GoldMinerPulse: TSX/TSXv Gold Mining and Silver Mining Companies

Last Updated With Closing Market Prices and Document Filings from: 17 October 2017 (as available at TSX closing time).

High Value Tips

Frank Holmes - October 11, 2017 Germans Have Quietly Become the World's Biggest Buyers of Gold

Frank Holmes - October 9, 2017 Here's Why Bitcoin Won't Replace Gold So Easily

GOAU: A New Way to Invest in Gold and Precious Metals

Watch this exciting interview at Kitco news for a first-hand introduction to GOAU, a gold and precious metals ETF launching soon. Learn more about this game-changing product here and view the SEC filing details here.

Unlike other gold ETFs, GOAU implements a "quant" strategy to guide its stock selection. Drawing from an array of factors that have proven successful, the new ETF seeks, for instance, to discriminate between companies with good and bad management and to identify companies with superior metrics. This active, discriminating approach not only is attractive for its own sake, but is buttressed by back testing results going back 10 years.

GOAU is also unique in that it incorporates streamers and royalty companies. Through NSRs (Net Smelter Returns) and similar deals, which avoid share dilution and which may even attach to property title, streamers and royalty companies offer an indirect, but arguably much safer way to gain exposure to gold explorers and developers.

Finally, the GOAU picks up a safe slice of world production. Since moves in the price of gold, and ultimate profitability of miners, can vary greatly from country to country as local currencies fluctuate, this ETF benefits from having diverse holdings.

I fully expect the GOAU to become larger than the GDXJ ETF within 5 years and ultimately to surpass even the GDX ETF, becoming second only to GLD ETF in the gold sector.

Anyone looking for exposure to the gold sector need look no further than GOAU. Once it has launched, I plan on putting my own gold sector investment allocations into this incredible product!

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.


British Columbia Steller Jays

Two Steller Jay super stars, Digger and Chopper, explore a promising vein of "Trophy Roasted Peanuts" in the back yard.

See more Steller Jay videos at YouTube.


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: 25.7M ounces (881.14 tons or 799.36 tonnes), a 1.6% change over the 4 quarters ending at the prior quarter.

  • Silver: 157.11M ounces (5,386.63 tons or 4,886.67 tonnes), a -2.3% 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 April, May, June 2017, 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
79 of 81 6,486,281 oz
222.4 tons
201.7 tonne
6% 38,328,717 oz
1,314 tons
1,192 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

13885 37940

Gold Developers

3443 11858

Gold Explorers
>5M Oz AuEq

2276 8776

Gold Explorers
<5M Oz AuEq

111 4372

All Gold Equities

19715 62947

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

117588 316279

Silver Developers

36740 131249

Silver Explorers
>5M Oz AuEq

6799 46520

Silver Explorers
<5M Oz AuEq

434 40449

All Silver Equities

161562 534497

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

$67 $12 $6 $22

Estimated Discovery Cost
Per Oz AuEq

  $14 $3 $26

Net Working Capital

$20,317M $1,202M $506M $960M

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 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.


Gold and Silver Miner Market Capitalization Estimates

TSX/TSXv Grouping TSX/TSXv Total Market Capitalization
(Millions of US$)
Gold & Silver Producers $115,791
Gold & Silver Streamers $13,369
Gold & Silver Developers $11,375
Gold & Silver Explorers $8,153
Total TSX/TSXv Gold & Silver Miners $148,687
Market Cap Estimate For the World's
Gold & Silver miners (Millions of US$)

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 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 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
October 18 ? ? ? 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

September 22 0.52% $160.3M $9 18.96t
September 21 0.80% $257.6M $12 12.40t
September 20 0.78% $18 19.93t
September 19 026% $87.2M $4 17.47t
September 18 0.98% $224.4M $12 12.28t

September 15 0.52% $11 22.98t
September 14 0.48% $1 9.92t
September 13 0.78% $13 18.49t
September 12 0.32% $126.2M $0 10.10t
September 11 1.43% $50.6M $12 13.60t

September 8 0.10% $102.6M $7 23.69t
September 7 1.10% $11M $0 16.18t
September 6 0.50% $127.3M $13 13.57t
September 5 0.44% $381.9M $3 9.12t
September 4 0.65% NA $10 15.29t

September 1 0.22% $627.4M $1 17.68t
August 31 1.12% $10 13.41t
August 30 0.03% $4 9.01t
August 29 0.19% $87.8M $18 11.86t
August 28 1.54% $378.5M $3 9.79t

August 25 0.40% $244.2M $4 19.28t
August 24 0.32% $8 8.31t
August 23 0.40% $0 17.05t
August 22 0.53% $7 14.66t
August 21 0.41% $3 17.28t

August 18 0.18% $160.4M $12 12.46t
August 17 0.51% $3 11.80t
August 16 0.71% $181.3M $6 13.37t
August 15 0.70% $6 11.89t
August 14 0.67% $170.7M $2 14.85t

August 11 0.44% $2 21.27t
August 10 0.74% $3 18.19t
August 9 1.17% $1 17.48t
August 8 0.29% $6 17.48t
August 7 0.13% $10.9M $7 14.93t

August 4 0.75% $15 20.16t
August 3 0.15% $2 12.55t
August 2 0.22% $4 16.76t
August 1 0.07% $5 11.00t
July 31 0.09% $2 17.05t

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): $9.39

  • 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
18 October 2017 275.26 $1285 ? ?
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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