Canadian Miners Performance Update
Our long-list consists of 98 miners, developers or explorers for which we have a complete data set, including November 2010 reference data. As a reference, the data on the HUI are added and for comparison the same performances also are calculated for the S&P 500. Most symbols are TSX quotes and hence are in Canadian dollar. Symbols without the .TO (TSX) or .V (TSX-Venture) extension are in USD. However, compared to land slide differences, any distortion induced by currency fluctuations only is some back ground noise.
Outperforming the HUI by a wide margin since the bear market bottom
GoldMinerPulse Explorers, Developers and Miners sorted by advance since bear market bottom (click to enlarge) (Data as of April 12, 2017) |
Major disappointments
Selection of 25 miners/developers/explorers most down since their 12 months high (click to enlarge) |
Resilience
Selection of 25 miners/developers/explorers least down since their 12 months high (click to enlarge) |
Recent recovery plays
Selection of 25 miners/developers/explorers advancing most since their 12 months low (click to enlarge) |
Long term out-performers
Selection of 25 miners/developers/explorers advancing most since start of observations (Nov 2010) (click to enlarge) |
The list contains all gold/silver mining stocks advancing since Nov 2010. Near the bottom of the list a few miners face a minor long term loss.
Poor correlation
Long term performance (vertical) versus recovery from the bear market low (horizontal) - click to enlarge |
Osisko Mining and Arizona Mining stand out on the vertical axis, while horizontally Grand Portage Gold and Harte Gold stand out. GPG still faces a stiff long term loss despite advancing fifteen-fold. Harte Gold has recovered from a seemingly lost position. Too many explorers still are reduced to pennies on the dollar, irrespective of the advance since their bear market bottom. On the positive side, some miners own their decent long term gain to a magnificent rally, completely recovering from bear market losses incurred, while a few others proved more resilient during the miner bear market, with a more modest gain bringing them to their current stock price.
Leaving aside the four outliers, we get the lower left quadrant in more detail:
Long term performance (vertical) versus recovery from the bear market low (horizontal) - click to enlarge |
Explorers near the bottom are doomed: even a tenfold increase (‘ten-bagger’) cannot save them from a losing position: you need to accept that you’ve been wiped out of what you thought to be assets. Above the 50% loss line, doubling brings a miner above break-even. Miners above break-even have realized this with quite varied gains from the bear market low.
Harte Gold
Harte Gold (in C$)over a two year time frame. |
Source: https://gwyde.blogspot.com/2017/04/canadian-miners-performance-update.html
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