Gold Equity Leverage Index - Monthly Monthly. January 2000 to Present. January 2013 = 100.
The MineFund Gold Equity Leverage Index (GELX) is a ratio of the MineFund Gold Equity Index (a net total return index) and the indexed gold price.
The GELX can be likened to similar relative valuation measures such as dividing the Dow Jones Industrial Average or the S&P 500 by the gold price. Click to view a variety of MineFund’s gold ratios. To browse a high level of detail on the component stocks, use the MineFund GEX Motion Chart.
The MineFund Exchange Traded Gold Leverage Index (ETGLX) is a ratio of the indexed shareholder asset value of the world’s major gold funds (closed end fund data is pending).
When the red line is above the blue line, the gold exchange traded funds are exhibiting superior leverage to gold equities and vice versa.
Sources: MineFund Analytics | London Bullion Market Association | Company Reports
Components - Equities: AngloGold Ashanti (AU); Agnico-Eagle (AEM); Barrick Gold (ABX); Eldorado Gold (EGO); Gold Fields (GFI); Goldcorp (GG); Harmony Gold (HMY); IamGold (IAG); Kinross Gold (KGC); Newcrest Mining (NCM); Newmont Mining (NEM); Randgold Resources (GOLD); Yamana Gold (AUY).
Components - Funds: SPDR Gold Shares (GLD); iShares Gold Trust (IAU); Gold Bullion Securities (GBS); ETFS Physical Gold (PHAU); Dubai Gold Securities (GOLD); Australia Gold Bullion Securities (GOLD); New Gold Debentures (GLD).
© Copyright 2009-2013, MineFund & Alpha Found, LLC.
Although every care has been taken to ensure that this data is accurate, MineFund cannot accept responsibility for sourcing variances, mistakes, errors or omissions or for any action taken in reliance thereon. Use of this data is governed by MineFund's Terms of Service.
MineFund Gold Equity Index Components
| TICKER | COMPANY | M. Cap (90DMA) | Rsrvs (Moz) | MC/ Res oz | P/IRV | Prdctn (Koz) | MC/ Pro oz |
|---|---|---|---|---|---|---|---|
| CA:ABX | Barrick Gold | 18590 | 140 | 133 | 558.00 | 7336 | 253 |
| CA:G | Goldcorp | 20094 | 67 | 299 | 929.00 | 2486 | 808 |
| ZA:ANG | AngloGold | 5605 | 74 | 76 | 373.00 | 3861 | 145 |
| ZA:GFI | Gold Fields | 3310 | 52 | 64 | 346.00 | 2914 | 114 |
| UK:RRS | Randgold | 6637 | 16 | 406 | 950.00 | 828 | 801 |
| ZA:HAR | Harmony Gold | 1430 | 50 | 29 | 171.00 | 1182 | 121 |
| CA:K | Kinross Gold | 5648 | 60 | 95 | 374.00 | 2678 | 211 |
| US:NEM | Newmont | 13304 | 99 | 134 | 494.00 | 4797 | 277 |
| CA:ELD | Eldorado Gold | 4622 | 26 | 179 | 726.00 | 690 | 670 |
| CA:YRI | Yamana Gold | 7300 | 18 | 413 | 997.00 | 1027 | 711 |
| CA:IMG | Iamgold | 1791 | 11 | 158 | 977.00 | 811 | 221 |
| CA:AEM | Agnico-Eagle | 4674 | 19 | 246 | 623.00 | 1026 | 456 |
| AU:NCM | Newcrest | 7493 | 87 | 86 | 477.00 | 2055 | 365 |
| CA:OSK | Osisko | 2067 | 10 | 205 | 774.00 | 408 | 507 |
| Total/Avg | 102565 | 729.6 | 180.2 | 626.4 | 32099 | 404.29 |
© Copyright 2009-2013, MineFund & Alpha Found, LLC.
Although every care has been taken to ensure that this data is accurate, MineFund cannot accept responsibility for sourcing variances, mistakes, errors or omissions or for any action taken in reliance thereon. Use of this data is governed by MineFund's Terms of Service.
Notes:
- MKT CAP = US dollar market capitalization (in millions) average from prior 90 days.
- Reserves = proven and probable reserves (in millions of troy ounces) most recently reported to regulatory authorities.
- MC/Res oz = Market capitalization divided by ounces of reserves. A widely accepted peer comparison method.
- P/IRV = Current stock price divided by the Implied Reserve Value (IRV) per share. When the resulting value is below 1 the stock trades at a discount to the nominal value of its reserves. IRV is highly correlated (R2 = 0.95) with market capitalization per reserve ounce. A widely accepted peer comparison method.
- Production = trailing 4 quarters of gold production (in thousands of troy ounces) most recently reported to regulatory authorities.
- MC / Pro oz = Market capitalization divided by ounces of TTM production.