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.
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
| 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 |
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| Source: market data; tables compiled by Barry Sergeant | ||||
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