The Gold to S&P 500 Ratio finished today at a new 4 1/2 year high of 0.577 and is rapidly approaching its long-term average of 1.50:
The HUI Gold Miners Index/Gold Ratio increased today to 0.116 but is still far away from its long-term average of 0.282:
The Platinum+Palladium/Gold Ratio finished today at a new all-time low of 0.604 and is well below its long-term average of 2.01:
The Gold Miners/Copper Miners Ratio had one of its largest up days in history rising to 1.256 and is back above its long-term average of 1.086. It previously peaked in 2016 and 2020 in the 1.962-2.604 range:
Over the long-term Agnico Eagle (AEM) has been the best performing of the Top 4 largest gold miners because it has seen the strongest revenue growth by far on a revenue per share basis:
AngloGold Ashanti (AU) is the only Top 4 largest gold miner to surpass its enterprise value/revenue ratio from 3 years ago. AU has surpassed the enterprise value/revenue ratios of both Newmont (NEM) and Barrick (GOLD) although Agnico Eagle (AEM) continues to trade at a large premium multiple. AU is beginning to price in its future revenue growth from the Beatty Gold District, which is a much higher quality form of revenue compared to the revenue it previously relied on from South African gold mines:
Preparing Americans for Hyperinflation
