Gold ETF’s Try To Interpret Anglogold Earnings (AU, GLD, GDX)
With gold back well above the $900.00 mark, it seems that the SPDR Gold Shares (NYSE: GLD) and the Market Vectors Gold Miners ETF (NYSE: GDX) are trying to interpret a key gold earnings report. South African gold miner AngloGold Ashanti Ltd. (NYSE:AU) reported first quarter 2009 profits of $150 million and EPS of $0.42, substantially better than fourth quarter 2008 loss of $17 million (EPS loss of -$0.05).
With only 1 real estimate seen in the U.S., this is one to watch but one that is hard to use for significant comparisons. Production totaled 1.103 million ounces of gold, down 13% from the previous quarter, but inline with previous guidance. Cash costs were also inline, totaling $445/ounce. Revenue for the quarter was $689 million, way off analysts expectations of $1.05 billion and down 22% sequentially.
Full Story: http://247wallst.com/2009/05/15/gold-etfs-try-to-interpret-anglogold-earnings-au-gld-gdx/
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