Commodity Equities » Gold Equity Index - Monthly

The MineFund Gold Equity Index (GEX) is a net total return, U.S. dollar market capitalization weighted index (January 2011 = 100) representative of the world's "senior" publicly traded gold stocks. See the table below for information on the component stocks. To browse a high level of detail on these stocks, use the MineFund GEX Motion Chart.

Stocks must meet the following criteria to be included in the GEX:

  • Have attributable annual gold production equal to or exceeding 450,000 troy ounces.
  • Gold production at or above that rate has been recorded for two consecutive trailing years.
  • Attributable proven and probable gold reserves are not less than 10 million troy ounces.

In order to track "organic value" The GEX is deflated by the percentage change in stock issuance since January 2000. It is inflated by dividends and share buyacks. This prevents stocks from accruing financial engineering benefits that harm shareholder value.

When compared with the indexed gold price, investors are afforded a visual comparison of relative performance. When the blue line is above the red line, gold stocks are outperforming the gold price, and vice versa. The ratio of the GEX to the gold price is shown in the MineFund Gold Equity Leverage Index (GELX).

MineFund Gold Equity Index (GEX) vs Gold Price IndexMonthly. January 2000 to Present. January 2011 = 100. Click for Daily GEX.

Sources: MineFund Analytics | London Bullion Market Association | Company Reports

Components: 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).

© Copyright 2010-2012, 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 Conditions.

MineFund Gold Equity Index Components

TICKERCOMPANYM. Cap (90DMA)Rsrvs (Moz)MC/ Res ozP/IRVPrdctn (Koz)MC/ Pro oz
CA:ABXBarrick Gold20149140144663.007336275
CA:GGoldcorp20612673071001.002486829
ZA:ANGAngloGold68627493402.003861178
ZA:GFIGold Fields29515257388.002914101
UK:RRSRandgold7353164491027.00828888
ZA:HARHarmony Gold13065026184.001182111
CA:KKinross Gold46566078403.002678174
US:NEMNewmont1208799122538.004797252
CA:ELDEldorado Gold460826179781.00690668
CA:YRIYamana Gold6216183521195.001027605
CA:IMGIamgold1370111211052.00811169
CA:AEMAgnico-Eagle661919348796.001026645
AU:NCMNewcrest74238785513.002055361
CA:OSKOsisko2481025884.0040861
Total/Avg102460729.6170.4701.932099379.79

© Copyright 2010-2012, 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 Conditions.

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.