ProShares Ultra Gold (UGL)
- Previous Close
105.88 - Open
106.41 - Bid 106.92 x 1200
- Ask 107.22 x 1200
- Day's Range
105.71 - 107.20 - 52 Week Range
56.81 - 107.20 - Volume
161,427 - Avg. Volume
200,912 - Net Assets 303.67M
- NAV 105.60
- PE Ratio (TTM) --
- Yield 0.00%
- YTD Daily Total Return 65.77%
- Beta (5Y Monthly) 0.45
- Expense Ratio (net) 0.95%
The fund seeks to meet its investment objective by investing, under normal market conditions, in any one of, or combinations of, Financial Instruments (including swap agreements, futures contracts, forward contracts and option contracts) based on the benchmark. The types and mix of Financial Instruments in which the fund invests may vary daily at the discretion of the Sponsor. It will not invest directly in any commodity.
ProShares
Fund Family
Trading--Leveraged Commodities
Fund Category
303.67M
Net Assets
2008-12-01
Inception Date
Performance Overview: UGL
View MoreTrailing returns as of 10/29/2024. Category is Trading--Leveraged Commodities.
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Recent News: UGL
View MoreResearch Reports: UGL
View MoreNewmont Earnings: Benefiting From Strong Gold Prices, but Volumes Likely to Be Lower Than Expected
Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 17 wholly or majority owned mines and interests in two joint ventures in the Americas, Africa, Australia and Papua New Guinea. The company is expected to produce roughly 5.5 million ounces of gold in 2024 from its core mines and 6.8 million in total. It is likely to sell a number of its higher cost, smaller mines accounting for 20% of forecast sales in 2024. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts. It had about two decades of gold reserves along with significant byproduct reserves at the end of December 2023.
RatingPrice TargetThere are a lot of intermarket relationships that have blown up in 2024 -- and that makes the job of a technical analyst and intermarket analyst harder than normal We rely heavily on high probability intermarket correlations, both positive and negative.
There are a lot of intermarket relationships that have blown up in 2024 -- and that makes the job of a technical analyst and intermarket analyst harder than normal We rely heavily on high probability intermarket correlations, both positive and negative. But many that have worked consistently on an historical basis are breaking away from normality. There is a high negative correlation between the U.S. Dollar Index and bitcoin, gold, silver, and emerging markets. Yet since the beginning of 2023, these common relationships just aren't working. Gold took off in late 2022 as the USD was correcting. But as the greenback flattened in early 2023, gold kept rising. Even with the dollar pop over the last month, gold has continued to make all-time highs on a consistent basis. Silver traced out a bullish base from August 2020 until May 2024, a period when the dollar rose sharply, knocking silver down to $18. However, the greenback has been going sideways for almost two years, while silver busted its base and broke out on October 18. That was concurrent with dollar strength. Bitcoin has rallied since October 10, while EEM has been strong since September 10 -- and both include periods of dollar strength. Of note, the EEM (and especially Chinese ETFs and stocks) rally can be attributed to the monetary stimulus announcement by China. Finally, the usually reliable COT data has been extremely bearish for the metals, but that has fallen on its head as the smart money have missed this strength in gold and silver. Don't argue with price! (Mark Arbeter, CMT)
Raising rating to BUY
Founded in 1921, Denver-based Newmont is the world's largest gold-mining company, with assets and operations in North America, South America, Australia/New Zealand, and Africa. While approximately 88% of its revenues come from gold, the company is also a major producer of copper. The company has about 21,700 employees. It is the only gold producer in the S&P 500.
RatingPrice TargetRaising target price to $10.00
KINROSS GOLD CORP has an Investment Rating of HOLD; a target price of $10.000000; an Industry Subrating of Medium; a Management Subrating of Medium; a Safety Subrating of Medium; a Financial Strength Subrating of High; a Growth Subrating of Medium; and a Value Subrating of Medium.
RatingPrice Target