Core Viewpoint - Royal Gold (RGLD) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which have a strong correlation with near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling pressure that affects stock prices [4]. Recent Performance of Royal Gold - For the fiscal year ending December 2025, Royal Gold is expected to earn $6.78 per share, reflecting a 28.9% increase from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Royal Gold has risen by 7%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with only the top 20% of stocks receiving a 'Strong Buy' or 'Buy' rating [9][10]. - Royal Gold's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

同时面对近期居高不下的金价，准备结婚的准新人在准备"三金"时，选择以租赁的方式完成婚俗仪式。在广州市白云区的金饰店，有老板专门为可供租赁 的"三金"配饰开了个专柜，有龙凤盘旋的足金颈链、刻着双喜的手镯，甚至还有黄金制作而成的"结婚证书"。老板说，随着金价走高，如今，越来越多的 人愿意接受这种租"三金"的方式。一家主营金饰租赁业务的商家向记者表示，租"三金"是近期才出现的形式，"五一"假期是结婚高峰期，不少热门款式被 订购空了。上述商家介绍称，租赁黄金首饰的价格一般在30元/克，押金则按黄金大盘价格收取。 监管部门持续强化市场风险警示。上海黄金交易所于4月下旬上调部分合约保证金比例，多家银行收紧信用卡购金额度，明确贷款资金不得用于黄金投 资。分析人士指出，此举旨在抑制短期投机行为，引导市场理性交易。国家注册黄金分析师张文斌表示尽管短期金价受市场情绪影响承压，但长期支撑因 素仍然存在，黄金未来的配置价值依然值得期待，从未来十年甚至二十年的维度来看，商品的价格还比较乐观。国内黄金ETF一季度资金流入量创历史新 高，反映投资者对黄金避险属性的持续关注。机构普遍认为，地缘政治不确定性及全球经济复苏压力或为金价提供中长期 ...

Core Insights - Wheaton Precious Metals Corp. reported a revenue of $470.41 million for Q1 2025, marking a year-over-year increase of 58.5% and exceeding the Zacks Consensus Estimate by 13.36% [1] - The earnings per share (EPS) for the same quarter was $0.55, up from $0.36 a year ago, representing a surprise of 10.00% over the consensus estimate of $0.50 [1] Financial Performance Metrics - Units sold for silver were 4,483 ounces, surpassing the average estimate of 4,355.46 ounces from 12 analysts [4] - Gold production from Sudbury was 4.89 ounces, below the estimated 6.52 ounces, while production from Salobo was 71.38 ounces, exceeding the estimate of 62.04 ounces [4] - Gold production from Constancia was 4.88 ounces, below the average estimate of 8.71 ounces [4] - Silver sales reached $144.94 million, exceeding the estimate of $136.26 million and reflecting a 50% increase year-over-year [4] - Gold sales amounted to $319.70 million, surpassing the average estimate of $274.21 million, with a year-over-year increase of 67.7% [4] - Sales of palladium were $2.37 million, below the estimate of $2.58 million, representing a year-over-year decline of 49.3% [4] - Cobalt sales were $3.41 million, below the estimated $4.59 million, reflecting a year-over-year decrease of 28.8% [4] Stock Performance - Wheaton Precious Metals shares have returned 13.8% over the past month, outperforming the Zacks S&P 500 composite's 11.3% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Insights - Pan American Silver reported a revenue of $773.2 million for the quarter ended March 2025, marking a 28.6% increase year-over-year and a surprise of +10.99% over the Zacks Consensus Estimate of $696.62 million [1] - The company's EPS for the quarter was $0.42, significantly up from $0.01 in the same quarter last year, resulting in an EPS surprise of +121.05% compared to the consensus estimate of $0.19 [1] Financial Performance - The stock of Pan American Silver has returned +15.3% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change, and currently holds a Zacks Rank 2 (Buy) [3] - Key production metrics include: - Gold production: 182.2 Koz, slightly below the average estimate of 185.63 Koz [4] - Silver production: 5,003 Koz, exceeding the average estimate of 4,877.26 Koz [4] - La Colorada Operation produced 1.2 Koz of gold, above the average estimate of 0.66 Koz, and 1,389 Koz of silver, slightly above the average estimate of 1,357.67 Koz [4] - Huaron Operation produced 951 Koz of silver, exceeding the average estimate of 888.87 Koz [4] - San Vicente Operation produced 643 Koz of silver, above the average estimate of 629.11 Koz [4] - Dolores Operation produced 349 Koz of silver and 14 Koz of gold, both exceeding their respective average estimates [4] - Shahuindo Operation produced 29.5 Koz of gold, slightly below the average estimate of 30.43 Koz [4] - Timmins Operation produced 28.5 Koz of gold, below the average estimate of 30.31 Koz [4] Pricing Metrics - Average realized prices per ounce were: - Silver: $31.25, slightly below the average estimate of $32.08 [4] - Gold: $2,868, above the average estimate of $2,786.08 [4]

Financial Data and Key Metrics Changes - Revenues for fiscal Q3 2025 increased 15% to $3,000,000,000 from $2,600,000,000 in the same year-ago quarter, with an 18% increase when excluding forward sales [7][8] - Gross profit for fiscal Q3 2025 increased 18% to $41,000,000, representing 1.36% of revenue, compared to $34,800,000 or 1.33% of revenue in Q3 of last year [8][9] - Net loss attributable to the company for Q3 2025 totaled $8,500,000 or $0.36 loss per diluted share, compared to net income of $5,000,000 or $0.21 per diluted share in Q3 of last year [14] Business Line Data and Key Metrics Changes - The DTC segment contributed 19% of consolidated revenue in Q3 2025, while JMB's revenue represented 10% compared to 12% in the prior year [7][8] - Gross profit from the DTC segment represented 61% of consolidated gross profit in Q3 2025, up from 52% in Q3 2024 [9][10] - SG&A expenses for fiscal Q3 2025 increased 46% to $33,400,000, primarily due to increased consulting and professional fees [10][11] Market Data and Key Metrics Changes - Gold sales in Q3 2025 were 432,000 ounces, down 3% from the previous year, while silver sales were 15,700,000 ounces, down 39% [17] - The number of new customers in the DTC segment increased 1489% in Q3 2025, with a total of approximately 4,100,000 customers at the end of the quarter, a 64% increase from the prior year [18][19] Company Strategy and Development Direction - The company executed three strategic acquisitions during the quarter, enhancing its competitive position and expanding into higher-margin luxury segments [4][5] - The company is optimistic about long-term growth opportunities in Asian markets and aims to scale the LPM brand alongside other portfolio assets [5] Management's Comments on Operating Environment and Future Outlook - Management noted that market conditions showed modest improvement, and they remain confident in the company's long-term growth trajectory [5] - The CEO highlighted that the company is focused on integrating recent acquisitions and driving efficiencies throughout the business [20] Other Important Information - The company amended its credit facility, now having a revolving commitment of $467,000,000, and maintained its regular quarterly cash dividend program [16] - The company reported a tangible net worth of $315,700,000 at the end of the quarter, up from $306,000,000 at the end of the prior fiscal year [15] Q&A Session Summary Question: Market activity post-April - Management observed increased activity post-April 2, with a solid month for the company despite some recent slowdown [22][23] Question: Collectible space progress - Management reported good integration of recent acquisitions in the collectible space, with impressive auction demand noted [24][25] Question: Impact of backwardation - Management explained that backwardation negatively impacted results, similar to conditions experienced post-COVID, but noted a return to more normalized market conditions [29][30][33] Question: Earnings power in macroeconomic uncertainty - Management indicated that the company historically performs well in active silver markets and noted the current dominance of gold in precious metals [35][36] Question: Current stance on acquisitions - Management remains open to acquisitions, particularly when market conditions are slow, and sees potential for significant customer base growth through these strategies [46][47] Question: Trends post-Liberation Day - Management reported elevated interest and activity across all business segments throughout April, with a correlation to stock market performance [48][49] Question: Visibility on long-term holders selling inventory - Management discussed the supply-demand dynamics when long-term holders sell back into the market, affecting trading performance [54][55] Question: Financial impact of Las Vegas facility improvements - Management expressed confidence that automation improvements will lead to higher volumes and efficiencies without adding more employees [58][60] Question: Thoughts on stock buybacks - Management stated that stock buybacks are considered alongside other capital deployment strategies, with flexibility to adapt based on market conditions [62][65]

Financial Data and Key Metrics Changes - Revenues for fiscal Q3 2025 increased 15% to $3,000,000,000 from $2,600,000,000 in the same year-ago quarter, with an 18% increase when excluding forward sales [6][8] - Gross profit for fiscal Q3 2025 increased 18% to $41,000,000, representing 1.36% of revenue, compared to $34,800,000 or 1.33% of revenue in Q3 of last year [8][9] - Net loss attributable to the company for Q3 2025 totaled $8,500,000 or $0.36 loss per diluted share, compared to net income of $5,000,000 or $0.21 per diluted share in Q3 of last year [15] Business Line Data and Key Metrics Changes - The DTC segment contributed 19% of consolidated revenue in fiscal Q3 2025, while JMB's revenue represented 10% of consolidated revenue, down from 12% in the prior year [6][7] - Gross profit from the DTC segment represented 61% of consolidated gross profit in Q3 2025, up from 52% in Q3 2024 [9] - SG&A expenses for fiscal Q3 2025 increased 46% to $33,400,000, primarily due to increased consulting and professional fees [10][11] Market Data and Key Metrics Changes - Gold sales in Q3 2025 were 432,000 ounces, down 3% from the previous year, while silver sales were 15,700,000 ounces, down 39% from the same period [18][19] - The number of new customers in the DTC segment increased significantly, with 899,600 new customers in Q3 2025, up 1489% from the previous year [20] - The average order value in the DTC segment was $3,084, up 45% from Q3 2024 [21] Company Strategy and Development Direction - The company executed three strategic acquisitions during the quarter, enhancing its competitive position and expanding into higher-margin luxury segments [4] - The company is focused on integrating recent acquisitions and driving operational efficiencies to enhance shareholder value [5][17] - The company remains optimistic about long-term growth opportunities in Asian markets across wholesale and e-commerce channels [5] Management's Comments on Operating Environment and Future Outlook - Management noted that market conditions showed modest improvement, and they remain confident in the company's long-term growth trajectory [5] - The management highlighted the impact of tariffs and backwardation on trading losses and interest expenses during the quarter [3][32] - Management expressed optimism about the demand for precious metals as a safe haven during periods of market volatility [40][50] Other Important Information - The company maintained its regular quarterly cash dividend program, with the most recent dividend paid in April 2025 [17] - The company had $114,300,000 in cash at the end of the quarter, up from $48,600,000 at the end of fiscal year 2024 [16] Q&A Session Summary Question: Market activity post-April - Management observed increased activity in early April, with a solid month overall, despite a slight slowdown in the last weeks [24] Question: Progress in the collectible space - Management reported successful integration of SGI and Pinehurst, with strong demand in the collectible market [26] Question: Impact of backwardation on results - Management explained that backwardation affected trading revenue and gross profit significantly during February and March [31] Question: Earnings power in macroeconomic uncertainty - Management noted that earnings power is historically stronger in active silver markets, but gold's recent performance has been favorable [36] Question: Current stance on acquisitions - Management remains open to acquisitions, particularly when market conditions are slow, and sees potential for further growth through M&A [46] Question: Trends post-Liberation Day - Management reported elevated interest and activity across all business segments throughout April [48] Question: Visibility on long-term holders selling inventory - Management indicated that increased selling by long-term holders could impact supply and demand dynamics [54] Question: Financial impact of improvements in Las Vegas facility - Management expressed confidence that automation improvements would lead to higher volumes and efficiencies [58] Question: Thoughts on stock buybacks - Management stated that stock buybacks are considered alongside other capital deployment strategies, but current focus is on integrating recent acquisitions [66]

李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 LSEG Workspace用户可以搜寻CFTC寻找最新数据： | | | COMEX黄金 | COMEX白银 | | | Nymex铂金 | Nymex把金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (截至4月29日) | 물 | 跟上周比较 | 발 | 跟上周比较 | 官 | 跟上周比较 | 를 | 跟上周比较 | | 管理资金的净多头量 | 360 | -7. 8% | 4, 860 | +19. 4% | -3 | +76. 2% | -42 | -1.4% | | 多头量 | 483 | -5. 6% | 6.657 | +15. 9% | 45 | +11. 2% | 8 | +4. 4% | | 空头量 | 123 | +1. 8% | 1.796 | +7.5% | 48 | -11.5% | 50 | +1.8% | 这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继而反映 ...

Market Overview - On May 6, the A-share market opened with all three major indices rising, with the Shanghai Composite Index up by 0.49%, the Shenzhen Component Index up by 0.75%, and the ChiNext Index up by 0.97% [1] - A total of 4,495 stocks increased in value, while only 506 stocks declined [2] Index Performance - The Shanghai Composite Index was at 3,295.25, gaining 16.22 points (0.49%) [2] - The Shenzhen Dividend Index rose by 42.67 points (0.50%) to 8,510.95 [2] - The CSI 300 Index increased by 23.81 points (0.63%) to 3,794.38 [2] Sector Performance - The education and precious metals sectors showed the highest gains, with education up by 2.89% and precious metals up by 2.06% [4] - The communication equipment and software sectors also performed well, with increases of 2.04% and 1.63%, respectively [4] - The soft drink sector experienced the largest decline, down by 1.50% [4] Notable Stocks - Rare earth permanent magnet stocks surged, with Shenghe Resources hitting the daily limit, and Daidi Bear rising over 7% [4] - China Rare Earth saw an increase of over 5%, while Galaxy Magnetic and Northern Rare Earth also experienced significant gains [4]

Core Viewpoint - Discovery Silver Corp. has filed a final short form base shelf prospectus allowing for future offerings of securities up to C$500 million, enhancing financial flexibility for potential business developments [1][2]. Group 1: Shelf Prospectus Details - The Shelf Prospectus enables the company to offer common shares, warrants, subscription receipts, units, or a combination thereof during a 25-month period [2]. - The maximum aggregate amount for offerings under the Shelf Prospectus is C$500 million [2]. - The company aims to maintain financial flexibility to support future business developments through this renewal [2]. Group 2: Company Overview - Discovery Silver Corp. is focused on precious metals in North America, with significant exposure to silver through its Cordero project, one of the largest undeveloped silver deposits globally [5]. - The company has recently transformed into a Canadian gold producer by acquiring the Porcupine Complex from Newmont Corporation, enhancing its operational footprint in a renowned gold camp in Ontario [5]. - Discovery holds a dominant land position within the Timmins gold camp, with substantial mineral resources and exploration potential [5].

Core Viewpoint - Bunge Global SA (BG) is expected to report a significant decline in both sales and earnings for the first quarter of 2025, with sales estimated at $12.8 billion, a 4.5% decrease year-over-year, and earnings per share projected at $1.27, reflecting a 58% drop from the previous year [1] Financial Performance Estimates - The Agribusiness segment's revenues are estimated at $8.76 billion, down 10% from $9.74 billion in the prior year, with projected volumes of 19,369 thousand metric tons, a 4% decrease [4] - Adjusted EBIT for the Agribusiness segment is expected to be $206 million, a 58% decline year-over-year, with the merchandising business anticipated to see a 21% drop in EBIT to $60 million, and processing business EBIT projected to fall 68% to $133 million [5] - The Refined and Specialty Oils segment's revenues are estimated at $3.65 billion, indicating a 13% increase from the previous year, with operating income expected to drop 42% to $118 million [6][7] - The Milling segment's revenues are projected at $396 million, a 4% increase, with operating income estimated at $23 million, an 18% decline from the previous year [8] Impact of Segment Sales - The sale of the Sugar and Bioenergy segment, completed on October 1, 2024, is expected to negatively impact Bunge's income, as this non-core segment contributed $43 million in sales and $24 million in EBIT in the first quarter of 2024 [9] Stock Performance - Bunge's shares have increased by 14.3% over the past three months, outperforming the industry average growth of 2.2% [10]