A few gold mining companies are lined up to release their quarterly numbers on Nov 4. Per the Zacks industry classification, the mining industry falls under the broader Basic Materials sector. Per the latest Earnings Trends, the sector is anticipated to log a decline of 17.1% in the third quarter. However, the slump is not restricted to this sector alone as 13 of the 16 Zacks sectors are expected to suffer declines this earnings season — mostly casualties of COVID-19 pandemic. On a positive note, the decline in third-quarter earnings will be less pronounced than 48.8% slump witnessed in the second quarter. This can primarily be attributed to demand recovery in China and rising commodity prices in the third quarter.
Gold has outperformed other major asset classes this year mainly riding on the COVID-19 crisis. The pandemic and its devastating impact on the global economy has impacted investor’s risk appetite […]
November 4, 2020 (updated November 4, 2020) Published by StockMan