Core Viewpoint - Barrick Mining Corporation and Agnico Eagle Mines Limited are leading gold producers with diversified portfolios, positioned to benefit from favorable gold prices and geopolitical tensions, making them relevant for investors in the precious metals sector [1][25]. Gold Price Dynamics - Gold prices have increased approximately 29% this year, reaching a peak of $3,500 per ounce in April 2025, driven by aggressive trade policies and central bank accumulation of gold reserves [2]. Barrick Mining Corporation - Barrick is advancing key growth projects, including Goldrush and the Reko Diq project, which are expected to significantly enhance production [4][5]. - The Goldrush mine aims for 400,000 ounces of production annually by 2028, while the Reko Diq project is projected to produce 460,000 tons of copper and 520,000 ounces of gold annually [5]. - Barrick's Lumwana copper mine expansion is a $2 billion project expected to double throughput and produce 240,000 tons of copper annually [6]. - As of Q1 2025, Barrick reported cash and cash equivalents of approximately $4.1 billion and generated operating cash flows of around $1.2 billion, a 59% increase year-over-year [7]. - Barrick's dividend yield is 1.9% with a payout ratio of 28% and a five-year annualized dividend growth rate of about 5.1% [8]. - However, Barrick faces challenges with rising costs, with cash costs per ounce of gold and all-in-sustaining costs increasing by approximately 16% and 20% year-over-year, respectively [10]. Agnico Eagle Mines Limited - Agnico Eagle is focused on growth projects such as the Odyssey project and the Hope Bay project, which is expected to generate significant cash flow [11][12]. - Following its merger with Kirkland Lake Gold, Agnico Eagle has established itself as a high-quality senior gold producer with a strong pipeline of projects [13]. - In Q1 2025, Agnico Eagle's operating cash flow increased by roughly 33% year-over-year to $1,044 million, with free cash flows of $594 million, up around 50% [14][15]. - Agnico Eagle has a lower long-term debt-to-capitalization ratio of about 5% compared to Barrick's 12.3%, indicating lower financial risk [15]. - The company offers a dividend yield of 1.3% with a payout ratio of 32% and a five-year annualized dividend growth rate of 10.3% [15]. - Agnico Eagle's total cash costs per ounce of gold were $903, with projections for 2025 indicating an increase in costs [16]. Stock Performance and Valuation - Year-to-date, Barrick's stock has increased by 36.3%, while Agnico Eagle's stock has risen by 56.8%, outperforming the Zacks Mining – Gold industry's increase of 55.4% [17]. - Barrick is trading at a forward 12-month earnings multiple of 10.73, representing a 23.8% discount to the industry average of 14.08X [20]. - Agnico Eagle trades at a premium with a forward earnings multiple of 20.27, above the industry average [21]. Growth Prospects - The consensus estimates for Barrick's 2025 sales and EPS imply year-over-year growth of 13.7% and 43.7%, respectively [22]. - Agnico Eagle's 2025 sales and EPS estimates suggest year-over-year growth of 23.6% and 43%, respectively [23]. - Both companies are well-positioned to capitalize on the current gold price environment, but Agnico Eagle's higher dividend growth rate and lower leverage may present better investment prospects [25].

Core Insights - Arm Holdings (ARM) faces increasing risks of slower growth in China due to the country's shift towards RISC-V architecture, which contributed 19% of ARM's total sales in fiscal 2025, with revenues from China rising only 7.5% year over year [1][7] Group 1: Market Dynamics - China's ambition to localize its semiconductor ecosystem is driving the promotion of RISC-V as an alternative to Arm's proprietary models, offering cost advantages and design flexibility [2] - Major Chinese tech firms, including Alibaba Cloud, Huawei, Tencent, and ZTE, are backing RISC-V, which raises competitive pressure on ARM's presence in China [3][7] Group 2: Competitive Landscape - NVIDIA and AMD are closely monitoring China's shift to RISC-V, as it poses a threat to their market positions in AI hardware and server chips [4][5] - AMD's EPYC server chips directly compete with China's new Lingyu RISC-V server chip, indicating potential market share erosion for AMD if RISC-V adoption accelerates [5] Group 3: Financial Performance - ARM's stock has gained 18% year to date, outperforming the industry's 5% rally, but it trades at a forward price-to-sales ratio of 31.5, significantly higher than the industry's 8.1 [6][8] - The Zacks Consensus Estimate for ARM's earnings has been declining over the past 60 days, reflecting potential challenges ahead [10]

Core Insights - Pan American Silver (PAAS) and First Majestic Silver (AG) are prominent players in the silver mining sector, both headquartered in Vancouver, Canada, and providing exposure to silver and gold [1][2] - Silver prices have increased by 28% and gold prices by 29% this year, driven by safe-haven demand, geopolitical tensions, and supply deficits [1] - The silver market is projected to face another deficit in 2025, which is expected to positively impact prices [1] Company Overview: Pan American Silver - Pan American Silver is a leading silver and gold producer in the Americas, operating 12 mines across several countries [3] - As of June 30, 2024, Pan American's mineral reserves included 468 million ounces of silver and 6.7 million ounces of gold, with an expected increase of 58 million ounces from the acquisition of MAG Silver Corp. [4][5] - The company reported a 28.6% year-over-year revenue increase to $773 million in Q1, with record mine operating earnings of $250.8 million [6][10] - Silver production was 5 million ounces in Q1, with expectations to meet 2025 guidance of 20-21 million ounces of silver [8][9] Company Overview: First Majestic Silver - First Majestic Silver focuses on silver and gold production primarily in Mexico and the U.S., operating four underground mines [13] - Proven and probable mineral reserves are estimated at 86.8 million ounces of silver and 594,000 ounces of gold as of December 31, 2024 [14] - The company achieved a 130% increase in Q1 revenues to $243.9 million, driven by the Cerro Los Gatos Silver Mine and higher silver prices [16][10] - Total production reached 7.7 million silver-equivalent ounces in Q1, marking a 49% year-over-year increase [15] Financial Performance Comparison - Pan American's adjusted earnings per share for 2025 are estimated at $1.47, reflecting an 86.1% year-over-year growth [21] - First Majestic's earnings estimate for 2025 is 12 cents per share, an improvement from a loss of 14 cents in 2024 [22] - PAAS stock has increased by 40% over the past year, outperforming the industry's growth of 18.5%, while AG has gained 30.7% [23] Valuation and Market Position - Pan American is trading at a forward price-to-sales multiple of 3.39X, below the industry average of 4.06X, while AG trades at 4.48X [25] - Pan American offers a dividend yield of 1.38%, significantly higher than First Majestic's 0.22% [27] - The average price target for Pan American suggests a 9% increase, while First Majestic's average price target implies a 2% decline [28] Investment Outlook - Both companies are positioned to benefit from rising silver and gold prices, with strong production expectations and expansion efforts [29] - Pan American has shown better performance in share price gains and dividend yield, along with positive earnings estimate revisions [30] - With a more attractive valuation and higher growth potential, Pan American Silver is viewed as a more compelling investment choice compared to First Majestic [33]

June 17, 2025 02:00 PM GMT Internet | North America Where Are We Trading Now: After a Geopolitically Charged Week Internet names fell -1% last week (SPX/NDX flat/-1%) led by AMZN/GOOGL/META -1%/+1%/-2% as geopolitical tensions weighed on the market in the back half of the week. APP -13%, CHWY -14% (post-EPS move), and DUOL -7%. AMZN/GOOGL/ META 30X/17X/25X '26 EPS (-4%/-6%/+12% vs TTM avg). We would greatly appreciate your 5-star vote in the Internet Large Cap and Internet SmidCap categories in this year's ...

The direction of the Fed next year. You already see record futures wagers in the market, with a lot of investors betting that the next Fed chair will be dovish. But given where we are right now, given the concerns about inflation, especially on the heels of all of this geopolitical tension, do you think that because the president wants lower rates, that the central bank can deliver them.Because I think the big question is, is the president going to appoint a shadow Fed chair. Right. There's a lot of talk th ...

THE SMI IS UP BY .2% PLUS OF THE CONVERSATIONS, ANALYSIS START RIGHT NOW. ♪ >> NEWSMAKERS AND MARKET MOVERS, THIS IS "THE PULSE WITH FRANCINE LACQUA." TOM: GOOD MORNING AND WELCOME TO "THE PULSE." I AM TOM MACKENZIE. THESE ARE YOUR TOP STORIES.DONALD TRUMP HAS HELD TALKS WITH HIS NATIONAL SECURITY TEAM FUELING SPECULATION THE U.S. IS ABOUT TO TAKE A MORE ACTIVE ROLE IN ISRAEL'S MILITARY ACTION IN IRAN. BLOOMBERG UNDERSTANDS YESTERDAY'S MEETING IN WASHINGTON LASTED MORE THAN AN HOUR. IT WAS FOLLOWED BY A CAL ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The medium - to long - term trend of precious metals may be bullish. Short - term investors are advised to closely monitor the impact of changes in the Middle East geopolitical situation on risk - aversion sentiment and focus on the statements of the Fed's June FOMC meeting regarding inflation, the economy, and interest rate prospects. Short - term corrections are still regarded as medium - to long - term buying opportunities [5]. 3. Summary According to Related Catalogs 3.1 Market Performance - On Tuesday, the precious metals market showed gold fluctuating and silver rising. The surrounding US dollar index rose, the 10Y US Treasury yield fell, and the US stock market declined, indicating an increase in the demand for US dollar safe - haven assets. The final closing prices were: COMEX gold 2508 contract at $3406.5 per ounce, down 0.32%; US silver 2507 contract at $37.18 per ounce, up 2.01%; SHFE gold 2508 main contract at 785.08 yuan per gram, down 1.46%; SHFE silver 2508 contract at 8864 yuan per kilogram, up 0.45% [2]. 3.2 Interest Rate Expectations and Fund Holdings - According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged in June is 97.3%, and the probability of a 25 - basis - point rate cut is 2.7%. In July, the probability of keeping rates unchanged is 85.3%, the probability of a cumulative 25 - basis - point rate cut is 14.4%, and the probability of a cumulative 50 - basis - point rate cut is 0.3%. In September, the probability of keeping rates unchanged is 36.7%, the probability of a cumulative 25 - basis - point rate cut is 54.8%, the probability of a cumulative 50 - basis - point rate cut is 8.3%, and the probability of a cumulative 75 - basis - point rate cut is 0.2% [3]. - In terms of long - term funds, the SPDR Gold ETF's holdings increased by 4.01 tons to 945.94 tons, while the iShares Silver ETF's holdings decreased by 39.58 tons to 14675.36 tons. SHFE silver inventory increased by 20.2 tons to 1215.1 tons, and SGX silver inventory increased by 59.6 tons to 1378.9 tons in the week ending June 13 [3]. 3.3 Key Events This Week - The US retail sales month - on - month rate announced on Tuesday was - 0.9%, lower than the expected - 0.7%, and the previous value was revised down. The Bank of Japan's interest rate decision on Tuesday maintained the third on - hold stance this year. The focus this week is on the Fed's June FOMC meeting early on Thursday. The Fed will announce its interest rate decision and economic outlook summary at 02:00 on Thursday, and Fed Chairman Powell will hold a monetary policy press conference at 02:03. The Bank of England will announce its interest rate decision at 19:00 on Thursday [4]. 3.4 Technical Analysis and Trading Suggestions - For London gold, the short - term technical trend has weakened. Support levels are around 3365, with strong support at 3300, and resistance levels at 3400, 3450, and strong resistance in the 3500 area. For London silver, the short - term trend has strengthened. Support levels are in the 36.9 - 37 area, then 36, 35.5, with strong support in the 34.8 - 35 area, and the upside space has opened up to the 40 area, and even 45 is possible [5]. 3.5 Other Market Data - The table shows the latest prices, daily changes, and daily change rates of precious metal futures and spot prices, including SHFE gold and silver, SGX gold and silver, CME gold and silver, and the CME gold - silver ratio [6]. - The table presents the latest values, daily changes, and daily change rates of stock, bond, and commodity markets, such as the US dollar index, US dollar - RMB exchange rate, Dow Jones Industrial Average, WTI crude oil spot price, LmeS copper 03 price, 10Y US Treasury yield, 10Y US real interest rate, and 10 - 2Y US Treasury yield spread [24].

and others. Let's bring in Wells Fargo Investment Institute senior global markets strategist Scott Ren. Scott, good to have you.So, the major averages closed down nearly a percent today. The NASDAQ fairing worst. It's not a reaction to the 10-year, which was lower today. It's a reaction to oil.Well, John, I think that's part of it. And, you know, certainly the market, especially if we have a big jump, uh, you know, $90, $100 a barrel or something like that, that's going to be a negative. But I think a lot o ...

>> Investors are paying close attention to Iran and Israel trading strikes. In addition, the fed begins its latest meeting today. Joining us now on rates Megan Draper, global head of debt capital markets at Barclays.And you know, as usual another day we've got another another scary talk about how US debt level highest the talk of Wall Street. Have you been talking about it a lot. The high debt level.Yes. >> I think the most worrisome part of the market has been the volatility in rates, without question. But ...

Well, let's talk more trade and rising geopolitical tensions. Joining me now is Ambassador Nicholas Burns, former US Ambassador to China. He's currently co-chair of the Aspen Strategy Group and a professor at the Harvard Kennedy School.Ambassador, thanks for joining me. So, we just heard from Megan Cassal. The president is not seeking deescalation between Israel and Iran.At the same time, the US seems to be getting a lot of its goals addressed through some unusually aggressive means in Iran right now. What' ...