GoldMinerPulse: TSX/TSXv Gold Mining and Silver Mining Companies

Last Updated With Closing Market Prices and Document Filings from: 28 May 2015 (as available at TSX closing time).


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High Value Tips

Any investor in the market should review the excellent material provided by US Global Investors in a recent report titled: Follow the Smart Money: How the Pros are Trading Right Now (May 7, 2015).

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

Index: NYSE Arca Gold Bugs Index (HUI)

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 definately right up a stock pickers alley. Definately a home run. ...

Very nice.

   

Gold and Silver Production Statistics

NOTE: Newmont Gold (NEM on the NYSE), which did at one time trade on the TSX and which still files reports via Sedar.com, is not technically a TSX/TSXv gold producer and was therefore removed from GoldMinerPulse statistics effective 6 March 2015. Previously the NEM statistics were incorrectly counted as part of the TSX/TSXv totals.

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: 25.22M ounces (864.69 tons or 784.43 tonnes), a 1.5% change over the 4 quarters ending at the prior quarter.

  • Silver: 183.11M ounces (6,278.06 tons or 5,695.36 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 January, February and March 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
71 of 86 5,278,403 oz
 
181.0 tons
 
164.2 tonne
-13% 30,705,431 oz
 
1,053 tons
 
955 tonne
-9%

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

13972 36361

Gold Developers

4261 16373

Gold Explorers
>5M Oz AuEq

2006 7524

Gold Explorers
<5M Oz AuEq

107 5723

All Gold Equities

20346 65981

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

153860 372108

Silver Developers

49078 143078

Silver Explorers
>5M Oz AuEq

6562 58564

Silver Explorers
<5M Oz AuEq

368 38959

All Silver Equities

209868 612709

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

$68 $11 $2 $8

Estimated Discovery Cost
Per Oz AuEq

  $12 $3 $22

Net Working Capital
(US$)

$19,722M $668M $250M $526M

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

6

Gold/Silver Producers

86

Gold/Silver Developers

139

Gold/Silver Explorers

232

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

27

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

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.

Outsource Your Gold Market Data Capture Tasks to GoldMinerPulse

Contact dennis@goldminerpulse.com 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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ABX Cowal Mine Sale

  • 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 - 15 May 2015 net assets were $6.4B 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
 
2015-04 $79.5M $558.9M $1,199 1.7% 15.7 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.
  • 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.

Outlook For Gold and Gold Equities - 23 May view for the 29 May Close

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Very little has changed from last week. A clear trend has yet to emerge.

Observations on the Week Ending 22 May

  • The GDX Visual Correlation chart shows that market cap weighted average of the GDX Producers on the TSX (dashed black line) is tracking gold moves very well and provide no hint of bias for higher or lower equity prices next week.

  • The U.S.D. index finished the week with a very strong up move suggesting an increased probability for weaker gold equity prices in the coming week. The GDX, GDXJ and SGDM ETFs are falling.

  • The Shanghai physical delivery from vault for the week ending 15 May (reporting is always on a one week delay basis) was 903 tonnes YTD, a 20.2% increase over the comparable 2014 YTD figures confirming continued strong demand in China.

  • GLD had an outflow of more than $300M for the week. After a strong inflow on 22 May the GDX is approximately even for the week while the GDXJ had an outflow of more than $30M.

  • SGE daily settlement volumes were mixed, well below year to date averages for most of the week and ending the week at the low end of monthly daily averages for year to date.

    Gold priced in Yuan Renminbi is neutral in that the current price is above the 6mth price but below the 12 month price.

Outlook

On balance, the gold trend outlook remains very poorly defined with a slight overall bias towards lower prices. I will be watching the daily SGE settlement volumes and gold ETF flows for a break out signal etf daily money flows as well as for unexpected news that may finally create a well defined price trend.

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

 

Gold Equity ETF Money Flows

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Daily Changes in Price of Gold and Money Flows into / out of GLD and Gold Equity ETFs plus SGE Daily Settlement Volume (Au(T+D) plus mAu(T+D) ) Over Last 30 Days
mm-dd POG
% Chg
GLD GDX GDXJ SGE Daily
Settlement Volume
May 28 0.08% ? ? ? 9.07
May 27 0.03% $53.4M $1.7M 9.94t
May 26 1.63% $22.9M 10.83t
May 25 0.13% 12.44t
May 22 0.07% $29.8M $6.5M 16.88t
May 21 0.37% 9.02t
May 20 0.22% $116.3M 9.65t
May 19 1.37% $18.0M $6.5M 9.44t
May 18 $223.0M $15.6M $12.1M 15.42t
May 15 0.27% $15.6M $12.1M 11.38t
May 14 0.78% $173.7M $4.2M $6.7M 14.15t
May 13 1.85% 8.77t
May 12 0.78% 6.93t
May 11 0.38% $15.4M 8.13t
May 8 0.47% $410.6M $64.8M 13.60t
May 7 0.76% $102.3M $16.6M 7.00t
May 6 0.10% $39.5M 7.28t
May 5 0.32% $16.2M 6.33t
May 4 0.97% $84.8M 10.50t
May 1 0.42% $90.4M $14.2M $15.0M
Apr 30 1.84% $11.4M $15.1M $47.4M 19.98t
Apr 29 0.61% $78.0M 15.22t
Apr 28 0.82% $5.2M 15.21t
Apr 27 2.06% $126.9M $41.6M $28.7M 11.02t
Apr 24 1.37% $11.7M 11.60t
Apr 23 0.72% $1.2M 11.13t
Apr 22 1.30% $11.6M 11.88t

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.

 

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): $3.60

  • 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
28 May 2015 237.19 $1190 $1189 $1
27 May 2015 237.46 $1191 $1188 $3
26 May 2015 238.70 $1197 $1187 $9
25 May 2015 240.50 $1206 $1207 $1
22 May 2015 240.00 $1204 $1205 $1
21 Msy 2015 241.64 $1212 $1206 $6
20 May 2015 241.00 $1208 $1211 $3
...
27 November 2014 235.10 $1197 $1190 $7
26 November 2014 237.04 $1201 $1198 $3
25 November 2014 236.79 $1200 $1200 $1
24 November 2014 226.90 $1200 $1298 $2
21 November 2014 235.50 $1196 $1201 $5
20 November 2014 233.50 $1186 $1195 $9
...
29 May 2014 252.00 $1256 $1257 $0
28 May 2014 254.64 $1269 $1258 $10
27 May 2014 257.99 $1284 $1266 $18
26 May 2014 259.55 $1294 $1293 $1
23 May 2014 259.90 $1296 $1293 $3
22 May 2014 259.89 $1297 $1295 $2

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.

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. 2 January was the New Year's weekend holiday. The next holiday will be Spring Festival Eve and Chinese New Year holidays started 18 February and ending 24 February.

Gold and Silver Miner Market Capitalization Estimates

TSX/TSXv Grouping TSX/TSXv Total Market Capitalization
(Millions of US$)
Gold & Silver Producers $83,326
Gold & Silver Streamers $19,612
Gold & Silver Developers $8,072
Gold & Silver Explorers $3,344
Total TSX/TSXv Gold & Silver Miners $114,354
 
Market Cap Estimate For the World's
Gold & Silver miners (Millions of US$)
$315,378

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

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