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Pent up demand gobbles gold stocks
Listed gold stocks jump as much as 40% overnight, as dollar gold bullion records its best daily gain in three months.
Author: Barry Sergeant
Posted: Tuesday , 02 Feb 2010
JOHANNESBURG -
Heavyweight listed gold stocks around the world have experienced stock price declines averaging 24% in just a few months, most from when dollar gold bullion spiked to a record nominal USD 1,226.56 an ounce early in December, but were in huge demand on Monday when bullion recorded its biggest one day advance in three months, shifting from around USD 1,080 to over 1,105 an ounce. The dollar-related rally continued on Tuesday, with bullion around USD 1,112 an ounce, and approaching USD 1,115.
Smaller listed gold stocks have experienced yet more significant price corrections over the past few months, and recorded the best percentage recoveries over the past 24 hours or so. Soltera Mining, a small US-listed stock with interests in Argentina, surged by 40%. Crystallex, dogged for years by its exposure to Venezuela, jumped 26%, pushing its market value to USD 95m, while Austral Gold led the charge on Tuesday morning among stocks listed in Australia, followed closely by Resolute, an African miner, which registered a 14% gain in its stock price.
Among global heavyweights, the best increase, at 6%, was recorded by transnational gold miner Newmont. Freeport-McMoRan, primarily a copper miner, and also a Tier I gold producer, jumped by more than 7% on the New York Stock Exchange. Even Chinese gold miners, such as Zijin, the biggest, were in excellent demand.
Measured on rolling 12-month stock price returns, listed gold stocks remain at the bottom of the barrel (followed by miners of uranium and potash). The apparent oversold position of gold stocks has emerged as a theme over the past 24 hours or so.
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Top 100 daily-gain gold stocks |
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Overnight gains rank from 5.5% to 40% |
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Stock |
From |
From |
Value |
|
|
price |
high* |
low* |
USD bn |
|
|
USD 0.07 |
-72.0% |
180.0% |
0.005 |
|
|
AUD 0.18 |
-21.7% |
176.9% |
0.027 |
|
|
CAD 0.18 |
-14.3% |
260.0% |
0.007 |
|
|
CAD 0.34 |
-38.2% |
61.9% |
0.095 |
|
|
CAD 0.05 |
-16.7% |
233.3% |
0.003 |
|
|
CAD 0.06 |
-38.9% |
120.0% |
0.002 |
|
|
CAD 0.34 |
-49.3% |
518.2% |
0.015 |
|
|
CAD 1.15 |
-38.5% |
2775.0% |
0.084 |
|
|
AUD 1.04 |
-17.9% |
137.9% |
0.353 |
|
|
AUD 2.17 |
-16.2% |
59.6% |
0.548 |
|
|
CAD 7.85 |
-15.8% |
219.1% |
0.548 |
|
|
CAD 11.13 |
-10.9% |
108.4% |
0.691 |
|
|
USD 0.43 |
-27.4% |
115.0% |
0.101 |
|
|
CAD 2.05 |
-22.1% |
184.7% |
1.976 |
|
|
CAD 15.72 |
-17.2% |
96.5% |
1.028 |
|
|
CAD 6.08 |
-21.5% |
162.1% |
1.041 |
|
|
USD 0.97 |
-30.0% |
77.0% |
0.044 |
|
|
CAD 0.10 |
-20.8% |
216.7% |
0.005 |
|
|
CAD 4.79 |
-28.5% |
57.0% |
0.272 |
|
|
AUD 1.94 |
-11.6% |
320.7% |
0.316 |
|
|
AUD 3.22 |
-26.8% |
196.8% |
0.483 |
|
|
AUD 0.94 |
-32.9% |
276.0% |
0.148 |
|
|
CAD 0.50 |
-16.1% |
560.0% |
0.038 |
|
|
CAD 3.68 |
-13.4% |
91.7% |
0.480 |
|
|
CAD 12.67 |
-10.8% |
74.8% |
1.358 |
|
|
CAD 1.00 |
-49.5% |
700.0% |
0.121 |
|
|
CAD 0.70 |
-34.0% |
1066.7% |
0.021 |
|
|
USD 0.40 |
-29.8% |
566.7% |
0.018 |
|
|
AUD 1.66 |
-22.7% |
213.4% |
0.466 |
|
|
CAD 2.11 |
-12.1% |
1016.4% |
0.311 |
|
|
CAD 3.46 |
-23.5% |
44.2% |
0.158 |
|
|
AUD 0.42 |
-20.8% |
281.8% |
0.143 |
|
|
CAD 2.97 |
-19.7% |
145.5% |
0.815 |
|
|
CAD 0.29 |
-20.8% |
185.0% |
0.070 |
|
|
CAD 1.37 |
-14.4% |
813.3% |
0.040 |
|
|
CAD 3.04 |
-15.3% |
234.1% |
0.278 |
|
|
USD 1.64 |
-18.8% |
310.0% |
0.166 |
|
|
AUD 0.36 |
-14.3% |
260.0% |
0.055 |
|
|
CAD 0.48 |
-34.2% |
140.0% |
0.029 |
|
|
CAD 3.43 |
-28.8% |
1245.1% |
0.205 |
|
|
CAD 2.34 |
-12.7% |
1633.3% |
0.071 |
|
|
USD 6.12 |
-19.2% |
389.6% |
0.174 |
|
|
USD 3.00 |
-31.7% |
183.0% |
0.729 |
|
|
AUD 0.38 |
-27.9% |
278.8% |
0.158 |
|
|
CAD 1.89 |
-31.8% |
110.0% |
0.079 |
|
|
CAD 17.45 |
-5.2% |
177.9% |
3.820 |
|
|
AUD 0.45 |
-24.6% |
456.3% |
0.085 |
|
|
USD 4.34 |
-17.2% |
252.8% |
0.642 |
|
|
CAD 0.13 |
-18.8% |
420.0% |
0.024 |
|
|
AUD 0.03 |
-52.7% |
550.0% |
0.021 |
|
|
CAD 4.61 |
-19.8% |
88.2% |
0.521 |
|
|
USD 2.41 |
-31.7% |
47.9% |
0.256 |
|
|
AUD 0.21 |
-28.1% |
51.9% |
0.072 |
|
|
CAD 1.23 |
-27.2% |
310.0% |
0.073 |
|
|
AUD 0.28 |
-71.9% |
19.6% |
0.195 |
|
|
USD 0.57 |
-9.5% |
660.0% |
0.058 |
|
|
AUD 0.14 |
-55.3% |
19.7% |
0.048 |
|
|
CAD 0.14 |
-17.6% |
100.0% |
0.009 |
|
|
CNY 21.26 |
-30.8% |
134.1% |
1.705 |
|
|
CAD 6.02 |
-16.4% |
126.3% |
1.069 |
|
|
CAD 8.42 |
-8.9% |
99.5% |
2.676 |
|
|
USD 1.04 |
-24.6% |
141.9% |
0.101 |
|
|
CAD 0.75 |
-19.4% |
188.5% |
0.048 |
|
|
CAD 0.30 |
-21.1% |
361.5% |
0.019 |
|
|
CAD 3.18 |
-12.4% |
58.2% |
0.107 |
|
|
CAD 0.76 |
-46.9% |
31.0% |
0.074 |
|
|
CAD 1.85 |
-22.3% |
66.7% |
0.584 |
|
|
AUD 0.03 |
-88.8% |
6.9% |
0.090 |
|
|
CAD 0.62 |
-38.0% |
117.5% |
0.015 |
|
|
AUD 0.09 |
-22.5% |
102.2% |
0.060 |
|
|
CAD 27.59 |
-22.3% |
77.7% |
0.980 |
|
|
AUD 0.24 |
-39.0% |
27.0% |
0.156 |
|
|
CAD 4.86 |
-16.8% |
417.0% |
0.840 |
|
|
CAD 0.95 |
-51.0% |
272.5% |
0.083 |
|
|
CAD 0.08 |
-54.3% |
14.3% |
0.023 |
|
|
AUD 0.24 |
-26.2% |
275.0% |
0.037 |
|
|
CAD 0.80 |
-23.1% |
627.3% |
0.074 |
|
|
HKD 9.34 |
-40.7% |
113.2% |
0.924 |
|
|
HKD 14.90 |
-16.3% |
137.3% |
0.839 |
|
|
CAD 0.65 |
-17.7% |
306.3% |
0.182 |
|
|
CAD 0.25 |
-30.0% |
145.0% |
0.010 |
|
|
CAD 3.94 |
-20.7% |
251.8% |
1.261 |
|
|
CAD 0.83 |
-33.6% |
93.0% |
0.029 |
|
|
USD 45.54 |
-19.3% |
32.4% |
21.878 |
|
|
AUD 0.26 |
-43.0% |
50.9% |
0.438 |
|
|
AUD 0.26 |
-29.2% |
27.5% |
0.045 |
|
|
CAD 0.26 |
-30.7% |
188.9% |
0.026 |
|
|
CAD 4.55 |
-12.3% |
145.9% |
1.671 |
|
|
USD 53.74 |
-27.4% |
26.0% |
8.415 |
|
|
AUD 0.36 |
-23.7% |
222.7% |
0.454 |
|
|
CAD 1.25 |
-19.9% |
273.1% |
0.134 |
|
|
CAD 2.86 |
-17.1% |
508.5% |
0.453 |
|
|
USD 10.66 |
-25.8% |
46.6% |
7.818 |
|
|
CNY 8.51 |
-30.8% |
126.3% |
13.133 |
|
|
CAD 4.17 |
-33.2% |
14.9% |
0.626 |
|
|
CAD 14.20 |
-16.4% |
184.0% |
0.768 |
|
|
CAD 4.30 |
-15.4% |
53.6% |
0.106 |
|
|
CAD 1.69 |
-24.9% |
412.1% |
0.227 |
|
|
CAD 0.19 |
-80.0% |
26.7% |
0.013 |
|
|
USD 72.75 |
-19.4% |
80.0% |
6.549 |
|
|
Averages/total |
|
-27.0% |
268.6% |
94.339 |
|
Weighted averages |
|
-23.5% |
77.0% |
|
|
* 12-month |
|
|
|
|
|
Source: market data; numbers crunched by Barry Sergeant |
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