Gold Digger: Gold’s little brother silver is officially along for the ride

This week, gold ascended new highs. The record rally which saw gold blow past $US2,070/oz ($2,851/oz) also took silver with it.

Based on historical silver data, there has only ever been two occasions when the silver price has run hard — and both times followed recessions.

History also tells us that silver has the ability to outperform its precious metal rival once it gets going:

Gold (right side) and silver (left side) USD prices over the past decade.

Silver has now reached $US29.37/oz, up 151 per cent from its mid-March low of $11.70/oz.

Gold is currently up ~40 per cent over the same period.

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So, where does gold (and silver) go from here?

“Given the continued tumble of the dollar and gold’s ascendancy to $2,070, I’m inclined to think that $2,150 would be an achievable near-term target,” says Barani Krishnan, senior commodities analyst at Investing.com.

“Even if the NFP [US non-farm payrolls] report for July surprises to the upside and triggers a correction in gold, the downward move would not be much given that another US COVID-19 stimulus bill is coming,” he says.

“The Fed has also signalled that it will keep rates ultra-low to support the economy, suggesting that any rebound on the Dollar Index will be limited.”

 

Winners & Losers

Here’s how ASX-listed gold stocks performed for the period August 03–07 [intraday]:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:

CODE NAME 1 WEEK TOTAL RETURN % 1 YEAR TOTAL RETURN % PRICE [INTRADAY FRI] MARKET CAP
EQE EQUUS MINING 54 33 0.02 $ 33,000,000.00
AGS ALLIANCE RESOURCES 50 164 0.235 $ 32,094,014.00
SMI SANTANA MINERALS 50 0 0.003 $ 6,709,864.00
MEI METEORIC RESOURCES 41 72 0.056 $ 61,565,716.00
TSC TWENTY SEVEN CO 40 40 0.006 $ 8,174,765.00
KGM KALNORTH GOLD MINES 40 180 0.017 $ 9,836,641.00
GSM GOLDEN STATE MINING 39 417 0.425 $ 19,647,670.00
TSO TESORO RESOURCES 30 330 0.185 $ 85,732,904.00
AWV ANOVA METALS 29 225 0.04 $ 51,128,700.00
DHR DARK HORSE RESOURCES 25 -38 0.0025 $ 8,072,737.00
MKR MANUKA RESOURCES 25 0.59 $ 146,620,448.00
SVL SILVER MINES 23 181 0.2875 $ 262,632,512.00
PUA PURE ALUMINA 23 26 0.026 $ 9,709,612.00
TAR TARUGA MINERALS 23 162 0.049 $ 18,745,672.00
ARV ARTEMIS RESOURCES 22 257 0.098 $ 110,567,296.00
DRE DREADNOUGHT RESOURCES 20 300 0.014 $ 21,011,988.00
MTH MITHRIL RESOURCES 20 500 0.032 $ 50,878,104.00
RGL RIVERSGOLD 20 352 0.06 $ 18,766,558.00
STN SATURN METALS 19 130 0.92 $ 79,157,416.00
AYR ALLOY RESOURCES 19 115 0.044 $ 18,134,160.00
A1G AFRICAN GOLD 19 15 0.2 $ 10,296,177.00
MCT METALICITY 18 200 0.026 $ 35,347,760.00
AUC AUSGOLD 17 156 0.047 $ 38,716,984.00
MML MEDUSA MINING 17 11 0.96 $ 201,560,464.00
CLA CELSIUS RESOURCES 17 5 0.021 $ 14,824,144.00
DEG DE GREY MINING 17 1382 0.83 $ 1,003,296,064.00
PRX PRODIGY GOLD NL 16 -39 0.085 $ 48,772,720.00
ERM EMMERSON RESOURCES 16 -8 0.12 $ 48,310,908.00
AOP APOLLO CONSOLIDATED 16 80 0.405 $ 102,256,328.00
TRY TROY RESOURCES 15 13 0.115 $ 58,781,932.00
DCN DACIAN GOLD 15 -36 0.38 $ 211,400,352.00
WWI WEST WITS MINING 15 188 0.023 $ 22,508,778.00
LEX LEFROY EXPLORATION 15 50 0.315 $ 30,146,024.00
SFM SANTA FE MINERALS 14 -11 0.081 $ 5,170,134.00
AUT AUTECO MINERALS 14 4100 0.21 $ 336,943,456.00
ONX ORMINEX 13 -69 0.043 $ 23,720,496.00
MAU MAGNETIC RESOURCES NL 13 256 1.62 $ 316,391,584.00
VAN VANGO MINING 13 -25 0.13 $ 108,081,288.00
ARL ARDEA RESOURCES 13 57 0.61 $ 69,207,256.00
ALY ALCHEMY RESOURCES 12 52 0.019 $ 9,358,914.00
AAR ANGLO AUSTRALIAN RESOURCES 11 199 0.195 $ 91,023,304.00
SIH SIHAYO GOLD 11 94 0.034 $ 60,835,332.00
BGL BELLEVUE GOLD 10 89 1.145 $ 878,748,352.00
CST CASTILE RESOURCES 10 0.27 $ 52,923,184.00
AAJ ARUMA RESOURCES 10 38 0.005 $ 5,456,483.50
PGI PANTERRA GOLD 10 38 0.045 $ 8,586,233.00
BNR BULLETIN RESOURCES 10 169 0.078 $ 14,164,153.00
AZS AZURE MINERALS 10 77 0.175 $ 29,630,818.00
GBZ GBM RESOURCES 10 210 0.12 $ 34,482,380.00
WAF WEST AFRICAN RESOURCES 9 203 1.1 $ 971,088,832.00
NUS NUSANTARA RESOURCES 9 54 0.355 $ 71,462,400.00
PDI PREDICTIVE DISCOVERY 8 479 0.09 $ 65,910,900.00
TMX TERRAIN MINERALS 8 367 0.014 $ 9,401,093.00
CHN CHALICE GOLD MINES 7 564 1.095 $ 342,867,488.00
DAU DAMPIER GOLD 6 14 0.034 $ 9,102,097.00
RDS REDSTONE RESOURCES 6 70 0.017 $ 6,691,500.50
GMR GOLDEN RIM RESOURCES 6 0 0.017 $ 25,018,700.00
NXM NEXUS MINERALS 6 56 0.076 $ 11,219,331.00
OAU ORA GOLD 6 90 0.017 $ 15,135,214.00
RED RED 5 6 0 0.29 $ 529,089,216.00
AQI ALICANTO MINERALS 5 60 0.1 $ 20,268,362.00
SBM ST BARBARA 5 1 3.565 $ 2,545,564,416.00
CWX CARAWINE RESOURCES 5 37 0.205 $ 14,681,085.00
RXL ROX RESOURCES 5 195 0.062 $ 132,653,848.00
MZZ MATADOR MINING LIMITED 5 59 0.47 $ 71,408,432.00
BAR BARRA RESOURCES 4 9 0.024 $ 14,316,378.00
DTM DART MINING NL 4 140 0.245 $ 18,739,776.00
CAI CALIDUS RESOURCES 4 78 0.625 $ 158,545,936.00
EVN EVOLUTION MINING 4 25 6.1 $ 10,431,013,888.00
ARS ALT RESOURCES 4 82 0.05 $ 32,304,834.00
NST NORTHERN STAR RESOURCES 4 31 16 $ 12,170,780,672.00
MTC METALSTECH 4 1556 0.245 $ 34,173,264.00
RMS RAMELIUS RESOURCES 4 89 2.235 $ 1,781,159,296.00
SLR SILVER LAKE RESOURCES 4 97 2.56 $ 2,271,037,952.00
TLM TALISMAN MINING 4 69 0.15 $ 26,127,974.00
MOH MOHO RESOURCES NL 4 190 0.145 $ 9,199,802.00
CMM CAPRICORN METALS 4 151 2.08 $ 704,793,024.00
MLL MALI LITHIUM 3 31 0.155 $ 47,602,216.00
HRZ HORIZON MINERALS 3 3 0.175 $ 67,946,280.00
WGX WESTGOLD RESOURCES 3 25 2.435 $ 1,016,957,248.00
TTM TITAN MINERALS 3 -16 0.1625 $ 158,647,968.00
SAU SOUTHERN GOLD 3 18 0.155 $ 19,249,314.00
AMG AUSMEX MINING GROUP 3 -69 0.033 $ 18,617,322.00
RSG RESOLUTE MINING 3 -27 1.345 $ 1,516,387,072.00
NCM NEWCREST MINING 3 3 36.31 $ 29,892,714,496.00
BC8 BLACK CAT SYNDICATE 3 129 0.88 $ 92,006,520.00
KCN KINGSGATE CONSOLIDATED 3 77 0.595 $ 125,555,400.00
TAM TANAMI GOLD NL 3 44 0.079 $ 88,132,280.00
OKR OKAPI RESOURCES 3 17 0.205 $ 7,388,787.50
GMN GOLD MOUNTAIN 2 -11 0.049 $ 33,983,120.00
CYL CATALYST METALS 2 19 2.69 $ 215,063,216.00
TBR TRIBUNE RESOURCES 2 5 7.48 $ 396,133,984.00
MEU MARMOTA 2 176 0.058 $ 55,177,920.00
OKU OKLO RESOURCES 2 113 0.33 $ 153,586,752.00
EMR EMERALD RESOURCES NL 2 68 0.67 $ 324,304,768.00
HXG HEXAGON ENERGY MATERIALS 2 -26 0.066 $ 17,546,004.00
AXE ARCHER MATERIALS 1 243 0.395 $ 96,472,576.00
KTA KRAKATOA RESOURCES 1 283 0.089 $ 22,138,750.00
RRL REGIS RESOURCES 1 7 5.775 $ 2,988,729,600.00
GUL GULLEWA 0 217 0.095 $ 15,425,444.00
CGN CRATER GOLD MINING 0 -50 0.011 $ 12,274,959.00
VRC VOLT RESOURCES 0 7 0.019 $ 36,369,996.00
DCX DISCOVEX RESOURCES 0 50 0.009 $ 10,765,477.00
CXU CAULDRON ENERGY 0 40 0.028 $ 10,536,115.00
NAE NEW AGE EXPLORATION 0 300 0.012 $ 8,887,804.00
ARM AURORA MINERALS 0 69 0.022 $ 5,153,864.50
ANL AMANI GOLD 0 -50 0.0015 $ 15,676,393.00
MAR MALACHITE RESOURCES 0 -40 0.06 $ 5,005,398.50
MLS METALS AUSTRALIA 0 50 0.003 $ 6,414,705.50
GML GATEWAY MINING 0 25 0.021 $ 33,433,582.00
MSR MANAS RESOUCES 0 25 0.005 $ 14,537,394.00
RML RESOLUTION MINERALS 0 145 0.077 $ 19,869,242.00
CY5 CYGNUS GOLD 0 134 0.18 $ 12,911,428.00
GRL GODOLPHIN RESOURCES 0 0.24 $ 15,634,342.00
DTR DATELINE RESOURCES 0 -50 0.002 $ 16,420,156.00
AVW AVIRA RESOURCES 0 100 0.006 $ 6,875,000.00
BBX BBX MINERALS 0 -16 0.2 $ 77,208,216.00
SKY SKY METALS 0 138 0.155 $ 38,112,640.00
NES NELSON RESOURCES 0 67 0.069 $ 7,978,749.00
GOR GOLD ROAD RESOURCES 0 34 1.815 $ 1,636,659,968.00
PRU PERSEUS MINING -1 103 1.515 $ 1,818,550,656.00
FML FOCUS MINERALS -1 26 0.45 $ 82,236,856.00
AME ALTO METALS -1 170 0.088 $ 27,503,792.00
DGR DGR GLOBAL -1 -11 0.077 $ 52,120,480.00
ALK ALKANE RESOURCES -2 224 1.165 $ 705,369,920.00
BYH BRYAH RESOURCES -2 -26 0.057 $ 7,253,061.00
VMC VENUS METALS CORP -2 21 0.25 $ 40,035,852.00
NVA NOVA MINERALS -2 79 0.05 $ 58,396,368.00
CDV CARDINAL RESOURCES -2 95 0.72 $ 376,107,520.00
CHZ CHESSER RESOURCES -2 490 0.23 $ 85,814,480.00
SAR SARACEN MINERAL HOLDINGS -2 36 5.87 $ 6,640,008,704.00
KZR KALAMAZOO RESOURCES LIMITED -2 170 0.69 $ 89,283,880.00
BDC BARDOC GOLD -2 -7 0.083 $ 141,341,312.00
BCN BEACON MINERALS -3 -12 0.038 $ 108,842,784.00
E2M E2 METALS -3 -25 0.195 $ 23,616,034.00
G88 GOLDEN MILE RESOURCES -3 -6 0.064 $ 5,796,873.00
KWR KINGWEST RESOURCES -3 -30 0.17 $ 20,723,914.00
HMX HAMMER METALS -3 92 0.049 $ 26,705,704.00
MAT MATSA RESOURCES -3 -6 0.165 $ 32,924,768.00
ARN ALDORO RESOURCES -4 -4 0.135 $ 7,928,333.50
GNM GREAT NORTHERN MINERALS -4 67 0.026 $ 19,730,092.00
TIE TIETTO MINERALS -4 232 0.605 $ 222,915,280.00
MDI MIDDLE ISLAND RESOURCES -4 200 0.023 $ 55,009,200.00
ERX EXORE RESOURCES -4 47 0.115 $ 64,829,172.00
BRV BIG RIVER GOLD -5 124 0.039 $ 48,765,420.00
HRN HORIZON GOLD LIMITED -5 189 0.53 $ 44,825,076.00
TNR TORIAN RESOURCES -5 56 0.019 $ 13,165,015.00
WMX WILUNA MINING CORP -5 33 1.325 $ 136,639,296.00
BRB BREAKER RESOURCES NL -5 -30 0.27 $ 63,793,364.00
SLZ SULTAN RESOURCES -5 150 0.17 $ 9,966,301.00
DGO DGO GOLD -6 291 3.05 $ 188,196,832.00
ADN ANDROMEDA METALS -6 47 0.047 $ 73,152,816.00
GSN GREAT SOUTHERN MINING -6 190 0.15 $ 59,318,888.00
CDT CASTLE MINERALS -7 180 0.014 $ 6,325,008.00
ADV ARDIDEN -7 333 0.015 $ 31,077,804.00
GBR GREAT BOULDER RESOURCES -7 12 0.052 $ 6,939,607.50
KRM KINGSROSE MINING -7 -19 0.038 $ 27,010,272.00
RND RAND MINING -8 -31 2.2 $ 141,950,400.00
NAG NAGAMBIE RESOURCES -8 10 0.055 $ 27,496,280.00
VKA VIKING MINES -9 0 0.01 $ 3,137,178.50
PUR PURSUIT MINERALS -10 125 0.02 $ 7,841,952.00
GWR GWR GROUP -13 -36 0.07 $ 20,375,698.00
RMX RED MOUNTAIN MINING -13 75 0.008 $ 7,091,257.50
HAW HAWTHORN RESOURCES -14 177 0.16 $ 51,694,920.00
SBR SABRE RESOURCES -14 -40 0.003 $ 5,002,585.00
GED GOLDEN DEEPS -14 -54 0.013 $ 3,858,367.75
NWM NORWEST MINERALS -15 -36 0.13 $ 9,222,420.00
MKG MAKO GOLD -19 15 0.125 $ 20,004,282.00
XTC XANTIPPE RESOURCES -20 -33 0.002 $ 10,047,522.00
LNY LANEWAY RESOURCES -20 -11 0.008 $ 32,088,060.00
CTO CITIGOLD CORP -30 133 0.015 $ 39,017,600.00

 

Weekly Small Cap Highlights

Drilling will restart at Equus Mining’s (ASX:EQE) high-grade, development-ready Cerro Bayo silver-gold project in southern Chile later this month.

Late last year, Equus signed a binding deal with TSX-listed miner Mandalay Resources to acquire the Cerro Bayo Mine district and infrastructure in Southern Chile.

This includes a processing plant which has produced about 600,000oz of gold and 45 million ounces of silver since 1995.

Alliance Resources (ASX:AGS) surged after hitting thick high grades at the 181,000oz Weedanna gold deposit in South Australia.

The 8m long intercept grading 21.1 grams per tonne (g/t) was located in a new, high-grade gold shoot “illustrating potential to grow the resource at depth”, the company says.

Formerly Brazil-focused explorer Meteoric Resources (ASX:MEI) is about to start drilling its newly acquired Palm Springs project in Halls Creek, WA.

Twenty Seven Co (ASX:TSC) almost doubled the size of its flagship Rover project to 461sqkm this week. The new ground includes three, largely unexplored historic gold targets.

The post Gold Digger: Gold’s little brother silver is officially along for the ride appeared first on Stockhead.

Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.

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