Loading ...Meet the GLDX
Carolynsue has noted that this Exploration PM Miners Index has seen a HUGE increase in volume in recent weeks
Even as the Price has gone nowhere .IF its true that “Volume” Precedes Price” . This IS Striking !
So What is the GLDX ? Well for those who don’t want individual Company Risk in this sector it may be a reasonable
choice . Here are the Components .
https://www.etfchannel.com/lists/?a=stockholdings&symbol=GLDX
Wow …a HOLDING Company I am sure none of us have ever heard of is almost 20% of this ETF
So….Who the Hell is First Mining Finance >?
http://www.firstminingfinance.com/
Hmm…I bet Plunger Knows of this guy
First Mining’s founding Chairman, Mr. Keith Neumeyer, also co-founded First Quantum Minerals Ltd. (FM: TSX ) and First Majestic Silver Corp. (FR: TSX and AG: NYSE). Mr. Neumeyer has an outstanding track record for delivering value to his shareholders and First Mining is supported by First Majestic Silver which is one of the largest silver producers in the world
So if you are buying GLDX you have to wonder HOW this Very New Corporation which is in effect a Royalty Company has come to Dominate this ETF so rapidly ?
Anybody have any insights into the Miners in this Portfolio ?
The numbers from etf channel are not correct. The number for First Mining Finance is closer to 13 percent. SeaBridge and Oceanagold are the 2nd and 3rd largest positions at 8 percent. They own so much of FF.V because the fund had a massive position in Gold Canyon and First Mining Finance acquired the company in November.
http://www.globalxfunds.com/GLDX
GLDX just went ex-dividend on a 1.92$ distribution which is very large. It must be a payout from the profits of the Gold Canyon acquisition if I had to guess.
As for FF.V their business model doesn’t seem to be royalty at this point but it seems to be more like Seabridge where the company acquires resources in the ground and hopes to sell/JV them to developers.
Wow thanks cashcosts
Are you saying that GLDX holders of record received a huge dividend ?
I never heard of that for an etf
It’s a year end distribution. The GDX, GDXJ do similar things only a smaller amount. The distribution wasn’t announced and suddenly the stock opened down by 1.92$… the amount of the distribution. You didn’t really get anything as a shareholder other than a reduced share price and 1.92$ per share in the form of a payout coming next week. I own shares in the fund and was in kind of a panic wondering what happened, scouring thru the holdings, and had the fund’s back office on the speakerphone phone as I was driving on a 7 hour road trip. They confirmed the distribution but I couldn’t get any more color.
I actually bought more thinking it was some sort of mistake and an arbitrage opportunity, but alas, I simply own more shares now without the arbitrage opportunity.
You can actually see the yield on the top of your chart at 11 percent. That’s actually correct and not a mistake.
“You can actually see the yield on the top of your chart at 11 percent. That’s actually correct and not a mistake.”
There was no “Reply” button on this point, so I’m responding here.
Yes, I noted that the day it happened and figured it out but without the stress. LOL.
The other etfs were quiet, and its Dec, so I assumed it was a distro but was surprised at its size.
If you ever get more color on the distro, please share your findings.
Because if you go to YF, GLDX currently shows a yield of 0.15 %, more in line with my expectations. Diddly squat.
Further suggesting this was a one off payout for some reason.
If GLDX expected to pay out at 11% going forward, that would be a good reason to begin legging into it.
But I don’t think that’s the deal here, so buyers beware.
LOL
Wow what a way to learn
You know Arbitraging while driving is a misdemeanor right ?
🙂
I would say that maybe 80% of the companies in GLDX are quite good or very good.
A Swedish site named Gecko Research was all over First Mining Finance from the start and had a quite sizeable position but they became very dissapointed with something Mr Neumeyer did with the company and sold out (can´t remember what he did unfortunately). They talked to him quite frequently.
http://blog.geckoresearch.com/?s=first+mining