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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

22 июня, 14:39

Goldcorp (GG) Inks Deal to Sell Camino Rojo Oxide Project

Goldcorp (GG) has entered into a deal with Orla Mining Limited to sell its full interest in the Camino Rojo oxide project, located in Zacatecas, Mexico.

20 июня, 15:50

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) ALCOA INC. AA 30.5 -0.39(-1.26%) 4623 Amazon.com Inc., NASDAQ AMZN 995.25 0.08(0.01%) 19071 Apple Inc. AAPL 146.43 0.09(0.06%) 162605 AT&T Inc T 38.93 0.02(0.05%) 4274 Barrick Gold Corporation, NYSE ABX 15.75 0.05(0.32%) 30439 Boeing Co BA 200.5 1.42(0.71%) 5854 Chevron Corp CVX 106.31 -1.15(-1.07%) 9897 Cisco Systems Inc CSCO 32 0.01(0.03%) 3135 Citigroup Inc., NYSE C 64.19 -0.29(-0.45%) 3990 Exxon Mobil Corp XOM 82.12 -0.64(-0.77%) 18634 Facebook, Inc. FB 152.77 -0.10(-0.07%) 27581 FedEx Corporation, NYSE FDX 211.1 0.65(0.31%) 2910 Ford Motor Co. F 11.22 -0.02(-0.18%) 1532 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 11.42 -0.17(-1.47%) 13947 General Electric Co GE 28.83 0.03(0.10%) 1435 General Motors Company, NYSE GM 34.18 -0.17(-0.49%) 860 Goldman Sachs GS 225 -1.13(-0.50%) 2517 Google Inc. GOOG 957.3 -0.07(-0.01%) 2030 Home Depot Inc HD 159.17 0.36(0.23%) 250 Intel Corp INTC 35.45 -0.06(-0.17%) 1547 International Business Machines Co... IBM 154.71 -0.13(-0.08%) 300 JPMorgan Chase and Co JPM 87.75 -0.32(-0.36%) 28551 McDonald's Corp MCD 154 0.86(0.56%) 5958 Microsoft Corp MSFT 70.62 -0.25(-0.35%) 16075 Nike NKE 52.35 0.33(0.63%) 3080 Pfizer Inc PFE 33.16 -0.06(-0.18%) 1459 Procter & Gamble Co PG 89.76 -0.10(-0.11%) 103 Tesla Motors, Inc., NASDAQ TSLA 373.99 4.19(1.13%) 509651 Twitter, Inc., NYSE TWTR 17.07 0.01(0.06%) 34724 Verizon Communications Inc VZ 46.5 -0.07(-0.15%) 1125 Visa V 94.35 -0.44(-0.46%) 748 Yandex N.V., NASDAQ YNDX 26.4 -0.20(-0.75%) 300 Источник: FxTeam

19 июня, 15:55

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) ALCOA INC. AA 30.3 0.30(1.00%) 2048 Amazon.com Inc., NASDAQ AMZN 996 8.29(0.84%) 61702 AMERICAN INTERNATIONAL GROUP AIG 63.99 0.20(0.31%) 105 Apple Inc. AAPL 143.6 1.33(0.93%) 163854 AT&T Inc T 39.05 0.09(0.23%) 10725 Barrick Gold Corporation, NYSE ABX 15.62 -0.07(-0.45%) 192420 Boeing Co BA 198.3 1.86(0.95%) 7098 Caterpillar Inc CAT 108.1 0.50(0.46%) 9130 Chevron Corp CVX 108.88 0.53(0.49%) 262 Cisco Systems Inc CSCO 31.72 0.09(0.28%) 2886 Citigroup Inc., NYSE C 64.32 0.43(0.67%) 9014 Exxon Mobil Corp XOM 83.5 0.01(0.01%) 244783 Facebook, Inc. FB 152.04 1.40(0.93%) 92008 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 11.56 0.14(1.23%) 14855 General Electric Co GE 29.14 0.14(0.48%) 69510 General Motors Company, NYSE GM 34.34 0.05(0.15%) 104 Google Inc. GOOG 948 8.22(0.87%) 6033 Home Depot Inc HD 157.37 0.73(0.47%) 528 Intel Corp INTC 35.36 0.15(0.43%) 1979 International Business Machines Co... IBM 155.95 0.57(0.37%) 704 JPMorgan Chase and Co JPM 86.75 0.57(0.66%) 11401 McDonald's Corp MCD 152.5 0.51(0.34%) 1183 Microsoft Corp MSFT 70.5 0.50(0.71%) 23365 Nike NKE 51.37 0.27(0.53%) 11589 Pfizer Inc PFE 33 0.03(0.09%) 3490 Procter & Gamble Co PG 89.54 -0.12(-0.13%) 439 Starbucks Corporation, NASDAQ SBUX 60.44 0.30(0.50%) 3946 Tesla Motors, Inc., NASDAQ TSLA 374.4 3.00(0.81%) 57903 The Coca-Cola Co KO 45.21 -0.10(-0.22%) 245 Twitter, Inc., NYSE TWTR 16.78 0.11(0.66%) 41894 UnitedHealth Group Inc UNH 180.5 -1.13(-0.62%) 500 Verizon Communications Inc VZ 46.75 0.12(0.26%) 372 Visa V 94.6 0.43(0.46%) 1850 Wal-Mart Stores Inc WMT 75.6 0.36(0.48%) 18354 Yandex N.V., NASDAQ YNDX 25.55 -0.02(-0.08%) 3851 Источник: FxTeam

16 июня, 15:57

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) ALCOA INC. AA 30.8 0.06(0.20%) 500 ALTRIA GROUP INC. MO 76.69 0.28(0.37%) 132 Amazon.com Inc., NASDAQ AMZN 966.9 2.73(0.28%) 19833 Apple Inc. AAPL 144.05 -0.24(-0.17%) 70415 AT&T Inc T 39.04 0.20(0.51%) 172 Barrick Gold Corporation, NYSE ABX 15.82 0.18(1.15%) 116502 Boeing Co BA 196.25 0.80(0.41%) 726 Caterpillar Inc CAT 106.56 0.16(0.15%) 491 Cisco Systems Inc CSCO 31.81 0.23(0.73%) 140 Citigroup Inc., NYSE C 64.15 0.05(0.08%) 5088 Exxon Mobil Corp XOM 82.67 0.41(0.50%) 5213 Facebook, Inc. FB 149.71 -0.09(-0.06%) 36381 FedEx Corporation, NYSE FDX 210.86 0.41(0.19%) 120 Ford Motor Co. F 11.29 0.05(0.44%) 4478 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 11.63 0.13(1.13%) 12551 General Electric Co GE 28.9 -0.04(-0.14%) 18004 General Motors Company, NYSE GM 34.59 -0.01(-0.03%) 600 Google Inc. GOOG 942 -0.31(-0.03%) 2311 Hewlett-Packard Co. HPQ 17.23 -0.04(-0.23%) 1830 Intel Corp INTC 35.45 0.14(0.40%) 2287 JPMorgan Chase and Co JPM 86.79 0.22(0.25%) 350 Merck & Co Inc MRK 63.35 0.16(0.25%) 1943 Microsoft Corp MSFT 70 0.10(0.14%) 11253 Nike NKE 51.8 -1.10(-2.08%) 71287 Tesla Motors, Inc., NASDAQ TSLA 377.25 1.91(0.51%) 78509 The Coca-Cola Co KO 45.19 -0.06(-0.13%) 212 Twitter, Inc., NYSE TWTR 16.84 0.01(0.06%) 10763 Yahoo! Inc., NASDAQ YHOO 52.75 0.17(0.32%) 5781 Yandex N.V., NASDAQ YNDX 25.93 0.16(0.62%) 950 Источник: FxTeam

15 июня, 17:54

Tanzania’s firebrand leader takes on its largest gold miner

“IF THEY accept that they stole from us and seek forgiveness in front of God and the angels and all Tanzanians and enter into negotiations, we are ready to do business.” As conciliatory gestures go, that one by John Magufuli, Tanzania’s president, to Acacia Mining, the country’s largest foreign investor, could hardly have been more fork-tongued. Nonetheless, two days later John Thornton, head of Barrick Gold, Acacia’s largest shareholder, met Mr Magufuli to start talks on ending a dispute that has halved Acacia’s market value since the government in March imposed a ban on the export of gold- and copper-concentrates. It is a mark of the seriousness of the stand-off that he is ready to negotiate on all points of contention between the two sides. The context of the row is increasingly typical of Africa’s mining industry. The Tanzanian government is seeking more tax revenue from a foreign mining firm that was initially wooed into the country by generous tax concessions....

15 июня, 15:59

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) ALCOA INC. AA 31.23 -0.31(-0.98%) 3850 Amazon.com Inc., NASDAQ AMZN 962.14 -14.33(-1.47%) 42427 American Express Co AXP 79.85 -0.99(-1.22%) 500 AMERICAN INTERNATIONAL GROUP AIG 63.5 -0.75(-1.17%) 791 Apple Inc. AAPL 143.59 -1.57(-1.08%) 281276 AT&T Inc T 38.57 -0.15(-0.39%) 2576 Barrick Gold Corporation, NYSE ABX 15.69 -0.26(-1.63%) 156628 Boeing Co BA 190.47 -1.91(-0.99%) 2090 Caterpillar Inc CAT 104 -0.71(-0.68%) 2292 Chevron Corp CVX 106 -0.60(-0.56%) 1078 Cisco Systems Inc CSCO 31.32 -0.28(-0.89%) 5079 Citigroup Inc., NYSE C 64.2 -0.52(-0.80%) 43926 Deere & Company, NYSE DE 125.75 -0.68(-0.54%) 1019 Exxon Mobil Corp XOM 81.9 -0.17(-0.21%) 3942 Facebook, Inc. FB 148.74 -1.51(-1.01%) 121979 Ford Motor Co. F 11.17 -0.05(-0.45%) 11377 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 11.8 -0.29(-2.40%) 26398 General Electric Co GE 28.33 -0.12(-0.42%) 12295 General Motors Company, NYSE GM 34.35 -0.26(-0.75%) 3133 Goldman Sachs GS 224.59 -1.92(-0.85%) 12169 Google Inc. GOOG 935.17 -15.59(-1.64%) 8336 Home Depot Inc HD 155.75 -1.01(-0.64%) 782 Intel Corp INTC 35.33 -0.20(-0.56%) 6463 International Business Machines Co... IBM 153.03 -0.78(-0.51%) 1305 JPMorgan Chase and Co JPM 86.32 -0.77(-0.88%) 31061 McDonald's Corp MCD 150.44 -0.24(-0.16%) 521 Merck & Co Inc MRK 63.29 -0.08(-0.13%) 2725 Microsoft Corp MSFT 69.6 -0.67(-0.95%) 39011 Nike NKE 54 -0.66(-1.21%) 12979 Pfizer Inc PFE 32.51 -0.18(-0.55%) 769 Procter & Gamble Co PG 88.38 -0.06(-0.07%) 857 Starbucks Corporation, NASDAQ SBUX 59.85 -0.42(-0.70%) 4432 Tesla Motors, Inc., NASDAQ TSLA 373.23 -7.43(-1.95%) 179586 The Coca-Cola Co KO 45.35 0.05(0.11%) 837 Travelers Companies Inc TRV 127.69 -0.27(-0.21%) 750 Twitter, Inc., NYSE TWTR 16.5 -0.26(-1.55%) 61142 UnitedHealth Group Inc UNH 181.28 -0.33(-0.18%) 535 Verizon Communications Inc VZ 46.4 -0.29(-0.62%) 3502 Visa V 94.54 -0.78(-0.82%) 3206 Wal-Mart Stores Inc WMT 79.65 -0.25(-0.31%) 1434 Yahoo! Inc., NASDAQ

15 июня, 15:45

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

Аналитики Raymond James возобновили рейтинг акций Barrick Gold (ABX) на уровне Market Perform ------------------------------------------------------------- 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

Выбор редакции
14 июня, 19:57

Tanzania and Acacia Mining to seek peace deal in exports row

Chief of parent Barrick Gold in talks with President Magufuli to end damaging dispute

14 июня, 18:15

India’s Gold Demand Booms Ahead Of Regulation Shakeup

Key Africa gold nation Tanzania stepped up its fight against miners this week. Accusing Barrick Gold-backed Acacia Mining of operating illegally in the country — as well as underpaying government royalties. That should mean a continued lack of gold supply here. With the drop in output coming as bullion demand is reportedly ramping up in one of the world’s major markets — where new policies are continuing to re-shape the face of the gold market. India. Local press reported that gold buying in India has seen a major spike the last…

14 июня, 15:57

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) ALTRIA GROUP INC. MO 74.99 0.04(0.05%) 905 Amazon.com Inc., NASDAQ AMZN 984.1 3.31(0.34%) 38314 American Express Co AXP 80.5 -0.09(-0.11%) 2560 Apple Inc. AAPL 147.25 0.66(0.45%) 102089 AT&T Inc T 38.78 0.10(0.26%) 3845 Barrick Gold Corporation, NYSE ABX 16.6 0.27(1.65%) 76523 Boeing Co BA 191.2 0.11(0.06%) 324 Chevron Corp CVX 108.06 -0.07(-0.06%) 420 Cisco Systems Inc CSCO 31.83 0.13(0.41%) 384 Citigroup Inc., NYSE C 64.25 -0.44(-0.68%) 46244 Facebook, Inc. FB 151.03 0.35(0.23%) 64443 Ford Motor Co. F 11.3 0.03(0.27%) 2464 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 12.4 0.04(0.32%) 1033 General Electric Co GE 28.55 0.10(0.35%) 30056 Goldman Sachs GS 222.65 -1.55(-0.69%) 12874 Google Inc. GOOG 955.95 2.55(0.27%) 1973 Intel Corp INTC 36 0.12(0.33%) 580 International Business Machines Co... IBM 154.17 -0.08(-0.05%) 3024 JPMorgan Chase and Co JPM 86.8 -0.47(-0.54%) 19980 Merck & Co Inc MRK 63.25 -0.02(-0.03%) 6272 Microsoft Corp MSFT 70.99 0.34(0.48%) 29990 Procter & Gamble Co PG 88.25 0.19(0.22%) 4279 Starbucks Corporation, NASDAQ SBUX 60.4 -0.52(-0.85%) 9387 Tesla Motors, Inc., NASDAQ TSLA 380.45 4.50(1.20%) 227379 The Coca-Cola Co KO 45.06 0.03(0.07%) 1514 Travelers Companies Inc TRV 125.99 -0.11(-0.09%) 100 Twitter, Inc., NYSE TWTR 17.01 0.04(0.24%) 14771 Verizon Communications Inc VZ 46.42 -0.04(-0.09%) 873 Yahoo! Inc., NASDAQ YHOO 52.5 0.50(0.96%) 140164 Yandex N.V., NASDAQ YNDX 26.07 -0.21(-0.80%) 934 Источник: FxTeam

13 июня, 19:10

Wall Street: ближайшие уровни поддержки и cопротивления по основным акциям

Компания Тикер Ближайший уровень поддержки Цена Ближайший уровень сопротивления Alcoa Corporation AA 30,00 32,49 35,00 Apple Inc. AAPL 140,00 146,06 155,00 Barrick Gold Corporation ABX 16,00 16,33 17,00 American International Group, Inc. AIG 61,00 64,15 64,00 Amazon.com Inc. AMZN 940,00 975,60 1050,00 American Express Company AXP 76,00 80,49 81,00 Boeing Co. BA 175,00 191,19 195,00 Bank of America Corporation BAC 22,00 23,84 24,50 Caterpillar Inc. CAT 98,00 106,18 106,00 Cisco Systems, Inc. CSCO 31,00 31,64 34,50 Chevron Corporation CVX 100,00 108,21 108,00 E. I. du Pont DD 76,00 82,32 83,00 Walt Disney Co. DIS 104,00 106,94 108,00 Ford Motor Co. F 10,50 11,30 11,50 Facebook, Inc. FB 145,00 150,32 155,00 FedEx Corporation FDX 184,00 209,26 210,00 General Electric Company GE 27,00 28,56 29,50 General Motors Company GM 32,00 34,58 35,00 Google Inc. GOOG 900,00 949,72 1000,00 The Goldman Sachs Group GS 210,00 224,27 230,00 The Home Depot, Inc. HD 150,00 153,21 160,00 Honeywell International Inc. HON 128,00 134,14 134,00 Hewlett-Packard Company HPQ 17,00 17,81 19,50 International Business Machines IBM 150,00 154,71 160,00 Intel Corporation INTC 35,00 35,80 37,00 International Paper Co. IP 50,00 55,71 56,00 Johnson & Johnson JNJ 126,00 131,66 132,00 JPMorgan Chase & Co. JPM 82,00 87,42 88,00 The Coca-Cola Company KO 44,00 44,97 46,00 McDonald's Corp. MCD 140,00 149,60 155,00 3M Co. MMM 200,00 209,00 210,00 Altria Group Inc. MO 70,00 74,78 76,00 Merck & Co. Inc. MRK 62,00 63,39 65,50 Microsoft Corporation MSFT 68,00 70,37 73,00 Nike Inc. NKE 50,00 54,52 56,00 Pfizer Inc. PFE 32,00 32,73 34,50 Procter & Gamble Co. PG 86,00 87,86 89,00 Starbucks Corporation SBUX 60,00 60,90 65,00 AT&T, Inc. T 37,00 38,87 40,00 The Travelers Companies, Inc. TRV 120,00 125,60 126,00

13 июня, 16:03

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) Amazon.com Inc., NASDAQ AMZN 1011.25 0.98(0.10%) 8648 American Express Co AXP 80 0.05(0.06%) 767 Apple Inc. AAPL 155.2 0.21(0.14%) 59552 AT&T Inc T 38.69 0.19(0.49%) 663 Barrick Gold Corporation, NYSE ABX 16.45 -0.19(-1.14%) 36331 Boeing Co BA 189.35 -0.58(-0.31%) 231 Caterpillar Inc CAT 104.75 -0.26(-0.25%) 405 Cisco Systems Inc CSCO 31.82 0.21(0.66%) 579 Citigroup Inc., NYSE C 63.7 0.49(0.78%) 39405 Exxon Mobil Corp XOM 80.76 0.14(0.17%) 806 Facebook, Inc. FB 154.78 0.07(0.05%) 62136 Ford Motor Co. F 11.06 -0.04(-0.36%) 3165 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 12.14 0.08(0.66%) 7701 General Electric Co GE 27.65 0.06(0.22%) 2449 Goldman Sachs GS 219.8 1.04(0.48%) 6257 Google Inc. GOOG 985 1.59(0.16%) 1525 Home Depot Inc HD 153.35 -0.15(-0.10%) 286 Intel Corp INTC 36.53 0.05(0.14%) 2139 JPMorgan Chase and Co JPM 85.37 0.42(0.49%) 4883 McDonald's Corp MCD 151.85 0.42(0.28%) 372 Microsoft Corp MSFT 72.1 0.15(0.21%) 12070 Pfizer Inc PFE 31.84 0.09(0.28%) 1342 Procter & Gamble Co PG 88.1 0.25(0.28%) 1528 Starbucks Corporation, NASDAQ SBUX 62.48 0.24(0.39%) 6558 Tesla Motors, Inc., NASDAQ TSLA 372.98 2.98(0.81%) 133730 The Coca-Cola Co KO 45.08 -0.05(-0.11%) 1451 Twitter, Inc., NYSE TWTR 17.69 0.10(0.57%) 25811 Verizon Communications Inc VZ 46.31 0.12(0.26%) 943 Visa V 96.2 0.11(0.11%) 4149 Wal-Mart Stores Inc WMT 79.25 0.32(0.41%) 519 Walt Disney Co DIS 104.4 0.08(0.08%) 764 Yahoo! Inc., NASDAQ YHOO 55.84 0.13(0.23%) 24511 Yandex N.V., NASDAQ YNDX 26.72 -0.03(-0.11%) 2386 Источник: FxTeam

12 июня, 17:14

Goldcorp (GG) Completes Formation of 50/50 JV with Barrick

Goldcorp (GG) announced that it has completed the transactions to form a 50/50 joint venture (JV) with Barrick Gold Corporation, for the gold projects in the Maricunga District in Chile.

09 июня, 15:58

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) Amazon.com Inc., NASDAQ AMZN 1011.25 0.98(0.10%) 8648 American Express Co AXP 80 0.05(0.06%) 767 Apple Inc. AAPL 155.2 0.21(0.14%) 59552 AT&T Inc T 38.69 0.19(0.49%) 663 Barrick Gold Corporation, NYSE ABX 16.45 -0.19(-1.14%) 36331 Boeing Co BA 189.35 -0.58(-0.31%) 231 Caterpillar Inc CAT 104.75 -0.26(-0.25%) 405 Cisco Systems Inc CSCO 31.82 0.21(0.66%) 579 Citigroup Inc., NYSE C 63.7 0.49(0.78%) 39405 Exxon Mobil Corp XOM 80.76 0.14(0.17%) 806 Facebook, Inc. FB 154.78 0.07(0.05%) 62136 Ford Motor Co. F 11.06 -0.04(-0.36%) 3165 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 12.14 0.08(0.66%) 7701 General Electric Co GE 27.65 0.06(0.22%) 2449 Goldman Sachs GS 219.8 1.04(0.48%) 6257 Google Inc. GOOG 985 1.59(0.16%) 1525 Home Depot Inc HD 153.35 -0.15(-0.10%) 286 Intel Corp INTC 36.53 0.05(0.14%) 2139 JPMorgan Chase and Co JPM 85.37 0.42(0.49%) 4883 McDonald's Corp MCD 151.85 0.42(0.28%) 372 Microsoft Corp MSFT 72.1 0.15(0.21%) 12070 Pfizer Inc PFE 31.84 0.09(0.28%) 1342 Procter & Gamble Co PG 88.1 0.25(0.28%) 1528 Starbucks Corporation, NASDAQ SBUX 62.48 0.24(0.39%) 6558 Tesla Motors, Inc., NASDAQ TSLA 372.98 2.98(0.81%) 133730 The Coca-Cola Co KO 45.08 -0.05(-0.11%) 1451 Twitter, Inc., NYSE TWTR 17.69 0.10(0.57%) 25811 Verizon Communications Inc VZ 46.31 0.12(0.26%) 943 Visa V 96.2 0.11(0.11%) 4149 Wal-Mart Stores Inc WMT 79.25 0.32(0.41%) 519 Walt Disney Co DIS 104.4 0.08(0.08%) 764 Yahoo! Inc., NASDAQ YHOO 55.84 0.13(0.23%) 24511 Yandex N.V., NASDAQ YNDX 26.72 -0.03(-0.11%) 2386 Источник: FxTeam

08 июня, 16:04

Wall Street. Акции на премаркете

(компания / тикер / цена / изменение ($/%) / проторгованый объем) 3M Co MMM 204.5 -0.51(-0.25%) 61534 ALCOA INC. AA 32.89 0.07(0.21%) 1504 Amazon.com Inc., NASDAQ AMZN 1013.5 3.43(0.34%) 109749 Apple Inc. AAPL 155.6 0.23(0.15%) 1144637 Barrick Gold Corporation, NYSE ABX 16.84 -0.05(-0.30%) 55561 Chevron Corp CVX 103.15 -0.62(-0.60%) 391489 Cisco Systems Inc CSCO 31.62 0.01(0.03%) 1039332 Citigroup Inc., NYSE C 62.05 0.17(0.27%) 579390 Exxon Mobil Corp XOM 80.61 -0.30(-0.37%) 857924 Facebook, Inc. FB 153.63 0.51(0.33%) 537828 Ford Motor Co. F 10.93 -0.14(-1.26%) 1132401 Freeport-McMoRan Copper & Gold Inc., NYSE FCX 11.85 0.13(1.11%) 287185 General Motors Company, NYSE GM 33.8 -0.54(-1.57%) 297403 Goldman Sachs GS 216.06 0.28(0.13%) 78081 Hewlett-Packard Co. HPQ 18.25 0.01(0.05%) 174792 Intel Corp INTC 36.35 0.09(0.25%) 979312 International Business Machines Co... IBM 151.3 0.32(0.21%) 178438 Johnson & Johnson JNJ 130.4 -0.35(-0.27%) 560284 JPMorgan Chase and Co JPM 84.1 0.19(0.23%) 745131 Microsoft Corp MSFT 72.41 0.02(0.03%) 1608136 Nike NKE 53.4 0.17(0.32%) 276926 Starbucks Corporation, NASDAQ SBUX 63.75 0.25(0.39%) 301149 Tesla Motors, Inc., NASDAQ TSLA 363.75 4.10(1.14%) 110111 The Coca-Cola Co KO 45.48 -0.03(-0.07%) 814892 Twitter, Inc., NYSE TWTR 17.38 -0.06(-0.34%) 30989 Visa V 95.9 -0.19(-0.20%) 1358 Wal-Mart Stores Inc WMT 79.2 0.05(0.06%) 155282 Yahoo! Inc., NASDAQ YHOO 55 4.45(8.80%) 2464396 Yandex N.V., NASDAQ YNDX 26.68 -0.06(-0.22%) 2585 Источник: FxTeam

07 июня, 16:30

The Zacks Analyst Blog Highlights: Barrick Gold, Newmont Mining, McEwen Mining and Klondex Mines

The Zacks Analyst Blog Highlights: Barrick Gold, Newmont Mining, McEwen Mining and Klondex Mines

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".