evening wrap
October 24 …)
Wayne Murdy on the bell.
Roll over, Beethoven. Tesla was the it stock today.
Markets had a lively feel coming out of Europe this morning but they died at the doorstep of New York as if so ordered. Nothing could hold a rally today except gold and gold really doesn’t count because gold is beyond the reach of Blackrock. Otherwise said, you need more than $11.5 trillion AUM to play in gold today. You need gold.
Even the relic’s eponymous producers were kicked to the curb by the evil ilk. When I said the markets aren’t happy last night, look no further than the largest and only gold miner in the S&P 500, Newmont (chart below with XAU overlaid). The faltering firm only increased their sales by 85% yoy and volumes by 29%, cash flow up $780 million but AISC rose a hundie to 1600 because an idiot wind set the bar too high for the toil of men et voila.
In other markets
Copper was + $0.03, silver unchanged, gold +$20. Bonds were dead catting and whatwever the opposite of dead catting is, the dollar was doing it. Palladium held its gains and closed on the highs.
Natty ripped 20 higher because I’m a putz.
My vibe
Longs and shorts got their signals crossed today. Newmont Mining (-15%) is an utter goat tonight. Short sellers of Tesla (+20%) must be close to extinction. Ironically risk was wrong both ways. However, apart from these two unpopular Pollyannas, it was just another dull session.
fwiw… The last time NEM traded < $50, gold was $180.00 dollars lower. There is no such thing as a risky asset, only a risky price.
gold miners after the NEM earnings call
Good luck in Asia!
JJ
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Charts and data CQG and Bloomberg
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Wow. I hadn't hearsd anything like this. Apart from all the noise they did mine a lot gold in Q 3 and sold it for good price. Most of nuances I heard on the call were over my head but the investors were clearly bummed. One of the bigger compaaints was general and Admin exopense were too high pushing up AISC... so the money side of the report was full of misses. The ops were beats
NEM - CEO quietly moves to hide in Perth, closed Denver HQ main office, DEI hires all over, and also hires the worst IR E&P from OXY hoping Buffett buys the stock...and hmmm...management does this....As Twain said - or something a akin "A gold mine is a hole in the ground with a liar standing in front of it"....WHY CAN"T THINGS BE PASTED IN COMMENTS!!! Anyway, insiders have been selling the stock like no tomorrow...