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GOLD ANALYSIS

HEADED BACK TO USD 750 AN OUNCE?

Gold bullion, listed stocks, belie short term surge forecasts

Pricing patterns among 300 listed gold stocks over the past week suggest that equity investors don't believe the yellow metal will move above USD 1,000 an ounce, not for the foreseeable future, anyhow.

Author: Barry Sergeant
Posted: Wednesday , 03 Jun 2009

JOHANNESBURG -

A week ago, the gold bullion price started moving above USD 950 an ounce, and traded as high as USD 990 more recently, amid the usual endless predictions that the metal would clear the USD 1,000 level, and move on to smash the intra-day USD 1,030.80 level seen in March 2008, and simply keep moving up, and so on.

But pricing patterns among more than 300 listed gold stocks around the world over the past week indicate that equity investors, as a loosely defined group, have little faith in the notion that the metal will crash up through to fresh records. While the past week has witnessed positive global investment portfolio flows into almost all discernible listed resources sub-sectors, gold stocks have attracted only modest interest.

Listed uranium stocks have been least in demand, followed from the bottom up by specialist miners of potash, oil sands, diamonds, oil, and then, gold. The global investable uranium sector is modestly sized and was recently somewhat undermined by developments in Kazakhstan, with Uranium One's stock price taking some pain.

The most heavily demanded listed stocks, from the top, have been specialised miners of copper, zinc, smaller iron ore names, tin, silver, nickel, molybdenum, platinum, coal and aluminium. Seen over a far longer period of 12 months, listed silver stocks (led, of course, by Fresnillo) have delivered the best composite stock price performance, followed by zinc, copper, and then, gold stocks. Over the past couple of months, in particular, Chinese mining stocks have put in stellar performances, right across the board, and have exerted significant influence over the positive moves in the valuations of global mining stocks.

For months, if not years, global gold stocks have been supported by the world's best performing commodity, in relative terms. It could be, however, that gold bullion, as indicated by recent pricing patterns among listed gold stocks, is set up to take a break, out of contention with a speeding ticket.

Strictly speaking, listed gold stocks may have been outflanked for some months by the performance of listed primary silver miners, but seen as a substantial grouping, with an investable market value in excess of USD 300bn, compared to the more modest USD 21bn of primary silver miners, gold stocks have a greater claim to ranking as the world's top performing global equities subsector.

METAL PRICES	Low*	High*	Current	From low	From high
Precious, USD/oz
Gold	682.41	1006.29	978.12	43.3%	-2.8%
Platinum	744.25	2113.50	1250.10	68.0%	-40.9%
Palladium	160.75	478.50	243.53	51.5%	-49.1%
Silver	8.46	19.48	15.84	87.3%	-18.7%
Industrial, USD/lb
Copper	1.28	4.06	2.29	79.3%	-43.5%
Aluminium	0.58	1.53	0.67	15.1%	-56.5%
Lead	0.39	1.04	0.75	94.9%	-27.7%
Tin	4.40	10.82	6.58	49.5%	-39.2%
Nickel	4.01	11.32	6.63	65.2%	-41.4%
Zinc	0.47	0.96	0.72	52.2%	-25.5%
* 12-month

In a recent examination of the outlook for gold bullion and listed gold stocks, Royal Bank of Canada Capital Markets observed that "many gold market-watchers here in the Northern hemisphere have often coined the phrase ‘summer doldrums', as the upcoming months have historically been a period of weakness for both gold bullion and gold equities prices".

RBCCM's view is that a "flat return" Northern hemisphere is "a good outcome for gold and gold equities, and that major shocks are required for gold and gold equities to have significant positive performance over the June to August period". Gold bullion is seen to be weaker mainly due to depressed activity in the physical market for gold in the summer months, as global jewellery manufacturers are typically not very active during the period.

"For example" notes RBCCM, "many of these buyers do not require physical gold supply until they return in mid-August and into September to begin manufacturing the jewellery required to re-stock shelves prior to the important selling season late in the year or early in the next year (such as the Indian wedding seasons, Ramadan, Christmas, and Chinese New Year).

"While we do not view the fabrication demand for gold to make jewellery as a driver for increased gold prices, we do view the lack of a supporting market for physical gold as a hindrance to significant positive moves in the gold price by investment and/or speculative demand".

Philadelphia Gold & Silver Index (XAU)
	Stock	From	From	Value
	price	high*	low*	USD bn
Agnico-Eagle	USD 60.23	-25.4%	188.6%	9.381
AngloGold Ashanti	USD 40.82	-5.4%	205.3%	14.458
Barrick	USD 36.99	-29.5%	114.2%	32.302
Freeport-McMoRan	USD 54.88	-56.7%	249.6%	22.597
Gold Fields	USD 12.92	-7.6%	178.4%	9.100
Goldcorp	USD 37.50	-28.8%	171.0%	27.382
Harmony	USD 11.70	-11.7%	113.9%	4.983
Kinross	USD 19.91	-21.5%	190.7%	13.830
Newmont	USD 47.76	-11.2%	125.6%	22.876
PM Silver	USD 22.63	-39.1%	153.4%	1.974
Averages/total		-23.7%	169.1%	158.883
Weighted averages		-29.8%	160.8%
* 12-month

RBCCM is looking for gold bullion to stage a pullback of 10-15% this summer, suggesting a potential downside risk of USD 750 to USD 800/oz. At the same time, RBCCM maintains a "continued bullish longer-term outlook", and anticipates that gold bullion would reclaim USD 900/oz later this year, and perhaps re-test USD 1,000/oz late in the year or into 2010.

The implication is that investors would move to market weight in gold equities, or even underweight positions during May, and then look for mid-summer weakness to add/build positions in advance of the seasonal fall rally period, and/or RBCCM's longer-term view of a more inflationary period following a global economic recovery currently forecast for 2010.

In a number of exhibits showing the dollar gold bullion price, along with the XAU (the Philadelphia Gold Index, and the HUI (the AMEX Gold Bugs Index), RBCCM shows how in very few years (since 1995 at least) has it been that gold prices and/or gold equities appreciated over the summer months in the Northern hemisphere.

SELECTED GOLD STOCKS
	Stock	From	From	Value
	price	high*	low*	USD bn
Zhongjin	CNY 93.04	0.0%	308.1%	4.895
Shandong Gold	CNY 54.79	-0.3%	315.1%	5.707
Hunan Chenzhou	CNY 19.15	-1.2%	221.8%	1.535
Sino Gold	AUD 6.51	-1.5%	174.7%	1.544
Fresnillo	GBP 7.24	-1.6%	678.0%	8.507
Zhaojin	HKD 14.56	-1.8%	682.8%	0.821
Kingsgate	AUD 6.80	-1.9%	209.1%	0.530
Patagonia Gold	GBP 0.12	-2.1%	193.8%	0.114
Orocobre	AUD 0.69	-2.1%	396.4%	0.037
Marum Resources	CAD 0.21	-2.3%	740.0%	0.020
Randgold Resources	USD 72.35	-2.5%	224.7%	5.554
Rubicon Minerals	USD 2.59	-2.7%	269.8%	0.383
Andean	AUD 2.08	-2.8%	389.4%	0.769
[[SPDR Gold Shares ETF]]	USD 95.99	-3.0%	45.4%	35.622
Mindax	AUD 0.52	-3.7%	166.7%	0.054
Intrepid Mines	AUD 0.38	-3.8%	368.8%	0.126
Real Gold	HKD 7.55	-4.3%	72.4%	0.643
Moto Goldmines	CAD 5.02	-4.4%	660.6%	0.495
Allied Nevada	CAD 8.29	-4.5%	302.4%	0.433
Franco-Nevada	CAD 30.03	-4.6%	158.4%	2.746
Minera IRL	GBP 0.76	-5.0%	74.6%	0.077
Seabridge	CAD 32.28	-5.1%	330.4%	1.101
AngloGold Ashanti	USD 40.82	-5.4%	205.3%	14.458
Chalice Gold	AUD 0.26	-5.5%	271.4%	0.015
San Gold	CAD 2.42	-5.5%	324.6%	0.536
Royal Gold	USD 46.77	-6.1%	105.6%	1.904
Iamgold	USD 10.80	-6.2%	386.5%	3.943
Eldorado	USD 9.76	-6.3%	310.1%	3.621
Pan African	GBP 0.05	-6.5%	186.7%	0.097
Medusa	AUD 1.95	-6.7%	375.6%	0.267
Alamos	CAD 9.56	-6.7%	173.1%	0.935
Lake Shore Gold	CAD 2.31	-7.2%	285.0%	0.448
Newcrest	AUD 34.40	-7.5%	107.9%	13.499
Red 5	AUD 0.08	-7.8%	245.8%	0.044
Osisko	CAD 6.95	-7.9%	396.4%	1.631
JSC Polymetal	USD 8.50	-8.1%	750.0%	2.678
Kirkland Lake	CAD 9.53	-8.3%	278.2%	0.509
Catalpa Resources	AUD 0.11	-8.3%	478.9%	0.105
Olympus Pacific	CAD 0.33	-8.3%	725.0%	0.070
Oceanagold	AUD 1.40	-8.5%	833.3%	0.184
Western Goldfields	CAD 3.20	-8.6%	540.0%	0.398
Lihir	AUD 3.29	-9.6%	116.4%	6.321
Lingbao	HKD 3.43	-9.7%	328.8%	0.132
Centerra	CAD 7.55	-9.9%	738.9%	1.490
Queenston Mining	CAD 4.15	-10.0%	446.1%	0.217
Continental Mines	CAD 1.15	-10.2%	283.3%	0.135
Dominion Mining	AUD 5.10	-10.4%	167.0%	0.426
Auex Ventures	CAD 2.68	-10.7%	235.0%	0.072
Centamin Egypt	CAD 1.50	-10.7%	248.8%	1.354
Int'l Tower Hill	CAD 3.33	-11.0%	211.2%	0.147
Atna Resources	CAD 0.88	-11.1%	193.3%	0.067
Newmont	USD 47.76	-11.2%	125.6%	22.876
Zijin	CNY 10.23	-11.4%	172.1%	15.779
Golden Odyssey	CAD 0.19	-11.6%	850.0%	0.008
Saracen	AUD 0.22	-12.0%	340.0%	0.035
Norseman Gold	GBP 0.35	-12.4%	2250.0%	0.088
Semafo	CAD 2.27	-12.7%	202.7%	0.482
Richmont Mines	CAD 4.30	-12.8%	255.4%	0.102
Silver Lake Resources	AUD 0.78	-12.9%	496.2%	0.096
Colossus Minerals	CAD 3.47	-13.3%	707.0%	0.179
Orvana Minerals	CAD 0.71	-13.4%	115.2%	0.075
First Uranium	CAD 6.89	-13.9%	575.5%	1.048
North Queensland	AUD 0.31	-13.9%	129.6%	0.037
Eurasian Minerals	CAD 1.50	-14.3%	194.1%	0.039
Pelangio	CAD 0.34	-15.0%	1260.0%	0.024
Regis Resources	AUD 0.54	-15.6%	757.1%	0.106
Keegan Resources	USD 3.26	-16.0%	804.8%	0.093
Conquest Mining	AUD 0.44	-16.2%	214.3%	0.097
Alexis Minerals	CAD 0.56	-16.4%	166.7%	0.065
Red Back	CAD 9.35	-16.4%	226.9%	1.953
Gold Fields	ZAR 104.42	-16.5%	96.1%	9.125
Adamus Resources	AUD 0.41	-16.5%	305.0%	0.051
Goldplat	GBP 0.11	-16.7%	38.5%	0.021
IMA Exploration	USD 0.30	-16.7%	87.5%	0.016
La Mancha Resources	CAD 0.90	-16.7%	2150.0%	0.117
Northgate	CAD 2.58	-16.8%	285.1%	0.602
US Gold Corp.	USD 2.48	-17.1%	552.6%	0.260
Anatolia	CAD 3.01	-17.3%	363.1%	0.315
DRDGold	ZAR 7.80	-18.3%	172.7%	0.366
CGA Mining	AUD 1.71	-18.6%	113.8%	0.353
Gammon Gold	CAD 9.08	-18.9%	238.8%	1.019
Mineral Deposits	AUD 0.76	-19.3%	169.6%	0.345
Gryphon Minerals	AUD 0.33	-19.5%	459.3%	0.035
Paramount Gold	USD 1.68	-19.6%	663.6%	0.139
Kinross	USD 19.91	-21.5%	190.7%	13.830
Exeter Resources	CAD 3.65	-21.5%	247.6%	0.208
Guyana Goldfields	CAD 4.22	-21.6%	591.8%	0.227
Capital Gold	CAD 0.75	-21.9%	141.9%	0.132
Buenaventura	USD 27.75	-22.2%	208.3%	7.628
Aurizon	CAD 4.85	-22.3%	300.8%	0.701
African Queen	CAD 0.31	-22.5%	416.7%	0.011
Minefinders	CAD 9.40	-22.6%	182.3%	0.506
Lydian	CAD 0.46	-23.3%	318.2%	0.020
Dioro Exploration	AUD 0.77	-23.4%	208.0%	0.057
Brazauro	CAD 0.63	-24.1%	530.0%	0.049
Jaguar	CAD 9.24	-24.6%	286.6%	0.657
Hill End Gold	AUD 0.23	-24.6%	155.6%	0.057
Sandfire Resources	AUD 0.52	-24.6%	940.0%	0.035
Tanami Gold	AUD 0.03	-25.0%	560.0%	0.095
Agnico-Eagle	USD 60.23	-25.4%	188.6%	9.381
Dynasty Metals	CAD 4.25	-25.6%	304.8%	0.138
Highlands Pacific	AUD 0.10	-25.9%	150.0%	0.053
Australian Solomons	CAD 0.36	-26.0%	1320.0%	0.034
A1 Minerals	AUD 0.17	-26.1%	183.3%	0.015
Bralorne Gold	CAD 0.96	-26.2%	174.3%	0.014
Staccato Gold	CAD 0.13	-26.5%	177.8%	0.011
Shoreham Resources	CAD 0.30	-26.8%	650.0%	0.014
Vior	CAD 0.10	-26.9%	375.0%	0.007
Gabriel	CAD 2.26	-27.1%	128.3%	0.526
Claude Resources	USD 0.80	-27.3%	567.1%	0.078
Fronteer	CAD 4.13	-27.3%	166.5%	0.447
Apollo Gold	USD 0.45	-27.4%	350.0%	0.099
Alkane Resources	AUD 0.34	-28.0%	235.0%	0.066
Nevsun	CAD 1.58	-28.2%	351.4%	0.185
Metals Exploration	GBP 0.17	-28.4%	172.0%	0.060
Harmony	ZAR 95.00	-28.5%	82.3%	5.020
Allied Gold	AUD 0.50	-28.6%	170.3%	0.192
Azteca Gold	CAD 0.20	-28.6%	900.0%	0.032
Goldcorp	USD 37.50	-28.8%	171.0%	27.382
Norton Gold Fields	AUD 0.26	-29.2%	292.3%	0.087
Barrick	USD 36.99	-29.5%	114.2%	32.302
Alexco Resources	CAD 2.60	-29.7%	400.0%	0.102
Shield Mining	AUD 0.14	-30.0%	600.0%	0.006
Troy Resources	AUD 1.65	-30.1%	146.3%	0.093
Avoca Resources	AUD 1.81	-30.3%	106.3%	0.364
Dragon Mining	AUD 0.07	-31.0%	392.9%	0.041
Wits Gold	CAD 10.25	-31.3%	241.7%	0.261
European Gold	CAD 3.60	-31.7%	227.3%	0.590
Simmer & Jack	ZAR 3.00	-31.8%	104.1%	0.414
Mundoro	CAD 0.47	-31.9%	213.3%	0.017
Cluff Gold	GBP 0.59	-32.0%	470.7%	0.112
Virginia Mines	CAD 4.25	-32.5%	88.9%	0.113
Radius Gold	CAD 0.24	-32.9%	571.4%	0.011
Linear Gold	CAD 1.51	-32.9%	132.3%	0.045
Comaplex	CAD 4.31	-33.7%	302.8%	0.207
Obtala	GBP 0.27	-34.1%	42.1%	0.083
Integra Mining	AUD 0.34	-34.6%	257.9%	0.130
Emmerson Resources	AUD 0.16	-34.7%	290.2%	0.029
Azumah Resources	AUD 0.14	-34.9%	250.0%	0.012
Nayarit Gold	CAD 0.52	-35.0%	108.0%	0.033
Int'l Minerals	CAD 3.40	-35.2%	190.6%	0.288
Central China Goldfields	GBP 0.04	-35.4%	210.0%	0.011
Polyus	USD 45.00	-35.6%	221.4%	8.578
Tanzanian Royalty	CAD 4.17	-35.8%	109.5%	0.340
Beaconsfield Gold	AUD 0.15	-36.2%	66.7%	0.049
Perseus Mining	AUD 0.95	-36.2%	377.4%	0.176
San Anton Resource	CAD 0.27	-37.2%	800.0%	0.026
Westgold	AUD 0.32	-37.4%	114.8%	0.044
Century Mining	CAD 0.18	-37.5%	1650.0%	0.027
Signature Metals	AUD 0.03	-37.5%	316.7%	0.008
Eastmain	CAD 1.16	-38.0%	139.2%	0.091
New Dawn	CAD 1.24	-38.0%	2380.0%	0.033
Ramelius Resources	AUD 0.60	-38.0%	58.7%	0.106
Aldridge	CAD 1.98	-38.1%	43.5%	0.041
Terrane	CAD 0.32	-38.2%	231.6%	0.033
Tribune Resources	AUD 0.85	-38.4%	68.3%	0.035
Golden Star	USD 2.14	-38.5%	435.0%	0.461
Rye Patch Gold	CAD 0.24	-39.0%	147.4%	0.009
Coral Gold	CAD 0.61	-39.0%	510.0%	0.014
Canadian Mining	CAD 0.09	-39.3%	183.3%	0.004
Chesapeake Gold	CAD 4.60	-39.5%	143.4%	0.161
Focus Minerals	AUD 0.03	-39.6%	88.2%	0.069
Frontier Mining	GBP 0.07	-39.8%	5800.0%	0.026
Avion Resources	CAD 0.33	-40.0%	842.9%	0.060
Mirasol Resources	CAD 0.26	-40.2%	550.0%	0.007
Carrick Gold	AUD 0.80	-40.4%	55.9%	0.078
Ascot Mining	GBP 0.30	-40.8%	15.0%	0.014
Amarillo Gold	CAD 0.88	-40.9%	151.4%	0.033
Midlands Minerals	CAD 0.18	-41.7%	133.3%	0.009
Novagold	CAD 5.82	-41.8%	1125.3%	0.966
Greystar	CAD 3.72	-42.3%	601.9%	0.179
Plexmar Resources	CAD 0.16	-42.6%	520.0%	0.023
Timmins Gold	CAD 0.62	-43.1%	210.0%	0.044
Golden Goose	CAD 0.34	-43.3%	385.7%	0.015
Zedex Minerals	AUD 0.10	-44.4%	426.3%	0.023
Goldrea	CAD 0.13	-44.7%	225.0%	0.007
Archipelago	GBP 0.15	-45.3%	625.0%	0.073
Miranda Gold	CAD 0.36	-45.4%	115.2%	0.015
Moneta Porcupine	CAD 0.12	-45.5%	380.0%	0.011
Mariana	GBP 0.05	-45.8%	200.0%	0.005
Entrée Gold	CAD 1.22	-46.0%	144.0%	0.105
Kefi Minerals	GBP 0.02	-46.4%	50.0%	0.006
Minera Andes	CAD 0.83	-46.5%	159.4%	0.174
Benguet Corp.	PHP 10.00	-46.7%	106.2%	0.020
East Asia Minerals	CAD 0.70	-48.1%	483.3%	0.032
Citadel Resource	AUD 0.21	-48.1%	100.0%	0.229
Detour Gold	CAD 13.12	-48.3%	358.7%	0.541
B2Gold	CAD 0.81	-49.1%	170.0%	0.180
Gitennes	CAD 0.11	-50.0%	340.0%	0.005
Navigator Resources	AUD 0.22	-50.0%	95.5%	0.025
Citigold	AUD 0.17	-50.7%	13.3%	0.106
Carpathian Gold	CAD 0.25	-51.0%	390.0%	0.052
Peter Hambro	GBP 6.59	-51.0%	322.4%	1.848
Avocet Mining	GBP 0.88	-51.4%	82.8%	0.174
St Barbara	AUD 0.28	-51.9%	55.6%	0.339
Vista Gold	USD 2.30	-52.3%	198.7%	0.079
Rimfire Minerals	CAD 0.55	-52.6%	292.9%	0.013
Rainy River	CAD 2.25	-52.6%	262.9%	0.116
Nautilus Minerals	CAD 1.36	-52.8%	86.3%	0.193
Caledonia	CAD 0.09	-52.8%	240.0%	0.039
Great Basin	CAD 1.75	-53.1%	92.3%	0.532
Metallic Venture	CAD 0.72	-53.5%	234.9%	0.034
Asia Now Resources	CAD 0.17	-54.7%	209.1%	0.010
Verena	CAD 0.14	-55.0%	237.5%	0.012
Hillgrove Resources	AUD 0.20	-55.7%	170.8%	0.065
Kimber Resources	CAD 0.76	-56.1%	43.4%	0.043
Andina Minerals	CAD 1.85	-56.2%	255.8%	0.138
Western Copper	CAD 0.70	-56.3%	241.5%	0.046
PanAust	AUD 0.45	-56.5%	470.5%	0.664
Freeport-McMoRan	USD 54.88	-56.7%	249.6%	22.597
Skyline Gold	CAD 0.07	-56.7%	160.0%	0.005
Philex Gold	CAD 0.22	-57.0%	43.3%	0.008
CanPlats Resources	CAD 2.25	-57.1%	118.4%	0.117
PC Gold	CAD 0.53	-57.6%	381.8%	0.014
Barra Resources	AUD 0.11	-57.7%	168.3%	0.025
Gold One	AUD 0.41	-58.2%	310.0%	0.228
Hambledon Mining	GBP 0.06	-58.5%	131.6%	0.042
Goldminex	AUD 0.74	-58.9%	5.7%	0.040
Sunridge Gold	CAD 0.40	-59.2%	566.7%	0.023
Pacific Rim Mining	USD 0.35	-59.7%	400.3%	0.041
Glencar Mining	GBP 0.04	-60.2%	26.0%	0.013
North Atlantic Resources	CAD 0.11	-60.7%	450.0%	0.003
Atlanta Gold	CAD 0.32	-61.4%	433.3%	0.016
Imperial Metals	CAD 3.96	-62.3%	325.8%	0.116
Almaden Minerals	USD 0.88	-62.6%	166.7%	0.040
Kings Minerals	AUD 0.12	-63.1%	130.8%	0.041
Molycor Gold	CAD 0.06	-63.6%	300.0%	0.004
Taseko	CAD 2.00	-63.8%	203.0%	0.316
Macarthur Minerals	CAD 0.90	-63.9%	34.3%	0.016
Ausquest	AUD 0.17	-64.1%	106.3%	0.030
Petaquilla	CAD 0.70	-64.6%	145.6%	0.061
New Gold	CAD 3.21	-64.8%	241.5%	0.623
Kazakh Gold	USD 8.00	-65.2%	263.6%	0.386
Midway Gold	CAD 0.76	-65.3%	322.2%	0.047
Empire Resources	AUD 0.07	-65.4%	255.0%	0.004
Rusoro Mining	CAD 0.48	-65.7%	104.3%	0.232
Bear Creek Mining	CAD 2.26	-66.3%	296.5%	0.114
Austral Gold	AUD 0.08	-66.7%	0.0%	0.011
Inter-Citic	CAD 0.65	-66.7%	282.4%	0.049
Animas Resources	CAD 0.58	-66.7%	127.5%	0.015
Hampton Hill	AUD 0.17	-67.3%	129.7%	0.018
Gold Reserve	CAD 0.67	-67.3%	131.0%	0.036
Resolute	AUD 0.73	-67.4%	100.0%	0.205
Hecla Mining	USD 3.22	-67.8%	225.3%	0.702
Tyhee	CAD 0.14	-67.9%	68.8%	0.021
GMA Resources	GBP 0.04	-68.1%	233.3%	0.026
Oromin	CAD 0.85	-68.5%	120.8%	0.051
Atlantic Gold	AUD 0.05	-69.1%	25.0%	0.013
Kalimantan Gold	CAD 0.06	-69.4%	266.7%	0.005
Banro	CAD 2.55	-69.6%	218.8%	0.145
Nuna Minerals	DKK 175.00	-69.8%	34.1%	0.036
Pele Mountain	CAD 0.11	-69.9%	83.3%	0.009
Aquiline Resources	CAD 2.50	-70.6%	247.2%	0.155
NWM Mining	CAD 0.61	-70.6%	233.3%	0.005
Kryso Resources	GBP 0.06	-70.7%	92.0%	0.010
Hawthorne Gold	CAD 0.40	-70.7%	229.2%	0.027
Metals X	AUD 0.13	-71.1%	116.7%	0.125
Bear Lake Gold	CAD 0.42	-71.6%	110.0%	0.032
Kalahari Resources	CAD 0.02	-72.7%	50.0%	0.003
Highland	GBP 0.55	-72.8%	159.5%	0.291
Kenrich-Eskay Mining	CAD 0.08	-72.9%	220.0%	0.005
Stratagold	CAD 0.05	-73.0%	400.0%	0.008
Apex Minerals	AUD 0.22	-73.1%	19.4%	0.105
Reed Resources	AUD 0.32	-73.8%	90.9%	0.035
Searchgold Resources	CAD 0.04	-74.2%	300.0%	0.005
Jinshan	CAD 0.74	-74.3%	89.7%	0.111
Oxus Gold	GBP 0.06	-74.9%	65.3%	0.037
Mano River	CAD 0.07	-75.0%	600.0%	0.020
Vatukoula Gold	GBP 0.01	-75.4%	123.5%	0.047
Leyshon Resources	AUD 0.13	-76.0%	150.0%	0.022
PMI Gold	CAD 0.06	-76.0%	500.0%	0.006
Republic Gold	AUD 0.02	-76.5%	14.3%	0.019
UC Resources	CAD 0.07	-76.7%	100.0%	0.008
D'Aguilar	AUD 0.04	-77.6%	26.7%	0.006
Axmin	CAD 0.11	-78.0%	266.7%	0.025
Queensland Minerals	CAD 0.07	-78.1%	250.0%	0.003
China Goldmines	GBP 0.22	-78.8%	19.4%	0.017
Central Rand	ZAR 3.20	-79.4%	6.7%	0.098
Grandview Gold	CAD 0.06	-80.0%	71.4%	0.002
Condor Resources	CAD 0.14	-80.0%	250.0%	0.003
BCGold	CAD 0.06	-80.0%	140.0%	0.002
Golden West Resources	AUD 0.42	-80.0%	100.0%	0.049
Tianshan Goldfields	AUD 0.09	-80.2%	48.3%	0.019
Crystallex	CAD 0.29	-80.5%	190.0%	0.078
Luiri Gold	CAD 0.10	-81.0%	280.0%	0.004
Kasbah Resources	AUD 0.05	-81.3%	50.0%	0.006
Reunion Gold	CAD 0.11	-82.5%	320.0%	0.005
Beadell	AUD 0.07	-83.1%	73.2%	0.005
Uruguay Minerals	CAD 0.47	-83.7%	132.5%	0.021
Tasman Goldfields	AUD 0.03	-84.0%	75.0%	0.002
Gold Wheaton	CAD 0.30	-84.1%	84.4%	0.380
Mansfield Minerals	CAD 0.50	-84.3%	257.1%	0.020
Etruscan Resources	CAD 0.28	-85.8%	57.1%	0.040
Cassidy Gold	CAD 0.04	-86.0%	14.3%	0.003
Geoinformatics	CAD 0.21	-87.3%	320.0%	0.014
Maximus	AUD 0.03	-87.7%	3.6%	0.004
Yukon-Nevada Gold	CAD 0.16	-88.0%	675.0%	0.044
Mintails	AUD 0.05	-88.7%	152.4%	0.030
North American Gem	CAD 0.07	-89.2%	40.0%	0.007
High River	CAD 0.21	-89.3%	412.5%	0.110
Mengold Resources	CAD 0.03	-90.0%	66.7%	0.001
Mercator Gold	GBP 0.04	-91.9%	66.7%	0.005
Geologix Exploration	CAD 0.00	-92.0%	85.0%	0.009
Colombia Goldfields	CAD 0.07	-92.2%	550.0%	0.006
Crew Gold	CAD 0.86	-92.5%	115.0%	0.084
Buffalo Gold	CAD 0.02	-92.7%	300.0%	0.002
Renison Consolidated	AUD 0.00	-94.0%	200.0%	0.003
Central African	GBP 0.02	-95.0%	71.4%	0.018
Wega Mining	NOK 1.90	-96.2%	187.9%	0.099
Condor Resources	GBP 0.01	-98.3%	357.1%	0.004
Averages/total		-41.7%	307.4%	333.236
Weighted averages		-25.8%	154.6%
* 12-month
Source: market data; tables compiled by Barry Sergeant

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