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.