This blog page contains graphs last updated on Dec 20 and Dec 27
NEXT UPDATE IS PLANNED with graphs as of end Jan 2025
NOTE: The detailed Gold Miner Pulse blog page has been updated as of 29 Dec '23
The blog page is monitoring whether trends are persisting. Therefore the graphs posted here are showing daily observations year-to-date or with a 6 months time horizon. For the long term reference frame, see the articles referenced at the bottom.
Unhedged Gold miners relative to Gold bullion
Where are we today?
Where are we today?
(relative
to the Mar 2020 trough and the 2020-24 highs)
Last | Up-Min | Min | Max | Down Max | Relative Strength | ||
|---|---|---|---|---|---|---|---|
Gold | 2622.4 | 78.2% | 1471.4 | 2786.9 | -5.9% | 87% | On date |
HUI | 280.0 | 71.0% | 163.7 | 363.9 | -23.0% | 58% | Dec 20, 2024 |
HUI/Gold graph
 |
| HUI Gold Miners index relative to the Gold Price in USD.Daily observations over 52 weeks |
Global X Silver Miners ETF (SIL) relative to silver bullion
SIL/Silver graph
 | ||
|
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 blue graph shows the GMP silver miners index. The long term depreciation of the CAD mitigated miner loss during the gold miner bear market.
The silver mining index has been the first to break above parity, despite silver lagging gold since we started over 10 years ago. Silver miners recovered from their winter 2021/22 downturn and have been hopping 'above parity' and sliding back below several times before breaking out.
 |
| GMP list based (and capitalization weighed) gold (yellow dots), silver (blue) and equal weight (red) miners indices. Reference 1000 on Nov 19, 2010 (click to enlarge) |
Note that the index calculation always is compensated for composition changes.
Performance graph
The performance disparity among the gold and silver miners of the GMP database is striking. Several laggards seem moribund. The median (or middle) miner (with an equal number better and worse) is still losing 39.7%: a 66% rally is needed before breaking even. However, the average stands at a 60.4% gain. The performance distribution is slanted towards the high gains.
 |
| GMP Miners sorted by loss to gain since inception on Nov 19, 2010. Note that the top miners are left out to avoid excessive scale expansion Click to enlarge |
There are 17 miners/explorers losing 90% or more, with 11 thereof down over 95%. At the opposite side 34 miners are quoting above their Nov 2010 mark, led by Filo Mining; 22 stocks have doubled. Most elite miners are omitted in the above graph to avoid excessive scale expansion, but you find those in full detail below:
 |
| GMP elite miners, sorted by gain since starting observations in Nov 2010 (logarithmic view with ticks 100% apart. These miners have more than doubled; click to enlarge |
A more detailed analysis including list composition changes, is found on the page "miners performance". The miners included in the database are classified in five performance quintiles. This allows evaluating how individual miners went with the herd or against the grid.
The contributor driven explorer and (junior) mining spreadsheet
Pooling efforts with any cooperative peers out there, I started the “contributor driven explorer and junior mining spreadsheet” end 2011. The idea is to get a selection of explorers, junior or mid-tier producers of gold and/or silver. This spreadsheet is updated monthly. Sector benchmarks (ETF's) were added since the very start.
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:- Miners relative to precious metals: a tactical approach; (July 2, 2012)
- Miners relative to precious metals: An update on 2012; (Jan 13, 2013)
- Anatomy of a gold miner bear market (Dec 30, 2013)
- Three year slide of precious metal miners (Dec 31, 2014)
- Gold miner bear market starting its fifth year (Jan 3, 2016)
- Precious metal miners relative to metal prices (Dec 31, 2016)
- Precious metal mining in 2018: a dark cloud with a silver lining and 2019 outlook (29 Dec 2018)
- Gold Miner Pulse 2019 (half-year update) (Jul 1, 2019)
- Precious metal and miner 2019 overview and outlook for 2020. (Dec 31, 2019)
- Gold Miner Pulse - Friday March 13 (Mar 13, 2020)
- Gold Miner Pulse - October 2020 update (Oct 10, 2020)
