Selecting Precious Metal Miners and Explorers
Searching for excellence
Major miners aren’t replacing the reserves they are mining
Why mining majors don’t send their own explorer teams into the hills
The toll of the gold bear market has been paid cutting ‘overhead’ in mining. Overhead implicitly means anyone not directly involved in mining, which also applies to exploration activities. If any exploration still is on the table, it are a few (or just one) senior geologist scrutinizing the work that explorers are delivering. As a result we witness ever more mining companies taking a stake in successful explorers who are exploring some ore bearing layer or developing a resource which looks promising.
Some of the hurdles
Explorer-developers rarely turn to mining
Stock picking dilemma
The contributor driven explorer and (junior) mining spreadsheet
The HUI and XAU both are focusing on large-cap miners, with Van Eck’s GDX being the ETF mirroring the performance of precious metal mining majors. Van Eck’s GDXJ and escpecially the Global X Gold Explorer ETF GLDX are somewhat better benchmarks for what we have in focus here.
Currency
Additional lists
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The successful exits (any explorers taken over or divested taking profit) and
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the ‘exile’, where I keep the explorers taken off the list. Weeding out laggards and taking a loss though painful, is essential in portfolio maintenance. Cutting losses is as much about swallowing your pride as about saving whatever is left.
Further discussion
Because of the continuing miner bear market late 2014, that thread was called: Precious Metal Miners: Fathoming the Abyss. For Dutch speakers, the subject also is covered on the mining thread of the Freegold Forum. I’m a less avid poster on those forums than I used to be.
Source: https://gwyde.blogspot.com/2019/04/selecting-precious-metal-junior-miners.html
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