GoldMinerPulse: TSX/TSXv Gold Mining and Silver Mining Companies

Last Updated With Closing Market Prices and Document Filings from: 12 December 2017 (as available at TSX closing time).


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Frank Holmes - December 8, 2017 This Week in Bitcoin: The IRS Targets Coinbase, Venezuela to Mint its Own Cryptocurrency

Frank Holmes - December 1, 2017 Gold Looks Like a Bargain Just in Time for Christmas


 

British Columbia Steller's Jays

YouTube Link What's Happening
Jays - Johnson is training a youngling to move peanuts up for easy pickup by rest of team.
Jays - Johnson stays in the background tweeting orders to coordinating the morning peanut pickup.
Jays - it can get crowded at the peanut gallery.
Jays - the morning call for peanuts after a very windy night.
Jays - sometimes its about team work. Johnson picks a few peanuts for his mate first.
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Jays - Wrong way Johnson forgets the plan on an early morning peanut raid.
Jay super stars, Digger and Chopper explore a promising vein of peanuts in the back yard.
Jays, Enjoying a few peanuts at a backyard party.

See all of my Steller Jay videos at YouTube.

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Also see Streetwise Reports, Sector Expert: Frank Holmes for timely blogs and commentary.




Data Exploration Tools

  • 4 July 2017 - added a "total debt / market capitalization" (real valued) metric to the nged app and the ngp app. Total debt is computed as the current + long term liability as reported quarterly plus subsequent news releases.

  • 19 June 2017 - corrected a currency conversion issue when current liabilities or current assets involved multiple currency.

Please see nged for current TSX/TSXv gold explorer/developer rankings based on financial and fundamental metrics.

Please see ngp for current TSX/TSXv gold producer rankings based on financial and fundamental metrics.



   

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: 26.1M ounces (894.86 tons or 811.80 tonnes), a 1.4% change over the 4 quarters ending at the prior quarter.

  • Silver: 151.42M ounces (5,191.54 tons or 4,709.69 tonnes), a -5.6% 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 July, August, September 2017, 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 84 5,694,998 oz
 
195.3 tons
 
177.1 tonne
2% 36,453,199 oz
 
1,250 tons
 
1,134 tonne
1%

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 37925

Gold Developers

3441 11761

Gold Explorers
>5M Oz AuEq

2404 8932

Gold Explorers
<5M Oz AuEq

138 4381

All Gold Equities

19955 62999

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

117495 314673

Silver Developers

36487 131202

Silver Explorers
>5M Oz AuEq

8060 46794

Silver Explorers
<5M Oz AuEq

423 38966

All Silver Equities

162465 531634

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 $13 $6 $22

Estimated Discovery Cost
Per Oz AuEq

  $13 $3 $27

Net Working Capital
(US$)

$18,589M $1,247M $406M $845M

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

84

Gold/Silver Developers

107

Gold/Silver Explorers

202

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

NA

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

NA

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.

 

Gold and Silver Miner Market Capitalization Estimates

TSX/TSXv Grouping TSX/TSXv Total Market Capitalization
(Millions of US$)
Gold & Silver Producers $114,095
Gold & Silver Streamers $13,016
Gold & Silver Developers $10,348
Gold & Silver Explorers $7,836
Total TSX/TSXv Gold & Silver Miners $145,296
 
Market Cap Estimate For the World's
Gold & Silver miners (Millions of US$)
$526,618

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 25% of the world's gold producers since the TSX/TSXv gold producers report approximately 25% 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.

NOTE October 24, 2016: Lowered the TSX/TSXv producer gold production estimate to 25% down from 33% - thus the spike in Market Cap Estimate for the World's Gold & Silver miners.

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.

 

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Gold ETF Money Flows

Daily Price of Gold changes
Money Flows in/out of GLD
plus the SGE Premium and Settlement volume
mon-dd POG
% Chg
GLD SGE
Prem.
SGE
Sett.
Volume
December 12 0.20% $10 16.50t
December 11 0.46% $18 15.35t

December 8 0.00% $8 17.67t
December 7 1.22% $107.3M $17 16.20t
December 6 0.29% $12 12.57t
December 5 0.72% $59.4M $14 17.62t
December 4 0.34% $48.3M $4 22.89t

December 1 0.42% $351.0M $1 23.25t
November 30 0.77% $15 13.62t
November 29 0.63% $14 19.66t
November 28 0.03% $110.5M $6 19.11t
November 27 0.42% $49.1M $4 32.39t

November 24 0.21% $9 32.39t
November 23 0.02% na $9 7.27t
November 22 0.91% $2 14.97t
November 21 0.18% $10 12.24t
November 20 1.25% $18 18.92t

November 17 1.18% $4 12.15t
November 16 0.01% $9 10.89t
November 15 0.19% $14 7.68t
November 14 0.25% $6 21.98t
November 13 0.15% $12.3M $9 11.72t

November 10 0.79% $17 31.19t
November 9 0.40% $4 20.35t
November 8 0.34% $38.4M $8 10.51t
November 7 0.34% $48.4M $8 6.33t
November 6 0.83% $12.3M $1 12.11t

November 3 0.44% $11.8M $7 9.11t
November 2 0.05% $146.0M $10 10.03t
November 1 0.44% $48.5M $11 10.03t
October 31 0.44% $14 17.18t
October 30 0.29% $2 14.64t

October 27 0.44% $48.1M $3 18.91t
October 26 0.83% $48.3M $19 12.51t
October 25 0% $4 13.25t
October 24 0.40% $10 10.77t
October 23 0.17% $0 12.61t

October 20 0.55% $10 13.71t
October 19 0.37% $12 6.83t
October 18 0.37% $12 9.09t
October 17 0.69% $12 14.87t
October 16 0.69% $17 10.83t

October 13 0.80% $222.3M $2 10.85t
October 12 0.03% $11 11.27t
October 11 0.36% $4 14.04t
October 10 0.26% $16 11.93t
October 9 0.79% $182.1M $10 15.08t

October 6 0.50% $132.8M NA NA
October 5 0.55% $132.8M NA NA
October 4 0.28% NA NA
October 3 0.0% $205.6M NA NA
October 2 0.70% $217.9M NA NA

September 29 0.44% $18 25.65t
September 28 0.19% $5 15.20t
September 27 0.93% $85.4M $17 15.93t
September 26 1.07% $271.7M $17 10.07t
September 25 0.98% $12 12.07t

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 GDX ETF did NOT release the end of day holdings.

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.

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.

 

Gold and Silver Miner Daily Update Counts

The following plot shows showing a per day count of gold/silver producers/developers/explorers with one or more "metric impacting" Sedar updates (e.g. resource disclosures, financial statements, shares for debt, private placements, options grants, project ownership changes, mergers/acquisitions, etc.).

Note: Snapshots are always taken at 4PM of the current day. Any filings after 4PM will only be counted at the next close.

 

Gold Price Rolling Regression for Multiple Time Periods - Daily Updates

GLD ETF Bullion Holdings Rolling Regression for Multiple Time Periods - Daily Updates

Click here for a scatter plot of GLD gold holdings versus price of gold.

 

DXY 4PM Quote Rolling Regression for Multiple Time Periods - Daily Updates

 

LBMA PM Gold Price Correlation With the Gold Held in the GLD ETF

The rolling 6Q scatter plot follows:

On a year by year basis the positive correlation between gold price and GLD gold holdings follows:

Finally, the correlation between gold price and GLD gold holdings over the last 10+ years of the GLD ETF follows:

Click here for more scatter plots.

 

LBMA PM Gold Price Correlation With the U.S. Dollar Index (DXY) Close

The DXY has been negatively correlated with gold price in recent years. The rolling 6Q scatter plot follows:



 

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:
  • 2017 (YTD average): $9.26

  • 2016 (Full year average): $5.72

  • 2015 (Full year average): $2.17

  • 2014 (Full year average): $2.02

  • 2013 (Full year average): $14.94

Recent 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
12 December 2017 267.05 $1255 $1244 $10
11 December 2017 267.99 $1260 $1242 $18

8 December 2017 267.40 $1256 $1248 $8
7 December 2017 269.05 $1264 $1248 $17
6 December 2017 271.27 $1275 $1263 $12
5 December 2017 272.60 $1281 $1267 $14
4 December 2017 272.28 $1280 $1276 $4

1 December 2017 272.54 $1281 $1280 $1
29 November 2017 276.03 $1299 $1285 $14
28 November 2017 275.74 $1299 $1293 $6
27 November 2017 275.22 $1298 $1293 $4

24 November 2017 275.04 $1296 $1288 $9
23 November 2017 275.07 $1300 $1291 $9
22 November 2017 274.67 $1293 $1291 $2
21 November 2017 274.69 $1289 $1279 $10
20 November 2017 276.27 $1295 $1277 $18

17 November 2017 274.70 $1289 $1293 $4
16 November 2017 274.13 $1287 $1278 $9
15 November 2017 275.13 $1292 $1278 $14
14 November 2017 274.46 $1286 $1281 $6
13 November 2017 274.85 $1287 $1277 $9

10 November 2017 276.00 $1293 $1274 $17
9 November 2017 275.40 $1290 $1286 $4
8 November 2017 274.50 $1288 $1281 $8
7 November 2017 274.18 $1285 $1276 $8
6 November 2017 272.81 $1279 $1280 $1

3 November 2017 272.61 $1277 $1270 $7
2 November 2017 272.91 $1285 $1276 $10
1 November 2017 273.15 $1286 $1275 $11
31 October 2017 273.05 $1284 $1270 $14
30 October 2017 273.05 $1278 $1276 $2

27 October 2017 272.67 $1275 $1272 $3
26 October 2017 274.43 $1286 $1266 $19
25 October 2017 273.59 $1281 $1277 $4
24 October 2017 274.64 $1287 $1277 $10
23 October 2017 273.72 $1282 $1282 $0

20 October 2017 274.72 $1290 $1280 $10
19 October 2017 274.73 $1291 $1287 $4
18 October 2017 275.26 $1297 $1285 $12
17 October 2017 276.30 $1297 $1285 $12
16 October 2017 277.78 $1311 $1294 $17

13 October 2017 276.23 $1304 $1302 $2
12 October 2017 276.16 $1304 $1293 $11
11 October 2017 274.60 $1296 $1292 $4
10 October 2017 275.77 $1304 $1288 $16
9 October 2017 275.90 $1295 $1285 $10

4 October 2017 NA NA $1274 NA
4 October 2017 NA NA $1268 NA
4 October 2017 NA NA $1275 NA
3 October 2017 NA NA $1271 NA
2 October 2017 NA NA $1271 NA

29 September 2017 277.59 $1298 $1280 $18
28 September 2017 276.61 $1291 $1286 $5
27 September 2017 277.61 $1300 $1284 $17
26 September 2017 280.01 $1312 $1296 $17
25 September 2017 276.20 $1298 $1310 $12

22 September 2017 276.76 $1306 $1297 $9
21 September 2017 276.05 $1303 $1290 $12
20 September 2017 278.61 $1318 $1301 $18
19 September 2017 278.35 $1315 $1311 $4
18 September 2017 278.67 $1319 $1307 $12

15 September 2017 280.28 $1332 $1320 $11
14 September 2017 279.64 $1326 $1327 $1
13 September 2017 280.22 $1334 $1321 $13
12 September 2017 279.62 $1331 $1331 $0
11 September 2017 280.92 $1339 $1327 $12

8 September 2017 281.76 $1353 $1346 $7
7 September 2017 281.10 $1347 $1348 $0
6 September 2017 282.20 $1346 $1333 $13
5 September 2017 281.32 $1337 $1340 $3
4 September 2017 281.99 $1344 $1334 $10

1 Setember 2017 279.62 $1326 $1325 $1
31 August 2017 278.00 $1312 $1322 $10
30 August 2017 278.12 $1312 $1308 $4
29 August 2017 281.16 $1325 $1308 $18
28 August 2017 278.14 $1307 $1311 $3

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.

 

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