsurer Buying Gold To Counter Punishing Negative Rates “Do You Own Gold?” Ray Dalio at CFR: “Oh Yeah, I Do” Gold Is Undervalued – Leading Money Managers Gold ETFs or Physical Gold? Hidden Dangers In GLD   News and Commentary Gold falls on easing North Korea tensions, strong U.S. data (Reuters.com) Gold prices inch up ahead of minutes from latest Fed meeting (Reuters.com) Asian Shares Mixed, Korea Advances as Calm Returns (Bloomberg.com) UK car lenders vulnerable after surge in risky loans - BoE (IrishTimes.com) ‘Deep’ Subprime Car Loans Hit Crisis-Era Milestone (Bloomberg.com) Bank of America Warns of an ‘Ominous’ Sign for Stocks (Bloomberg.com) Investors should be looking at gold (Barrons.com) UK debt tide is rising – how can you avoid drowning? (TheGuardian.com) Prepare for negative interest rates in the next recession - Rogoff (Telegraph.co.uk) US dollar's fall could become a self-fulfilling prophecy (SCMP.com) Own a few bitcoin but realise it is speculation (StansBerryChurcHouse.com) Gold Prices (LBMA AM) 16 Aug: USD 1,270.15, GBP 985.13 & EUR 1,082.29 per ounce15 Aug: USD 1,274.60, GBP 986.92 & EUR 1,084.05 per ounce14 Aug: USD 1,281.10, GBP 987.34 & EUR 1,085.48 per ounce11 Aug: USD 1,288.30, GBP 993.67 & EUR 1,096.47 per ounce10 Aug: USD 1,278.90, GBP 985.39 & EUR 1,091.67 per ounce09 Aug: USD 1,267.95, GBP 974.80 & EUR 1,079.79 per ounce08 Aug: USD 1,261.45, GBP 967.78 & EUR 1,068.20 per ounce Silver Prices (LBMA) 16 Aug: USD 16.68, GBP 12.96 & EUR 14.25 per ounce15 Aug: USD 16.89, GBP 13.12 & EUR 14.38 per ounce14 Aug: USD 16.97, GBP 13.09 & EUR 14.39 per ounce11 Aug: USD 17.09, GBP 13.18 & EUR 14.53 per ounce10 Aug: USD 17.08, GBP 13.14 & EUR 14.57 per ounce09 Aug: USD 16.59, GBP 12.76 & EUR 14.14 per ounce08 Aug: USD 16.39, GBP 12.57 & EUR 13.87 per ounce Recent Market Updates - Diversify Into Gold Urges Dalio on Linkedin – “Militaristic Leaders Playing Chicken Risks Hellacious War”- Gold Has Yet Another Purpose – Help Fight Cancer- Gold Up 2%, Silver 5% In Week – Gundlach, Gartman and Dalio Positive On Gold- Great Disaster Looms as Technology Disrupts White Collar Workers- Gold Sees Safe Haven Gains On Trump “Fire and Fury” Threat- Silver Mining Production Plummets 27% At Top Four Silver Miners- Gold Consolidates On 2.5% Gain In July After Dollar Has 5th Monthly Decline- Gold Coins and Bars See Demand Rise of 11% in H2, 2017- Greenspan Warns Stagflation Like 1970s “Not Good For Asset Prices”- What Investors Can Learn From the Japanese Art of Kintsukuroi- Bitcoin, ICO Risk Versus Immutable Gold and Silver- This Is Why Shrinkflation Is Making You Poor- Gold A Good Store Of Value – Protect From $217 Trillion Global Debt Bubble Important Guides For your perusal, below are our most popular guides in 2017: Essential Guide To Storing Gold In Switzerland Essential Guide To Storing Gold In Singapore Essential Guide to Tax Free Gold Sovereigns (UK) Please share our research with family, friends and colleagues who you think would benefit from being informed by it.

30 июня, 15:53

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) Amazon.com Inc., NASDAQ AMZN 975.01 -0.92(-0.09%) 14121 Apple Inc. AAPL 143.54 -0.14(-0.10%) 121510 AT&T Inc T 37.71 0.09(0.24%) 1261 Barrick Gold Corporation, NYSE ABX 15.82 -0.08(-0.50%) 45558 Caterpillar Inc CAT 106.1 0.46(0.44%) 765 Chevron Corp CVX 104.5 0.38(0.37%) 600 Citigroup Inc., NYSE C 67.4 0.42(0.63%) 15045 Deere & Company, NYSE DE 122.33 0.42(0.34%) 4341 Exxon Mobil Corp XOM 81 0.30(0.37%) 4768 Facebook, Inc. FB 150.9 -0.14(-0.09%) 91164 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 12.1 0.02(0.17%) 3961 General Electric Co GE 27.12 0.10(0.37%) 14728 Goldman Sachs GS 225.65 1.24(0.55%) 3582 Google Inc. GOOG 918.01 0.22(0.02%) 8239 Intel Corp INTC 33.48 -0.06(-0.18%) 8284 International Business Machines Co... IBM 154.51 0.38(0.25%) 3460 JPMorgan Chase and Co JPM 91.68 0.53(0.58%) 14840 Microsoft Corp MSFT 68.48 -0.01(-0.01%) 41269 Nike NKE 56.34 3.17(5.96%) 372207 Pfizer Inc PFE 33.68 0.05(0.15%) 5805 Procter & Gamble Co PG 88.08 1.09(1.25%) 438 Tesla Motors, Inc., NASDAQ TSLA 362.2 1.45(0.40%) 137171 The Coca-Cola Co KO 45.27 0.44(0.98%) 727 Twitter, Inc., NYSE TWTR 17.66 0.01(0.06%) 29935 Verizon Communications Inc VZ 44.6 0.19(0.43%) 3544 Visa V 94.6 0.18(0.19%) 2094 Yandex N.V., NASDAQ YNDX 26.79 0.16(0.60%) 100 Источник: FxTeam

30 июня, 15:20

Goldcorp to Sell Minority Interest in San Nicolas Project

Goldcorp (GG) has inked a binding agreement to sell its 21% minority interest in the San Nicolas copper-zinc project, located in Zacatecas, Mexico, to Teck Resources for $50 million in cash.

29 июня, 15:44

До начала регулярной сессии поступили сообщения о повышении рейтингов акций следующих компаний

Аналитики Berenberg повысили рейтинг акций Barrick Gold (ABX) до уровня Hold с Sell Аналитики Standpoint Research повысили рейтинг акций General Electric (GE) до уровня Hold с Sell; целевая стоимость $24 ------------------------------------------------------------- Воспользоваться сервисом "Рейтинги акций" TeleTrade можно, заполнив форму на одноименной странице нашего сайта или в Личном кабинете трейдера в разделе "Аналитика" (для подключения услуги необходимо связаться со своим менеджером).Источник: FxTeam

28 июня, 16:06

Goldcorp (GG) Inks Deal to Acquire Remaining Exeter Shares

Goldcorp (GG) has entered into an agreement with Exeter to acquire all the common shares of the latter, through a planned arrangement under section 288 of the Business Corporations Act.

28 июня, 15:49

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) 3M Co MMM 210.3 0.52(0.25%) 1160 ALCOA INC. AA 31.99 0.36(1.14%) 200 ALTRIA GROUP INC. MO 75.54 0.16(0.21%) 2061 Amazon.com Inc., NASDAQ AMZN 983.8 7.02(0.72%) 37186 American Express Co AXP 83.25 0.17(0.20%) 934 AMERICAN INTERNATIONAL GROUP AIG 63.65 0.24(0.38%) 225 Apple Inc. AAPL 144.52 0.79(0.55%) 293847 AT&T Inc T 37.8 0.10(0.27%) 8494 Barrick Gold Corporation, NYSE ABX 16.15 0.07(0.44%) 35521 Caterpillar Inc CAT 103.63 -0.30(-0.29%) 1832 Cisco Systems Inc CSCO 31.98 0.22(0.69%) 5970 Citigroup Inc., NYSE C 64.6 0.37(0.58%) 27835 Exxon Mobil Corp XOM 81.05 -0.06(-0.07%) 1095 Facebook, Inc. FB 151.7 1.12(0.74%) 122260 Ford Motor Co. F 11.09 0.01(0.09%) 12057 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 11.73 0.01(0.09%) 2400 General Electric Co GE 27.31 0.10(0.37%) 11647 General Motors Company, NYSE GM 34.33 0.12(0.35%) 4813 Goldman Sachs GS 221.5 1.22(0.55%) 2469 Google Inc. GOOG 929.5 2.17(0.23%) 18479 Home Depot Inc HD 152.5 0.26(0.17%) 130 Intel Corp INTC 33.7 0.05(0.15%) 26622 International Business Machines Co... IBM 155.6 0.85(0.55%) 1038 JPMorgan Chase and Co JPM 88.5 0.45(0.51%) 14420 McDonald's Corp MCD 153.76 0.04(0.03%) 522 Merck & Co Inc MRK 65.51 -0.03(-0.05%) 530 Microsoft Corp MSFT 69.32 0.11(0.16%) 62449 Nike NKE 53.5 0.55(1.04%) 500 Pfizer Inc PFE 33.8 0.03(0.09%) 6064 Starbucks Corporation, NASDAQ SBUX 58.9 -0.06(-0.10%) 3140 Tesla Motors, Inc., NASDAQ TSLA 367 4.63(1.28%) 100682 The Coca-Cola Co KO 44.96 -0.09(-0.20%) 2998 Twitter, Inc., NYSE TWTR 18.23 0.11(0.61%) 41551 Verizon Communications Inc VZ 44.98 0.14(0.31%) 3894 Visa V 94.89 -0.01(-0.01%) 506 Walt Disney Co DIS 105.68 0.27(0.26%) 1605 Yandex N.V., NASDAQ YNDX 26.83 -0.05(-0.19%) 2100 Источник: FxTeam

28 июня, 01:41

Gold Mining ETF Investing Guide

Uncertain geopolitical and macroeconomic environment should boost the safe haven demand.

27 июня, 16:05

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) ALCOA INC. AA 31.45 0.27(0.87%) 11474 Amazon.com Inc., NASDAQ AMZN 989.3 -4.68(-0.47%) 25566 Apple Inc. AAPL 145.23 -0.59(-0.40%) 109456 AT&T Inc T 37.94 -0.21(-0.55%) 51686 Barrick Gold Corporation, NYSE ABX 16.49 0.15(0.92%) 16061 Boeing Co BA 200 0.02(0.01%) 592 Caterpillar Inc CAT 104.2 -0.05(-0.05%) 300 Cisco Systems Inc CSCO 32.2 -0.04(-0.12%) 1681 Citigroup Inc., NYSE C 64.01 0.23(0.36%) 6098 Exxon Mobil Corp XOM 81.27 0.03(0.04%) 1423 Facebook, Inc. FB 153 -0.59(-0.38%) 45356 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 11.91 0.09(0.76%) 5237 General Electric Co GE 27.66 0.05(0.18%) 6701 General Motors Company, NYSE GM 34.34 -0.18(-0.52%) 5618 Goldman Sachs GS 221.8 1.36(0.62%) 3113 Google Inc. GOOG 940.01 -12.26(-1.29%) 18761 Hewlett-Packard Co. HPQ 18.17 0.01(0.06%) 100 Intel Corp INTC 34 -0.07(-0.21%) 43267 Johnson & Johnson JNJ 136.88 0.54(0.40%) 734 JPMorgan Chase and Co JPM 87.6 0.36(0.41%) 4898 Merck & Co Inc MRK 66.5 0.58(0.88%) 231683 Microsoft Corp MSFT 70.16 -0.37(-0.52%) 9559 Nike NKE 53.2 -0.08(-0.15%) 1615 Procter & Gamble Co PG 89.28 -0.08(-0.09%) 701 Starbucks Corporation, NASDAQ SBUX 59.59 -0.05(-0.08%) 622 Tesla Motors, Inc., NASDAQ TSLA 374.41 -3.08(-0.82%) 51387 The Coca-Cola Co KO 45.42 -0.01(-0.02%) 2296 Twitter, Inc., NYSE TWTR 18.34 0.05(0.27%) 37148 Verizon Communications Inc VZ 45.23 -0.52(-1.14%) 89196 Yandex N.V., NASDAQ YNDX 27.26 0.09(0.33%) 910 Источник: FxTeam

Выбор редакции
26 июня, 20:51

Examining Barrick Gold's Regulatory Risk In Developing Countries

Barrick Gold’s African operations are mired in uncertainty amid the Tanzanian government’s ban on the export of unprocessed mineral ores from the country.

26 июня, 16:49

Barrick, Novagold to Advance Donlin Project Optimization

Barrick Gold (ABX) and Novagold have approved a $8 million drill program geared to further optimize the Donlin Gold project in Alaska.

26 июня, 15:52

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) ALCOA INC. AA 30.9 -0.19(-0.61%) 1200 Amazon.com Inc., NASDAQ AMZN 1,009.90 6.16(0.61%) 31733 American Express Co AXP 82.5 0.28(0.34%) 100 Apple Inc. AAPL 147.15 0.87(0.59%) 127284 AT&T Inc T 38 0.05(0.13%) 1700 Barrick Gold Corporation, NYSE ABX 16.19 -0.29(-1.76%) 50013 Caterpillar Inc CAT 104.3 0.19(0.18%) 1623 Cisco Systems Inc CSCO 32.4 0.31(0.97%) 25493 Citigroup Inc., NYSE C 63.8 0.39(0.62%) 17664 Deere & Company, NYSE DE 124.65 1.05(0.85%) 501 Exxon Mobil Corp XOM 81.71 0.10(0.12%) 3596 Facebook, Inc. FB 155.95 0.88(0.57%) 150617 FedEx Corporation, NYSE FDX 216 0.65(0.30%) 106 Ford Motor Co. F 11.06 0.02(0.18%) 22151 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 11.84 0.08(0.68%) 10982 General Electric Co GE 27.67 0.10(0.36%) 8629 Goldman Sachs GS 218.1 0.91(0.42%) 6466 Google Inc. GOOG 972.5 6.91(0.72%) 4227 Hewlett-Packard Co. HPQ 17.84 0.04(0.22%) 410 Home Depot Inc HD 151.98 0.67(0.44%) 5708 Intel Corp INTC 34.25 0.06(0.18%) 4393 Johnson & Johnson JNJ 136.25 -0.18(-0.13%) 547 JPMorgan Chase and Co JPM 87.15 0.29(0.33%) 9426 McDonald's Corp MCD 154.75 0.11(0.07%) 1301 Microsoft Corp MSFT 71.55 0.34(0.48%) 16545 Nike NKE 52.93 0.08(0.15%) 891 Pfizer Inc PFE 34.3 0.13(0.38%) 1120 Tesla Motors, Inc., NASDAQ TSLA 386.6 3.15(0.82%) 66853 Twitter, Inc., NYSE TWTR 18.61 0.11(0.59%) 87799 UnitedHealth Group Inc UNH 186.88 1.63(0.88%) 130 Verizon Communications Inc VZ 45.44 0.05(0.11%) 2760 Visa V 95.8 0.22(0.23%) 1928 Wal-Mart Stores Inc WMT 74.95 0.11(0.15%) 2130 Walt Disney Co DIS 104.75 0.39(0.37%) 2087 Источник: FxTeam

23 июня, 15:53

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) ALCOA INC. AA 30 0.20(0.67%) 2722 Amazon.com Inc., NASDAQ AMZN 1,002.05 0.75(0.07%) 6332 American Express Co AXP 82.53 0.28(0.34%) 200 Apple Inc. AAPL 145.35 -0.28(-0.19%) 28504 Barrick Gold Corporation, NYSE ABX 16.32 0.23(1.43%) 23170 Caterpillar Inc CAT 102.85 -0.99(-0.95%) 13025 Cisco Systems Inc CSCO 31.98 0.13(0.41%) 2574 Citigroup Inc., NYSE C 63.96 0.34(0.53%) 10683 Exxon Mobil Corp XOM 81.38 0.30(0.37%) 352 Facebook, Inc. FB 153.33 -0.07(-0.05%) 6481 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 11.6 0.15(1.31%) 23327 General Electric Co GE 27.68 0.13(0.47%) 7958 Goldman Sachs GS 220.71 0.94(0.43%) 4948 Google Inc. GOOG 956.05 -1.04(-0.11%) 690 Intel Corp INTC 34.35 -0.01(-0.03%) 192 JPMorgan Chase and Co JPM 87.5 0.48(0.55%) 3514 McDonald's Corp MCD 154.9 0.10(0.06%) 2816 Microsoft Corp MSFT 70.2 -0.06(-0.09%) 5288 Starbucks Corporation, NASDAQ SBUX 59.84 0.33(0.55%) 3700 Tesla Motors, Inc., NASDAQ TSLA 381.9 -0.71(-0.19%) 51223 The Coca-Cola Co KO 45.12 0.05(0.11%) 204 Twitter, Inc., NYSE TWTR 18.2 0.05(0.28%) 15920 Wal-Mart Stores Inc WMT 75.97 0.45(0.60%) 527 Walt Disney Co DIS 104 -0.22(-0.21%) 3300 Yandex N.V., NASDAQ YNDX 27.16 0.23(0.85%) 250 Источник: FxTeam

22 июня, 19:50

Real Gold or Paper Proxies: What Billionaire Gold Investors Actually Buy

Submitted by Ronan Manly, BullionStar.com Infographic website Visual Capitalist recently published an eye-catching infographic on behalf of Sprott Physical Bullion Trusts which featured 4 well-known billionaire investors and their supposed investments in gold. The infographic is titled “Why the World’s Billionaire Investors Buy Precious Metals” and can be seen here. The 4 investors profiled in the infographic are: Jacob Rothschild (Lord), chairman of London-based investment trust RIT Capital Partners Plc David Einhorn, president of Manhattan-based hedge fund firm Greenlight Capital Ray Dalio, chairman and CIO of hedge fund firm Bridgewater Associates, Westport (Connecticut) Stanley Druckenmiller, chairman and CEO of Manthattan-based Duquesne Family Office (and formerly of Duquesne Capital Management) Overall, four very famous investors, and four names that should at least be vaguely familiar to almost anyone who has a passing interest in financial markets and investing. For each of the 4 billionaires, the Sprott infographic provides a few quotes about their views on gold and then moves on to record their recent ‘Moves’ into ‘gold’, or in some cases their recent readjustments of existing ‘gold’ exposures. However, the trouble with this infographic is that although it’s visually appealing, nowhere does it mention how these famous investors achieve their exposures to ‘gold’, i.e. what form their gold investments take. This is something which is also regularly bypassed in financial media articles, especially those published by Bloomberg, articles which refer to hedge fund managers such as Druckenmiller, or John Paulson, or Ray Dalio buying ‘gold’, but which all too often are too lazy to do basic research into the actual trades that these hedge fund managers execute to acquire their positions in ‘gold’ and whether these positions are actually in real physical gold or in some form of synthetic or derivative or paper gold. In fact, the first comment posted on the Visual Capitalist website under said Sprott infographic when it was published asks exactly this question: “I’d like to know if they are holding physical bullion, presumably in guarded safe vaults, or just paper.” Given that the infographic is ‘Presented by’ Sprott Physical Bullion Trusts, one might assume that Rothschild, Einhorn, Dalio and Drukenmiller are all investing in physical bullion. But are they? This is the question I set out to answer and which is documented below. Some of my findings may surprise you. The Rothschilds: Jacob & RIT Capital Partners First port of call, the Rothschilds of St James’s Place in London. Given that the Rothschilds are probably the richest family in the world and have been involved in the gold market for hundreds of years, you might assume that the family of the Five Arrows knows a thing or two about the difference between real gold bars and paper gold. And presumably they do. However, no one seems to have told this to the day-to-day managers of RIT Capital Partners Plc, the Rothschild controlled investment vehicle quoted in Sprott’s infographic. Investment trusts are actually public limited companies (Plcs) which are structured as closed-ended investment vehicles. These vehicles issue a certain number of shares that can then be publicly traded. RIT Capital Partners plc, formally called the Rothschild Investment Trust (hence the name RIT), trades on the London Stock Exchange. Jacob Rothschild (The Lord Rothschild) is chairman of RIT Capital Partners Plc. As a publicly traded vehicle, RIT Capital Partners Plc publishes annual and half-yearly reports, and is therefore more transparent than its hedge fund brethren. RIT’s latest report, an annual report for year-end 2016, was published on 28 February 2017. Strangely, although the Sprott infographic was only published on 7 June 2017, it quotes not from the annual report for year-end 2016 but from RIT’s half-yearly report to 30 June 2016, which was published on 15 August 2016. The Sprott infographic states: “In a 2016 shareholder update [Jacob] Rothschild outlined bold changes to the RIT Capital Partners’ portfolio, including…increased exposure to gold and precious metals to 8%” Similarly, in the RIT Chairman’s Statement (page 2) of the 30 June 2016 report, Jacob Rothschild said “We increased gold and precious metals to 8% by the end of June.” Glancing at either the Chairman’s statement or the Sprott infographic, you might think ‘ok, so RIT holds (or held) 8% of its portfolio in gold and precious metals’. However, this is not the case, a fact which becomes clear when we look at the Investment Portfolio (holdings) of RIT that are detailed in the same report. Jacob Rothschild, RIT Capital Partners RIT is a global investment fund whose holdings span equities, hedge fund investments, private investments, real assets, credit, and bonds. It’s ‘gold’ and ‘precious metals’ holdings are listed under ‘Real Assets’. The entire RIT portfolio is worth £2.73 billion. The Real Assets section of the RIT report to 30 June 2016 (on page 6 of the report, page 8 of the pdf) lists relevant gold-related line items as: “BlackRock Gold & General Fund”, described as “Gold and precious metal equities”, valued at £22.9 million, and representing 0.9% of the NAV, with a fund weight of 0.83%  “Gold Futures” with a description “Long, 6.0% notional“, valued at £7.6 million, represents 0.3% of the NAV “Silver Futures with a description “Long, 1.2% notional” valued at £7.6 million, representing 0.0% (rounded) of the NAV These are the only gold-related investments in the entire RIT portfolio. Therefore, could this 8% that Jacob Rothschild refers to as “we increased gold and precious metals to 8% by the end of June” be a combination of a 6% notional long on gold futures, a 1.2% notional on long silver futures, and a 0.8% fund weight in gold mining equities through the BlackRock Gold & General Fund holding? In short, the answer is Yes. Firstly, looking at the BlackRock Gold & General Fund, this is a UCITS equity fund which exclusively invests in the shares of gold and silver mining companies such as Newcrest, Newmont, and GoldCorp and which is benchmarked against the FTSE Gold Mining Index (an equity index). However, the BlackRock website reminds us that “The Fund does not hold physical gold or metal.” Like all equity investments, this fund exposes its holders to equity risk, currency risk, sectoral risks (in this case the mining sector), possible gold hedging risks, and the general corporate risks that come with stock specific investing in any publicly quoted company, some of which cannot be diversified through portfolio investing. Next up are the precious metals futures line items. In investment portfolios, notional is literally the gross exposure of a position. In this case, the RIT portfolio being long 6.0% notional in gold futures just means that the portfolio’s notional exposure to gold (via the gold futures position) represented (on 30 June 2016) an amount which was 6.0% of the total (gross) exposure of the portfolio. This is also a leveraged position since it was acquired via the purchase of exchange traded futures and the maintenance of these futures via margin. The amount reflected in the NAV for this position just refers to the margin. I also checked with RIT investors relations as to whether Jacob Rothschild, when he stated that RIT holds gold, was actually referring to these gold futures positions. RIT investor relations responded: “Yes, we do refer to long gold futures exposure as “holding gold”. We take this view since we are confident that gold futures are acting as a suitable proxy for gold both from a regulatory perspective and in terms of where we are in the cycle. However, it should be clear to all that holding gold futures is not the same thing as holding vaulted physical gold. Gold futures may provide exposure to the US Dollar price of gold, but that’s about it, and even if they can be theoretically exercised into physical gold on the COMEX or ICE platforms, no one uses them for this purpose. For example, only 0.04% of COMEX gold futures contracts result in physical delivery each year. Gold futures also entail exchange risk, risk of not being able to exercise for delivery, margin risk, forced cash settlement risk, etc etc. Gold futures are also derivatives that can come into existence in massive quantities as long as there are counterparties to take the other side of the futures trades. Allocated physical gold on the other hand is an asset which exists in limited quantities, has no counterparty risk, has intrinsic value and has been used as money and as a store of value for thousands of years. The “regulatory perspective” that RIT refers to just seems to mean that the fund’s exposure ticks various compliance boxes and is an acceptable security from a compliance and regulatory perspective. The “where we are in the cycle” phrase probably refers to the interest rate cycle in terms of interest rate movements, inflation, real interest rates etc, but surely this is irrelevant because if you really believe that gold futures prices are a perfect proxy for gold prices, then the existence of a “cycle” and the phases of such a cycle become irrelevant to the investment decision? In summary, it should be clear that RIT Capital Partners Plc does not hold any gold or other precious metals, because it merely holds gold futures and units in a BlackRock fund which itself only holds gold and silver equities (common shares) and which does not hold physical gold. Just for completeness, let’s turn to the latest annual report from RIT for year-end 2016 that Sprott did not refer to. Has anything changed compared to 30 June 2016? At year-end 2016, according to Jacob Rothschild: “We continue to hold gold and gold mining shares amounting to 6% of the portfolio.“ Therefore, by the end of 2016, by RIT’s logic, it now had a 6% exposure to gold (and the exposure to silver futures had disappeared). However, as per the 6 month earlier period, this was really a) exposure to the US dollar price of gold via gold futures and b) an exposure to the common equity of publicly-traded gold mining companies through the BlackRock fund investment. In the Real Assets section of the RIT annual report (page 13 of the report, page 15 of the pdf), it lists: “BlackRock Gold & General Fund”, with a description “Gold and precious metal equities” valued at £20.3 million, representing 0.9% of the NAV, and with a fund weight of 0.7% “Gold Futures” with a Description “Long, 5.7% notional” representing (0.2%) of the NAV Again, the 6% Rothschild reference includes the 5.7% long notional on gold via the gold futures, the BlackRock fund with a weight of 0.7%, and possibly the (0.2%) NAV (margin), which altogether net to approximately 6% when rounded down. Since 8% sounds better than 6%, Sprott may have chosen to reference the 30 June 2016 RIT report and not the more recent 30 December 2016 RIT report as this would make Rothschild appear more bullish on gold. David Einhorn and Greenlight Capital Hedge funds by their nature are very secretive, and because they are private pools of capital, they have no obligation to report detailed holdings even to their clients, let alone to the general public. Some of the justifications for hedge fund secrecy include preventing other trading parties adversely trading against them and preventing competitors replicating their positions. Note, hedge funds still have to report equity holdings to the US SEC and they do this via their quarterly 13F form submissions, which can be viewed on the SEC EDGAR website about 6 weeks after quarter end. Sometimes hedge fund stars will drop hints about some of their positions or engage with the financial media, but this is mainly to talk their positions and trading books up. Often however, the “partner letters” (similar to shareholder letters) that hedge fund partnerships send to their clients / investors will give some indication as to their positions and asset allocations, and for whatever reason, some of these letters seem to make it into the public domain pretty quickly. Note that most hedge funds are established as Limited Liability Companies (LLCs), a structure which supports the partnership model. Following Jacob Rothschild, next up on the Sprott infographic is hedge fund manager David Einhorn and his Greenlight Capital hedge fund firm. Greenlight, as a hedge fund firm, runs a series of funds that invest in equity, debt etc but also include global macro and that are known as the “Greenlight Capital funds” a.k.a. “The Partnerships”. There are at least 6 funds in this group, maybe more. David Einhorn, Greenlight Capital The Sprott infographic refers to a recent gold-related ‘Move’ that Einhorn that made as follows: “In early 2017, Einhorn mentioned on an earnings call that he was:…Keeping gold as a top position” More recently, Greenlight again refers to its gold positions in a partners letter dated 25 April 2017, in which it wrote that “gold gave us a small profit in macro”, and that:  “Gold remains a long-term position with a thesis that global fiscal and monetary policies remain very risky” So we can assume that Einhorn maintains a gold exposure of some sort. Since there was no information in the above partner letter as to what exactly Greenlight refers to as a gold position, and nothing that I could find on the web, I did what any junior Bloomberg reporter should but doesn’t do, and shot off an email to Greenlight asking how Greenlight Capital attains its long gold exposure? Surprisingly, or maybe not, within about 20 minutes Greenlight answered with a short and sweet one-liner:  “We hold physical allocated gold in all our funds.”  This response came from the top of the Greenlight tree, close to Einhorn. Hint David Einhorn only follows three accounts on Twitter, one of which is Donald Trump another of which is the Einhorn Trust. So now we know that at least one major hedge fund firm holds physical allocated gold. On a side note, Greenlight also offers two funds called Greenlight Capital (Gold), LP and Greenlight Capital Offshore (Gold), Ltd. These two funds actually offers investors a gold class which denominates investments in that class in gold rather than USD. This is similar to a USD denominated fund offering shareholders a EUR or CHF class, the only difference being that this class is in gold.  Ray Dalio and Bridgewater Bridgewater Associates, based in Westport in Connecticut, runs some of the largest and most well-known individual hedge funds such as the global macro Pure Alpha as well as other well-known funds called ‘The All Weather’  and ‘Pure Alpha Major Markets’. Ray Dalio is founder, chairman and chief investment officer (CIO) of Bridgewater. In the Sprott infographic, the gold ‘Move’ which they chose to highlight Dalio for was that: “In 2016, Dalio said it is prudent to have a ‘well-diversified portfolio’ that is 5-10% gold” However, unlike the other investors profiled, i.e. Rothschild, Einhorn, and Druckenmiller, who had investment decisions attributed to them that involved taking or extending long positions, there is nothing, at least in the infographic, that refers to Dalio taking on or amending a gold position. When Dalio refers to gold, which he has done publicly on a number of occasions, he tends to do so in generalistic terms such as the following comments which were taken from Dalio’s appearance at the CEO Speaker Series conversations organised by the Council on Foreign Relations (CFR): “And so gold is one of the currencies. So we have dollars, we have euros, we have yen and we have gold.” “Now, it [gold] doesn’t have a capacity — the capacity of moving money into gold in a large number is extremely limited.” “I think … there’s no sensible reason not to have some — if you’re going to own a currency, … it’s not sensible not to own gold” “I don’t want to draw an inordinate amount of attention to gold” “a certain limited amount, at least passably, should be in gold, just like you would hold a certain amount in cash” “Now, it depends on the amount of gold, but if you don’t own, I don’t know, 10 percent in — if you don’t have that and then it depends on the world, then you — then there’s no sensible reason other than you don’t know history and you don’t know the economics of it.”   Ray Dalio, Bridgewater Associates   Dalio frequently, in various forums, demonstrates his understanding of the historical importance of gold in the monetary system. Based on the language that Dalio uses about capacity of the gold market and his appreciation of the history of gold, my hunch is that Bridgewater does hold physical gold in a similar manner to how Greenlight Capital holds gold. Dalio has also gone on record with Tony Robbins hinting at a gold allocation that he would use for an “all weather fund”. This is not the Bridgewater All Weather Fund, but it could be something similar. Dalio’s recommended asset allocation that he gave Robbins was: 30% Stocks 40% Long-Term Bonds 15% Intermediate-Term Bonds 7.5% Gold 7.5% Commodities Although it is quite tricky to contact Bridgewater, I did manage to find Dalio’s email (somehow or other) and like an aspiring Bloomberg reporter (or not), I shot off an email to Dalio asking: “Does Bridgewater hold physical gold in its funds (e.g. Pure Alpha, All Weather, and Pure Alpha Major Markets) or some other type of long gold exposure?”  The same day, I received back an automated response: ______________________________________________________________________ Message from "Ray Dalio" ______________________________________________________________________ I recognize from your email address that this is the first message I have received from you since Bridgewater Associates began using Sender Address Verification (SAV). Your message is very important to me. Like you, we are very concerned with stopping the proliferation of spam. We have implemented Sender Address Verification (SAV) to ensure that we do not receive unwanted email and to give you the assurance that your messages to me have no chance of being filtered into a bulk mail folder. By pressing REPLY and SEND to this message your original message will be delivered to the top of my inbox. You need only do this once and all future emails will be recognized and delivered directly to me. ... Thank you! Ray DalioHowever, after replying as per the instructions above using the verification address, there was no further response from Bridgewater. Maybe he is on vacation! So the jury is still out on how Bridgewater acquires its exposure to gold, assuming that its funds actually have exposure to gold. But my guess is that at least some of Bridgewater’s funds do hold gold, and probably hold real physical allocated gold. Stanley Druckenmiller and Duquesne Finally, the Sprott infographic features Stanley Druckenmiller, founder and former chairman and president of Pittsburgh-based Duquesne Capital Management, and also former portfolio manager of Soros’ Quantum Fund. In 2010, ‘Stan’ Druckenmiller wound down Duquesne Capital since he claimed it was becoming harder to deliver consistently high returns, but he continued to manage his own wealth through Duquesne Family Office LLC, which is based out of Manhattan. According to the infographic, in early 2017 Druckenmiller said: “Gold was down a lot, so I bought it.” Stan Druckenmiller, Duquesne This quote was reported in a 8 February 2017 Bloomberg article which itself was based on a CNBC interview from 7 February: “I wanted to own some currency and no country wants its currency to strengthen,” Druckenmiller said Tuesday in an interview. “Gold was down a lot, so I bought it.”  As per usual, Bloomberg doesn’t bother to find out or mention what form of gold exposure Druckenmiller was referring to in that interview. Strangely, Bloomberg says that Druckenmiller bought gold in late December and January having previously sold his ‘gold’ on election night in November when Trump was elected. I say strangely because Druckenmiller is known for getting his US dollar ‘gold exposure’ via the gold-backed ETF the SPDR Gold Trust (GLD) however, the Duquesne Family Office 13F filings with the SEC don’t show GLD activity in Q4 2016 or Q1 2016. Looking at recent Duquesne Family Office 13F filings which show reportable equity holdings (including GLD since GLD is a listed security and is basically like a share), the last time Duquesne Family Office had a long exposure to the SPDR Gold Trust was in Q1 2016 when it held 2,016,000 call options on the SPDR Gold Trust (Cusip 78463V907) which at the time had a notional exposure of $237.16 million. Druckenmiller had purchased 2,880,000 call options on GLD during Q2 2015 but reduced this to 2,016,000 calls during Q1 2016. Duquesne has not held any SPDR Gold Trust shares or options since Q1 2016. However, looking at the Duquesne 13F filings for Q3 2016, Q4 2016 and Q1 2017, there are some interesting changes in reported holdings of some gold mining equities over this period. As of the end of September 2016, Duquesne reported holding 1.8326 million Barrick Gold shares and 530,800 Agnico Eagle Mines shares. Then, as of the end of December 2016, neither of these stocks appeared on the Duquesne 13F list. However, as of the end of March 2017, both Barrick and Agnico reappeared on Duquesne’s filing, with Druckenmiller’s family investments holding 2.85 million Barrick Gold shares, and 882,900 Agnico Eagle Mines shares. Barrick Gold, headquartered in Canada, is the world’s largest gold mining company. Agnico Eagle, also headquartered in Canada, is another large gold mining company. The timing of Druckenmiller saying that he sold his ‘gold’ on election night in November 2016 and the bought gold in late December 2016 and January 2017 fits very well with the Duquesne trades of selling Barrick Gold and Agnico Eagle so that they appeared in the Q3 13F, but not in the Q4 13F and then reappeared in the Q1 2017 13F. If this is the case, then Druckenmiller’s Duquesne does not hold gold but holds gold mining equities, and Druckenmiller’s recent references to buying gold are really references to holding common shares in publicly-traded gold mining companies. Duquesne, however, could hold other ‘gold exposures’ such as gold futures or even real physical allocated gold. But due to the non-obligation of these investment pools to report holdings, this is unclear. I also sent an email to Stan Druckenmiller at his Duquesne address, asking him: “Does Duquesne Family Office hold physical gold as part of its exposure to gold within its investments, or is the exposure some other type of long gold exposure such as the gold-backed ETF GLD?” However, as of the time of writing, Druckenmiller has not responded. Druckenmiller’s gold exposure via GLD calls between Q2 2015 and Q1 2016 also deserves some commentary. Readers of this website will know that holding a gold-backed ETF such as GLD is not the same as owning real physical gold. Although the Trust behind GLD holds gold bars, GLD units just provide exposure to the US dollar price of gold and there is no conversion option into real gold. With GLD, the holder is a shareholder and not a gold holder. There are many other concerns with GLD, all of which are documented on a BullionStar infographic. However, Duquesne’s ‘exposure’ is even one more step removed from gold since it was in the more of a derivative (call option) on an underlying (GLD) which itself does not provide ownership of any gold to the holder. So in some ways this could be called a second order derivative. Paulson & Co Although Sprott’s infographic doesn’t feature John Paulson of hedge fund firm Paulson & Co, maybe it should have. However, on second thoughts maybe not, because Paulson & Co is currently the 6th largest institutional holder of SPDR Gold Trust (GLD) shares, which as explained above, is not the same as owning real physical gold. According to its latest 13F filing, Paulson & Co holds 4,359,722 GLD shares worth a sizeable $500 million.   John Paulson (far right), along with Jim Simons of Renaissance (middle) and George Soros (left)    Paulson also launched a specific gold fund in 2010 which is now called the PFR Gold Fund, named after Paulson, and the two managers who used to run the fund, namely, Victor Flores and John Reade, hence the PFR. Reade has now left Paulson & Co, and moved to the World Gold Council (WGC), which derives the majority of its revenue from…wait for it….the SPDR Gold Trust, since WGC’s 100% owned subsidiary World Gold Trust Services is the sponsor of the GLD.   According to HedgeTracker, the PFR Gold Fund has a “long-term strategy focus investing in mining companies and bullion-based derivatives“, so again you can see that this is nothing to do with owning and holdings real physical allocated gold. Conclusion After this whirlwind tour, we know the following: RIT Capital Partners Plc claims to hold gold but really holds a) gold futures which provide notional long gold exposure and b) a BlackRock fund which invests in gold mining shares. Greenlight Capital holds allocated gold in all of its hedge funds (and they are good about replying to emails). Bridgewater Associates probably holds gold exposure across at least some of its funds. Given Ray Dalio’s grasp of the importance of real physical gold, I would be surprised if Dalio’s funds do not hold real physical gold. But Dalio is a hard man to track down, so the jury is still out on this one. Stan Druckenmiller’s Duquesne Family Office had a large exposure to the SPDR Gold Trust via call options in 2015 and early 2016 but then closed this exposure. Duquesne also invests in gold mining equities Barrick Gold and Agnico Eagle Mines, and this could be what Druckenmiller is referring to when he said he sold and then bought back gold. Paulson is a big fan of the SPDR Gold Trust, a vehicle which is in no way the same as owning physical gold, because it merely provides exposure to the US dollar price of gold. If and when the paper gold market implodes and the price of real physical gold diverges from the paper price of gold, the world’s billionaire investors will need to line up their ducks and explain to their partners and shareholders if they actually hold tangible physical gold bars, and if not why not. This article originally appeared on the BullionStar website under the title "Are the World’s Billionaire Investors Actually Buying Gold?"

Выбор редакции
22 июня, 16:16

Barrick Remains Disciplined Amid Limited Gold Price Upside

Barrick Gold announced the completion of a 25% stake sale in the Cerro Casale gold mining project to Goldcorp earlier this month, with the two companies (now both holding a 50% stake) looking to jointly develop the Chilean gold mine.

22 июня, 15:56

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) Amazon.com Inc., NASDAQ AMZN 1002.99 0.76(0.08%) 14009 AMERICAN INTERNATIONAL GROUP AIG 62.88 -0.34(-0.54%) 170 Apple Inc. AAPL 145.92 0.05(0.03%) 31364 AT&T Inc T 38.19 0.04(0.10%) 2119 Barrick Gold Corporation, NYSE ABX 15.92 0.18(1.14%) 18907 Boeing Co BA 199.5 0.33(0.17%) 2995 Chevron Corp CVX 104.78 0.29(0.28%) 3761 Cisco Systems Inc CSCO 31.9 0.06(0.19%) 1947 Exxon Mobil Corp XOM 81.61 0.17(0.21%) 1103 Facebook, Inc. FB 154.03 0.12(0.08%) 18836 FedEx Corporation, NYSE FDX 211.1 -1.20(-0.57%) 1866 Ford Motor Co. F 11.06 0.02(0.18%) 2425 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 11.25 0.04(0.36%) 25619 General Motors Company, NYSE GM 34.06 -0.07(-0.21%) 1052 Intel Corp INTC 34.6 0.02(0.06%) 4304 JPMorgan Chase and Co JPM 87.05 -0.07(-0.08%) 1755 Microsoft Corp MSFT 70.7 0.43(0.61%) 19130 Nike NKE 52.4 -0.19(-0.36%) 11846 Starbucks Corporation, NASDAQ SBUX 60 0.04(0.07%) 643 Tesla Motors, Inc., NASDAQ TSLA 376.52 0.12(0.03%) 84649 Twitter, Inc., NYSE TWTR 17.8 0.02(0.11%) 44609 Verizon Communications Inc VZ 45.55 0.14(0.31%) 1253 Visa V 95.35 0.81(0.86%) 126 Yandex N.V., NASDAQ YNDX 27.3 0.52(1.94%) 4025 Источник: FxTeam

11 декабря 2013, 15:23

Золотое дно

 Пора подводить итоги 2013 года. Хочется начать с темы про золото, которая активно обсуждалась на страницах этого блога с февраля месяца. Прошло достаточное количество времени, чтобы проверить правильность/неправильность оценок и ожиданий. Подход основывался на фундаментальном анализе, историческом срезе, оценке текущего положения дел в глобальной экономике... в общем, на здравом смысле, который в итоге не подвел. Золото: фундаментальные факторы Обвал цен на золото в 2013 году застал многих инвесторов врасплох. Слишком сильно в сознании многих укоренилось мнение о том, что глобальный “печатный станок” неизбежно приведет к росту инфляции, защитой от которой традиционно выступают инвестиции в желтый металл. Но реальность такова, что в мировой экономике сегодня доминируют скорее дефляционные настроения.  Центральные банки, попав в ловушку ликвидности в 2008 году, когда скорость обращения денег и процентные ставки близки к нулевым значениям, могут напечатать много денег без риска вызвать всплеск инфляции. Эти деньги идут на замещение кредита, который “сжигается” делевериджем (сокращением уровня кредитного плеча), и не выходят за рамки банковского сектора, оседая на счетах избыточных резервов. Эти деньги не доходят до реального сектора экономики, т.к. глобальный спрос остается слабым - домохозяйства и бизнес не в состоянии наращивать потребление. Поэтому предложение денег растет, а цены не растут – эти процессы, как показывает время, могут спокойно сосуществовать вместе. Периоды стабильной низкой инфляции являются неблагоприятной средой для золота.  Тем не менее, скептиков по-прежнему остается много: человеческая натура имеет какую-то необъяснимую патологическую тягу к желтому металлу и всячески противится падению его цены. Стоит напомнить, что с начала 2013 года цена на золото упала на 25%, с пиков осени 2011 года – на 33%.   Итак, постараемся обозначить базовые фундаментальные факторы, влияющие на рынок золота. 1.  Золото vs. реальные процентные ставки Золото – это актив, который не генерирует денежного потока. Золото является хеджевым активом, сохраняющим стоимость, во времена отрицательных реальных процентных ставок. Золото не пользуется спросом во времена положительных реальных процентных ставок, т.к. в такие периоды финансовые активы приносят большую реальную доходность.  Реальные процентные ставки зависят от двух составляющих: доходности гособлигаций и инфляции. Доходность 10-летних трежериз, скорректированной на уровень инфляции, определяют уровень реальных процентных ставок в США. При этом ставки по 10-летним трежерям определяют стоимость длинных денег в мире, являются мерой стоимости денег. Поэтому реальные процентные ставки смотрим именно в разрезе американских долговых бумаг.   Реальные процентные ставки в США развернулись вверх в конце 2011 года вслед за запуском нового кредитного цикла в американской экономике. Цена на золото тоже развернулась, но вниз. Рынок поверил, что рефляционная политика ФРС имеет положительный эффект на экономику.  В начале 2013 года реальные процентные ставки в США окончательно выбрались на положительную территорию и продолжают расти на ожиданиях сокращения программы выкупа активов (QE3) ФРС США, т.е. доходности трежериз растут на фоне подавленной инфляции.   2.  Золото vs. доллар США На фоне восстановления экономики США и с завершением эпохи количественного смягчения ФРС заканчивается эпоха слабого доллара. Это серьезный аргумент в пользу того, что золото, цена на которое номинирована в долларах, в долгосрочном периоде будет двигаться либо во флэте, либо в рамках медвежьего тренда.   3. Золото vs. цикличность Золото, как и любой другой актив, обращающийся на рынке и имеющий цену, циклично.  График цен с 1920 по 2013 гг. на золото и индекса Dow Jones Industrial Average, скорректированных на инфляцию, наглядно показывает эту цикличность: периоды роста золота совпадают с периодом падения рынка акций и наоборот. Выход индекса DJIA (как и S&P 500) на новые исторические максимумы в 2013 году ознаменовал завершение бычьего суперцикла в золоте.   4.  Золото vs. инфляция/дефляция История рынка золота показывает, что глобальные циклы роста или падения на нем так или иначе связаны с темой либо дефляции, либо инфляции. Единственный “инфляционный” случай роста золота – 1970-е годы. Два остальных – дефляционные (“Великая депрессия” 1930-х, дефляция 2000-х).   Цена на золото растет в условиях высокой инфляции (функция квазимонетарного стандарта) и в условиях риска дефляции (сохранение value).  Сегодняшнее состояние глобальной экономики (в особенности по развитым странам), характеризуется феноменом стабильной низкой инфляции, который иногда обозначают термином “дезинфляция”. Золото теряет свою ценность в условиях низкой инфляции, т.к. отдача от финансовых активов растет в периоды положительных реальных процентных ставок. 5. Золото vs. глобальная денежная экспансия Направленные движения в ценах на золото очень плотно коррелировали с динамикой глобальной денежной экспансии с 2000-х годов. Это является одним из следствий возникновения дефляционных сил в развитых экономиках (особенно в США).  Несмотря на то, что сегодня центробанки развитых и развивающихся стран продолжают проводить ультрамягкую денежно-кредитную политику, темпы расширения денежной массы замедляются: цена на золото корреспондирует с динамикой роста M2.   Последние пики в динамике прироста глобального M2 были зафиксированы осенью 2011 г. На это время пришлись и максимумы в цене золота. Весной 2013 г. Федрезерв США обозначил планы по выходу (“tapering”) из программы количественного смягчения QE3, европейские монетарные власти, в свою очередь, воздерживаются от расширения баланса ЕЦБ – видимых причин для увеличения предложения денег в глобальной экономике сегодня нет.  6.  Почему инфляция остается подавленной в условиях работающего “печатного станка”? С запуском процесса делевериджа в 2008 году, экономика США попала в ловушку ликвидности. Обнулив процентные ставки, Федрезерв обратился к нетрадиционным инструментам монетарной политики в виде программ выкупа активов (QE), или, как часто говорят, начал “печатать” деньги. Важно понимать, что инфляции не возникает, так как напечатанные доллары идут на компенсацию падения объема кредита в экономике: каждый потраченный доллар, уплаченный в виде денег, дает тот же эффект, что и потраченный доллар, уплаченный в виде кредита. Печатая деньги, ФРС может компенсировать исчезновение кредита во время делевериджа с помощью повышения количества доступных денег. Поэтому и нет избыточного предложения денег в экономике, которое вызвало бы рост ценовых уровней.  Сегодня инфляционные ожидания (inflation breakevens) в США остаются подавленными, несмотря на значительный рост баланса ФРС ($3,5 трлн) благодаря нескольким программам выкупа активов (QE). Поэтому использование золота в качестве инфляционного хеджа нецелесообразно. 7.  Золото vs. глобальный спрос  В 2009 г. впервые за многие годы центральные банки стали нетто-покупателями золота. Основной спрос на желтый металл сегодня обеспечивают развивающиеся страны, что частично является следствием роста резервов их центробанков. С учетом того, что львиную долю этих резервов составляют активы, номинированные в долларах США и евро, диверсификация через золото выглядит вполне нормальным и логичным явлением. К примеру, только 2% валютных резервов Китая сосредоточено в золоте. Сравним это с 76% у США, 73% - Германии, 33% - ЕЦБ, 72% - Италии, 71% - Франции, 10% - Индии, 9% - России.  Несмотря на то, что объем спроса на золото в 2012 г. со стороны центробанков стал максимальным за последние 48 лет, на их долю приходится всего 10% от общего объема спроса (среднее значение с 2008 по 2012 г. – 4%). При этом 43% мирового спроса обеспечивает сегмент ювелирных изделий, 29% - инвестиционный спрос на слитки и монеты, 10% - технологическая промышленность, 6% - фонды ETF и т.п.  Высокий спрос на золото со стороны Китая и Индии во многом объясняется не только культурными традициями и т.п., но и отрицательными реальными процентными ставками – в этом случает золото выступает в качестве хеджа.    В 2013 году спрос со стороны ювелирной индустрии и технологического сектора стагнирует. Отмечено резкое снижение спроса со стороны фондов ETF. Центральные банки (в особенности развивающихся стран) остаются нетто-покупателями желтого металла в своем желании разнообразить состав резервов, но их спрос не перевешивает выпадающий спрос других сегментов. Ожидаемая стагнация глобально спроса не создает основ для поддержания цен на золото и в будущем. Интересно, но большая часть золота торгуемых на бирже фондов ETF весной-летом 2013 года была выведена из фондов-холдингов в Лондоне, отправлена в Швейцарию для расплавки, затем экспортирована в Гонконг и оттуда доставлена в Китай. Золотодобывающие компании в полной мере ощутили негативные последствия от падения цены золота. Средняя себестоимость добычи в терминах total cash costs (включает расходы на заработную плату, энергию, поддержание действующих разработок и т.п.) по крупнейшим компаниям отрасли (Goldcorp, Barrick Gold, Newmont и т.п.) согласно данным Bloomberg, составляет $700 за унцию.  В терминах all-in sustaining cash costs, включающих в себя total cash costs (60%), CAPEX (30%), административные и общие затраты (5%), расходы на разведку и оценку затрат на экологию (2%) и т.п. – около $1100 за унцию. Видно, что себестоимость близка к текущим котировкам золота на рынке, но ее можно значительно снизить как минимум за счет срезания CAPEX.  В сухом остатке По нашему мнению, золото в долгосрочном периоде будет двигаться либо во флэте ($1350-1100 за тройскую унцию), либо в рамках медвежьего тренда. В ближайшей перспективе определенную роль для золота сыграет монетарная политика ФРС США: все идет к тому, что сворачивание программы выкупа активов QE3 (fed tapering) начнется, если не в декабре текущего года, то весной 2014 года. Несмотря на то, что рынок сегодня не ставит знак равенства между tapering и tightening, т.е. не воспринимает сворачивание QE как де факто ужесточение монетарной политики, на глобальную финансовое мироустройство это событие будет влиять в серьезной степени. На ожиданиях сворачивания стимулирующий программ ФРС продолжается процесс нормализации процентных ставок. Доходности американских 10-летних трежериз, являющихся бенчмарком глобального долгового рынка, уже показали существенный рост в текущем году. При этом сырьевые активы, промышленные и драгоценные металлы, которые номинированы в американской валюте, испытывают понижательное давление. Думаю, что мировая экономика в обозримом будущем продолжит существовать в рамках стабильной низкой инфляции, что является негативной средой для золота: в условиях положительных реальных процентных ставок финансовые активы генерируют большую реальную доходность. Согласно ожиданиям экономистов и аналитиков, опрошенных Bloomberg, к 2016 году цена золота останется в районе $1200 за тройскую унцию. Правда, еще в феврале ждали $1600 к 2016-му :))   Отсутствие повышенного интереса к золоту на ближайшие нескольких лет также выражается в позитивных ожиданиях относительно перспектив роста экономики США и глобальной экономики в целом. Ожидаемое улучшение макроэкономических показателей вызовет ожидаемое повышение процентных ставок.  Глобальная деловая активность в промышленности и секторе услуг (PMI’s) продолжает восстанавливаться, являясь одним из важнейших опережающих индикаторов глобальной экономики.  Всем удачных инвестиций! P.S. C этим материалом также можно ознакомиться в декабрьском номере журнала Cbonds Review. Статья называется "Золотое дно".