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Gold Digger: Silver could outperform gold in the next precious metals rally
Mining
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Metals Focus says silver prices could be about to rocket higher relative to gold, which also has very good fundamentals.
The often-mentioned ‘gold-silver ratio’ is simply the amount of silver it takes to purchase one ounce of gold.
The has largely held in the low 70s this month, close to four-year lows.
That’s 70 ounces of silver for every ounce of gold, which is pretty close to the 20 year average of 60:1.
“As investors become increasingly accustomed to a gold:silver ratio in the low 70s, there is plenty of room for a further contraction toward the low 60s, as we progress into 2021,” Metals Focus writes.
And unlike gold, silver is currently trading well below its all-time high in 2011 of over $50, Metals Focus says.
“Once the expected rally in the precious metals complex resumes, this may well encourage aggressive tactical buying from those who believe silver remains undervalued relative to gold.”
Winners & Losers
Here’s how ASX-listed gold stocks performed January 25 – January 29 [intraday].
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:
| CODE | COMPANY | 1 WEEK CHANGE % | PRICE [INTRADAY FRIDAY] | MARKET CAP |
|---|---|---|---|---|
| HWK | Hawkstone Mining | 89 | 0.053 | $ 81,624,971.27 |
| AYM | Australia United | 50 | 0.012 | $ 27,638,662.28 |
| DDD | 3D Resources | 38 | 0.055 | $ 18,076,860.46 |
| FAU | First Au | 29 | 0.022 | $ 9,147,438.81 |
| MLS | Metals Australia | 25 | 0.0025 | $ 10,477,258.94 |
| BAT | Battery Minerals | 24 | 0.031 | $ 67,362,026.85 |
| KAU | Kaiser Reef | 21 | 0.495 | $ 46,952,051.69 |
| TNR | Torian Resources | 21 | 0.035 | $ 25,455,860.33 |
| HMX | Hammer Metals | 18 | 0.085 | $ 64,421,464.11 |
| AMG | Ausmex Mining | 16 | 0.071 | $ 39,040,074.63 |
| HRN | Horizon Gold | 15 | 0.56 | $ 44,777,360.97 |
| VMC | Venus Metals | 14 | 0.245 | $ 34,748,097.09 |
| TMZ | Thomson Resources | 13 | 0.135 | $ 40,948,478.22 |
| SI6 | SI6 Metals | 11 | 0.021 | $ 30,602,015.40 |
| SLZ | Sultan Resources | 11 | 0.21 | $ 12,863,861.97 |
| PKO | Peako | 10 | 0.032 | $ 6,145,733.66 |
| MAT | Matsa Resources | 10 | 0.11 | $ 29,826,137.99 |
| MTH | Mithril Resources | 9 | 0.024 | $ 44,872,115.64 |
| PNM | Pacific Nickel Mines | 9 | 0.06 | $ 9,286,024.46 |
| CGN | Crater Gold | 8 | 0.026 | $ 30,687,396.68 |
| ARL | Ardea Resources | 8 | 0.525 | $ 65,111,996.82 |
| CYL | Catalyst Metals | 8 | 2.3 | $ 211,787,329.56 |
| SFM | Santa Fe Minerals | 8 | 0.095 | $ 6,917,784.96 |
| MAU | Magnetic Resources | 7 | 1.4 | $ 302,639,927.80 |
| SVL | Silver Mines | 7 | 0.245 | $ 223,752,549.60 |
| GSN | Great Southern | 6 | 0.082 | $ 35,946,613.18 |
| NUS | Nusantara Resources | 6 | 0.285 | $ 61,903,711.89 |
| MKR | Manuka Resources | 5 | 0.41 | $ 34,673,393.25 |
| CBY | Canterbury Resources | 5 | 0.11 | $ 9,241,574.48 |
| BYH | Bryah Resources | 5 | 0.068 | $ 10,901,376.07 |
| ARN | Aldoro Resources | 4 | 0.235 | $ 15,931,392.72 |
| OAU | Ora Gold | 4 | 0.024 | $ 19,339,440.11 |
| A1G | African Gold | 4 | 0.24 | $ 12,081,452.88 |
| AUC | Ausgold | 4 | 0.05 | $ 62,416,777.97 |
| KSN | Kingston Resources | 4 | 0.26 | $ 70,409,717.25 |
| AUT | Auteco Minerals | 4 | 0.13 | $ 211,569,156.36 |
| GIB | Gibb River Diamonds | 4 | 0.08 | $ 15,651,698.93 |
| CEL | Challenger Exploration | 3 | 0.3 | $ 165,728,153.70 |
| PDI | Predictive Discovery | 3 | 0.063 | $ 64,072,378.57 |
| GML | Gateway Mining | 3 | 0.032 | $ 59,093,472.12 |
| AZS | Azure Minerals | 3 | 0.51 | $ 166,366,289.34 |
| PUR | Pursuit Minerals | 3 | 0.037 | $ 26,480,650.43 |
| BRB | Breaker Resources | 3 | 0.2 | $ 61,909,776.51 |
| TBR | Tribune Resources | 2 | 6.25 | $ 322,153,992.78 |
| ONX | Orminex | 2 | 0.045 | $ 24,259,597.56 |
| CMM | Capricorn Metals | 2 | 1.7 | $ 567,558,431.55 |
| GUL | Gullewa | 2 | 0.092 | $ 16,778,325.20 |
| CXU | Cauldron Energy | 2 | 0.048 | $ 21,503,976.58 |
| BC8 | Black Cat Syndicate | 2 | 0.77 | $ 84,960,003.59 |
| AOP | Apollo Consolidated | 2 | 0.305 | $ 82,074,154.95 |
| MEI | Meteoric Resources | 1 | 0.069 | $ 92,014,407.73 |
| NES | Nelson Resources | 1 | 0.082 | $ 9,643,379.93 |
| EMR | Emerald Resources | 1 | 0.845 | $ 412,317,765.60 |
| EVN | Evolution Mining | 1 | 4.74 | $ 7,774,435,236.75 |
| NSM | North Stawell | 1 | 0.445 | $ 18,800,000.00 |
| CDV | Cardinal Resources | 0 | 1.07 | $ 590,383,398.59 |
| AGG | AngloGold Ashanti | 0 | 6.1 | $ 543,275,288.85 |
| AVW | Avira Resources | 0 | 0.006 | $ 8,250,240.00 |
| TMX | Terrain Minerals | 0 | 0.01 | $ 7,357,610.09 |
| GSM | Golden State Mining | 0 | 0.165 | $ 8,212,249.00 |
| MSR | Manas Resources | 0 | 0.006 | $ 16,561,641.59 |
| TTM | Titan Minerals | 0 | 0.11 | $ 131,037,029.91 |
| DTM | Dart Mining | 0 | 0.18 | $ 18,489,913.06 |
| XTC | Xantippe Resources | 0 | 0.0025 | $ 10,186,411.01 |
| TRM | Truscott Mining | 0 | 0.018 | $ 2,302,947.79 |
| LNY | Laneway Resources | 0 | 0.007 | $ 30,200,527.46 |
| KWR | Kingwest Resources | 0 | 0.185 | $ 26,896,425.15 |
| KGM | Kalnorth Gold | 0 | 0.013 | $ 11,625,120.78 |
| ALY | Alchemy Resources | 0 | 0.018 | $ 12,100,382.15 |
| CY5 | Cygnus Gold | 0 | 0.18 | $ 19,452,617.64 |
| ENR | Encounter Resources | 0 | 0.16 | $ 52,068,011.00 |
| ALK | Alkane Resources | 0 | 0.805 | $ 488,218,816.00 |
| RND | Rand Mining | 0 | 1.9 | $ 114,282,102.50 |
| RMX | Red Mountain Mining | 0 | 0.014 | $ 17,719,837.34 |
| TSC | Twenty Seven Co. | 0 | 0.006 | $ 12,757,925.28 |
| HRZ | Horizon | 0 | 0.115 | $ 62,477,272.00 |
| HAW | Hawthorn Resources | 0 | 0.11 | $ 36,686,717.43 |
| FFR | Firefly Resources | 0 | 0.15 | $ 43,469,482.14 |
| ANX | Anax Metals | 0 | 0.05 | $ 13,730,114.87 |
| NAE | New Age Exploration | 0 | 0.014 | $ 16,618,425.74 |
| MRZ | Mont Royal Resources | 0 | 0.025 | $ 8,966,934.90 |
| DCX | Discovex Resources | 0 | 0.009 | $ 9,569,312.61 |
| ANL | Amani Gold | 0 | 0.0015 | $ 14,080,495.12 |
| VRC | Volt Resources | 0 | 0.019 | $ 41,093,733.92 |
| AME | Alto Metals | -1 | 0.099 | $ 40,712,764.34 |
| TLM | Talisman Mining | -1 | 0.096 | $ 18,662,838.50 |
| CAI | Calidus Resources | -1 | 0.45 | $ 150,572,555.76 |
| WWI | West Wits Mining | -2 | 0.065 | $ 83,093,033.09 |
| DEG | De Grey Mining | -2 | 0.955 | $ 1,211,821,737.34 |
| ADN | Andromeda Metals | -2 | 0.28 | $ 581,236,513.29 |
| MML | Medusa Mining | -2 | 0.8 | $ 166,298,640.80 |
| TAR | Taruga Minerals | -2 | 0.052 | $ 21,945,672.29 |
| REZ | Resourc & En Grp | -2 | 0.047 | $ 20,288,997.08 |
| WMX | Wiluna Mining Corp | -2 | 1.37 | $ 164,146,824.80 |
| SSR | SSR Mining Inc. | -2 | 22.6 | $ 375,754,938.80 |
| CAZ | Cazaly Resources | -2 | 0.044 | $ 15,509,810.48 |
| NAG | Nagambie Resources | -2 | 0.044 | $ 22,996,887.92 |
| AAU | Antilles Gold | -2 | 0.08 | $ 16,196,756.87 |
| RSG | Resolute Mining | -2 | 0.7 | $ 761,685,967.14 |
| FFX | Firefinch | -3 | 0.19 | $ 144,653,068.99 |
| VKA | Viking Mines | -3 | 0.037 | $ 17,568,199.92 |
| ERM | Emmerson Resources | -3 | 0.072 | $ 34,282,625.05 |
| BCN | Beacon Minerals | -3 | 0.036 | $ 106,309,612.75 |
| DGO | DGO Gold | -3 | 2.81 | $ 209,622,481.80 |
| AGS | Alliance Resources | -3 | 0.17 | $ 30,311,013.60 |
| GOR | Gold Road Res | -3 | 1.21 | $ 1,033,911,578.90 |
| KAI | Kairos Minerals | -3 | 0.032 | $ 50,269,959.51 |
| AQX | Alice Queen | -3 | 0.032 | $ 33,838,470.64 |
| RMS | Ramelius Resources | -3 | 1.54 | $ 1,193,300,467.35 |
| TRY | Troy Resources | -3 | 0.088 | $ 65,908,047.82 |
| PRX | Prodigy Gold NL | -3 | 0.0435 | $ 25,547,614.66 |
| AAR | Anglo Australian | -4 | 0.135 | $ 79,516,131.84 |
| WGX | Westgold Resources. | -4 | 2.38 | $ 974,867,121.00 |
| BNR | Bulletin Res | -4 | 0.079 | $ 15,239,911.29 |
| RRL | Regis Resources | -4 | 3.64 | $ 1,807,455,588.87 |
| ADV | Ardiden | -4 | 0.025 | $ 53,576,547.10 |
| MEU | Marmota | -4 | 0.049 | $ 46,489,617.12 |
| MGV | Musgrave Minerals | -4 | 0.36 | $ 191,456,261.64 |
| AMI | Aurelia Metals | -4 | 0.41 | $ 499,902,242.63 |
| GBR | Greatbould Resources | -4 | 0.047 | $ 8,838,809.19 |
| PAK | Pacific American Hld | -4 | 0.023 | $ 7,008,867.80 |
| MKG | Mako Gold | -4 | 0.115 | $ 29,582,784.23 |
| KZR | Kalamazoo Resources | -4 | 0.54 | $ 72,672,495.87 |
| GMN | Gold Mountain | -4 | 0.043 | $ 31,981,784.23 |
| AAJ | Aruma Resources | -4 | 0.086 | $ 8,794,756.94 |
| BDC | Bardoc Gold | -4 | 0.086 | $ 149,223,534.34 |
| SVY | Stavely Minerals | -4 | 0.745 | $ 189,197,052.70 |
| MZZ | Matador Mining | -5 | 0.295 | $ 51,246,392.70 |
| OKU | Oklo Resources | -5 | 0.195 | $ 98,285,813.34 |
| SNG | Siren Gold | -5 | 0.65 | $ 38,204,598.40 |
| CDT | Castle Minerals | -5 | 0.009 | $ 6,592,507.36 |
| NWM | Norwest Minerals | -5 | 0.09 | $ 9,795,616.11 |
| BNZ | Benzmining | -5 | 1.24 | $ 20,062,418.60 |
| SBR | Sabre Resources | -6 | 0.0085 | $ 13,464,509.19 |
| MOH | Moho Resources | -6 | 0.085 | $ 8,056,752.53 |
| MCT | Metalicity | -6 | 0.017 | $ 29,652,382.16 |
| THR | Thor Mining PLC | -6 | 0.017 | $ 7,685,308.66 |
| NVA | Nova Minerals | -6 | 0.17 | $ 283,890,929.99 |
| BGL | Bellevue Gold | -6 | 1.01 | $ 851,197,473.00 |
| EMU | EMU NL | -6 | 0.05 | $ 17,820,271.80 |
| GRL | Godolphin Resources | -6 | 0.245 | $ 19,760,257.24 |
| TAM | Tanami Gold NL | -6 | 0.081 | $ 95,182,860.73 |
| SLR | Silver Lake Resource | -6 | 1.61 | $ 1,379,665,367.98 |
| WAF | West African Res | -6 | 0.92 | $ 791,039,381.40 |
| CWX | Carawine Resources | -6 | 0.235 | $ 25,589,126.97 |
| SAR | Saracen Mineral | -6 | 4.84 | $ 5,389,063,536.00 |
| NST | Northern Star | -6 | 12.8 | $ 9,439,858,084.02 |
| SBM | St Barbara | -6 | 2.21 | $ 1,537,680,688.52 |
| VAN | Vango Mining | -6 | 0.073 | $ 75,431,469.47 |
| FML | Focus Minerals | -7 | 0.355 | $ 64,875,740.58 |
| KRM | Kingsrose Mining | -7 | 0.042 | $ 32,850,330.84 |
| RDN | Raiden Resources | -7 | 0.027 | $ 24,040,329.07 |
| MHC | Manhattan Corp | -7 | 0.027 | $ 34,483,246.02 |
| YRL | Yandal Resources | -7 | 0.405 | $ 38,549,574.52 |
| MTC | Metalstech | -7 | 0.2 | $ 28,580,689.41 |
| PRU | Perseus Mining | -7 | 1.19 | $ 1,441,086,822.25 |
| RDS | Redstone Resources | -7 | 0.013 | $ 6,882,404.49 |
| PUA | Peak Minerals | -7 | 0.026 | $ 15,367,509.90 |
| GNM | Great Northern | -7 | 0.013 | $ 12,710,874.46 |
| NCM | Newcrest Mining | -7 | 25.21 | $ 20,683,377,006.22 |
| STK | Strickland Metals | -7 | 0.038 | $ 16,003,757.80 |
| TIE | Tietto Minerals | -7 | 0.435 | $ 204,720,955.20 |
| RGL | Riversgold | -8 | 0.049 | $ 18,995,886.77 |
| PNR | Pantoro | -8 | 0.235 | $ 330,973,583.58 |
| SKY | SKY Metals | -8 | 0.175 | $ 41,930,470.76 |
| MEG | Megado | -8 | 0.175 | $ 7,704,271.62 |
| G88 | Golden Mile Res | -8 | 0.046 | $ 5,535,824.76 |
| NXM | Nexus Minerals | -8 | 0.115 | $ 28,077,442.17 |
| E2M | E2 Metals | -8 | 0.56 | $ 82,312,123.30 |
| M2R | Miramar | -8 | 0.28 | $ 11,401,430.40 |
| GED | Golden Deeps | -8 | 0.011 | $ 8,520,746.80 |
| HXG | Hexagon Energy | -8 | 0.11 | $ 39,156,692.51 |
| RED | Red 5 | -9 | 0.215 | $ 423,745,296.76 |
| DRE | Drednought Resources | -9 | 0.021 | $ 45,236,948.82 |
| OBM | Ora Banda Mining | -9 | 0.31 | $ 261,088,806.67 |
| GMR | Golden Rim Resources | -9 | 0.01 | $ 21,085,456.15 |
| SAU | Southern Gold | -9 | 0.1 | $ 21,332,875.60 |
| OKR | Okapi Resources | -9 | 0.2 | $ 8,994,015.00 |
| CHZ | Chesser Resources | -9 | 0.195 | $ 90,168,125.00 |
| S2R | S2 Resources | -9 | 0.195 | $ 59,829,324.01 |
| KCN | Kingsgate Consolid. | -9 | 0.925 | $ 218,308,032.10 |
| BRV | Big River Gold | -9 | 0.048 | $ 72,716,005.44 |
| KTA | Krakatoa Resources | -9 | 0.067 | $ 18,689,650.00 |
| CLA | Celsius Resource | -10 | 0.047 | $ 36,670,249.81 |
| MVL | Marvel Gold | -10 | 0.047 | $ 23,906,270.73 |
| DAU | Dampier Gold | -10 | 0.047 | $ 16,760,070.99 |
| PRS | Prospech | -10 | 0.185 | $ 12,028,808.97 |
| DCN | Dacian Gold | -10 | 0.48 | $ 264,341,563.15 |
| SRN | Surefire Rescs NL | -10 | 0.0225 | $ 22,451,210.23 |
| SMI | Santana Minerals | -10 | 0.18 | $ 19,955,711.30 |
| TSO | Tesoro Resources | -10 | 0.265 | $ 124,881,003.75 |
| ZNC | Zenith Minerals | -10 | 0.13 | $ 42,682,204.35 |
| SIH | Sihayo Gold | -11 | 0.017 | $ 62,652,844.02 |
| AWV | Anova Metals | -11 | 0.024 | $ 34,394,260.80 |
| RML | Resolution Minerals | -11 | 0.032 | $ 9,305,091.11 |
| BAR | Barra Resources | -11 | 0.024 | $ 16,262,594.42 |
| AXE | Archer Materials | -11 | 0.78 | $ 178,983,554.07 |
| RVR | Red River Resources | -12 | 0.23 | $ 129,443,591.75 |
| BBX | BBX Minerals | -12 | 0.3 | $ 136,729,170.59 |
| CST | Castile Resources | -12 | 0.185 | $ 39,942,024.20 |
| AQI | Alicanto Min | -12 | 0.11 | $ 32,691,746.10 |
| MDI | Middle Island Res | -12 | 0.27 | $ 33,945,438.52 |
| GWR | GWR Group | -13 | 0.34 | $ 114,650,739.36 |
| RXL | Rox Resources | -13 | 0.034 | $ 67,644,339.28 |
| AGC | AGC | -14 | 0.185 | $ 11,848,774.70 |
| LCY | Legacy Iron Ore | -14 | 0.03 | $ 193,664,394.03 |
| NPM | Newpeak Metals | -14 | 0.003 | $ 14,004,487.53 |
| CHN | Chalice Mining | -15 | 4.06 | $ 1,380,969,359.96 |
| ARV | Artemis Resources | -15 | 0.115 | $ 136,411,718.04 |
| NML | Navarre Minerals | -15 | 0.17 | $ 89,948,454.92 |
| AL8 | Alderan Resource | -15 | 0.11 | $ 31,283,814.66 |
| SPQ | Superior Resources | -16 | 0.016 | $ 22,033,176.93 |
| GBZ | GBM Rsources | -17 | 0.125 | $ 54,127,257.50 |
| DTR | Dateline Resources | -17 | 0.0025 | $ 20,525,195.19 |
| WCN | White Cliff Min | -17 | 0.024 | $ 12,411,236.38 |
| CTO | Citigold Corp | -18 | 0.014 | $ 35,368,751.72 |
| GTR | Gti Resources | -19 | 0.025 | $ 15,468,431.95 |
| LCL | Los Cerros | -20 | 0.165 | $ 77,348,621.13 |
| LEX | Lefroy Exploration | -20 | 0.18 | $ 22,801,836.73 |
| STN | Saturn Metals | -28 | 0.435 | $ 48,809,029.50 |
Small cap standouts
This week’s top mover is Hawkstone Mining (ASX:HWK) but lithium – not gold – was the catalyst.
Early stage testing at Hawkstone’s Big Sandy project in the US has recovered 90 per cent lithium from ore. Which is pretty good.
Hawkstone says testwork partner Hazen Research is on track to produce battery-grade Li2CO3 (99.5 per cent lithium carbonate) by the end of February 2021.
The gold-lithium stock has been on a red hot run, up ~440 per cent since the start of the year.
First Au (ASX:FAU) climbed on strong results from drilling at its Gimlet gold project near Kalgoorlie, WA. Highlights included 6m at 6g/t and 1m at 30g/t.
Broad high grade gold from Torian Resources (ASX:TNR) Mt Stirling project confirms “that it is a much larger gold system than originally thought” the company says.
And Kaiser Reef (ASX:KAU) has re-listed on the ASX as a gold producer following the completion of an oversubscribed $7.5m capital raising.
Kaiser poured first gold following the acquisition of the operating A1 mine, Maldon processing plant and exploration project in Victoria.
A1 has historical production of ~500,000oz of gold since 1861, while the Maldon gold field produced 1.74 million oz of gold at an average grade of 28 grams per tonne.
