GOLD INDUSTRY – – THE SHAREHOLDERS OWN THE “GLD” ETF, WHICH COULD BE SOLD TO REPAY A SMALL BIT OF THE WGC MEMBERS’ DEBTS 11/17/2014
SPOT MARKETS – – SUDDEN REVERSALS AFTER SHORTS SQUEEZED; BROAD EVIDENCE OF INDUSTRIAL DECLINE IN CHINA IN SEPT. AND OCTOBER 11/18/2014
RIO TINTO (RIO $47.25, rated Underweight, Price Target Cut to $40 from 48) MINERS DEBATE WHETHER TO CUT MINE OUTPUT AS STEEL OUTPUT SLOWS; PRICE TARGET AND ESTIMATES CUT TO REFLECT 2% LESS 2015 OUTPUT @ $60/T 11/18/2014
SILVER WHEATON (SLW $21.35 rated Neutral, $24 down from $26 price target) LOWER LONG TERM SILVER PRICE ESTIMATES PARTIALLY OFFSET BY MODEL ACCRETION AND MINOR PRODUCTION REVISIONS 11/19/2014
SANDSTORM GOLD (SAND $3.05, rated Overweight, Price Target reduced to $5 from $6) 17% GOLD STREAM ON LUNA GOLD’S AURIZONA MINE RESTRUCTURED TO A 10% REVENUE ROYALTY AT GOLD PRICES ABOVE $1,350/OZ 11/20/2014
CENTURY ALUMINUM (CENX $27.84, rating Overweight; price target raised to $45 from $37/share) HIGHER ESTIMATED DIRECT/LOWER TOLL SALES AND LOWER FUTURE POWER COSTS AT MOUNT HOLLY INCREASES EARNINGS AND CASH FLOW ESTIMATES 11/24/2014
COPPER INDUSTRY – – COPPER PRICE ESTIMATES RAISED TO $3.25 FROM $3.00 FOR 2016-18 AND REITERATE BUY RECOMMENDATIONS; DEMAND GROWTH NEAR 7% OUTSTRIPS “NO GAIN” IN 2014 MINE OUTPUT 11/24/2014
STEEL INDUSTRY – – DEFECTS IN COMPETITION OR INSUFFICIENT COMPETITION CREATE “NONSENSICAL” PRICE RELATIONSHIPS 11/24/2014
SPOT MARKETS – – SUPPLIES FALLING AS COMPANIES REACT TO LOW PRICES AND/OR POOR RETURNS; Cu, Al, Pb, Zn, Ni and Pt VERY PROMISING 11/26/2014
VALE ( $9.47; rated Overwieght, price target lowered to $13/share from $15/share) FINISHING CARAJAS S11d “Serra Sul” WHILE WEATHERING IRON ORE PRICE AND VOLUME SHORTFALLS; IPO OF CU-NI VALUED AT $20 BILLION REQUIRING INVESTOR EXPECTATIONS OF $10 Ni and $3.50 …