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Two Ways: African Miners Get a Gold Star


Strengthen your portfolio in good times and bad.


Miners Go for the Gold

With the price of gold up on the year, Africa's largest gold miners are likely to announce that first- quarter profits rose due to the yellow metal's high appeal. Gold Fields (GFI) reports Thursday and, according to Bloomberg, the company's net income may have more than doubled.

Harmony Gold Mining Company (HMY) is up the next day, and could show a 20% increase in profit. AngloGold Ashanti (AU), the largest of the three, is scheduled to report on May 15, and is expected to post earnings per share of 3.70 rand ($0.45). All of the miners are based in Johannesburg. South Africa is the world's third-largest gold producer behind the US and China.

See Toddo's thoughts in Toddo on TV: The Next Step for Gold.

From the Bull Pen: Notice the Goldminers ETF (GDX) breaking the downtrend since its March high. Those bullish can play the upside with a sell stop below yesterday's low ($33.50).

From the Bear Cave: Bears can watch the Dollar Index (DXY) to see if it will make a new low. If it closes below 83, the next level of interest is near 81.50. Vehicle of choice can be the Bearish Dollar Fund (UDN).

Quick Check Around the World

Asian trading closed with the Hang Seng 0.30%, India -0.03%, Shanghai 0.29% and Taiwan 0.78%.

Glancing towards Europe, we see the CAC 0.36%, DAX 0.11%

As of 8:10 AM EST, S&P Futures are trading -3 to 899.00, and Nasdaq futures are -2 to 1420.00.

A Look at Commodities

Over in commodities, crude oil is trading -0.45 to 54.02 while gold is +9.40at 911.60 this morning. Silver is +0.207 to 13.32 and copper -2.35 to 212.15.

The dollar index is -0.2500 to 83.8650.

On the Radar


10:00 ISM Services 42.0

Click here for the full trading radar.

Good luck today!

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