Saturday 31 December 2016

Precious metal miners relative to metal prices

Precious metal prices determine the revenue of gold or silver mining companies. Their mining costs may vary widely and moreover are subject to fluctuations of foreign exchange rates.  Yet it still makes sense to compare miners relative to the metals.
The two ratios used are:
  1. the HUI index of Unhedged gold miners quoting on American exchanges relative to gold
  2. the Global-X Silver Miners ETF relative to silver
That approach is the same as the one of the Gold Miner Blog Page, updated weekly. However whereas that blog page is short term oriented, with graphs covering 6 months, the present article draws a longer term perspective. You find some similar articles in the reference section at the bottom.

2016 summary

American stock markets are up, with the DJI failing to gain 20K but booking a decent 13.4% gain over 2016 and closing at 19763.  Last Wednesday we were within a sigh of 20K.  The S&P added 10.05% over the year to close at 2238.8 while the Nasdaq Comp added 8.43% to 5383.1. Despite a poor last quarter, gold holds on to a 8.5% gain over 2016, closing at 1150.9.  Silver does better with a 14.8% advance to $15.88. After a four year slide, PM miners now outperform the metals, with the HUI up nearly 64% closing at 182.3 on Dec 30.  As a result, HUI/Gold firmed to 0.158.

Unhedged Gold miners relative to Gold bullion

While the initial reaction of the Trump presidential election victory was beneficial for gold, a collapse followed with gold plunging beneath its October low.  Thereafter a smothered rally, followed by a 3 days slide brought gold close to $1200/Oz.  The 'death cross' for HUI/Gold could not be avoided any longer.  During the week of thanksgiving precious metals (almost) always decline: gold dipped below $1200. Despite gold continuing its slide throughout December, HUI/Gold only gave way on Wednesday, Dec 14.  However, since before Xmas, HUI/Gold has been recovering, closing the year at 0.158, despite a slide on Friday Dec 30.  Miner strength anticipated the modest gold recovery, with the yellow metal closing the year at $1150.9.

Unhedged Gold Miners index HUI relative to gold bullion (spot market). Daily observations over six months. - click to enlarge

How we got there:

The next graph shows the HUI/Gold ratio over a full year, since the last close in Dec 2015.

Unhedged Gold Miners index HUI relative to gold bullion (spot market). Daily observations over the full year 2016. - click to enlarge

Gold had been progressing till Thursday Jan 7, with miners responding favorably. Yet the combined down draft of precious metals weakening and stock markets sliding caused a sell-off, quickly eroding the early 2016 gains: the HUI bottomed at 100.7 on Jan 19, 2016, a 14 year low! The reversal after Jan 20 proved consistent and after the roller coaster ride the HUI index ended January with an 8.6% advance. The first two weeks of February added a stunning 35.4%. The HUI/gold ratio broke above both its 50 dma and its declining 200 dma over a 2 weeks span. It made a 'golden cross' (the 50 dma surpassing the 200 dma) on leap day. The long standing decline of the 200 dma of HUI/Gold finally is curbed since end March, After choppy trading early May, precious metals kept grinding lower.

Poor US employment data on Friday June 3 made the greenback tank. Consequently precious metals made a U turn up with miners rallying and the HUI/Gold ratio strengthening. For much of June, metals and miners were again grinding lower, but the Brexit vote on June 23 caught many short speculators wrong footed. Gold rallied and the HUI/Gold strengthened. Summer doldrums seem restricted to a two week shallow pull-back. During the last week of July precious metals regained strength and miners rallied correspondingly.

The HUI/Gold ratio continued strengthening with only minor pull-backs throughout the entire first half year of the new miner bull market. This indicates miners outperforming the metals, which is typical for the first impulse phase of the miner recovery. Since gold miners slid to share price levels beneath those of the worst nightmares of long term mining investors, the initial recovery with the HUI index doubling has been swift. Higher gold prices are oxygen to a mining sector which had been operating near AISC (all-inclusive sustaining costs).

August started with choppy sideways trading, where any fresh US economic indicator strengthens or weakens the gold market depending on whether it points to a slowing or a sustained economic growth outlook. Precious metals slid in anticipation of the Jackson Hole FED meeting. Miners had been weakening steadily and bottomed on Aug 31st. The early Sept recovery proved short-lived. HUI/Gold ends the third quarter at 0.175, well below the 50 dma, which started retreating.

The early October slide turns the 'seasonal gold rally' into a 'seasonal lie' once more. Not a single year since 2011 the gold price was allowed to strengthen during the autumn months. Any recovery proved ephemeral.  HUI/Gold plunged to 0.159 by Oct 7, but seemed having bottomed out. Despite Gold regaining $1300, the HUI recovery was timid.


When going further back in time, we now use weekly observations covering a 2.5 year period. the moving averages are 52 weeks and 156 weeks (or 1 and 3 years).

Unhedged Gold Miners index HUI relative to gold bullion (spot market). Weekly observations over 2.5 years:  2014-2016. - click to enlarge
The year 2015 has shown the continuation of a trend that had been in place for several years, with the HUI/Gold ratio making lower highs at any subsequent recovery ever since 2013.  The three year moving average has been below the one year moving average until well after gold peaked last August. It only broke above the 3 year m.a during October, amidst a weakening gold market and miner sentiment turning sour.


After a short January recovery, petering out in February gold and the miners made another plunge by mid March. HUI/Gold failed to pierce the declining 200 dma during its short lived uptrend: an indication that it was premature to call the end of the gold miner bear market. There was nothing left of the nascent miner enthusiasm by early May.  From May 2015 till early August, the HUI/Gold ratio had been grinding lower for 14 consecutive weeks. The temporary gold recovery till Aug 20 lifted HUI/Gold off its lows. The late August optimism was another bull trap, both stock markets and precious metals were weaker which sent miners south again, with HUI/Gold back below 0.100, at its all-time low. Failing recoveries alternated with swoons, setting a multiple bottom formation. In October, gold market strength started translating into miner strength, but the recovery still was frail. Gold plunged to a fresh post-2011 low on Nov 27, after its recovery attempt faltered well below $1100, HUI/Gold initially upheld, but the mid Dec gold slide was the step too far. The brief recovery attempt of HUI/Gold before Xmas didn't get legs.

Recently the HUI/Gold regression (previously also called 'bear market logic'): a linear but non-proportional relationship between HUI and Gold has been described, which puts HUI/Gold (or for that purpose Gold/XAU) as valuation parameter in a different perspective. The HUI index has been calculated since 1996.

For your information, a historic graph covering 20 years is included below:

HUI index (blue, left axis) and HUI/Gold ratio (dark green, right axis)
By the end of the 2012-2015 gold miner bear market the HUI/Gold ratio dipped beneath its trough level attained by the end of the 1996-2000 bear market. By that time miners also were down 50% over that 19 year period. Relative to gold miners lost about 80% as the HUI/Gold ratio dived from 0.50 by June 1996 to below 0.10 in Dec 2015.
The careful observer will also notice that the HUI index on Jan 4, 2017 (at 192.28) still posts below its initial level (208.41) on June 4, 1996.  This puts the 2016 miner recovery in a true historic perspective.

Global X Silver Miners ETF (SIL) relative to silver bullion

After an initial rise upon the Trump presidential election victory, the present silver slide drags along miners, with SIL/Silver back to the level we left behind late May. Several weeks after HUI/Gold, the ratio SIL/Silver put down its 'death cross' with the 50dma sliding beneath the still rising 200 dma. Last week, with silver briefly plunging below $16, miners were shell shocked with SIL/Silver giving way.  Silver didn't recover before XMas, but miners prove more resilient. By end 2016 SIL/Silver is recovering to 2.01 despite the white metal sliding below $16 on Dec 30 and closing at $15.88.

Silver miners are observed through the GlobalX ETF : SIL. Daily observations of SIL/Silver bullion over 6 monthsclick to enlarge
NOTE: In 2015, there has been a 3:1 consolidation (or reverse split) on SIL. Historic values in this graph have been changed accordingly.

How we got there:
"Silver miners upholding better than gold miners" ought to be reformulated: "The slide of silver miners is more often interrupted by a recovery than that of gold miners on their seemingly fatal path to perdition."

Describing the full year 2016 requires the full year graph, still with daily observations:

Silver miners are observed through the GlobalX ETF : SIL. Daily observations of SIL/Silver bullion over the full year 2016click to enlarge
Silver started 2016 off its 6 years low, but with precious metals retreating from the second week of January onward and broad stock markets plunging, SIL/Silver abruptly slid far beneath its 50 dma. The silver price bottomed in January, about a month later than gold did. It's little surprising that silver miner strength was lagging that of gold.

The current recovery seems sustainable while silver prices hold above $15/Oz, a break-even price for many primary silver miners. The SIL/Silver ratio broke above its 50 dma and wiped away its early 2016 losses. The mid October recovery maximum was broken before mid February. The 50 dma started turning up and we made the golden cross during the short trading week before Easter.

The Brexit vote proved to be a game changer, with the 'white precious metals' catching up with gold. Yet volatility also is consistently higher. Silver made a 2 year high on Aug 2nd. Silver miners seem having learnt to live with volatility. The SIL/Silver ratio kept firming till early August and upheld better despite silver well off its high. The ratio now dipped below its 50 dma by late August, with the early Sept recovery failing to turn the tide. We're experiencing the first major correction within this new bull market. A substantial part of the silver gain since late January has eroded away. Mining investors turned cautious, sending the SIL/Silver ratio substantially lower. It timidly started recovering after mid October, only briefly regaining its declining 50-dma.

Weekly observations
Going further back requires weekly observations. The below graph is covering 2.5 years from mid 2014 till the end of 2016. The 3 year moving average has been slightly to more deeply below the 1 year moving average, confirming the long term downtrend. Shortly after the silver market peaked in August, the 3 year moving average broke above the 1 year m.a. The autumn 2016 mining market correction still doesn't resemble the continuation of the prior lengthy bear market.

Silver miners are observed through the GlobalX ETF : SIL. Weekly observations of SIL/Silver bullion over 2.5 years: 2014-2016click to enlarge

Comments on 2015

SIL/Silver flagged out 2014 at 1.68. As with HUI/Gold, 2015 started with silver miners outperforming the white metal. SIL/Silver was approaching the top level of the late November bounce. But silver has some work to do, after sliding 20% over 2014, where gold almost held ground. Silver miners did not share the wakening enthusiasm gold miners have enjoyed. SIL/Silver first kept flirting with its 50 dma level and then broke down, having dropped below its mid December '14 bottom. Silver has been quoting at a critical level, with most miners producing below the all-in sustaining costs.

Unlike the Jan 2015 recovery for gold miners, that of silver miners has been half-hearted, with SIL/Silver during the subsequent March miner slump digging to a yet a lower minimum. Silver unable to make any meaningful recovery from its post 2009 minimum is the main culprit. 
After the brutal slide mid July, the SIL/Silver ratio slid below 1.32 from 1.63 early July, with fresh absolute lows on a weekly basis. While the white metal slid below $14, to a new post 2009 low, SIL/Silver finally gave way after mid Dec 2015 and slid to 1.339 below its 50dma and into bearish territory. The brief recovery attempt before Xmas was temporary.

Canadian Gold and Silver Mining indices
How gold miners are performing is shown by the capitalization weighed gold miners index of stocks included in the Gold Miner Pulse database (yellow diamond symbols). Note that most quotes are in CAD, which has been fluctuating to the USD. The long term depreciation of the loonie mitigated the miner loss during gold miner bear market. The recovery of the CAD since January also subdues the recent miner rally gains. By end 2012, before the bear market aggravated, the silver miners index (blue square symbols) was best on its way to gaining back its initial level. By mid Jan 2016, silver miners had lost much of their edge relative to gold miners. The white metal kept weakening relative to gold.
Though the silver miner recovery was hesitating at first, by now silver miners have outperformed gold miners, still keeping their edge as precious metals weakened again since the late summer.

GMP list based (and capitalisation weighed) gold (yellow dots), silver (blue) and equal weight (red) miners indices. Reference 1000 on Nov 19, 2010  (click to enlarge)
The third index added is an equally weighted index of all (silver and gold) miners from the GMP database. Because of its simple weighing scheme, comparing this index to the capitalisation weighted indices gives a fair idea of how junior miners and explorers fare as compared to the large miners. The equal weight index used to correlate well with the silver miners index: in comparison to the gold mining bellwethers, silver miners are mid caps or small caps. Since recovering from the July 2012 secondary low, silver miners have been outperforming gold miners, with the junior tilted equal weight index mimicking gold miners rather than silver miners (as it used to before).

How we got so deep into trouble is best illustrated when showing a set of longer term graphs of those capitalization weighed miners indices. 

The revival since late Jan 2016 healed the last leg down of the miner bear market. During summer, we briefly topped the May 2013-Oct 2014 trading range, before the autumn correction took ground. Over half the 2016 gains were lost by mid December.  Despite timid precious metal gains towards end 2016, miners are showing resilience and are well off their recent lows.

Longer term (3 year) graph of the GMP list based (and capitalisation weighed) gold (black), silver (blue) and equal weight (red) miners indices. Reference 1000 on Nov 19, 2010. - Data till Dec 30, 2016 (click to enlarge)
The historic graph below also puts both the short-lived August 2013 and past March and June 2014 and Jan 2015 miner revivals into perspective.

Long term graph of the GMP list based (and capitalisation weighed) gold (black), silver (blue) and equal weight (red) miners indices. Reference 1000 on Nov 19, 2010. - Data till Dec 30, 2016 (click to enlarge)
The silver miners index rose till 1400 in April 2011, peaking three weeks earlier than did the silver price. The silver miners index also posted a higher maximum during both the March 2014 and June to early August recovery than it did in the August 2013 recovery. The gold miners index and the equal weight index did not peak higher at any of the failing 2014-15 recoveries than they did in August 2013. By January 2016 silver miners nearly completely lost their edge relative to gold miners, yet the recovery proved more vigorous.

Performance graph
There is an important performance disparity among the gold and silver miners of the GMP database. Too many laggards seem moribund. The median (or middle) miner (with an equal number better and worse) is losing 59.8 %, more than a double is needed to break even. The average loss posts at 38.4 % as the distribution is slanted towards the high gains.

GMP Miners sorted by loss to gain since inception on Nov 19, 2010. Click to enlarge

By end 2016 there are 17 miners/explorers losing 90% or more, with 9 thereof down over 95%.  We've left 18 miners quoting above their Nov 2010 mark, led by Arizona Mining; 3 stocks have doubled. The top 4 miners are omitted in the above graph to avoid scale expansion, but you find the top 10 in full detail below:

Top 10 miners of the GMP list on a logarithmic scale from 10% till 1000% gains
In the lower decade, minor gradations are 10% apart; in the upper decade they are 100% apart

Long term miners performance by end 2016

The detailed analysis including list composition changes, is follows the logic of the blog page "miners performance". The miners included in the database are classified in five performance quintiles. This allows evaluating how individual miners went down with the herd... or withstood the tempest.

Graph make-over

The database contains 94 miners or explorers. As such, the quintiles contain 19 miners or explorers, apart from the fifth, which counts only 18. From the second quintile onward, one miner from the above quintile has been repeated. This tiny intersection allows noticing a any potential performance gap.

Reference date

Miner performance calculated is relative to the start of the calculation of the GMP based gold miners and silver miners index on Nov 19, 2010. For your information: gold closed at $1342/oz and silver at $27.07/oz on that day.

Past bear market damage

With hindsight: from early 2011 onward miners started lagging precious metals in their ascent to all time highs. The harsh miner bear market decimated the majority of explorers. Acquisitions continued, but hefty premiums no longer were paid. There have been some bankruptcies among miners and some more delistings of explorers running low on cash and assets. You find an overview of list compositions changes at the end.

Statistics by end 2016.

On Dec 30, 2016 the median loss for the miners in the database stands at 59.7%, while the average loss is 38.4%. The median is the value observed in the middle of the distribution.
The average is tilted higher (less negative) because of the asymmetry in the performance distribution, slanted towards the gains we have. The median improved by 4.48% since Dec 16 and the average even gained 5.18%. 

Over the long haul, there are 17 miners down 90% or more with 9 thereof down over 95%. There are 18 miners up since Nov 2010, still led by Arizona Mining (formerly Wildcat Silver). The top 3 have doubled. 

Since previous evaluation on Dec 16, there are 76 miners advancing against 11 declining, with the remainder (7) almost flat: within a +1% range. Despite timid gains on precious metals, miners have shown resilience towards the end of 2016.

Exchange rate

B2 Gold (BTG), Randgold (GOLD), Barrick (ABX), Hecla Silver (HL) and Coeur d'Alène (CDE) quote in USD and as such suffer an unfavourable comparison relative to the other stocks in CAD.  All would shift up a few positions when accounting for the long term depreciation of the loonie.  The early 2016 recovery of the CAD doesn't change that picture.

Latest list changes

Rubicon Minerals has been suspended since mid October. Quoting will resume before end 2016, but this absolute dog and permanent penny stock was removed from the list. Its place is taken by Sandstorm Gold (TSX ticker SSL). Red Eagle mining was promoted from venture to the main market. Its new TSX ticker is R.

Graphs section

Click any of the graphs to view them at true size

Fig. 1 The top quintile. At the top AZ mining still holds on to a near 500% gain while Osisko Royalties at the bottom is 7% below break-even.
Fig 2: Sub-top quintile, well below break-even at the top and over 50% loss at the bottom

Fig 3: Mid-range, you find the median in this quintile

Fig 4. : Underperformers

Fig 5:  In the bottom quintile 17 miners or explorers are posting a loss over 90% with 9 of them down over 95%.  Those still are the basket cases

Comments and composition changes:

  • The quoting of GBG has been suspended at the close on Sep 14, 2012 after it stopped mining at its Burnstone mine in South Africa and had to file for protection from creditors. GBG has been dropped from the GMP list.
  • High river gold (HRG) leaves the selection after completing its merger with Nord Gold
  • Orko Silver (OK) left the selection after the acquisition decision by CDE.
  • Queenston Mining left the selection after its acquisition by Osisko.
  • The quoting of Barkerville Gold has been suspended for legal reasons and as such I have withdrawn it from the list.
  • Esperanza Silver Corp. (EPZ) was acquired by Alamos Gold and has been delisted on TSX
  • Osisko Mining has been acquired by Yamana and Agnico Eagle. The quote has been removed.
  • Plato Gold Corp (PGC) sold its mineral claims in Val d'or - Québec to Monarques Resources (MQR) and no longer actively explores
  • Excellon Resources (EXN), Kirkland Lake Gold (KGI) and Monarques Resources (MQR) were added to the quote list. They are not covered by GoldMinerPulse.
  • South American Silver is renamed to Tri-Metals Mining. The new quote is TMI
  • Pacific Rim Mining leaves the selection after acquisition by OceanaGold
  • American Bonanza Gold Corp. (BZA) leaves the selection after its acquisition by Kerr Minerals (which now is in a merger operation with San Gold - SGR)
  • San Gold has been delisted by TSX on Dec 23, 2014. The quote has been removed.
  • US Silver & Gold was acquired by Scorpio Mining. The quote has been removed.
  • Rio Alto Mining has been acquired by Tahoe Resources. The quote has been removed.
  • Paramount Silver and Gold has been acquired by Coeur d'Alène; the quote was removed.
  • Revett Minerals has been acquired by Hecla Mining. The quote has been removed.
  • Aurico Gold has merged its gold mining activities with Alamos gold. The quote was removed.
  • Wildcat silver was renamed to Arizona Mining, with ticker AZ
  • Sunward Resources was acquired by Novacopper (NCQ). The SWD quote was removed.
  • Crocodile Gold Res. has completed its merger with Newmarket Gold. The quote was removed.
  • Tyhee has been suspended by TSX since mid June. I have removed the quote.
  • Silver Crest was acquired by First Majestic Silver. The quote has been removed.
  • Temex Resources was acquired by Lake Shore Gold. The quote has been removed.
  • Arian Silver (AGQ) was suspended by TSXV, but continues quoting in London and on the pink sheets. All exploration activities have been terminated. The quote was removed.
  • Scorpio Mining Corp. (SPM) is renamed to Americas Silver and the quote changes to USA on TSX; Scorpio previously merged with US Silver & Gold Corp. with that symbol.
  • Niogold (NOX) was acquired by Oban Mining (OBM).  That mining company replaces Niogold in the list and has 'inherited' its good track record.
  • End of the line for Lake Shore Gold, (LSG) which has been acquired by Tahoe Resources. The quote has been removed.
  • Claude Resources (CRJ) and Silver Standard (SSO, SSRI) agreed to the acquisition of CRJ. The quote has been removed.
  • Oban Mining (OBM) has been renamed to Osisko Mining, with the symbol changed to OSK.
  • Kaizen Discovery entered into a Definitive Acquisition Agreement with AM Gold to acquire the Pinaya Copper-Gold Project in Peru. AM Gold was removed from the list.
  • Mines Management (MGT) has been acquired by Hecla Mining. The quote was removed.
  • Rubicon Minerals Expl. (RMX) has been suspended since Oct 2016. Quoting will resume before the end of the year. This eternal penny stock was removed from the list. Its place is taken by streamer Sandstorm Gold (TSX ticker SSL).
  • Agave Silver (AGV.TO) and Edgewater Exploration (EDW.TO) are earmarked for removal from the list, since they have suspended prospecting.
  • Miranda Gold (MAD.V) and Pilot Gold Inc. (PLG.TO) will be added as replacements.
    • A few name changes:
    1.   Novacopper (NCQ) now is called Trilogy metals (TMQ)
    2.   Astur Gold (AST) changed to Black Dragon Gold (BDG)
    3.   Kirkland Lake Gold (KGI) only changed its TSX ticker to KL
    4.   Red Eagle Gold changed over to the main market. Its TSX ticker now is R.
    The majority of the Canadian ticker symbols quote at the TSX. A few quote at the TSXV (the less regulated Venture exchange). These companies are intrinsically more risky, especially if a miner or explorer gets demoted from TSX to TSXV. One such example is TVI Pacific.

    A few miners are no longer covered on the GoldMinerPulse site, but I've kept them on board, e.g. Chesapeake Gold. Newcomers are AR, BTG, CMB, CUU, DPM, GCM, IMG, NCQ, TXG, OR (Osisko Gold Royalties), OSK and OGC (Oceana Gold), making the total equal 94. Asanko Gold (AKG) has replaced Arian Silver at its exit from the list. Randgold (GOLD) has replaced LSG and Red Eagle (RD.V) replaced CRJ. Endeavour Mining (EDV) replaced AMG and Mirasol Resources replaced Mines Mgt (MGT)

    The quote list: If the Toronto Stock Exchange (TSX) symbols are less familiar, you find the mining or exploration company name next to the TSX symbol in the below list, former names are indicated between brackets:

    Barrick Gold
    International Tower Hill Mines Ltd.
    Agnico-Eagle Mines Limited
    Kinross Gold Corporation
    Alamos Gold Inc
    Klondex Mines Ltd.
    Agave Silver Ltd (Cream Min.)
    Kirkland Gold
    Asanko Gold
    Kiska Metals Corporation
    Almaden Minerals Ltd.
    Laurion Mineral Exploration
    Argonaut Gold
    Lincoln Mining Corporation
    Avino Silver & Gold Mines Ltd.
    Lydian International Limited
    Atlanta Gold Inc.
    MAG Silver Corp.
    Golden Minerals Company
    Monarques Resources
    Alexco Resource Corp.
    Mirasol Resources
    Arizona Mining (Wildcat silv)
    Minco Silver Corporation
    Alexandria Minerals Corporation
    Mountain Boy Minerals Ltd.
    Bear Creek Mining Corporation
    McEwen Mining Inc.
    Black Dragon Gold Corp
    Northern Dynasty Minerals Ltd.
    B2 Gold
    NovaGold Resources Inc.
    Coeur d'Alene Mines Corporation
    New Gold Inc.
    Chesapeake Gold Corp.
    NGEx Resources Inc.
    CMC Metals Ltd
    Osisko Mining Inc.
    Copper Fox Metals Inc
    Oceana Gold
    Crazy Horse Resources Inc.
    Osisko Gold Royalties
    Detour Gold Corporation
    Aura Minerals Inc.
    Dundee Precious Metals Inc.
    Primero Mining Corp.
    Endeavour Silver Corp.
    Pan American Silver Corp.
    Endeavour Mining Corp.
    Premier Gold Mines Ltd.
    Edgewater Exploration Ltd.
    Pretium Resources Inc.
    Eldorado Gold Corporation
    Red Eagle Mining Corp.
    Eurasian Minerals Inc.
    Rye Patch Gold Corp.
    Eco Oro Minerals Ltd.
    Sabina Gold & Silver Corporation
    Eastmain Resources Inc.
    Seabridge Gold Inc.
    Excellon Resources
    Scorpio Gold Corporation.
    First Majestic Silver Corp.
    Semafo Inc.
    Fortuna Silver Mines Inc.
    Spanish Mountain Gold Ltd.
    Goldcorp Inc.
    Sandstorm Gold
    Galantas Gold Corporation
    Silver Standard Resources Inc.
    Gabriel Resources Ltd.
    Silvercorp Metals Inc.
    Gran Colombia Gold Corp
    Tahoe Resources Inc.
    Tri Metals Mining Corp (Sth Am Silv)
    Grande Portage Res.
    Treasury Metals Inc.
    Great Panther Res.
    Trilogy Metals Inc.
    Golden Queen Mining Co.
    Telson Resources (Soho)
    Guyana Goldfields Inc.
    TVI Pacific Inc.
    Gowest Amalgamated Res.
    Torex Gold
    Hecla Silver
    Typhoon Exploration Inc.
    Harte Gold Corp.
    Americas Silver
    Exeter Resource Corp.
    Impact Silver Corp.
    Yamana Gold Inc.

    * * *

    Related blog articles

    Several more detailed articles focusing on the longer term have been published. These are using the same approach as this blog page and still are a good read to grasp the historic perspective:
    1. Miners relative to precious metals: a tactical approach; (July 2, 2012)
    2. Miners relative to precious metals: An update on 2012;  (Jan 13, 2013)
    3. Anatomy of a gold miner bear market (Dec 30, 2013)
    4. Three year slide of precious metal miners (Dec 31, 2014)
    5. Gold miner bear market starting its fifth year (Jan 3, 2016)
    During 2011-15 and even over the long haul, the relative performance of mining majors to the precious metals they produce was disappointing for major gold miners, even while the metals were in a solid uptrend.  See: Gold miners: three decades for naught or Decades of underperformance

    Almost a year has lapsed since Gold and Silver miners bottomed on Jan 19. An evaluation of the first half year of a rejuvenated precious metals bull market and the impulse phase on precious metal miners is found here.

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