Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

Nicola Mining Inc. offers mining services. The Company provides identification, acquisition, and exploration of precious metals and minerals. Nicola Mining Inc serves customers in Canada.

<ul>
<li>Following strong performance in September, the precious metals again posted excellent returns, with gold being up 3.2% (to ATHs) and silver being up 4.1% (reaching its highest price in 12 years).</li>
<li>The mining equities had mixed performance relative to the metals with the GDX up 1.3%, GDXJ up 5.7%, SIL up 10.2%, and COPX down 7.6%.</li>
<li>Financings picked up massively in October as generalist capital returns to the mining industry, providing much-needed capital to the juniors.</li>
</ul>


Following strong performance in September, the precious metals again posted excellent returns, with gold being up 3.2% (to ATHs) and silver being up 4.1% (reaching its highest price in 12 years).
The mining equities had mixed performance relative to the metals with the GDX up 1.3%, GDXJ up 5.7%, SIL up 10.2%, and COPX down 7.6%.
Financings picked up massively in October as generalist capital returns to the mining industry, providing much-needed capital to the juniors.


Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

Gold is a chemical element with the symbol Au (from Latin: aurum) and the atomic number 79. In its purest form, it is a bright, slightly reddish yellow, dense, soft, malleable and ductile metal. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements, and is solid under standard conditions. The metal therefore occurs often in free elemental (native) form, as nuggets or grains, in rocks, in veins and in alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum) and also naturally alloyed with copper and palladium. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).

<ul><li>Gold Demand Data Indicates More Economic Weakness Gold demand for technology purposes is still up but the pace continues to decline for the second quarter in a row now, as the latest data by the World Gold Council for Q3 showed.</li><li>The total gold demand (inclusive of OTC investment) gained meanwhile 5% y/y to 1,313 tonnes.</li><li>Global gold ETF inflows (95t) were a major driver of growth as Q3 was the first positive quarter for ETF flows since Q1’22.</li></ul>

Gold Demand Data Indicates More Economic Weakness Gold demand for technology purposes is still up but the pace continues to decline for the second quarter in a row now, as the latest data by the World Gold Council for Q3 showed.The total gold demand (inclusive of OTC investment) gained meanwhile 5% y/y to 1,313 tonnes.Global gold ETF inflows (95t) were a major driver of growth as Q3 was the first positive quarter for ETF flows since Q1’22.

Gold Demand Data Indicates More Economic Weakness

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>According to Graph 1, during the period September 16th, 2024 – October 14th , 2024, a bullish trend was reflected in the price of gold futures.</li><li>During this period, there was a significant increase in the price of the commodity. The MA-10 was recorded to perform remarkably higher than MA-20 in the whole period, without any cross, indicating an upward momentum.</li><li>The CCI Indicator in Graph 2, followed an exclusively ascending trajectory, among fluctuations from the beginning of the period and ended up around 2,662.00.</li></ul>

According to Graph 1, during the period September 16th, 2024 – October 14th , 2024, a bullish trend was reflected in the price of gold futures.During this period, there was a significant increase in the price of the commodity. The MA-10 was recorded to perform remarkably higher than MA-20 in the whole period, without any cross, indicating an upward momentum.The CCI Indicator in Graph 2, followed an exclusively ascending trajectory, among fluctuations from the beginning of the period and ended up around 2,662.00.

Commodity Analysis Gold Futures - October 14, 2024

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.</li>
<li>Following the election, we see a high probability of significant upside going into year-end.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.
Following the election, we see a high probability of significant upside going into year-end.


Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Asahi Holdings, Inc. is a holding company established by Asahi Pretec Corp. The Company collects and recycles precious and rare metals from dental, electronic and jewelry materials. Asahi Holdings engages in environmental protection business and offers total solutions for industrial waste treatment.

<ul><li>Revenue for FY03/24 was JPY240.4bn, a 66.7% YoY increase, driven by higher gold recovery volumes. </li><li>The company revised its FY03/25 revenue forecast to JPY480.0bn, citing strong gold sales amid rising prices. </li><li>Operating profit for FY03/24 increased by 45.9% YoY, with no losses from rhodium price declines recorded.</li></ul>

Revenue for FY03/24 was JPY240.4bn, a 66.7% YoY increase, driven by higher gold recovery volumes. The company revised its FY03/25 revenue forecast to JPY480.0bn, citing strong gold sales amid rising prices. Operating profit for FY03/24 increased by 45.9% YoY, with no losses from rhodium price declines recorded.

Asahi Holdings (5857 JP): 1H FY03/25 flash update

Gold
Midas Touch

Mining Monthly: October Edition

Following strong performance in September, the precious metals again posted excellent returns, with gold being up 3.2% (to ATHs) and silver being...

Atrium Research

Gold Demand Data Indicates More Economic Weakness

Gold Demand Data Indicates More Economic Weakness Gold demand for technology purposes is still up but the pace continues to decline for the second...

The Commodity Report

Commodity Analysis Gold Futures - October 14, 2024

According to Graph 1, during the period September 16th, 2024 – October 14th , 2024, a bullish trend was reflected in the price of gold futures.

VRS (Valuation & Research Specialists)

Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Bullish Outlook Intact on MSCI $ACWI and $SPX as they hold above their respective bases at $117 and 5650-5670; Buys in Services, Technology,...

Vermilion Research

Asahi Holdings (5857 JP): 1H FY03/25 flash update

Revenue for FY03/24 was JPY240.4bn, a 66.7% YoY increase, driven by higher gold recovery volumes. The company revised its FY03/25 revenue...

Shared Research