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There is a chasm between the gold price and gold mining stock valuations
By Frik Els
Mining.com, Vancouver, British Columbia, Canada
Tuesday, April 4, 2023
Gold was off to the races today, easily clearing $2,000 an ounce with many pundits saying a new record high could be reached in weeks if not days.
A chartbook released on Tuesday (ahead of the day's action in New York) by Merk Investments, an investment advisor and manager of ASA Gold and Precious Metals (NYSE:ASA), a closed-end investment fund established in 1958, includes two long-term charts that show the disconnect between gold mining stocks and the bullion price.
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The current ratio between the metal and gold stocks as represented by the NYSE Arca Gold Mining Index is not that far off historic lows struck in 2015 and shows that gold stocks have been underperforming gold for more than a decade.
If the price of gold stays stable at today's levels, gold stock valuations would have to more than double to bring them in line with the historical average since the early 1990s. ...
... For the remainder of the report:
https://www.mining.com/charts-there-is-a-chasm-between-gold-price-and-gold-mining-stock-valuations/
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