GoldMinerPulse: TSX/TSXv Gold Mining and Silver Mining Companies

Gold / silver miners, metals streamer / royalty companies and blockchain / cryptocurrency companies listing on TSX / TSXv / CSE.


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Gold / Metal Streamers and Cryptocurrencies / Blockchain Updates

GoldMinerPulse is tracking cryptocurrency/blockchain companies and streaming / royalty companies accessing or likely to access Canadian capital markets.

Recent updates:

  • April 10, 2018 - DM has announced start of mining in Quebec and China.

  • April 3, 2018 - CPTO has entered into a definitive arrangement to be acquired by HyperBlock

  • April 3, 2018 - HIVE HIVE Blockchain Increases Power Capacity by 65% to 17.4 MW.

  • March 29, 2018 - Goldcorp Deposits the First Gold on Tradewind Blockchain Genesis block in world's first institutional blockchain to store hard assets - Goldcorp Inc.

  • March 26, 2018 - HIVE to acquire Kolos in Norway, locking in up to 1 GW of green power for future expansion.

  • March 8, 2018 - KASH has finished installation of 770 mining rigs. 2000 more rigs expected by end of April, 2018.


 

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.

Also be sure to check out GOGO and Galileo which lists the U.S. Global Go Gold and Precious Metal Miners ETF under its list of funds. I fully expect the GOAU and GOGO to become major ETF players once the next gold bull run starts.

Anyone looking for exposure to the gold sector need look no further than GOAU on the NYSE and GOGO on the TSX.




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: 25.6M ounces (877.71 tons or 796.25 tonnes), a 0.1% change over the 4 quarters ending at the prior quarter.

  • Silver: 150.24M ounces (5,151.09 tons or 4,672.99 tonnes), a -4.4% 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 October, November, December 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
74 of 83 6,605,504 oz
 
226.5 tons
 
205.5 tonne
8% 31,598,248 oz
 
1,083 tons
 
983 tonne
-2%

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

13655 37414

Gold Developers

3435 11972

Gold Explorers
>5M Oz AuEq

2198 9094

Gold Explorers
<5M Oz AuEq

138 4405

All Gold Equities

19427 62885

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

97646 314655

Silver Developers

36487 140004

Silver Explorers
>5M Oz AuEq

7589 50274

Silver Explorers
<5M Oz AuEq

423 40177

All Silver Equities

142145 545110

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

$72 $12 $5 $22

Estimated Discovery Cost
Per Oz AuEq

  $13 $3 $25

Net Working Capital
(US$)

$18,581M $1,351M $477M $819M

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

22

Gold/Silver Producers

83

Gold/Silver Developers

109

Gold/Silver Explorers

203

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 $117,741
Gold & Silver Streamers $13,420
Gold & Silver Developers $10,703
Gold & Silver Explorers $7,812
Total TSX/TSXv Gold & Silver Miners $149,676
 
Market Cap Estimate For the World's
Gold & Silver miners (Millions of US$)
$542,645

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.

 

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:
  • 2018 (YTD average): $7.32

  • 2017 (Full year average): $9.11

  • 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 April 2018 273.03 $1354 ? ?
17 April 2018 273.18 $1352 $1347 $5
16 April 2018 272.68 $1351 $1345 $6

13 April 2018 272.11 $1349 $1344 $5
12 April 2018 274.06 $1355 $1335 $20
11 April 2018 271.56 $1347 $1351 $4
10 April 2018 271.63 $1345 $1340 $5
9 April 2018 271.27 $1341 1337 $4

6 April 2018 NA NA $1333 NA
5 April 2018 NA NA $1326 NA
4 April 2018 271.82 $1341 $1333 $8
3 April 2018 272.13 $1345 $1331 $14
2 April 2018 270.73 $1341 $1341 $1

30 March 2018 270.23 $1336 na na
29 March 2018 269.90 $1335 $1325 $10
28 March 2018 272.05 $1344 $1325 $19
27 March 2018 273.79 $1356 $1344 $12
26 March 2018 274.18 $1359 $1352 $7

23 March 2018 274.77 $1353 $1346 $8
22 March 2018 271.94 $1335 $1328 $8
21 March 2018 269.45 $1325 $1333 $8
20 March 2018 269.25 $1322 $1310 $11
19 March 2018 268.39 $1318 $1316 $1

16 March 2018 269.73 $1324 $1314 $11
15 March 2018 270.77 $1332 $1316 $16
14 March 2018 270.92 $1333 $1325 $8
13 March 2018 270.30 $1330 $1325 $5
12 March 2018 270.64 $1334 $1324 $10

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 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
April 18 ? ? ? 9.16t
April 17 0.15% $5 10.44t
April 16 0.07% $6 12.46t

April 13 0.69% $5 17.20t
April 12 1.18% $256.2M $20 14.44t
April 11 0.82% $4 11.43t
April 10 0.22% $5 13.41t
April 9 0.29% $4 12.36t

April 6 0.54% $251.9M NA NA
April 5 0.51% $88.6M NA NA
April 4 0.11% $12.0M $8 18.56t
April 3 0.72% $14 17.52t
April 2 1.18% $263.5M $1 12.98t

March 30 na na na 13.61t
March 29 0.00% $10 9.05t
March 28 1.39% $19 11.72t
March 27 0.63% $50.9M $12 15.38t
March 26 0.50% $140.9M $7 10.31t

March 23 1.35% $8 18.29t
March 22 0.35% $8 12.03t
March 21 1.69% $8 10.99t
March 20 0.49% $12.6M $11 10.45t
March 19 0.24% $850.8M $1 11.96t

March 16 0.17% $87.2M $11 17.52t
March 15 0.69% $187.4M $16 10.33t
March 14 0.02% $8 14.98t
March 13 0.11% $5 10.86t
March 12 0.08% $10 12.63t

March 9 0.08% $5 21.27t
March 8 0.22% $12 19.81t
March 7 0.67% $10.7M $14 19.81t
March 6 1.10% $0 13.15t
March 5 0.26% $12 13.74t

March 2 0.49% $5 10.18t
March 1 0.08% $124.0M $2 7.41t
February 28 0.06% $9 9.28t
February 27 1.12% $22 8.76t
February 26 0.34% $76.9M $5 14.02t

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.

 

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