AI
Saturday, October 04, 2003 12:03:30 PM
*** Gold related post ***
Gold equity valuations were just holding highs
By: Tim Wood
2003/10/03 Fri 11:00 EDT
NEW YORK -- Mineweb’s list of the top 300 gold and silver stocks in the world hit a new record combined capitalisation of $93.6 billion, up more than 50% from $60.7 billion at the end of September 2002. The capitalization divided by the gold price shows that global valuations have weakened moderately compared with the end of August, once again confirming that equities regularly advance ahead of gold price movements. It is notable that weighted average market caps per recoverable reserve ounce increased though.
It required 7,504 tonnes of gold to buy all gold and silver stocks worldwide at the end of September (5,830t in 2002), down from the August record of 7,570 tonnes (5,971t). Weighted average reserve ounce prices ticked up to $136 from $134 last month. The applicable London afternoon gold fixes were $388 and $375.60 per ounce respectively. To see individual stock performances, please click here.
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Canada remains the most intensely capitalised precious metal mining market, worth $6,653 for each ounce of gold produced in the country annually. American based companies are worth $2,877 for every ounce of local output and South Africans $1,716 per ounce. However, the trend of Canadian cross-border listings on the American Stock Exchange means that US retail investors will further dominate - by a vast margin - demand for all global stocks.
http://www.mips1.net/mggold.nsf/Current/4225685F0043D1B285256DB40056F628
Gold equity valuations were just holding highs
By: Tim Wood
2003/10/03 Fri 11:00 EDT
NEW YORK -- Mineweb’s list of the top 300 gold and silver stocks in the world hit a new record combined capitalisation of $93.6 billion, up more than 50% from $60.7 billion at the end of September 2002. The capitalization divided by the gold price shows that global valuations have weakened moderately compared with the end of August, once again confirming that equities regularly advance ahead of gold price movements. It is notable that weighted average market caps per recoverable reserve ounce increased though.
It required 7,504 tonnes of gold to buy all gold and silver stocks worldwide at the end of September (5,830t in 2002), down from the August record of 7,570 tonnes (5,971t). Weighted average reserve ounce prices ticked up to $136 from $134 last month. The applicable London afternoon gold fixes were $388 and $375.60 per ounce respectively. To see individual stock performances, please click here.
>
Canada remains the most intensely capitalised precious metal mining market, worth $6,653 for each ounce of gold produced in the country annually. American based companies are worth $2,877 for every ounce of local output and South Africans $1,716 per ounce. However, the trend of Canadian cross-border listings on the American Stock Exchange means that US retail investors will further dominate - by a vast margin - demand for all global stocks.
http://www.mips1.net/mggold.nsf/Current/4225685F0043D1B285256DB40056F628
Dan 
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