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GAMCO Global Gold, Natural Resources & Income Trust (GGN)
NYSE - NYSE Delayed Price. Currency in USD
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463 reactions on $GGN conversation
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This fund has a POR of 282 which probably accounts for the instability of the dividend which has been reduced many times. Another negative would be the NAV Total Return of only 3 which accounts for the ROC of 83. I'm selling
Oil and Gold, at high prices and this has a disconnect. Share price should be at least $5. IMO!
Gold and Oil stocks have a competition from Bitcoin and the others!
This fund should be a good buy when there is inflation but I never liked Gabelli funds, they lack public support.
9.35% yield / 1.45% expense ratio
Dig day for Gold and Oil so far. Interesting what GGN will do. The days of $5.50 share price are gone even in this oil/gold bull market. Sad!
Charter Worth and other Fast Money traders say gold and precious metals look good here...
This fund is not an investment in gold or natural resources as the name might suggest. It is a CEF that happens to be using gold, silver, and natural resource related stocks to derive income off the selling of covered calls and any dividends. The fund makes investments in equity securities of firms operating in gold and natural resources industries including companies in exploration, mining, fabrication, processing, distribution or trading of gold, financing, managing, controlling or operating of companies engaged in gold-related activities. It also invests in companies principally engaged in the exploration, production or distribution of natural resources, such as gas, oil, paper, food and agriculture, forestry products, metals and minerals as well as related transportation companies and equipment manufacturers. When looking at this fund investors are immediately concerned with the ROC issues that are reported. Since the fund does use a covered call income strategy and probably has some capital gains, it is very easy to see how the fund can be using ROC to make a more consistent distribution throughout the year.
New lows, time to buy now? Any thoughts.
How this stock works? Jan 4 th, 2020, Gold $1557.00 Share price $4.43. Gold now $1957.00 Share price $3.74. Sad, a complete disconnect.
It seems to me that buying gold or oil stocks on the way down and selling covered calls, which seldom get called, is how they make money. The dividends come out of the put and call income, not the value of the stock. It doesn't really matter if gold or oil goes up or down; what counts is their ability to hedge going both ways.
Be careful here, this company has a lot of oil stocks.
According to CEFConnect, there hasn't been a ROC since July 2018. (3 out of the 5 cents was ROC). With gold and oil going up up up (and the stock basically not moving at all), then there should be no reason to have any ROC for the foreseeable future. If gold/oil continue up and the stock goes down, *and* there ends up being ROC, then the managers have some serious 'splaining to do! Looking forward to the next annual report.
Several replies below show an ignorance for the security they purchased. So:
- "Dividends" in option writing funds will often be return of capital. This is not returning your money to you but passing along earnings from writing options
- If held in taxable account, return of capital is "free" money in that it is not taxed and simply lowers your cost basis in fund. This likely permits you to claim 15-20% tax (instead of current income) when you actually sell
BOTH are to holder's favor. Some of you need to sell this security and go buy something you can actually understand.
With commodity and gold trending the way they are, I like being in this fund atm.
it's selling at close to a 15% discount to NAV, with a 10% distribution, and the gold stocks they own are increasing their dividend payouts given the strong cash flows. Call me crazy, but I think the skies are clearing at long last for GGN
Ex-Dividend Date is Oct 16th.
Checking the history of this stock: During the great crisis of 2008-2009+, they Div remained the same (.14) until they cut it in Oct 2012 (.12) and became .05 in Aug 2016 (when oil dropped from 104 to 34). (And gold dropped to 1100). So when oil was 34 and gold 1100, this stock traded as low as 4.00. Why it should be trading at 2.23 now (oil 25 and gold 1500)? Just the general market panic?
Hope These Guys Can And Have Been Short Oil.
Surprised there isn't more movement on this one given oil's rise. Holding a little and looking to add. Any thoughts on the percentage of GGN to the price of oil? Thanks.
Need New Management At This Fund.
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