GoldMinerPulse: TSX/TSXv Gold Mining and Silver Mining Companies

Last Updated With Closing Market Prices and Document Filings from: 30 July 2015 (as available at TSX closing time).


High Value Tips

U.S. Global Investors, Frank Talk Blog, 13 July 2015: Global Investors: You Should Be Paying Attention to this Economic Indicator -- "Understanding PMI is one way investors can use patterns to improve their chances of positive returns in the market - just like card counting in a game of Blackjack."

Curious about the gold market? Read Frank Holmes' latest insights: There's a Huge Disparity Between How Regulators Deal with Gold and Stock Market Manipulation (June 26, 2015).

Also see the excellent presentation: The Optimisitic Investor in a Pessimistic World a presentation by Frank Holmes, CEO and Chief Investment Officer, U.S. Global Investors, much of which Frank presented at CANVEST 15 in Vancouver on May 31.

Visual Correlations

Use the form below to visually inspect the correlation between the closing market prices of TSX/TSXv gold/silver equities and spot market prices for gold and/or silver and/or copper.

TSX/TSXv Gold/Silver Stocks Correlation With Spot Market Metal Prices
Select TSX/TSXv Gold/Silver Stock Groupings For Review

Producers in ETFs:  GDX   GDXJ   SGDM   SILJ   ZJG  

Developers/Explorers in ETFs:  GDXJ   SGDM   SILJ   ZJG  

Show Group Average
Add Spot Market Close Time Series

   Visual Correlation Chart Setup

Feedback from one of the 1st users (beta 001):

To quote the cop in Superbad, that metric is ''superbadass!''. And fun.

Since we come to the junior producer field looking for correlation, this is definitely right up a stock pickers alley. Definately a home run. ...

Very nice.


Gold and Silver Production Statistics

Production Based on Last/Latest Four Quarters

Using the most recently available quarterly production reports, the gold and silver stocks listed on the TSX/TSXv are reporting production totals on a rolling 4 quarters of:

  • Gold: 25.55M ounces (876.00 tons or 794.69 tonnes), a 2.1% change over the 4 quarters ending at the prior quarter.

  • Silver: 185.68M ounces (6,366.17 tons or 5,775.29 tonnes), a 2.4% change over the previous 4 quarters ending at the prior quarter.

The running totals for quarterly production numbers for companies with a quarter ending in the months of April, May and June 2015, along with the changes on a Quarter on Quarter (QoQ) basis, for TSX/TSXv Gold and Silver producers are:

# Producers
Gold Produced
Latest Q Report
Gold Δ
Silver Produced
Latest Q Report
Silver Δ
50 of 83 3,646,042 oz
125.0 tons
113.4 tonne
6% 26,920,944 oz
923 tons
837 tonne

TSX/TSXv Gold Reserves and Resources

Gold reserves and resources for TSX/TSXv listed companies with at least 12.5% of their in situ metal values from gold:


Type of Equity

Gold Reserves


Gold Resources
(tons, inclusive of reserves)


Gold Producers

14026 35982

Gold Developers

4303 16557

Gold Explorers
>5M Oz AuEq

2104 7563

Gold Explorers
<5M Oz AuEq

86 5427

All Gold Equities

20520 65529

Based on gold production rates reports over the last 4Q, TSX/TSXv gold producers have 21.5 years of gold reserves.


TSX/TSXv Silver Reserves and Resources

Silver reserves and resources for TSX/TSXv listed companies with at least 12.5% of their in situ metal values from silver:


Type of Equity

Silver Reserves


Silver Resources
(tons, inclusive of reserves)


Silver Producers

153651 371717

Silver Developers

47307 136447

Silver Explorers
>5M Oz AuEq

6788 39916

Silver Explorers
<5M Oz AuEq

426 37908

All Silver Equities

208172 585988

Based on silver production rates reports over the last 4Q, TSX/TSXv silver producers have 33.6 years of reserves.


TSX/TSXv Gold and Silver Equities Statistics

The following table includes TSX/TSXv listed companies with at least 12.5 of their in situ metal values from gold or silver (in US$).

Type of Equity






>5M Oz AuEq


<5M Oz AuEq


Enterprise Value
Per Oz AuEq

$55 $8 $2 $6

Estimated Discovery Cost
Per Oz AuEq

  $12 $3 $21

Net Working Capital

$20,790M $736M $215M $511M

TSX/TSXv Company Counts by Category

TSX/TSXv company may appear at most one time in the following table. Companies without a gold/silver resource (generators, historic and grass roots) are included on the basis of qualitative assessment of descriptions published in quarterly financial statements.

Category # of Companies in Category

Gold/Silver Streaming and Royalty Companies


Gold/Silver Producers


Gold/Silver Developers


Gold/Silver Explorers


Gold/Silver Generator Model Companies
(No Gold or Silver Resource)


Gold/Silver Explorers with Historic Resource
(No Gold or Silver Resource)

Gold/Silver Grass Roots Explorers
(No Gold or Silver Resource)


Total Companies Listed in
(Current, historic, TSX/TSXv, CNDX, and others. See Note 1)


Note 1: All TSX/TSXv listed companies are required to file in However, companies include current companies, companies that no longer file (i.e. as a result of take over, merger, re-organization, bankruptcy, etc.), CNDX companies (Canadian over the counter market listings), and companies listed on foreign exchanges (e.g. US OTC, London, etc.) that have some connection with Canadian investors.


Outsource Your Gold Market Data Capture Tasks to GoldMinerPulse

Contact to request a free no obligation evaluation copy of a TSX/TSXv gold/silver miner daily, weekly and monthly reports and private view web pages. I will be happy to work with you to design a product that matches your exact information capture and processing needs.

If you are using in house staff to maintain such metrics then you should consider the advantages of outsourcing this task to the GoldMinerPulse team which can prepare custom reports using XML, Excel spreadsheets and/or private access PHP pages.


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Recent News and Views

  • Seabridge Gold Finds Extension of KSM's Mitchell Deposit at Depth, July 28 - see Seabridge Gold Inc. Project Summary for KSM summary details.

  • Gold price break signal flashed on 19 June. more

  • Gold ETF money flows suggest an overall bearish market sentiment going into June 2015. more

  • ABX sale of its Cowal Mine: Valuation = $160US/oz in situ while ABX has a market capitalization of $50US/oz AuEq. more

Market Vectors Gold Miner ETF (GDX)

GDX is by far the largest gold equity ETF today - 29 May 2015 net assets were $6.3B U.S., roughly equal to 2% of the estimated total market capitalization of all of the world's gold and silver miners (public + private). And with more than $27B US in physical gold holdings, the GLD ETF is equal to approximately 10% of that world gold and silver mining sector.

The monthly money flows for the GLD and GDX ETFs along with price of gold (POG) and Shanghai Gold Exchange (SGE) daily settlement volumes totals for the month are detailed below.

YYYY-MM Net Flow (US$) Average
% Chg
SGE Avg.
See Gold Equity ETF Money Flows for per day flows over last month + definitions
2015-06 $170.9M $362.5M $1,182 1.2% 12.0 t
2015-05 $912.6M $83.1M $1,197 0.2% 10.5 t
2015-04 $79.5M $558.9M $1,199 1.7% 13.4 t
2015-03 $1,302.2M $171.4M $1,179 3.8% 22.7 t
2015-02 $525.7M $351.6M $1,226 2.2% 22.9 t
2015-01 $1,559.7M $846.7M $1,254

4.5% 16.1 t
2014-12 $296.5M $522.3M $1,200

2.0% 12.1 t
2014-11 $834.5M $55.2M $1,177 3.7% 12.4 t
2014-10 $1,133.2M $247.0M $1,222

1.1% 12.8 t
2014-09 $925.4M $318.1M $1,236

4.6% 10.9 t
2014-08 $283.9M $104.4M $1,296

1.1% 9.7 t
2014-07 $399.3M $189.9M $1,311

2.3% 9.6 t
2014-06 $230.5M $504.2M $1,282

0.5% 11.5 t
2014-05 $456.8M $9.4M $1,288 0.8% 9.1 t
2014-04 $923.4M $53.2M $1,299

2.7% 9.7 t
2014-03 $411.2M $298.2M $1,335 2.7% 11.9 t
2014-02 $433.6M $59.4M $1,300

6.3% 15.2 t
2014-01 $58.6M $136.9M $1,223 1.5% 14.9 t
2013-12 $1,711.3M $109.9M $1,205

3.8% 9.3 t
2013-11 $1,165.3M $219.7M $1,252 5.0% 12.9 t
2013-10 $1,423.7M $6.8M $1,318

2.3% 12.0 t
2013-09 $569.2M $219.7M $1349 0.4% 11.9 t
2013-08 $240.2M $6.8M $1355

5.2% 8.7 t
2013-07 $1,601.8M $754.8M $1288 4.0% 5.0 t
2013-06 $1,848.0M $1,071.5M $1341

5.5% 13.3 t


  • POG - price of gold, average Kitco spot price at the close of TSX trading for each day of the month.
  • GLD flows computed from historical data provided by the SPDR GLD Gold Shares site.
  • GDX in flow of $83.1M in May was matched by a $80.1M outflow from GDXJ.
  • SGE Daily Settlement - total of daily Au(T+D) and mAu(T+D) settlement volumes for the month. See SGE Daily for definitions and charts.
  • April 2015 SGE Avg. Daily Settlement was corrected to 13.4 t (previously incorrectly reported as 15.7 t).

Outlook For Gold and Gold Equities - 24 July view for the 31 July Close

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The weekly outlook remains bearish. The downtrend signaled on 19 June 2015 remains firmly in place (click here to view), although the new multi-year low in the price of gold has rescaled the Normalized Relative Price Movement charts thus removing the 19 June signal from the most recent view.

The multi-year lows in the $1140s have been broken. Next levels of support could be at the 20+ year Fibonacci 50% retracement (or perhaps the Jim Rogers call from 21 July) :

  • High Daily Close in past 20 years: $1,895

  • Low Daily Close in past 20 years: $253

  • Retracement Level:

    • 38.2%: $1,269

    • 50%: $1,075

    • 61.8%: $881

    • 100%: $253

  • Jim Rogers call (21 July): $960

The July month to date data continues to show an increasing net negative money flows for the gold ETFs (GLD, GDX and GDXJ).

The relative price of the other precious metals continues to suggests a further weakening in the price of gold - platinum remaining well below $1000.

The SGE weekly gold delivery from vault (as of July 17th) continues to out-pace 2014 YTD levels by ever increasing percentages. SGE daily settlement volumes were strong on Friday. With an outflow of gold bullion worth more than $565M from the GLD on the week, there is potential supply of physical gold available to support flows to China -- that is, some of the bullion removed from the GLD can in theory be freed up to flow to Switzerland and on to the China market. The SGE Daily Settlement volume on Friday is supportive of gold supply is adequate to avoid pushing up gold prices. The drop off in SGE premiums on Friday is likely due to North American traders locking in weekly profits on Friday rather than a change in trends.

  • 24 July Weekly Average < Weekly Average 6 months ago < Weekly Average 12 months ago

  • See gold prices in Yuan Renminbi here


The trend has been down and there is no reason to change the outlook for the coming week.

However, when I see Barrons headline like Traders Net Short Gold for the First Time on Record: CFTC, I have to think that a bounce in gold prices should not be unexpected.

Still, market bottoms are usually tested multiple times, so even if we see a bounce in the price of gold in the coming weeks, it is still reasonable to expect a retest of prices at the $108x lows set this past week. And finally, there is the Jim Rogers call from 21 July 2015: Jim Rogers: Gold Prices Could Plunge to $960.

So, bottom line, sceptically bearish still feels right.

View Friday Outlook for Gold Next Week for past weeks here.


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Gold ETF Money Flows

Daily Price of Gold changes
Money Flows in/out of GLD, GDX and GDXJ
plus the SGE Premiums and Settlement volumes
mon-dd POG
% Chg
Jul 30 0.82% $1 15.59t
Jul 29 0.11% $2.1M $4 19.16t
Jul 28 0.15% $20.5M $3 12.21t
Jul 27 0.39% $2.0M $0.9M $13 9.70t

Jul 24 0.91% $155.7M $18.9M $26.2M $12 20.13t
Jul 23 0.46% $94.6M $7.4M $9 8.80t
Jul 22 0.60% $83.3M $12.7M $17.3M $1 13.03t
Jul 21 0.28% $169.6M $17.7M $33.0M $8 11.54t
Jul 20 2.65% $63.6M $31.1M $2.8M $16 12.69t

Jul 17 0.97% $423.6M $3.1M $14 15.51t
Jul 16 0.35% $43.8M $5 9.38t
Jul 15 0.54% $4.4M $9 10.89t
Jul 14 0.22% $4.2M $1.1M $2 12.37t
Jul 13 0.61% $55.3M $12.6M $11.3M $1 16.28t

Jul 10 0.12% $85.2M $1 26.58t
Jul 09 0.18% $67.0M $0.8M $2.2M $4 16.69t
Jul 08 0.35% $10.4M $15.1M $11 13.36t
Jul 07 1.23% $37.4M $15 9.07t
Jul 06 0.07% $27.5M $1 8.81t

Jul 03 0.25% $2 10.40t
Jul 02 0.21% $67.1M $1 10.64t
Jul 01 0.37% $5 15.03t
Jun 30 0.58% $75.3M $6 10.32t
Jun 29 0.38% $9.4M $1 10.08t

Jun 26 0.13% $67.4M $67.4M $1 12.12t
Jun 25 0.09% $258.6M $4 8.62t
Jun 24 0.33% $34.0M $9.7M $0.4M $2 10.70t
Jun 23 0.60% $30.8M $6.8M $9 15.48t
Jun 22 1.33% $136.1M $41.0M $15.3M na - Dragon Boat Festival

A ? indicates that the closing data for the ETF is to be released - ETF updates happen typically after 8PM EST. Otherwise the cell is left blank if there was no change from the previous day.

POG % Chg is computed based on the Kitco gold spot price bid at TSX market closing time and the price at the previous TSX market close.

For GLD, a positive cell value indicated the value of the gold (in millions of dollars) added to the ETF while a negative cell value indicated the value of gold removed from the ETF. Values are computed from data provided by the GLD ETF operator.

For the gold equity ETF trading symbol columns, a positive cell value indicates the values of the equities (in millions of dollars) added to the ETF while a negative cell value (shown in red) indicates the value of the equities removed from the ETF.

The SGE Prem. (Shanghai Gold Exchange Premium) is computed as the difference between the SGE gold closing price (coverted at exchange rates in effect at the TSX close) and gold spot price as reported by Kitco at the TSX close. SGE Sett. (Shanghai Gold Exchange Settlement Volume) is sum of the Au(T+D) and mAu(T+D) daily settlement volumes as reported by the SGE.


Shanghai Gold Exchange Gold Closing Price Versus Kitco Closing Price

The Shanghai Gold Exchange Yuan Renminbi price of gold and premium/discount in US dollars relative to the Kitco spot price at TSX close follows (yearly average and 1 year rolling time period comparisons):

Note: See China Public Holiday Calendar for the dates of up coming Chinese holidays.

Yearly Average Shanghai Gold Exchange Premium:
  • 2015 (YTD average): $3.25

  • 2014 (Full year average): $2.02

  • 2013 (Full year average): $14.94

Rolling Week on Week Comparisons of Shanghai Gold Exchange (SGE) Premiums (Δ) vs Kitco Spot Gold Price:

Date Shanghai Gold Exchange Close - Au(T+D) Kitco Spot Price at TSX Close SGE Δ
Yuan Renminbi/gram US$/oz
30 July 2015 217.21 $1088 $1088 $1
29 July 2015 219.85 $1101 $1097 $4
28 July 2015 219.29 $1099 $1096 $3
27 July 2015 221.85 $1107 $1094 $13
24 July 2015 216.89 $1086 $1099 $12
23 July 2015 219.45 $1098 $1089 $9
29 January 2015 257.28 $1282 $1257 $25
28 January 2015 258.98 $1289 $1286 $3
27 January 2015 257.91 $1284 $1294 $10
26 January 2015 260.16 $1294 $1280 $15
23 January 2015 259.52 $1296 $1294 $2
22 January 2015 260.05 $1303 $1302 $1
31 July 2014 257.51 $1297 $1282 $15
30 July 2014 258.39 $1302 $1296 $7
29 July 2014 259.84 $1308 $1300 $8
28 July 2014 259.77 $1306 $1305 $1
25 July 2014 257.50 $1294 $1308 $14
24 July 2014 258.58 $1298 $1292 $6

Currency conversions made using spot rates available on the date. The SGE Δ is computed as the SGE closing price in US$ minus Kitco Spot Price (bid) at TSX Close.

A ? indicates that the closing data update is pending.

See the SGE page for daily updates on the Shanghai Gold Exchange, including a comparison of SGE gold delivery from vault in 2014 versus 2013.

See schedule of holidays in China in 2015 for dates the SGE will be closed.


Gold and Silver Miner Market Capitalization Estimates

TSX/TSXv Grouping TSX/TSXv Total Market Capitalization
(Millions of US$)
Gold & Silver Producers $56,759
Gold & Silver Streamers $11,363
Gold & Silver Developers $7,117
Gold & Silver Explorers $2,517
Total TSX/TSXv Gold & Silver Miners $77,756
Market Cap Estimate For the World's
Gold & Silver miners (Millions of US$)

Note: All TSX/TSXv companies with at least 12.5% of their total in situ metal value coming from either gold or silver and which match the category definitions, are included in the above table.

Gold & Silver Producers category includes those companies that report quarterly production counts and revenues for gold and/or silver production.

Gold & Silver Streamers category includes companies focused on creating gold/silver streams or royalty income flows.

Gold & Silver Developers category includes companies with an explicit plan to start production in the near term or which have a spending profile and work plans to imply potential future production.

Gold & Silver Explorers category includes companies that are primarily focused on expanding resource counts at one or more existing gold and silver projects without indicating plans for future production.

Generator and grass roots companies are not covered.

Market capitalization is always computed using closing market price (expressed in US$ using exchange rates in effact at market closing time) and the issued share of each company. Updates are made daily after the TSX market close.

TSX/TSXv Market Share Assumptions: the TSX/TSXv gold producers are estimated to represent approximately 33% of the world's gold producers since the TSX/TSXv gold producers report approximately 1/3 of the world's yearly gold production. The streamers, explorers and developers are estimated to represent very roughly 50% of the world total for companies in those groupings.

The Market Cap Estimate For the World's Gold & Silver miners is computed based on the actual TSX/TSXv market capitalizations, computed on a daily basis here using closing market prices and material filings as available at the TSX market closing time, and applying the market share assumptions detailed above.

Detailed fundamental metrics on the TSX/TSXv gold and silver miners, including per company details such as:

  • gold and silver reserves / resources breakdowns

  • enterprise value per ounce of gold reserve (or resource)

  • average ore value per tonne

  • breakdown of percentage of gold equivalent ounces by country (2 letter ISO codes)

  • options to fully customize report to your specific needs

are available on a subscription basis.

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