Why are some Tier 1 gold stocks relatively underperforming their global peers in the stock price tables: These and other questions may well be pondered by specialist investors in listed gold stocks as the dollar bullion gold price flirts with making fresh all-time records. Stock From From Value price high* low* USD bn CAD 2.32 0.0% 132.0% 1.038 CAD 2.51 0.0% 73.1% 0.833 AUD 0.50 0.0% 132.6% 0.345 CAD 2.14 0.0% 234.4% 0.252 CAD 1.05 0.0% 218.2% 0.081 CAD 0.82 0.0% 368.6% 0.057 CAD 10.29 -0.1% 169.4% 0.758 CAD 9.46 -0.1% 279.9% 2.443 CAD 26.90 -0.2% 179.6% 1.469 CAD 5.95 -0.3% 138.0% 0.580 CAD 5.43 -0.4% 179.9% 1.001 USD 16.05 -0.4% 145.2% 0.793 CAD 8.01 -0.5% 310.8% 0.553 AUD 4.48 -0.7% 74.3% 9.700 USD 1.45 -0.7% 126.6% 0.050 USD 122.70 -0.7% 26.8% 52.246 CAD 7.81 -0.8% 288.6% 1.033 AUD 0.65 -0.8% 86.1% 0.230 CAD 10.51 -0.8% 191.9% 1.826 COP 6,580 -0.9% 73.7% 0.953 CAD 5.68 -1.2% 140.7% 0.379 CAD 0.40 -1.2% 166.7% 0.042 AUD 0.39 -1.3% 85.7% 0.696 AUD 3.85 -1.3% 288.9% 0.803 CAD 1.38 -1.4% 133.9% 0.164 AUD 1.03 -1.4% 390.5% 0.405 AUD 0.66 -1.5% 65.0% 1.782 CAD 4.58 -1.5% 84.7% 0.232 USD 4.92 -1.6% 90.0% 1.210 AUD 3.02 -1.6% 184.9% 1.163 AUD 2.87 -1.7% 55.1% 0.229 CAD 7.22 -1.8% 1436.2% 0.623 CAD 8.68 -1.8% 200.3% 0.694 CAD 1.95 -2.0% 137.8% 0.216 USD 62.07 -2.1% 49.7% 30.085 AUD 38.80 -2.4% 30.5% 17.148 USD 28.10 -2.4% 29.1% 0.546 CAD 6.63 -2.5% 127.8% 0.577 CAD 17.62 -2.6% 106.6% 1.944 AUD 10.67 -2.8% 52.2% 0.983 CAD 15.77 -2.8% 126.9% 3.533 CNY 45.30 -2.9% 59.5% 9.486 AUD 5.95 -2.9% 230.6% 0.715 CAD 0.33 -2.9% 450.0% 0.033 AUD 0.32 -3.0% 300.0% 0.028 USD 2.87 -3.0% 348.4% 0.130 CAD 2.86 -3.1% 84.5% 2.804 USD 41.35 -3.1% 44.6% 11.367 CAD 3.65 -3.2% 973.5% 0.201 AUD 3.34 -3.2% 125.7% 0.888 CAD 1.69 -3.4% 92.0% 0.039 AUD 0.14 -3.6% 101.5% 0.091 CAD 1.05 -3.7% 195.8% 0.800 HKD 20.85 -3.7% 63.7% 1.173 AUD 0.52 -3.7% 96.2% 0.234 AUD 0.13 -3.7% 170.8% 0.028 CAD 6.72 -3.7% 99.4% 2.508 CAD 30.72 -3.8% 180.3% 7.517 USD 19.29 -3.8% 94.7% 10.554 GBP 10.95 -3.9% 69.2% 12.113 USD 13.30 -4.0% 70.5% 5.312 AUD 2.11 -4.1% 374.2% 0.343 CAD 31.39 -4.1% 207.1% 2.468 USD 45.75 -4.7% 36.0% 45.095 CAD 2.80 -4.8% 4566.7% 0.424 CAD 5.23 -4.9% 302.3% 0.377 USD 5.17 -5.0% 155.9% 0.602 AUD 0.75 -5.1% 107.2% 0.200 CNY 36.29 -5.1% 47.0% 7.600 CAD 1.87 -5.1% 175.0% 0.555 AUD 1.86 -5.1% 58.2% 0.277 USD 48.90 -5.2% 25.8% 0.534 CAD 4.45 -5.3% 27.1% 0.489 CAD 1.70 -5.6% 900.0% 0.214 AUD 1.35 -5.6% 202.4% 0.511 CAD 1.15 -5.7% 76.9% 0.025 CAD 6.99 -5.8% 83.5% 1.064 GBP 0.20 -5.8% 68.8% 0.211 CAD 0.24 -6.0% 193.8% 0.056 AUD 2.35 -6.4% 217.6% 0.384 USD 44.39 -6.6% 30.1% 16.104 CAD 0.28 -6.7% 330.8% 0.030 USD 92.56 -7.1% 45.6% 8.409 AUD 1.10 -7.2% 204.2% 0.248 CAD 5.06 -7.3% 77.5% 0.149 GBP 0.16 -7.4% 152.0% 0.039 CAD 0.44 -7.4% 83.3% 0.120 CAD 0.50 -7.4% 1011.1% 0.023 AUD 0.19 -7.5% 105.6% 0.231 CAD 0.97 -7.6% 98.0% 0.063 CAD 7.75 -7.8% 105.6% 0.891 ZAR 107.25 -7.9% 29.1% 10.391 CAD 5.70 -8.1% 129.8% 0.213 AUD 0.88 -8.3% 10.0% 0.126 CAD 31.52 -8.4% 24.2% 3.427 USD 19.21 -8.5% 57.6% 7.143 CAD 1.25 -8.8% 220.5% 0.429 CAD 1.76 -8.8% 53.0% 0.054 Averages/total -3.1% 124.0% 316.137 Weighted averages -3.5% 52.8% * 12-month ** Mainly silver Source: market data; tables compiled by Barry Sergeant
What is clear is that the favoured Tier I gold counter, Newmont, continues to hold sway over the global gold subsector group. This is a position Newmont has held for much of this year. It is followed in the Tier I sector, in terms of stock price performance, by Newcrest (busy with a merger with fellow Australia-based global Tier I name Lihir), Barrick (the world's No 1 gold stock by value and production), and two South Africa based names, AngloGold Ashanti, and Gold Fields.
On the other hand global No.2 gold stock by value, Goldcorp, and former high flyer Agnico-Eagle along with Kinross, are still currently underperforming.
Looking at gold and gold-related stocks, the biggest, in terms of market value, stands as US-quoted SPDR Gold Shares ETF, the world's biggest gold bullion exchange traded fund. This has a current market value of USD 52.3bn, compared to Barrick's USD 45.1bn. The ETF holds physical bullion on behalf of investors, and does not operate as a mining company, thus removing the many risks that may or may not be associated with digging the stuff out of the ground. The ETF does not accrue, or pay, any form of income, unlike a gold stock, which may pay dividends and/or interest on debt instruments.
Looking at the most in-demand Tier II stocks, Red Back makes a strong appearance, under offer as it is from Tier I gold stock Kinross, which, from a pricing viewpoint, ranks as the bottom performing in its peer group, with the exception of China's Zijin.
Goldcorp this week announced a take out bid for Andean; investors may perceive, as is also the apparent case with Kinross, that the bids are overpriced. Such a notion has done but little, however, to dampen appetite for Newcrest. The three bids mentioned involve differing components of paper (fresh equity) and cash. These do not appear correlated, as such, with relative stock price performance.
The majority of Tier II gold stocks are well in demand; the only real exception is Yamana, possibly a delayed reaction to the firm's somewhat unconventional style of reporting its production and costs.
Looking at gold stocks with a market value of at least USD 20m, it is apparent that a good number of smaller names are in plentiful demand; mention can be made of Romarco, Integra Mining, Timmins Gold, Grayd Resource, Radius Gold, and Guyana Goldfields.
A good number of gold stocks active in Africa are also in strong demand, not least Great Basin, Semafo, Nevsun, Adamus Resources, Oromin, Golden Star, and Perseus Mining. No doubt a number of investors and speculators are taking bets on the "next" Red Back.
100 most-wanted gold & related equities
With a minimum market value of USD 20m
source
Review of the 100 most in-demand gold stocks
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