Gold Miner Pulse

NOTE: The detailed Gold Miner Pulse blog page has been updated as of 17 Dec

This blog page contains graphs last updated on Jan 14, 2022
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.

NEXT UPDATE IS PLANNED with graphs as of Jan 28, 2022

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. Long term data are included on the detailed page (with updates only twice a year).


Unhedged Gold miners relative to Gold bullion 

Where are we today? 
(relative to the Mar 2020 trough and the 2020-21 highs)

Last

Up_Min

Min

Max

Down_max

Relative Strength

Gold

 1818.1

23.6%

1,270.4

2,063.2

-13.5%

59%

on date:

HUI

251.6

53.7%

147.6

363.9

-44.6%

44%

1/14/2022


HUI/Gold graph

HUI index relative to Gold over 6 months, click to enlarge


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 6 months. Click to enlarge


The detailed Gold Miner Pulse blog page has been updated as of 17 Dec 2021

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 has been the first to break above parity, despite silver lagging gold since we started over 10 years ago. Yet it seems having lost its luster lately.

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

There is an important performance disparity among the gold and silver miners of the GMP database.  Several laggards seem moribund. The median (or middle) miner (with an equal number better and worse) is losing 11.5%. The average is posting at 11.4%, above break even. 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 8 miners/explorers losing 90% or more, with 3 thereof down over 95%. At the opposite side 29 miners are quoting above their Nov 2010 mark, led by Aya Gold&Silver; 16 stocks have doubled. The top 12 miners are omitted in the above graph to avoid excessive scale expansion, but you find the top-16 in full detail below:


GMP elite miners, sorted by gain since starting observations in Nov 2010 using a logarithmic view with ticks 100% apart


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.