The #Gold Bugs Index, $HUI, closed on Friday at 143.41 for a weekly loss of 4.0% (Attachment 1). The ratio of the price of gold stocks to EBITDA and EV/EBITDA is now at the lowest of the last 30 years (Attachment 2).
Attachment 3 displays the gold spot daily chart. After a narrow trading range from US$ 1'210 per ounce to US$ 1'180 (August till October), the yellow metal is now in a trading range of US$ 1'240 to US$ 1'210/oz (October-November). It has been a boring time with gold trading more or less in a +/-3% trading range, excluding the extremes.
As per last Friday, gold closed in New York at US$ 1'209 per ounce for a loss of US$ 24 per ounce on the week.
Attachment 4 shows 2019 estimated All-in Cost fully loaded for major and intermediate gold companies. The average cost is around US$ 1'214 per ounce, hence near the current gold price. Fully loaded All-In cost = Total cash costs + Exploration + Capital(Development and Sustaining) + Corporate G&A + Corporate Taxes + Interest on Debt + Current Dividend. G&A = General and Administrative Cost.
Attachment 4 shows 2019 estimated All-in Cost fully loaded for major and intermediate gold companies. The average cost is around US$ 1'214 per ounce, hence near the current gold price. Fully loaded All-In cost = Total cash costs + Exploration + Capital(Development and Sustaining) + Corporate G&A + Corporate Taxes + Interest on Debt + Current Dividend. G&A = General and Administrative Cost.
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