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.

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