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).

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

TICKERCOMPANYM. Cap (90DMA)Rsrvs (Moz)MC/ Res ozP/IRVPrdctn (Koz)MC/ Pro oz
CA:ABXBarrick Gold18590140133558.007336253
CA:GGoldcorp2009467299929.002486808
ZA:ANGAngloGold56057476373.003861145
ZA:GFIGold Fields33105264346.002914114
UK:RRSRandgold663716406950.00828801
ZA:HARHarmony Gold14305029171.001182121
CA:KKinross Gold56486095374.002678211
US:NEMNewmont1330499134494.004797277
CA:ELDEldorado Gold462226179726.00690670
CA:YRIYamana Gold730018413997.001027711
CA:IMGIamgold179111158977.00811221
CA:AEMAgnico-Eagle467419246623.001026456
AU:NCMNewcrest74938786477.002055365
CA:OSKOsisko206710205774.00408507
Total/Avg102565729.6180.2626.432099404.29

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:

  1. MKT CAP = US dollar market capitalization (in millions) average from prior 90 days.
  2. Reserves = proven and probable reserves (in millions of troy ounces) most recently reported to regulatory authorities.
  3. MC/Res oz = Market capitalization divided by ounces of reserves. A widely accepted peer comparison method.
  4. 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.
  5. Production = trailing 4 quarters of gold production (in thousands of troy ounces) most recently reported to regulatory authorities.
  6. MC / Pro oz = Market capitalization divided by ounces of TTM production.