Portfolio Update -- Q2 Earnings Edition
Rising commodities prices turbocharge miners' cash flow
This update was delayed to allow Portfolio companies to report their Q2 earnings — which turned out to be pretty good, thanks to higher gold, copper, and uranium prices. Gold, for example, was up about 17% year-over-year in Q2…
… producing higher revenue and — for the best-run miners — increased earnings and cash flow. Among the big gold miners (available via ETFs like GDX and SGDM):
Agnico Eagle Mines reports record cash haul in Q2, boosts exploration
Newmont generates $594 million in free cash flow in Q2
Canada's Barrick Gold reports Q2 profit beat on higher output, prices
Rising cash flow leads big miners to pay up for smaller ones, illustrated by the whopping 67% premium Anglo Gold just paid for Osisko Mining. See A Glimpse of the Future for Successful Gold Explorers.
Other Macro and Sector News
The commodity supercycle revisited—Ahead of the Herd
Silver Market Update – Catching Up With Multiple Junior Silver Stocks
400 oz Gold Bars Now A Million Bucks
Investors are unwinding the biggest ‘carry trade’ the world has ever seen, SocGen strategist says
Copper Prices Are A Can't-Miss Bet; Why Power-Hungry AI, EVs Will Fuel FCX, TECK
African Countries Are Turning to Gold
India slashes import tax on gold, silver to tackle smuggling
Is China hiding how much Gold it really has?
As for the direction of the broader markets, iconic investor Warren Buffet’s Berkshire Hathaway is selling shares and raising cash, historically a sign of a cyclical top:
