Gold Miner Pulse

This blog page contains graphs last updated on March 28, 2025

The focus of this blog page is on the gold and silver miners from a tactical point of view: how do PM miners perform relative to the price of gold or silver.

NOTE: The detailed Gold Miner Pulse blog page has been updated as of March 28, 2025

The blog page is monitoring whether trends are persisting. Therefore the graphs posted here are showing daily observations year-to-date or with a 12 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? 

(relative to the Mar 2020 trough and the 2020-24 highs)

	Last	Up-Min	Min	Max	Down Max	Relative Strength
Gold	3084.7	109.1%	1471.4	3084.7	-0.0%	100%	On date
HUI	359.3	119.5%	163.7	363.9	-1.3%	98%	Mar 28, 2025

HUI/Gold graph

HUI Gold Miners index relative to the Gold Price in USD. 
Daily observations over 52 weeks from April 2024 to March 2025

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

SIL/Silver graph

Global-X Silver Miners ETF, SIL relative to silver bullion;
Daily observations over 52 weeks from April 2024 to March 2025;
  Click to enlarge

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 loonie mitigated the miner loss during gold miner bear market.

The silver mining index was the first to break above parity, despite silver about flat from where it started over 10 years before. 

GMP list based (and capitalization weighed) gold (black 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 12.2%. However, the average stands at a 82.2% 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 13 miners/explorers losing 90% or more, with 8 thereof down over 95%. At the opposite side 44 miners are quoting above their Nov 2010 mark, led by Lundi Mining; 25 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 weekly. 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:

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)
6. Precious metal miners relative to metal prices (Dec 31, 2016)
7. Precious metal mining in 2018: a dark cloud with a silver lining and 2019 outlook (29 Dec 2018)
8. Gold Miner Pulse 2019 (half-year update) (Jul 1, 2019)
9. Precious metal and miner 2019 overview and outlook for 2020. (Dec 31, 2019)
10. Gold Miner Pulse - Friday March 13 (Mar 13, 2020)
11. Gold Miner Pulse - October 2020 update (Oct 10, 2020)

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