GoldMinerPulse: TSX/TSXv Gold Mining and Silver Mining Companies

Last Updated With Closing Market Prices and Document Filings from: 4 September 2015 (as available at TSX closing time).


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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  

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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: 25.99M ounces (891.09 tons or 808.38 tonnes), a 4.1% change over the 4 quarters ending at the prior quarter.

  • Silver: 186.21M ounces (6,384.34 tons or 5,791.78 tonnes), a 1.7% 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
Reporting
Gold Produced
Latest Q Report
QoQ
Gold Δ
Silver Produced
Latest Q Report
QoQ
Silver Δ
80 of 86 6,243,433 oz
 
214.1 tons
 
194.2 tonne
5% 47,654,322 oz
 
1,634 tons
 
1,482 tonne
8%

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:

Metric

 
Type of Equity

Gold Reserves
(tons)

 

Gold Resources
(tons, inclusive of reserves)

 

Gold Producers

14097 36432

Gold Developers

4284 16238

Gold Explorers
>5M Oz AuEq

2104 7554

Gold Explorers
<5M Oz AuEq

87 5337

All Gold Equities

20571 65561

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:

Metric

 
Type of Equity

Silver Reserves
(tons)

 

Silver Resources
(tons, inclusive of reserves)

 

Silver Producers

154514 372498

Silver Developers

46444 135260

Silver Explorers
>5M Oz AuEq

6788 36500

Silver Explorers
<5M Oz AuEq

426 40403

All Silver Equities

208172 584662

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

 
Metric

Producers
 

 

Developers
 

 

Explorers
>5M Oz AuEq

 

Explorers
<5M Oz AuEq

 

Enterprise Value
Per Oz AuEq

$57 $9 $2 $7

Estimated Discovery Cost
Per Oz AuEq

  $13 $3 $22

Net Working Capital
(US$)

$19,400M $743M $164M $487M

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

5

Gold/Silver Producers

86

Gold/Silver Developers

141

Gold/Silver Explorers

219

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

26

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

793

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

~30,000

Note 1: All TSX/TSXv listed companies are required to file in Sedar.com. However, Sedar.com 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.


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Gold ETFs and Shanghai Gold Exchange

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
Gold
Price
Avg POG
% Chg
SGE Avg.
Daily
Settlement
GLD GDX
See Gold Equity ETF Money Flows for per day flows over last month + definitions
 
2015-08 $13.6M $23.8M $1,119 1.0% 16.3 t
2015-07 $1,319.4M $126.9M $1,130 4.3% 13.7 t
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

Notes:

  • 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 - 29 August view for the 4 September Close

With the whiplash in gold last week and the unexpected loss of GDX and GDXJ money flow data for August 26/27/28 (as of 30 August, the Van Eck Global site, Important Notice on Daily ETF NAV Calculations is showing holdings update only as a far as 08/25/15), I am leaving the forecast for gold next week as positive (high prices expected) against a longer term (multiple weeks to months) of a retest of the $108x lows.

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
GLD GDX GDXJ SGE
Prem.
SGE
Sett.
Volume
Sep 4 0.28% $8.6M na na
Sep 3 0.75% $14.8M na na
Sep 2 0.57% $16.3M $15 21.09t
Sep 1 0.39% $9.9M $6 5.39t
Aug 31 0.09% $41.5M $3 11.92t

Aug 28 0.93% $75.6M $0.7M $1 14.90t
Aug 27 0.05% $53.6M X X $6 16.23t
Aug 26 1.43% X X $18 12.23t
Aug 25 1.16% $25.9M $10 12.23t
Aug 24 0.58% $16.4M $1.0M $6 11.98t

Aug 21 1.24% $88.9M $43.8M $18.3M $1 13.15t
Aug 20 1.70% $131.7M $63.1M $2.2M $11 11.49t
Aug 19 1.38% $3.2M $7 11.65t
Aug 18 0.01% $7.3M $5 8.12t
Aug 17 0.22% $16.5M $3 11.47t

Aug 14 0.04% $8.7M $10.4M $6 17.29t
Aug 13 0.77% $51.3M $11.5M $9 19.81t
Aug 12 1.39% $150.4M $5 17.79t
Aug 11 0.48% $3.6M $3 23.79t
Aug 10 1.03% $14.2M $3 20.87t

Aug 7 0.27% $8.4M $33.5M $5 15.69t
Aug 6 0.41% $34.1M $1 22.06t
Aug 5 0.32% $93.8M $20.7M $10 27.50t
Aug 4 0.17% $72.9M $22.7M $3 26.55t
Aug 3 0.80% $2.0M $12 14.86t

Jul 31 0.64% $263.1M $8.9M $3.9M $10 18.35t
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

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.

A X indicates the ETF did NOT release the end of day holdings -- a very rare event but Van Eck failed to release an update for GDXJ and GDX for August 26/27 (apparently due to a Bank of New York Mellon having an issue with its technological systems). As of August 31 GDX/GDXJ reporting appears to be back to normal.

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): $3.28

  • 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
4 September 2015 Victory Day Holiday $1122 na
3 September 2015 Victory Day Holiday $1125 na
2 September 2015 237.70 $1149 $1134 $15
1 September 2015 234.79 $1146 $1140 $6
31 August 2015 233.34 $1138 $1136 $3
28 August 2015 233.16 $1135 $1135 $1
...
5 March 2015 242.88 $1206 $1198 $8
4 March 2015 243.85 $1210 $1199 $10
3 March 2015 244.85 $1213 $1203 $10
2 March 2015 248.90 $1224 $1206 $19
27 February 2015 244.89 $1215 $1211 $4
26 February 2015 244.35 $1215 $1209 $6
...
4 September 2014 250.78 $1271 $1263 $8
3 September 2014 250.85 $1270 $1270 $0
2 September 2014 252.48 $1278 $1265 $12
1 September 2014 254.92 $1289 Labor Day
29 August 2014 254.92 $1290 $1287 $3
28 August 2014 254.50 $1291 $1290 $1

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 $57,230
Gold & Silver Streamers $11,111
Gold & Silver Developers $7,142
Gold & Silver Explorers $2,853
Total TSX/TSXv Gold & Silver Miners $78,336
 
Market Cap Estimate For the World's
Gold & Silver miners (Millions of US$)
$216,756

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 Sedar.com 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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