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FutureStarrSeeking Alpha - Silver Shows Impressive Relative Strength
Silver (SLV) has been outperforming the market recently. But why is it outperforming? Is the price overbought? And should investors buy now? Let's take a look at recent price trends to get a better idea of the market.
The recent outperformance of silver shares is not necessarily indicative of a longer-term bull market in the metal. In fact, the recent outperformance of silver on Seeking Alpha could merely be a correction. The price of silver recently broke out of a multiyear sideways range, moving sharply higher. However, the metal has since consolidated for over a year. Longer congestion usually indicates a more significant breakout. Furthermore, statistical probabilities favor an upside breakout.
Despite the recent outperformance of silver, the metal is still heavily oversold relative to gold. This means that silver is undervalued, both short and long-term. The chart below shows some of the indicators that indicate a long-term price trend in silver. These are its three-day moving average, the 50-day moving average, and the 200-day moving average.
As the world transitions to cleaner energy development, the demand for silver will continue to increase. For this reason, an article published in Forbes recently outlined how silver's importance in green technologies will only increase in the future. Despite the recent weakness in the metal's price, silver's fundamental outlook is improving, and it should experience a huge outperformance in the near future. To invest in silver, check out the SLV ETF, which has a good track record of tracking the silver price with a reasonable expense ratio.
In order to analyze the relative strength of a particular stock, it is useful to look at seasonality. For instance, silver has a historically bearish price action between early February and late June. In fact, it has traded lower during this two-month time frame 35 times in the last 46 years. Moreover, during the 2002-2011 bull market, silver has only traded higher during this two-month period four times. However, since 2011, the seasonal weakness has been proving correct every year.
Silver's recent performance is impressive, as it has outperformed the QQQ by over 1500 basis points. This is an improvement over the more than 4000 basis points silver dropped during the same period last year. In addition, silver has exhibited strong relative strength when it is above its key moving averages. In fact, the average six-month drawup after regaining its weekly moving average was 46% in the past two years.
It is important to understand the underlying fundamentals of a stock, and the relative strength index is one tool investors can use to determine which stocks are overbought or oversold. The relative strength index assigns a numerical value between zero and 100. If the ratio is greater than 70, the stock is overbought. On the other hand, if it falls below 30, it is oversold.
The silver market has rallied to almost $20/oz, and its rally has been impressive compared to the gold market. Even when the gold market fell below $1,700/oz, silver held its ground. This recent outperformance for silver is excellent news for precious metals bulls. The metal is the best conductor of electricity and is used for many industrial purposes. However, short-term supply has been dented by pandemic-related closures.
Silver is showing impressive relative strength in the context of a bleak stock market environment. While the S&P 500 Index is down 13% and the Nasdaq 100 down 9% year to date, silver (SLV) has held on to its gain. The volatile metal's improved relative strength should be helpful for producers as it increases the chances of acquisitions.
Silver has spent nearly 18 months relieving its overbought condition that began in Q3 2020. In July, it broke out to new multi-year highs. However, during this consolidation period, many weaker hands were forced out of trade. This was a huge opportunity cost for those who held silver at that time.
According to Taylor Dart, a senior research analyst for Seeking Alpha, the silver price has been showing impressive relative strength over the last three months. As of the end of May, the precious metals stock price is trading at 25x FY2022 earnings, a significant discount to its historical multiple of 35x.
Silver has displayed impressive relative strength throughout the year, displaying a remarkable resilience in the face of volatile markets. Although the S&P 500 Index is down 13% and the Nasdaq 100 Index is down 9%, silver has held onto its year-to-date gain. Silver's low volatility is good news for producers, as it should improve their margins and increase the likelihood of acquisitions.
The RSI is a measure of price appreciation, and it is used to identify overbought or oversold securities. A reading above 70 indicates a security is overbought, while a reading below 30 means a security is oversold. If you are considering a position in silver, you should consider holding only about 5% of your portfolio.
RSI can be used on virtually any stock, commodity, or currency. It is most commonly used during upturns and fast moves. Investing professionals use it to determine whether to buy or sell a stock. Gold and silver are among the most popular commodities tracked via this indicator.
RSI has a wide range of uses, and a free version can be sufficient for basic research. Premium members can access an extensive library of research articles and a stock screener. RSI can also be used in conjunction with other measures of relative strength.
Silver (SLV) has shown impressive relative strength recently. Compared to the S&P 500 and Nasdaq 100, silver has outperformed both. Last year, the precious metal underperformed both by more than four thousand basis points. The recent strength is a positive development. Moreover, silver has performed best when it is above key moving averages. Its average draw-up after regaining its weekly moving average has been 46% the last two times.
In fact, silver has shown impressive relative strength for a long time. It has spent nearly 18 months recovering from its overbought condition in Q3 2020, and broke out to multi-year highs in July 2020. The consolidation period forced weaker hands out of the market, and there was a significant opportunity cost involved in holding silver during this period.
Moreover, silver's positive divergences indicate that "smart money" commercial traders increased their long positions. That suggests that silver could rally in Q4!
The relative strength index (RSI) is a technical indicator that measures overbought and oversold conditions. When gold and silver were at all-time highs in 2011, the RSI was also at extremes. Interestingly, the readings on the underlying ETFs were even more dramatic. The ratios hit new records around gold's Aug. 6 peak.
Silver's performance has been similar to the largest silver ETF, the iShares Silver Trust ETF. After breaking through the previous resistance line on December 12, it is poised to break above it and continue its rally towards the next resistance level of $18. This rally is likely supported by continued volatility in the currency market and ECB quantitative easing.
The stock price of Gold Fields plunged by 23 per cent after news broke that Yamana is to be acquired by Gold Fields for $6.7 billion. However, shares of Yamana rose by 3.7 percent. Gold Fields CEO Chris Griffith says the price is a fair one.
Gold Fields has announced the acquisition of Yamana, a Canadian company. The deal will give Gold Fields control of a company that will generate more than $10 billion in cash and earnings annually, as well as a stake in the combined company. Shareholders of Gold Fields and Yamana will each hold approximately 39% of the combined company. The combined company will have a market cap of about $15 billion. It will be based in Johannesburg and will have ambitions to expand into the Americas. However, there are some concerns among investors. These concerns include the high cost of mining in the Southern Hemisphere and the possibility of populist policies in the Americas.
Gold Fields and Yamana differ in their risk profiles. Gold Fields' production is spread between Africa and Australia, whereas Yamana's is concentrated in the Americas. The combined company will be able to tap into a lower political risk. Yamana is also expected to have a strong growth pipeline. However, the company is also facing criticisms for human rights abuses at its MARA project in Argentina, which has been subject to protests since 2012.
The transaction is subject to approval by shareholders of both Gold Fields and Yamana. Shareholders of both companies will need to vote in favor of the Transaction at a special meeting. In addition, the Transaction is subject to regulatory approvals and the Ontario Superior Court's Commercial List.
The deal is expected to close in the third quarter of 2018. Gold Fields will own around 60% of the combined group. Yamana will have approximately 39% of the combined company. The combined group will have a market cap of about $6.7 billion. Yamana has mines in Canada, Argentina, Chile, and Brazil. It also owns 50% of the largest gold mine in Canada.
The deal between Gold Fields and Yamana will create a top-four gold major. This deal is expected to create a diversified portfolio of long-life assets, as well as tangible near-term growth opportunities for Gold Fields. Yamana will be headquartered in Johannesburg, South Africa.
This announcement contains forward-looking statements about gold prices. These statements are made in good faith and are subject to a number of risks and uncertainties. Yamana and Gold Fields have no obligation to update these statements, and readers should not place undue reliance on them.
This announcement is being made for informational purposes only. It does not constitute an offer to purchase or sell securities and does not constitute a prospectus or other offering document. Please consult your advisors before making any investment decision. When considering a purchase, it is important to consider the risk of a company's investment strategy.
While Gold prices are spiking to levels last seen in late September, the company's stock price has fallen by more than 23 per cent since May 31. The plunge is partly due to investor concerns about the dilution from the deal, as well as concerns about the premium paid. Despite this, Gold Fields has been talking to investors and has assured them that the deal is on track. It is expected to be approved by shareholders in early November.
Gold Fields CEO Chris Griffith insists that the purchase of Yamana is the right move for the company. Although some shareholders are worried that Gold Fields is overpaying for the acquisition, Griffith says it is a fair price. The company announced earlier this week that it would acquire Toronto-based Yamana for $6.7 billion, a 42 percent premium to Friday's New York Stock Exchange close.
Gold Fields is a gold producer with resources in Ghana, West Africa, Australia and Peru. It has interests in nine operating mines. Its gold-equivalent production is about 2.34 million ounces per year. Its total reserves and mineral resources amount to 111.8 million ounces.
Yamana's share price has jumped by more than three per cent today after the company announced that it will acquire gold-mining company Mega Precious Metals. Mega owns several properties in Ontario, Manitoba, and Nunavut. Yamana is particularly interested in Monument Bay, a gold-tungsten project in Manitoba. The company has estimated that it holds 2.1 million ounces of gold at 1.52 g/t and 248,000 metric tons of tungsten, or WO3.
Yamana's shares are trading at $4.36 per share, up $0.14 or 3.7 per cent from the previous trading session. In the last four weeks, the shares have gained 7.82 per cent, while in the past twelve months they have risen 6.86 per cent.
The stock has a price/book ratio of 1.1 and a price/sales ratio of 2.8. Its price-to-free-flow ratio is 15.1 and its price-to-cash-flow ratio is 6.9. The stock's strong cash flow and diverse portfolio of mineral assets should allow it to continue to rise in value in the coming years.
While Gold Fields shares fell by as much as 15 per cent in Johannesburg, the share price of Yamana rose by 3.7 per cent. Gold Fields CEO Chris Griffith said that the $6.7 billion price is fair and that Yamana is a good fit for both companies.
Yamana Gold's gold production forecast for the first quarter was higher than expected. Yamana Mines' cost structure remains conservative, while its production plans remain bullish and the metal price continues to rise. The company has a solid portfolio of mining operations in Santa Cruz province in Argentina and the Bahia state of Brazil. The company plans to increase its gold output by 1.5 million ounces over the next few years.
Technical analysis is a tool used to track changes in the price of a commodity. It can determine whether a price is on an uptrend or a downtrend, and alert market participants to buy or sell. It also puts the spotlight on the actions of investors, who shape the value of a commodity. For example, a technical indicator can determine whether gold is going up or down.
The GDX/GLD ratio has confirmed the uptrend in gold price in the past several months. In fact, the ratio is right on the lower boundary of a megaphone pattern. Moreover, the gold-stock price action is in-line with a short-term upleg, which is likely to be followed by a deep correction. In addition, the gold-stock price action has been characterized by healthy stallings and high consolidations, which help to bleed off excessive greed. The most important factor to consider when evaluating the gold-stock price trend is its valuation.
A rising GDX/GLD ratio suggests an uptrend in gold prices, and a falling ratio indicates a downtrend. In addition, the gold-stock price should be outpacing the gold-miner's price. The gold-stock ratio is now running at 0.242x relative to gold.
Another important indicator of the gold price is the gold-miners index. If the gold-miner index is above the blue squiggly line, it is an indication of an uptrend. On the other hand, if the ratio is below the nine-day EMA, it is a signal of a bearish trend. The uptrend in gold price is a signal for the miners' stocks to move higher.
When gold prices rise, gold stocks become more attractive to investors. Gold miners' stocks will be more valuable to investors and more capital will flow into them. A higher GDX/GLD ratio means more money is flowing into gold miners' stocks.
The GOFO rate is a forward interest on gold, and is published by the London Bullion Market Association (LBMA). It is the interest rate at which people are willing to lend gold to each other. It is an important indicator in the wholesale gold market, as the GOFO represents the cost of loaning gold to another party in return for greenbacks.
Historically, the GOFO rate was positive. It is now negative, which indicates a greater demand for gold against U.S. dollars, and is a sign that the price is likely to fall. This condition is opposite to the normal state of gold prices, or contango. While a negative GOFO is rare, it is now more common due to the ZIRP and other changes in gold's supply.
Since 2008, the GOFO rate has turned negative on occasion, reaching -0.58% in 2015 when gold prices were falling. This can be a warning sign that the global economy is weakening, but should not be taken as a sign that gold prices will rally anytime soon.
When the GOFO rate is positive, the price of gold for future delivery is higher than the spot price. Conversely, when it is negative, the price of gold for future delivery is lower than the spot price. This negative situation results in what is known as a gold backwardation state, where gold for future delivery trades at a discount to the spot price.
To calculate the GOFO rate, you need to know how gold prices move. There are several factors that affect this price. The first is that the futures contracts tend to fall near their expiry date. Then, there are the bid-ask spreads. These spreads are used to determine how much gold will be sold at a given time.
RSI, or the relative strength index, is a momentum indicator that measures the rate at which a price is increasing or decreasing. Analysts and traders use it to determine whether a market is overbought or oversold. It is often used in conjunction with other indicators, such as the moving average crossover divergence (MACD) to confirm an overbought or oversold situation. In addition, traders use smoothed RSI, which applies a moving average procedure to RSI, to reduce false-positive signals.
In general, RSI is most useful during an uptrend. When the RSI rises above 50, it indicates that prices have become overbought, and when it falls below it, they are oversold. However, traders should avoid buying when the RSI crosses over from the uptrend to a downtrend.
The RSI is an important indicator for gold price technical analysis because it helps identify potential price trends. The RSI is usually plotted beneath the price graph. A high RSI reading indicates that a market is overbought, and a low RSI reading indicates that a market is oversold. However, when the RSI reaches a low or high reading, it can be a signal to buy or sell.
Another indicator for gold price technical analysis is the MACD. This indicator measures the strength of price movements by comparing the divergence between two exponential moving averages (EMAs) (usually the 12-period and 26-period EMAs). RSI measures the amount of momentum an asset has and identifies overbought or oversold conditions.
When using RSI in gold price technical analysis, it is essential to know exactly what the RSI means. It measures the speed at which a security's price changes and whether it is primed for a trend reversal. Its readings range from 0 to 100. Generally, RSI readings above 70 are considered overbought and those below 30 are considered oversold.
The price of gold varies based on a number of factors, including interest rates and inflation. Higher interest rates encourage investors to borrow money instead of purchasing gold, and lower interest rates lower the price of gold. However, higher interest rates also tend to make the dollar stronger, which reduces the appeal of gold to investors. Additionally, inflation lowers the intrinsic value of fiat currencies, which boosts its value.
Although currency values are largely based on economic performance, they are affected by many other factors. Currency depreciation is a natural part of economics, as currency values are tied to other commodities and national economies. A currency depreciation is often the result of a country's poor economic performance, but it can also be deliberate - some nations intentionally devalue their currencies to stimulate their economy or to reduce the cost of exporting.
A number of other factors influence the price of gold, including central bank activity and foreign currency values. Central banks tend to trade in U.S. dollars to stimulate their economies or to hedge their currencies. Likewise, foreign currency values affect the price of gold based on the prices of other currencies.
Political uncertainty and instability can also affect gold's price. While the stock market values certainty and predictability, uncertainty is often the enemy of gold prices. Uncertainty in the Brexit process and the upcoming election in the U.S. could affect global growth and depress gold prices. It's important to understand that the price of gold fluctuates based on these factors.
Gold is largely used as jewellery in India, which explains its price rise during weddings and festive seasons. In Chennai, for example, the gold rate is higher because of the city's jewellery manufacturing industry. This doesn't mean that gold is a bad investment. Rather, it's due to the fact that there is a high demand for the metal in Chennai.
Increasing geopolitical and economic instability is a big source of uncertainty in the gold price, and it could affect the price of gold in the future. There are rumors that US military leaders are considering a military intervention in Syria, and the situation in Europe appears to be out of control. For example, gun sales in Austria are at record levels as people prepare for possible attacks following an influx of refugees. Such events could cause people to move their funds to precious metals, and this could lead to a rise in the gold price.
In times of geopolitical uncertainty, investors generally flock to bonds and gold, a safe haven. This is because these assets tend to have higher returns when the world is in a state of high uncertainty. Military conflict can also increase oil prices, causing inflation.
Another source of uncertainty is the conflict in Ukraine. Russia has recently invaded Ukraine, which has caused the price of gold to rise. However, this war may not end anytime soon. While this situation is dangerous for gold prices, it has also created an environment for investors to make the right decisions.
However, it is important to remember that the consequences of war will take months to see. Already, gasoline prices have gone up due to a lack of Russian oil. The lack of Russian raw materials could affect other industries. Meanwhile, because Russia is one of the world's largest producers of gold, a 10% reduction in the amount of gold produced in Russia could cause prices to spike.
Investing in gold is historically a safe investment in these tough times. If a regional European war broke out, the European markets would experience a big selloff. In addition, Europe is reliant on Russia for oil and gas exports, and a sudden military action could result in a spike in energy and commodity prices.
There are several different mobile applications that can help you keep track of gold prices. These include iBullion, Gold Tracker, and KITCO NEWS. The first two are award-winning applications that offer a similar user experience. You can also get breaking news through these apps.
The iBullion app provides users with up-to-the-minute gold prices, high and low values for the day, and price changes. The app works in several currencies, including USD, EUR, and INR. You can select your preferred currency to display in the app's settings. You can download the app from the Android App Market.
Gold prices are highly affected by supply and demand, economic conditions, and investor sentiment. The price of gold has risen dramatically over the past two years, driven by geopolitical and economic uncertainty. This has caused many central banks to boost their gold reserves. As a result, paper currencies are losing their buying power and investors are turning to gold as a safe haven.
If you're looking for an app to track the gold prices, look no further. There are a number of free and premium apps available to you on your mobile phone. If you're an Android user, you may want to check out the iBullion app developed by stepsystems. This app gives you real-time updates on gold prices, including the high and low values of the day. It also lets you change your default currency, so you'll know what the gold price is in your local currency.
Another great app for gold trading is the Kitco Gold Live! app, which offers real-time updates and breaking news alerts. This app features gold trading data and latest news from leading sources. In addition to breaking news, Kitco Gold Live! also features an industry-specific widget.
If you're looking for live gold prices, you'll find it with the Kitco News app. This app provides you with market data, charts, and stories from the world of gold and silver. There's also an Alerts tab, where you can choose when you want to receive market reports. You can also set the app's widget and live notification bar, and customize how the app interacts with you.
Another feature of the Kitco News app is that it offers a wealth of information about gold and silver prices, with breaking news, expert opinions, and commentary. The app has been designed to offer a familiar, faster user experience, and has been updated to improve the news and commentaries sections. The new version includes a customizable home screen, in-app tabs, and market alert features.
Kitco Gold Index is a mobile app that shows the impact of the US dollar on gold prices. The app compares the price of gold in US Dollars to its actual value and has won numerous awards, including best mobile app. The app was recognized at the Canadian Online Publishing Awards for its innovative design.
The Kitco Gold Index is a weighted basket of currencies, similar to the US Dollar Index. It shows how much gold will rise in value when the USD weakens, and fall when the USD strengthens. This is a good indicator for gold investors.
Barrick Gold Corp. is a Canadian gold and copper producer with mines and projects in 18 countries. It generates most of its revenue from its Carlin mine, which produces gold and copper. The company currently yields 7.5% dividends. Its shares are listed on the New York Stock Exchange (NYSE).
While Barrick Gold has seen its stock decline over the past six months, it is still up over 6% year-to-date. This decrease is primarily the result of the declining gold price. This precious metal has dropped from more than $2,000/ounce in March to just under $1,800 at the current time. Despite this, the company is still a top producer of gold in Africa and the United States.
The company has been one of the world's biggest producers of gold and copper. The company began as a privately held company called Barrick Resources, and was originally a North American oil and gas company. However, its principal, Peter Munk, suffered huge losses in the oil industry and decided to focus his efforts on gold instead. The company eventually went public in 1983 and is now traded on the Toronto Stock Exchange.
In 1984, Barrick made its first acquisition: the Renabie mine near Wawa, Ontario. The mine was producing 16,000 troy ounces of gold at the time. The company also purchased Camflo Mining, a mining company with operations in Quebec and Nevada. This purchase was finalized in May 1984, and the company paid back its Camflo partners in 1985.
While the company is currently the world's largest gold producer, it has been hit by numerous controversies related to its mining operations. In 2009, the company's subsidiaries settled allegations related to inaccurate reporting of toxic releases and agreed to spend $278,000 in fines and $400,000 in research to identify metal compounds. Another controversy involves the company's illegal treatment and disposal of toxic mercury waste.
While Barrick has been a strong producer of copper and gold, its environmental record has been a cause for concern. It has faced criticism for its environmental impact and for its treatment of water. In 2005, the New York Times published a front-page article citing the company's Goldstrike operation as an example of mercury waste and water supply problems.
The company is also involved in the production of potash, nitrogen, and phosphate products. It distributes these products to growers and provides agronomic services. Its stock trades on the New York Stock Exchange under the symbol NTR.
Barrick Gold Corp. is an international mining company with mines and projects in 18 countries. In 2018, the company issued a dividend of $0.25 per share and paid a return of capital distribution of $750 million. The company is positioned for continued growth and has a plan to provide shareholders with meaningful returns for years to come.
The company is committed to being a good neighbour, a valued stakeholder partner, and a responsible steward of the environment. It believes that these are the cornerstones of a modern mining company. Consequently, Barrick focuses on reducing emissions at its mines and projects in a science-based, site-specific manner. Recently, the company updated its emissions reduction target for 2030 from ten percent to 30 percent, and aims to have a zero-emissions production goal by 2050.
Barrick's first acquisition was the Renabie mine near Wawa, Ontario, which produced 16,000 troy ounces of gold in 1984. Barrick also bought Camflo Mining, which operated mines in Nevada and Quebec. The transaction was finalized in May 1984, and the repayment of the Camflo mining company was completed in 1985.
The company's shares have declined by about 25% over the past six months, but are still up 6% year-to-date. This is despite the weak gold price, which has fallen from a high of $2,000/ounce in March to just over $1,800 at the moment. Barrick Gold is the largest gold producer in Africa and the U.S., and its assets are focused on long-term, high-margin assets.
The company has six Tier One gold mines. Each of these has a minimum life of ten years, and a production capacity in excess of 500,000 ounces per year. Each of these mines carries a cost profile that is lower than half the industry average. The company's largest operations include Cortez in Nevada, Carlin in Nevada, Loulo-Gounko in Mali, and Kibali in the Democratic Republic of Congo.
The Carlin mine is the company's flagship asset, generating most of Barrick's revenue. In addition to its Carlin mine, the company also operates gold mines in South America, Africa and Australia. The Carlin mine contributes to nearly 80% of the company's revenue. The company has also completed a series of transformative deals in the past few years, including a merger with Randgold Resources and the integration of Acacia Mining PLC. These deals will expand the company's portfolio of low-cost, long-life mines.
Barrick's Carlin mine complex comprises two open-pits, Gold Quarry and South Arturo, and two underground mines, Leeville and Rita K. In addition to the Carlin mine, the company is advancing its greenhouse gas reduction strategy by completing the second phase of the TS solar power facility. This is the cornerstone of NGM's commitment to reduce greenhouse gas emissions by 2025.
Barrick also uses an extensive due diligence process to evaluate promising business opportunities. During the past year, the company evaluated several projects and operations in Canada. While the company continues to focus on the Carlin mine segment, management has focused on expanding its presence in other areas of the world and hunting for quality assets. In addition, Barrick has a long-standing commitment to ESG principles.
Barrick also works with local suppliers in developing countries. This helps to reduce costs and helps it to avoid inflation. The company also aims to reduce GHG emissions by 30% by 2030. It is also committed to becoming Net Zero by the year 2050.
In September, Barrick Gold Corp. announced that it would pay a $0.10 per share dividend to shareholders. This is the first time it will pay a performance-based dividend. The board of directors also approved a new policy to increase the company's return on capital.
Barrick also has been partnering with government agencies and organizations to help protect and conserve the park. Its support has resulted in a noticeable increase in the size of the endangered Kordofan giraffe herd. Since the start of its support, this herd has grown from 22 to 65 individuals. Buffalo populations have also steadily increased. In addition, no elephant poaching has been reported since September 2020.
While the gold price has been trending lower, Barrick has reestablished its production levels and is coping better with tighter labor and freight costs than most companies. Its earnings per share have increased to 35 cents, matching the year-ago level. Despite the weaker economy, Barrick's shares have been gaining in recent weeks. The company's shares are up 7.4% over the past year. Its CEO, Michael Barrick, views the precarious world economy as supportive of gold prices.
The company is expanding its operations and seeking high-quality assets in new areas. It is committed to ESG principles and has mapped out a clear path toward reducing its GHG emissions. It also has a record of boosting reserves. Investors will look for an update on deal-making opportunities as the mining industry consolidates.
Barrick has a repurchase program approved by its Board of Directors. The company has been able to raise funds from shareholders through this program. The company has also benefited from its agreement with the government of the Democratic Republic of Congo. Furthermore, the company has received $0.6 billion in shareholder loans over the last year.
The company has an attractive valuation compared to other similar companies. While Newmont has a higher market cap, Barrick has a stronger balance sheet and lower debt. In the last quarter, Barrick produced a million ounces of gold, whereas Newmont produced 1.3 million ounces. As a result, Barrick generates higher adjusted EBITDA and free cash. Moreover, its balance sheet is stronger than Newmont, which has over $1 billion of net debt.
Barrick has a strong track record of diversifying its workforce. Its recent annual sustainability report highlights the company's commitment to gender diversity. Currently, 96% of its workforce is made up of local hires. In addition, it is hiring more women.
Barrick's newest joint venture, the Nevada Gold Mines, is a key initiative that seeks to unlock value in Nevada. In addition, the Carlin Trend in Nevada is a geological marvel, comparable to the Witwatersrand in its glory days. The company's strategies are designed to capitalize on this endowment. It also recently appointed Christine Keener as its chief operating officer for the North American region.