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September 19, 2017

Gold Indexes YTD

MLIndexnameytd1monthFy1PE
HXCX Index #N/A Field Not ApplicableGolden Dragon China TR58.075.79-
HXC Index NASDAQ Global MarketGolden Dragon China57.505.6622.4
NDUEACGD Index MSCIMSCI AC Golden Dragon Net USD36.984.94-
M1GD Index MSCIMSCI GOLDEN DRAGON NR36.984.94-
NDLEACGD Index MSCIMSCI AC Golden Dragon Ne35.264.6713.5
MXGD Index MSCIMSCI GOLDEN DRAGON IDX33.924.5713.5
MSAUGLDR Index MSCIMSCI Golden Dragon USD33.924.57-
SPGL5UT Index Standard & Poor'sS&P 500 Gold Hedged28.674.43-
XTGETR Index BloombergCMCI Hdg Gold EUR TR27.783.77-
AURLNEUR Index #N/A Field Not ApplicableLBMA Gold Price EUR HDG27.714.14-
MXEF Index MSCIMSCI EM27.514.3512.2
GLDLNEUR Index Solactive (Structured SolutionLondon Gold Price PM AM27.463.95-
MSCEGLDE Index Morgan Stanley & Co. IncorporaMorgan Stanley Long Gold Euro26.903.63-
XTGGTR Index BloombergCMCI Gold Hdg GBP TR23.576.30-
NTCCS4LV Index NikkeiNikkei-TOCOM LV Gold22.526.00-
MSCEGLDG Index Morgan Stanley & Co. IncorporaMorgan Stanley Long Gold Briti22.105.78-
XTGCTR Index BloombergCMCI Hdg Gold CHF TR19.173.36-
AURLNCHF Index #N/A Field Not ApplicableLBMA Gold Price CHF HDG19.173.85-
GLDLNCHF Index Solactive (Structured SolutionLondon Gold Price PM AM18.783.51-
SOLGLPGM Index Solactive (Structured SolutionSolactive Pu Gold Min NR18.118.25-

Commodities YTD Performance

NameUnitsKeyLastPriceCurrencyYTDChange USDpct1month
Palladium SpotUSD/t oz.Palladium936.13USD37.474.09
Rough Rice (CBOT)USD/cwtRough Rice12.425USD32.822.31
Lumber (CME)USD/1000 board feetLumber399.5USD26.188.56
3Mo Aluminum (LME)USD/MT3Mo Aluminum2107USD24.453.79
3Mo Zinc (LME)USD/MT3Mo Zinc3129USD21.476.97
NickelUSD/MTNickel12150USD21.2614.30
Copper (Comex)USd/lb.Copper302.9USD20.892.94
Gold SpotUSD/t oz.Gold1347.53USD17.437.27
Feeder Cattle (CME)USd/lb.Feeder Cattle148.3USD13.681.56
Silver (Comex)USD/t oz.Silver17.96USD12.339.59
Platinum SpotUSD/t oz.Platinum1009.89USD11.824.04
SteelUSD/MTSteel552.5USD11.626.25
Canola (ICE)CAD/MTCanola491.7CAD9.701.57
Cotton #2 (ICE)USd/lb.Cotton76.15USD7.785.90
Cocking CoalCNY/MTCocking Coal#N/A Field Not ApplicableCNY5.35#N/A N/A
Oats (CBOT)USd/bu.Oats232.5USD0.11-15.99
Wool (ASX)Wool#N/A N/AUSD#N/A N/A#N/A N/A
3Mo Tin (LME)USD/MT3Mo Tin20750USD-1.782.67
Soybean (CBOT)USd/bu.Soybean965.75USD-2.38-0.77
Brent Crude (ICE)USD/bbl.Oil54.28USD-4.474.10
Ethanol (CBOT)USD/gal.Ethanol1.531USD-4.67-3.95
Wheat (CBOT)USd/bu.Wheat440USD-5.38-9.09
Corn (CBOT)USd/bu.Corn357.5USD-5.92-6.84
Coffee 'C' (ICE)USd/lb.Coffee127.9USD-6.68-10.40
Lean Hogs (CME)USd/lb.Lean Hogs61.625USD-6.84-26.22
Cocoa (ICE)USD/MTCocoa1960USD-7.81-2.87
Rubber (Tokyo)JPY/kgRubber221JPY-7.9810.06
Live Cattle (CME)USd/lb.Live Cattle108.35USD-8.95-3.67
Orange Juice (ICE)USd/lb.Orange Juice155USD-21.7617.83
Natural Gas (Nymex)USD/MMBtuNatural Gas2.902USD-22.072.83
Sugar #11 (ICE)USd/lb.Sugar14.26USD-26.913.48

Country USD Yields Ordered By YTD Yield Chance

countryYieldYieldChange
Hong Kong54.1441.04
Venezuela33.239.33
Canada9.181.10
Qatar3.49-0.06
United States5.60-0.12
Israel4.07-0.14
Bahrain5.58-0.21
Oman4.61-0.32
Finland2.38-0.34
Germany3.97-0.37
Barbados5.26-0.43
Korea (South)3.57-0.44
China3.79-0.46
United Kingdom5.37-0.47
New Zealand5.00-0.48
Philippines3.12-0.49
Slovak Republic2.24-0.49
Jordan5.72-0.53
Lebanon6.32-0.54
Pakistan5.22-0.55
United Arab Emirates3.59-0.57
Netherlands4.04-0.62
Ecuador7.98-0.63
Russian Federation3.82-0.67
Japan3.15-0.67
El Salvador7.23-0.68
Peru3.51-0.71
Lithuania2.31-0.71
Chile4.32-0.72
Thailand2.70-0.74
Guatemala4.13-0.77
Colombia4.36-0.80
Azerbaijan4.83-0.83
Kuwait3.72-0.83
Malaysia3.37-0.84
Trinidad and Tobago4.56-0.85
France5.43-0.85
South Africa4.62-0.86
Taiwan3.28-0.86
Tunisia6.02-0.87
Italy4.77-0.88
Morocco3.53-0.91
Ireland5.44-0.94
Cote D'Ivoire (Ivory Coast)5.70-0.95
Poland2.44-0.97
Romania3.21-0.98
Indonesia3.72-0.98
Panama3.39-1.00
Paraguay5.10-1.00
Hungary2.85-1.01
Brazil5.28-1.01
Mexico4.23-1.04
Uruguay3.80-1.05
India3.90-1.11
Gabon6.62-1.12
Croatia (Hrvatska)3.01-1.15
Vietnam3.60-1.21
Costa Rica5.71-1.28
Senegal4.41-1.30
Kazakhstan4.31-1.42
Turkey4.57-1.43
Ghana6.84-1.50
Serbia2.84-1.52
Kenya6.26-1.58
Dominican Republic4.68-1.62
Jamaica7.09-1.66
Egypt4.82-1.67
Ukraine6.89-1.74
Ethiopia6.28-1.74
Sri Lanka4.56-1.75
Argentina5.77-1.84
Nigeria5.25-1.84
Angola8.22-1.90
Zambia7.17-1.93
Iraq6.79-2.46
Mongolia5.82-2.50
Luxembourg8.15-2.79

Best 10 Names in Gold last month

TickerLONG_COMP_NAMECountry_Full_Name1month Performance%Volume AVG30D/Volume Avg100D
ORM LNOrmonde Mining PLCIRELAND43.11113.62
GBGD USGlobal Gold Corp/USUNITED STATES40.0062.34
VAST LNVast Resources PLCBRITAIN38.33158.50
BZT LNBezant Resources PLCAUSTRALIA36.38227.83
XTR LNXtract Resources PLCBRITAIN35.34209.23
ATYM LNAtalaya Mining PLCCYPRUS28.44176.00
GEO LNGeorgian Mining CorpBRITAIN28.0648.22
CGNR LNConroy Gold And Natural Resources PLCIRELAND26.7245.90
2303 HKHengxing Gold Holding Co LtdCHINA22.83282.67
PGD LNPatagonia Gold PLCBRITAIN20.6997.41

Worst 10 Names in Gold last month

TickerLONG_COMP_NAMECountry_Full_Name1month Performance%Volume AVG30D/Volume Avg100D
AVM LNAvocet Mining PLCBRITAIN-27.26167.20
OTC LNOrtac Resources LtdBRITAIN-20.8054.97
ACHR SPAnchor Resources Ltd/SGMALAYSIA-15.1247.16
TETH LNTethyan Resources PLCBRITAIN-12.22159.53
SOLG LNSolGold PLCAUSTRALIA-8.4953.76
LNZL RMLenzoloto PJSCRUSSIA-7.95145.06
SGZ LNScotgold Resources LtdAUSTRALIA-7.7642.13
KOZAL TIKoza Altin Isletmeleri ASTURKEY-6.95118.83
SRB LNSerabi Gold PLCBRITAIN-6.4369.78
LION LNLionsgold LtdBRITAIN-5.8195.76

Best 10 Names in Gold ytd

TickerLONG_COMP_NAMECountry_Full_NameYTD Performance%Volume AVG30D/Volume Avg100D
GGP LNGreatland Gold PLCBRITAIN228.3850.74
GEO LNGeorgian Mining CorpBRITAIN182.8748.22
2303 HKHengxing Gold Holding Co LtdCHINA171.72282.67
GOLD LIRandgold Resources LtdJERSEY134.0699.27
KEM LNKemin Resources PLCBRITAIN133.663.55
CGNR LNConroy Gold And Natural Resources PLCIRELAND114.7145.90
KOZAL TIKoza Altin Isletmeleri ASTURKEY102.14118.83
CGH LNChaarat Gold Holdings LtdBRITISH VIRGIN88.5624.08
ECR LNECR Minerals PLCBRITAIN85.2364.67
ORM LNOrmonde Mining PLCIRELAND59.50113.62

Worst 10 Names in Gold ytd

TickerLONG_COMP_NAMECountry_Full_NameYTD Performance%Volume AVG30D/Volume Avg100D
PXOG LNProspex Oil and Gas PlcBRITAIN-79.38159.18
SHG LNShanta Gold LtdGUERNSEY-52.76113.13
AVM LNAvocet Mining PLCBRITAIN-49.82167.20
ACA LNAcacia Mining PLCBRITAIN-47.3387.39
ELD CNEldorado Gold CorpCANADA-39.6157.54
ACHR SPAnchor Resources Ltd/SGMALAYSIA-25.6047.16
GBGD USGlobal Gold Corp/USUNITED STATES-24.6662.34
XTR LNXtract Resources PLCBRITAIN-19.48209.23
ALTN LNAltyn PLCBRITAIN-18.7664.02
PGD LNPatagonia Gold PLCBRITAIN-18.2197.41

Best 10 Names in Gold Last 12 months

TickerLONG_COMP_NAMECountry_Full_NameYTD Performance%Volume AVG30D/Volume Avg100D
SOLG LNSolGold PLCAUSTRALIA230.8053.76
KEM LNKemin Resources PLCBRITAIN183.163.55
2303 HKHengxing Gold Holding Co LtdCHINA140.82282.67
CGH LNChaarat Gold Holdings LtdBRITISH VIRGIN135.5624.08
GOLD LIRandgold Resources LtdJERSEY134.0699.27
GGP LNGreatland Gold PLCBRITAIN111.1650.74
ATYM LNAtalaya Mining PLCCYPRUS91.50176.00
KOZAL TIKoza Altin Isletmeleri ASTURKEY70.48118.83
TETH LNTethyan Resources PLCBRITAIN46.31159.53
SELG RMSeligdar PJSCRUSSIA42.7716.06

Worst 10 Names in Gold Last 12 months

TickerLONG_COMP_NAMECountry_Full_NameYTD Performance%Volume AVG30D/Volume Avg100D
XTR LNXtract Resources PLCBRITAIN-73.88209.23
AVM LNAvocet Mining PLCBRITAIN-73.82167.20
PXOG LNProspex Oil and Gas PlcBRITAIN-73.24159.18
ACA LNAcacia Mining PLCBRITAIN-62.9987.39
SHG LNShanta Gold LtdGUERNSEY-59.47113.13
ELD CNEldorado Gold CorpCANADA-48.5657.54
HAR SJHarmony Gold Mining Co LtdSOUTH AFRICA-45.84110.39
SGZ LNScotgold Resources LtdAUSTRALIA-45.2842.13
ACHR SPAnchor Resources Ltd/SGMALAYSIA-39.4447.16
ANG SJAngloGold Ashanti LtdSOUTH AFRICA-38.62114.71

Europe, CIS and Asia Gold Basket Initial Thoughts and Bunch of Data

Initial Selection basket for a Fund Targeting Companies under US$500mn in Market Capitalisation Going through Industry Presentations and Reports



Gold sector trades at 2017 simple average PE Fy1 of 6.4 x and 2018 PE Fy2 of 5.7 x

Gold sector trades at 2017 simple average EV/EBITDA of 3.4 x and 2018 EV/EBITDA of 3.0 x

In terms of Dividend yield Gold sector trades at 2017 Yield of 0.6 % and 2018 Dividend Yield of 0.8 %

On ROE basis Gold sector trades at 2017 ROE of 3.6 % and 2018 ROE of 3.9 %

Largest Companies in Gold by Market Capitalisation mn$

TickerCompanyCountryIndustrySubIndustryMarketCapUSDmn
NEM USNewmont Mining CorpUNITED STATESMaterialsGold19821.7
ABX CNBarrick Gold CorpCANADAMaterialsGold19687.1
FRES LNFresnillo PLCMEXICOMaterialsGold14719.5
FNV CNFranco-Nevada CorpCANADAMaterialsGold12923.7
NCM AUNewcrest Mining LtdAUSTRALIAMaterialsGold12504.4
2899 HKZijin Mining Group Co LtdCHINAMaterialsGold11763.4
G CNGoldcorp IncCANADAMaterialsGold11341.0
AEM CNAgnico Eagle Mines LtdCANADAMaterialsGold10811.4
600547 CHShandong Gold Mining Co LtdCHINAMaterialsGold8924.8
RRS LNRandgold Resources LtdJERSEYMaterialsGold8718.3
PLZL RMPolyus PJSCRUSSIAMaterialsGold8697.6
GOLD LIRandgold Resources LtdJERSEYMaterialsGold8366.6
600489 CHZhongjin Gold Corp LtdCHINAMaterialsGold5691.0
POLY LNPolymetal International PLCRUSSIAMaterialsGold5216.3
POLY LNPolymetal International PLCRUSSIAMaterialsGold5216.3
ANG SJAngloGold Ashanti LtdSOUTH AFRICAMaterialsGold4027.4
GFI SJGold Fields LtdSOUTH AFRICAMaterialsGold3242.8
1818 HKZhaojin Mining Industry Co LtdCHINAMaterialsGold2630.1
CEY LNCentamin PLCJERSEYMaterialsGold2546.4
YRI CNYamana Gold IncCANADAMaterialsGold2468.3

Number of Companies in Gold by Country by SubIndustry and Market Capitalisation mn$

CountryIndustrySubIndustryNumber of companiesMarketCapUSDmn
CHINAMaterialsGold1033213.0
CANADAMaterialsGold658910.5
SOUTH AFRICAMaterialsGold38041.0
JERSEYMaterialsGold420267.2
TURKEYMaterialsGold11405.1
AUSTRALIAMaterialsGold413323.6
UNITED STATESMaterialsGold219823.7
RUSSIAMaterialsGold719504.9
BRITAINMaterialsGold221971.3
INDIAMaterialsGold2138.5
PHILIPPINESMaterialsGold158.7
MALAYSIAMaterialsGold119.7
MEXICOMaterialsGold114719.5
CYPRUSMaterialsGold1201.2
BRITISH VIRGINMaterialsGold184.8
GUERNSEYMaterialsGold139.2
GIBRALTARMaterialsGold110.5
IRELANDMaterialsGold212.5
CHINA#N/A N/AGold10.2
MONGOLIA#N/A N/AGold30.0

Top Companies Gold by Dividend Yield

TickerCompanyCountryIndustrySubIndustryDividendYld_fy1
HGM LNHighland Gold Mining LtdJERSEYMaterialsGold6.7
PAF LNPan African Resources PLCBRITAINMaterialsGold5.2
POLY LNPolymetal International PLCRUSSIAMaterialsGold4.1
POLY LNPolymetal International PLCRUSSIAMaterialsGold4.1
2899 HKZijin Mining Group Co LtdCHINAMaterialsGold3.9

Cheapest Companies in Gold on FY1 PE

TickerCompanyCountryIndustrySubIndustryPE_fy1
TSG LNTrans-Siberian Gold PLCBRITAINMaterialsGold1.8
SHG LNShanta Gold LtdGUERNSEYMaterialsGold3.9
SRB LNSerabi Gold PLCBRITAINMaterialsGold4.5
ATYM LNAtalaya Mining PLCCYPRUSMaterialsGold6.1
ACA LNAcacia Mining PLCBRITAINMaterialsGold6.8


Earnings Relises and Dividends


Companies Reported yesteray Include:
TickerCompanyCountrySectorReported
PGIL RMPolyus Gold International LtdBRITAINMaterials8/31/2017
ALTN LNAltyn PLCBRITAINMaterials8/31/2017

Top 10 Longs Based on Momentum

Tickercompanycountryweek1month6monthsRankVolume_Avg_10DVolume_Avg_30Dvolume_avg_100D
GEO LNGeorgian Mining CorpBRITAIN9.0328.06128.3455.14861030.70703020.001457810.00
ORM LNOrmonde Mining PLCIRELAND9.1543.1192.3948.22610082.10526433.30463338.70
ATYM LNAtalaya Mining PLCCYPRUS-8.1328.4426.2515.52292471.90196925.70111891.50
POG LNPetropavlovsk PLCBRITAIN1.819.4325.6112.285157633.004504820.003661189.00
PLZL RMPolyus PJSCRUSSIA1.6215.0112.709.7827246.4026804.9713620.92
KAT LNKatoro Gold PLCBRITAIN-1.715.60#N/A N/A1.30327800.50220673.50200466.40
600988 CHChifeng Jilong Gold Mining Co LtdCHINA-2.815.98-1.760.4722353600.0020593840.0013786720.00
SELG RMSeligdar PJSCRUSSIA2.613.70-6.060.0871090.0053666.67334189.00
TSG LNTrans-Siberian Gold PLCBRITAIN1.816.13-8.74-0.279480.407991.6720827.09
2899 HKZijin Mining Group Co LtdCHINA-3.113.22-2.86-0.9264523160.0053680570.0038513560.00

Top 10 Shorts Based on Momentum

Tickercompanycountryweek1month6monthsRankVolume_Avg_10DVolume_Avg_30Dvolume_avg_100D
AVM LNAvocet Mining PLCBRITAIN3.26-27.26-54.65-26.2291795.1049730.3029742.57
TETH LNTethyan Resources PLCBRITAIN-15.16-12.22-36.13-21.17798069.00633553.00397126.10
SHG LNShanta Gold LtdGUERNSEY-4.0115.87-52.15-13.433079328.002317197.002048251.00
HAR SJHarmony Gold Mining Co LtdSOUTH AFRICA-5.797.93-16.49-4.782063020.001895956.001717583.00
ANG SJAngloGold Ashanti LtdSOUTH AFRICA-4.202.06-8.56-3.572449629.002231139.001944994.00
POLY LNPolymetal International PLCRUSSIA-0.74-5.48-4.03-3.421399283.001010523.001009503.00
POLY LNPolymetal International PLCRUSSIA-0.74-5.48-4.03-3.421399283.001010523.001009503.00
2899 HKZijin Mining Group Co LtdCHINA-3.113.22-2.86-0.9264523160.0053680570.0038513560.00
TSG LNTrans-Siberian Gold PLCBRITAIN1.816.13-8.74-0.279480.407991.6720827.09
SELG RMSeligdar PJSCRUSSIA2.613.70-6.060.0871090.0053666.67334189.00