Lackluster jewelry market Jewelry sales have been 'disappointing,' the firm said. The pandemic exacerbated softness in the key Indian jewelry market and last year stoked drop in sales in China, BofA said. China is one of the world's largest markets for luxury goods. Investor purchases pull back Another headwind comes from weakness in traditional physical markets that "has been exacerbated by lack of interest from investors," according to the note.
Assets under management at physically backed metals ETFs declined following "persistent" inflows during the first half of Changes in the global macro backdrop have discouraged investor inflows into gold, and the gold market "has struggled to price in reflation," the bank said.
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It looks like just one of those bad days for gold and silver, but here's what you should really make of this drop. Because precious metals, particularly gold, are considered a safe haven asset against economic uncertainties, their prices are particularly vulnerable to economic data. On Thursday, the Commerce Department reported a surprising 0.
With the Philadelphia Federal Reserve also reporting strong manufacturing activity and optimism among firms surveyed about the coming six months, the market believes the Federal Reserve could increase interest rates sooner than expected. That boosted the U. This triggered a sell-off in gold and silver mining stocks as any drop in metal prices hurts profitability and cash flows.
Coeur Mining shares sank the most given the miner's gold and silver mix. Coeur aims to turn free cash flow positive in , but that target looks more achievable in a high gold and silver price environment. Endeavour Silver and Hecla Mining are pure-play silver mining stocks and were therefore getting knocked out by the slump in silver prices today. Endeavour Silver's all-in sustaining cost has risen steadily in recent quarters, squeezing its margins despite rising silver prices. The miner's prospects don't look too great if silver prices continue to fall.
Hecla Mining, though, has been on strong footing so far this year from an operational performance standpoint. It also pays a dividend, but investors are wary of earning smaller dividends if silver prices fall given Hecla's recently launched variable dividend policy. Sibanye-Stillwater, on the other hand, is a unique play on gold and platinum group metals.
The platinum price also fell today, but it's been falling precipitously for several weeks now largely thanks to the ongoing global semiconductor chip shortage that's clobbered global car production. Platinum group metals are widely used in exhaust control catalytic converters in cars. Lithium's use in electric vehicle batteries has made it a red hot metal with potentially explosive growth prospects.
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