No euphoria yet in #Gold #MiningStocks: Still underperforming vs. Gold Price $GLD, $GDX, $XGD, $HUI, $GOLD, $NEM, $EGO

#Gold #MiningStocks: YTD Performance & Premium/Discount to Gold Price

Attached is a Table showing the performance of golds indices and senior gold stocks year- to-date ( 1.1. to 30.9.2019) (attachment 1- Source Scotiabank, Bloomberg)

 

The battle between the two largest North American Gold companies, Barrick Gold $GOLD and Newmont Goldcorp $NEM, was won by Barrick, +28%, versus Newmont's +9.4%. 

 

Eldorado Gold,$EGO, which was one of the least liked gold stocks and a darling of the hedge funds' shorts, gained the most, +170%!

 

The ARCA Gold Bugs Index, HUI, gained 26.6%. The S&P/TSX Global Gold Index (XGD), the largest Canadian gold shares index, rose 30.9%.

 

Attachment 2 indicates the premium and discount senior gold shares are trading compared to the gold price. The senior, intermediates and international gold shares are all trading on average at a discount and close to the historical low point.

Attachment 3 shows GDX (gold stocks ETF) has underperformed GLD (physical gold) lately.