GoldMinerPulse: TSX/TSXv Gold Mining and Silver Mining Companies

Last Updated With Closing Market Prices and Document Filings from: 3 May 2016 (as available at TSX closing time).


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Seeking Alpha Articles by Dennis Boyko

Correlation Study Of Gold Related Time Series, March 14, 2016

While it is tempting to expect a near-term correction in gold, a review of the historical trend suggests the gold price can easily rise much higher before a correction happens.

California's Environmental Quality Act Could Save Canada's Resource Sector, Satisfy 'Indigenous Licence' Requirements, February 18, 2016

The decline in commodity prices coupled with an unemployment crisis in the sector could provide impetus to re-evaluate Canada's inefficient resource project/environmental review process as well as relations with First Nations based on an outdated colonial apartheid model. Resource companies and their investors should push for and welcome the certainty such changes will bring.

Odds of A Gold Price Uptrend Are Improving, February 17, 2016

On February 11, 2016, the price of gold ended the day 14% above the 6Q regression line. Since 1970, there have been only five other times when the price of gold ended the day more than 12% above the 6Q regression line and when the 6Q regression line was trending downward.

Anticipating Goldcorp 2015 Full Year Results, February 17, 2016

To date the news on the Cochenour project has all been good. But with further drops in gold prices, and huge disappointment at the nearby Rubicon project this year, I am expecting to see a major impairment charge on Red Lake / Cochenour in the full year 2015 results.

Trading Gold Producers Using GLD Bullion Inventory Levels As A Signal , February 9, 2016

Assuming trade executions at the next day closing price, this simple trading rule generated close to $30,000 (best case) from a start of $10,000 in November 2004 by trading NEM. The buy and hold return on NEM over the same period was -48%.

Although I am not suggesting that trading gold producers based solely on this unoptimized, simplistic algorithm is a good idea, I do believe that the evidence presented above is enough to make serious traders consider whether the GLD bullion inventory deserves a place in their trading algorithms.

I will be posting signal updates at end of day here. I also plan to trade a model portfolio based on the GLD Bullion Inventory signal starting with the next "go long" or "go short" signal.

Black Swans Circling Canadas Resource Sector, February 9, 2016

Prime Minister Trudeau meeting with a First Nation Chief

Anticipating and Trading The Agnico Eagle Mines 2015 Full Year Results, February 3, 2016

Outlook For Gold and Gold Equities in 2016, January 12, 2016

 

 

GLD Bullion Inventory Signal For Trading Gold Producers

3 May 2016 After Market Close - GLD bullion holdings were unchanged.

Date (AMC) Signal (for next day execution)


Signal Definitions and Notes:
Out - Waiting Long Confirmation: No action requird. Previous GLD change was a GLD inflow. A second inflow event is still required to trigger an Open Long signal.
Out - Waiting Short Confirmation: No action requird. Previous GLD change was a GLD outflow. A second outflow event is still required to trigger an Open Short signal.
Open Short - two consecutive outflow events (with possible zero flow days in between) occurred this day which is the signal to short gold producers. Use additional factors to select best short candidates.
Close Short - a GLD inflow occurred. Close gold equity short positions.
Open Long - two consecutive GLD inflow events (with possible zero flow days in between) is the signal to go long gold producers. Use additional factors to select best long candidates.
Close Long - a GLD outflow occurred. Close gold equity long positions.
Note 1: All trades are executed on the following trading day since the GLD signal is generated after markets have closed for the day
Note 2: The GLD algorithm is fully detailed, along with back test results from 2004 (the year GLD was launched), in Trading Gold Producers Using GLD Bullion Inventory Levels As A Signal .
2016-05-02 Open Long
2016-04-29 Out -- Waiting for 2nd Inflow Event to Go Long
2016-04-28 Close Short
2016-04-25 Open Short
2016-04-19 Out -- Waiting for 2nd Outflow Event to Go Short
2016-04-18 Out -- Waiting for 2nd Inflow Event to Go Long
2016-04-15 Close Short
2016-04-12 Open Short
2016-04-08 Out -- Waiting for 2nd Outflow Event to Go Short
2016-04-07 Out -- Waiting for 2nd Inflow Event to Go Long
2016-04-06 Close Short
2016-03-30 Open Short
2016-03-29 Close Long
2016-03-16 Open Long
2016-03-15 Out -- Waiting for Long Confirmation
2016-03-14 Close Long
2016-03-10 Open Long
2016-03-09 Close Short
2016-03-08 Open Short
2016-03-07 Out -- Waiting Short Confirmation
2016-03-04 Close Long
2016-02-19 Open Long
2016-02-18 Out -- Waiting Long Confirmation
2016-02-12 Out -- Waiting Short Confirmation
2016-02-11 Out -- Waiting Long Confirmation
2016-02-10 Out -- Waiting Short Confirmation
2016-02-09 Close Long
2016-01-08 Open Long
 

Outlook

As of 12 February 2016, I am publishing my gold market views at Seeking Alpha. Please see above for a summary my latest posts or please see Seeking Alpha to see all my articles and discussions.

 

Gold and Silver Miner Daily Update Counts

The following plot shows showing a per day count of gold/silver producers/develoeprs/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.).

Shanghai Gold Exchange, year to date gold deliveries from vault

Click on the thumb nail plot for a full page view. The trend line in the full page view clearly shows the TSX/TSXv gold/silver miner group filing activity is shrinking.

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

   

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: 25.25M ounces (865.71 tons or 785.36 tonnes), a -0.1% change over the 4 quarters ending at the prior quarter.

  • Silver: 184.01M ounces (6,308.91 tons or 5,723.35 tonnes), a -1.3% 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 2016, 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
51 of 77 4,508,153 oz
 
154.6 tons
 
140.2 tonne
-11% 25,384,560 oz
 
870 tons
 
790 tonne
-14%

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

13444 34262

Gold Developers

4130 14663

Gold Explorers
>5M Oz AuEq

2034 7754

Gold Explorers
<5M Oz AuEq

82 5028

All Gold Equities

19690 61707

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

117061 293124

Silver Developers

48060 218276

Silver Explorers
>5M Oz AuEq

6562 39821

Silver Explorers
<5M Oz AuEq

283 41960

All Silver Equities

171965 593181

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

$94 $14 $6 $14

Estimated Discovery Cost
Per Oz AuEq

  $14 $3 $22

Net Working Capital
(US$)

$16,910M $805M $68M $363M

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

77

Gold/Silver Developers

114

Gold/Silver Explorers

212

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.

 

TSXv Gold And Silver Explorer/Developer Share Counts

Click on the chart for a detailed view.

 

Gold and Silver Miner Market Capitalization Estimates

TSX/TSXv Grouping TSX/TSXv Total Market Capitalization
(Millions of US$)
Gold & Silver Producers $107,583
Gold & Silver Streamers $19,198
Gold & Silver Developers $12,040
Gold & Silver Explorers $5,728
Total TSX/TSXv Gold & Silver Miners $144,549
 
Market Cap Estimate For the World's
Gold & Silver miners (Millions of US$)
$402,408

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.

Gold Price Rolling Regression for Multiple Time Periods - Daily Updates

Click on the chart for a detailed view along with a full chart legend. Please see Outlook For Gold and Gold Equities in 2016 at Seeking Alpha for the details of my gold price linear regressions from 1990 (with back testing from 1970) and odds computation.

Multi-Quarter GLD Bullion Holdings Linear Regression

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

 

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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 Premium and Settlement volume
mon-dd POG
% Chg
GLD GDX GDXJ SGE
Prem.
SGE
Sett.
Volume
May 3 0.30% $20.0M $13 14.01
May 2 0.12% $859.8M $155.4M $85.9M NA NA

Apr 29 1.95% $21M $14 16.60t
Apr 28 1.64% $60.2M $241.6M $18.1M $10 12.11t
Apr 27 0.34% $86.9M $3.5M $2 11.79t
Apr 26 0.43% $5 12.45t
Apr 25 0.29% $94.8 $1 11.17t

Apr 22 1.34% $12 11.61t
Apr 21 0.32% $34.6M $9 11.17t
Apr 20 0.36% $9.5M $6.8M $3 10.95t
Apr 19 1.52% $299.9M $2 8.78t
Apr 18 0.15% $13.4M $5 11.04t

Apr 15 0.71% $222.5M $66.5M $30.6M $0 15.52t
Apr 14 1.43% $129.3M $10 16.12t
Apr 13 1.09% $202.7M $12.8M $4 9.32t
Apr 12 0.03% $107.7M $137.1M $16.3M $1 14.10t
Apr 11 1.35% $34.1M $1 11.17t

Apr 08 0.06% $71.3M $36.5M $15.1M $2 13.88t
Apr 07 1.41% $2.1M $11 6.92t
Apr 06 0.51% $163.8M $130.1M $7.2M $4 11.62t
Apr 05 1.21% $11.5M $2.6M $4 10.64t
Apr 04 0.69% $92.9M $9.0M NA NA

Apr 01 0.67% $46.4M $10 12.98t
Mar 31 0.52% $6.1M $3 13.99t
Mar 30 1.26% $47.3M $40.6M $7.1M $8 9.52t
Mar 29 1.76% $128.9M $61.2M $24 9.64t
Mar 28 0.21% $48.6M $4 9.82t

Mar 25 NA NA NA NA NA 20.38t
Mar 24 0.27% $81.7M $0 15.41t
Mar 23 2.17% $13 12.63t
Mar 22 0.32% $21.7M $8 12.60t
Mar 21 0.86% $107.3M $47.2M $20.1M $1 13.25t

Mar 18 0.19% $478.6M $389.8M $7.7M $9 12.58t
Mar 17 0.41% $484.1M $9 10.92t
Mar 16 2.34% $117.3M $26 10.41t
Mar 15 0.08% $82.8M $50.7M $22.9M $4 10.51t
Mar 14 1.20% $344.8M $143.3M $20 9.13t

Mar 11 1.76% $74.3M $21 11.46t
Mar 10 1.57% $242.3M $55.7M $2.8M $23 11.39t
Mar 9 0.78% $83.4M $2.0M $8 15.06t
Mar 8 0.46% $96.9M $11 14.90t
Mar 7 0.42% $101.3M $8.8M $3 8.06t

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:
  • 2016 (YTD average): $0.92

  • 2015 (Full year average): $2.17

  • 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
3 May 2016 270.53 $1300 $1286 $13
2 May 2016 NA NA $1290 NA
29 April 2016 266.04 $1278 $1292 $14
28 April 2016 261.75 $1257 $1267 $10
27 April 2016 260.58 $1249 $1247 $2
26 April 2016 258.21 $1237 $1243 $5
...
3 November 2015 232.13 $1139 $1118 $22
2 November 2015 233.11 $1144 $1134 $10
30 October 2015 233.84 $1151 $1141 $10
29 October 2015 237.10 $1160 $1147 $14
28 October 2015 239.69 $1172 $1157 $15
...
5 May 2015 236.79 $1190 $1193 $3
4 May 2015 236.79 $1186 $11189 $3
1 May 2015 NA NA $1178 NA
30 April 2015 239.86 $1203 $1183 $20
29 April 2015 241.24 $1210 $1205 $5
28 April 2015 240.04 $1203 $1212 $9

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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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
 
2016-03 $1,645.3M $247.9M $1244 3.62% 12.1 t
2016-02 $4,177.2M $24.2M $1201 9.52% 12.3 t
2016-01 $952.8M $185.0M $1,097 2.6% 15.6 t
2015-12 $422.5M $42.6M $1,068 1.4% 12.5 t
2015-11 $1,327.0M $88.0M $1,084 6.4% 12.0 t
2015-10 $184.5M $469.8M $1,158 2.8% 9.7 t
2015-09 $173.1M $23.8M $1,126 0.6% 12.5 t
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:

  • GLD ETF outflows for 2015 equaled $2,945.7M.

  • GDX ETF inflows for 2015 equaled $362.3M.


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