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Daily Gold Update

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Daily Gold Update Daily Gold Daily Gold Update Precious Metals and Minerals Global Equity Research 12 June 2018 Market Highlights Spot Gold closed up $1.40 (0.11%) to $1,300/oz and is trading near $1,298/oz at present Carey MacRury, Analyst Spot Silver closed up $0.15 (0.89%) to $16.93/oz and is trading near $16.89/oz at present Canaccord Genuity Corp. (Canada) [email protected] S&P/TSX Global Gold index closed up 1.87 basis points (0.99%) to 191.06 1.416.867.6130 Total Gold ETF holdings decreased by 2.53 tonnes to 2,205.5 tonnes (from 2,208.1 tonnes) Rahul Paul, Analyst Canaccord Genuity Corp. (Canada) Figure 1: Sr./Int. Historic P/NAV vs gold price [email protected] 1.416.869.7289 Sr./Int. Historical P/NAV (5% Fwd. Curve Gold) Eric Zaunscherb, Analyst 1.60 $2,000 Canaccord Genuity Corp. (Canada) [email protected] $1,900 1.416.869.7299 1.40 $1,800 Kevin MacKenzie, Analyst Canaccord Genuity Corp. (Canada) $1,700 [email protected] 1.20 $1,600 1.604.643.7357 Dalton Baretto, Analyst $1,500 Canaccord Genuity Corp. (Canada) 1.00 $1,400 [email protected] $1,300 P/NAV Average 1.416.869.7380 P/NAV Multiple Spot Gold Spot Gold (US$/oz) Tom Gallo, Associate Analyst 0.80 $1,200 Canaccord Genuity Corp. (Canada) [email protected] $1,100 1.416.869.3483 0.60 $1,000 Reg Spencer, Analyst Canaccord Genuity (Australia) Ltd. $900 [email protected] 0.40 $800 +61.2.9263.2701 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Tim McCormack, Analyst Senior P/NAV Multiple P/NAV Average Gold Price Canaccord Genuity (Australia) Ltd. [email protected] Source: FactSet, Bloomberg Finance L.P., Canaccord Genuity Estimates +61.407.195.774 Patrick Chang, Analyst Figure 2: Market Summary Canaccord Genuity (Australia) Ltd. [email protected] Price Daily 2018 Price Daily 2018 6/11/2018 Change Return High Low Avg 6/11/2018 Change Return High Low Avg +61.862.162.004 Commodities North American Mining Indices Larry Hill, Associate Analyst Gold Spot (US$/oz) $1,300 0.1% -0.2% $1,359 $1,291 $1,323 TSX Global Gold 191 1.0% -2.3% 204 178 189 Canaccord Genuity (Australia) Ltd. Silver Spot (US$/oz) $16.93 0.9% -0.1% $17.56 $16.16 $16.67 TSX Global Mining 77 0.6% 6.6% 77 68 73 [email protected] Copper Spot (US$/lb) $3.26 -1.3% -1.3% $3.30 $2.97 $3.13 HUI 180 0.7% -6.3% 207 169 183 Platinum Spot (US$/oz) $904 0.1% -3.2% $1,029 $883 $947 GDX 23 0.8% -3.0% 25 21 23 +61.2.9263.2745 Palladium Spot (US$/oz) $1,029 1.1% -4.2% $1,112 $896 $1,006 GDXJ 33 0.7% -3.3% 36 31 33 Tim Huff, Analyst WTI Crude (US$/brl) $66.11 0.5% 9.3% $72.26 $59.20 $65.06 Canaccord Genuity Limited ETFs North American Equity Markets [email protected] Total Gold ETF (tonnes) 2,206 -0.1% 3.5% 2,239 2,119 2,182 TSX Composite 16,263 0.4% 0.3% 16,413 15,035 15,748 Total Silver ETF (tonnes) 16,484 0.8% 1.1% 16,897 16,026 16,392 TSX Venture 769 -0.8% -9.6% 925 762 817 44.20.7523.8375 Net Long Gold (000s) 107 n/a n/a 230 77 165 S&P 500 2,782 0.1% 4.1% 2,873 2,581 2,713 Des Kilalea, Analyst DJIA 25,322 0.0% 2.4% 26,617 23,533 24,855 Canaccord Genuity Limited Forex [email protected] US$/C$ $1.30 0.4% 3.3% $1.31 $1.23 $1.27 US$/BRL $3.71 0.0% 12.0% $3.91 $3.15 $3.39 GBP/US$ $1.34 -0.1% -0.9% $1.43 $1.32 $1.38 US$/CLP $633 0.5% 2.9% $638 $588 $609 44.20.7523.8358 EURO/US$ $1.18 0.1% -1.8% $1.25 $1.15 $1.22 US$/RAND $13 0.7% 6.5% $13 $12 $12 US$/JPY $110 0.4% -2.4% $113 $105 $109 US$/MXN $20.59 1.5% 4.7% $20.59 $18.01 $18.93 AUD/US$ $0.76 0.1% -2.6% $0.81 $0.75 $0.77 USDX (DXY) 93.58 0.0% 1.6% 94.83 88.59 91.02 Source: FactSet, Bloomberg Finance L.P., Canaccord Genuity Estimates Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst’s personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein. Canaccord Genuity Limited is authorized and regulated by the Financial Conduct Authority (FCA). Canaccord Genuity Corp. is registered and regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Canaccord Genuity (Australia) Limited is authorized and regulated by ASIC. For the purposes of UK regulation, this is non-independent research and a marketing communication under the Market Abuse Regulation and the FCA Conduct of Business rules. For important information, please see the Important Disclosures beginning on page 12 of this document. Daily Gold Update Periodical Figure 3: Recommendations and Targets Prices close date: 11-Jun-18 Total Price Mkt cap Target Dividend Share price performance Implied Company TickerAnalyst C$/sh (US$m) Rating (C$/sh) (US$/sh) Return 1 wk 1 mo 3 mo 6 mo 12 mo 2018 YTD ROYALTY Sandstorm Gold SSL CM $5.74 855 BUY $9.50 $0.00 66% -1% -6% -3% 3% 17% -9% Osisko Gold Royalties OR CM $12.65 1,537 BUY $20.00 $0.18 60% -4% -6% 0% -11% -25% -13% Wheaton Precious Metals WPM CM $28.73 9,801 BUY $40.50 $0.20 42% 2% 3% 14% 5% 6% 3% Franco-Nevada FNV CM $91.37 13,161 BUY $122.00 $0.91 35% 0% -3% 5% -7% -6% -9% Royal Gold RGLD CM US$91.35 5,966 BUY US$103.00 $0.96 14% 2% 1% 11% 9% 18% 11% AVERAGE 43% 0% -2% 5% 0% 2% -3% LARGE CAP Kinross K CM $4.75 4,598 BUY $10.00 $0.00 111% 3.71% 0% 4% -3% -18% -12% B2Gold BTO RP $3.50 2,734 BUY $7.00 $0.00 100% -0.28% -5% -6% 3% -4% -10% Detour Gold DGC RP $10.54 1,433 BUY $21.00 $0.00 99% 4.67% 1% -15% -18% -40% -29% New Gold NGD RP $2.76 1,249 BUY $4.50 $0.00 63% -4.83% -7% -11% -28% -33% -33% IAMGOLD IMG CM $7.60 2,737 BUY $11.50 $0.00 51% -5.00% -2% 16% 13% 11% 4% Yamana YRI CM $3.89 2,843 BUY $5.75 $0.02 48% 5.71% 4% 15% 22% 10% -1% Tahoe Resources THO CM $6.86 1,670 BUY $10.00 $0.00 46% 3.63% 9% 14% 22% -42% 14% Goldcorp G CM $18.48 12,313 BUY $25.00 $0.07 36% 3.18% 5% 11% 21% 2% 15% Newmont NEM CM $38.57 15,894 HOLD $46.00 $0.25 20% 0.84% -5% 2% 11% 12% 3% Agnico Eagle AEM CM $58.54 10,492 BUY $68.00 $0.33 17% 1.99% 2% 17% 7% -10% 1% Centerra Gold CG RP $7.06 1,599 HOLD $8.00 $0.00 13% 0.86% -3% 8% 0% -4% 10% Barrick ABX CM $17.17 15,421 HOLD $19.00 $0.11 11% 3.00% 0% 13% -2% -22% -6% Eldorado ELD CM $1.52 930 HOLD $1.40 $0.00 -8% 6.29% 25% 5% -4% -61% -16% AVERAGE 41% 2% 2% 6% 4% -15% -4% MID/SMALL CAP Argonaut Gold AR RP $2.28 313 BUY $5.75 $0.00 152% -2% -13% -4% 2% 15% -5% Roxgold ROXG RP $1.16 337 BUY $2.50 $0.00 116% -3% -8% 3% -3% -3% -17% Premier Gold PG EZ $2.58 465 BUY $5.00 $0.00 94% -6% -13% -17% -22% -13% -28% Atlantic Gold AGB RP $1.92 302 SPEC BUY $3.50 $0.00 82% -1% 2% 3% 30% 27% 25% Alamos Gold AGI RP $7.75 2,327 BUY $14.00 $0.00 81% 9% 15% 21% -1% -18% -5% SSR Mining SSRM RP $13.46 1,256 BUY $22.00 $0.00 63% 1% -3% 23% 32% 5% 22% Endeavour Mining EDV RP $23.58 2,179 BUY $38.50 $0.00 63% 2% 5% -3% 0% 6% -8% Torex Gold TXG RP $13.07 848 BUY $21.00 $0.00 61% 3% 3% 43% 4% -42% 10% Teranga Gold TGZ RP $5.41 447 BUY $8.50 $0.00 57% 0% 3% 38% 114% 62% 81% Pretium Resources PVG RP $9.80 755 SPEC BUY $15.00 $0.00 53% 7% 7% 10% -24% -20% -32% OceanaGold OGC RS $3.26 1,543 BUY $4.45 $0.00 37% 1% -4% -1% 9% -27% 1% Asanko Gold AKG RP $1.50 251 HOLD $1.50 $0.00 0% -6% -7% 39% 131% -28% 69% Klondex Mines KDX RP $3.15 405 HOLD $3.00 $0.00 -5% 3% -1% 73% 4% -27% -3% AVERAGE 66% 1% -1% 17% 21% -5% 8% COMMODITIES/INDICIES Gold US$/oz 1,300 0% -1% -2% 5% 3% 0% Silver US$/oz 16.93 3% 2% 2% 8% -2% 0% Copper US$/lb 3.26 2% 5% 4% 8% 23% -1% Note: The target price for Oceana Gold has been presented in Australian Dollars (not Canadian Dollars) CM = Carey MacRury RP = Rahul Paul, EZ = Eric Zaunscherb – employed by Canaccord Genuity Corp.
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