MunAiMarkets Gold Equities Portfolio Dropped 5% In November – Here’s Why

Introduction

As predicted, all the various gold/silver sectors, be they bullion, large-cap or small cap equities, declined in November amid concerns that Trump’s proposed tariffs and immigration policies could reignite inflation and inflation, which offers no yield, makes gold less attractive to investors.

The MunAiMarkets Large-Cap Gold Equities Portfolio

The MunAiMarkets Large-Cap Gold Equities Portfolio consists of the 6 largest ($+10B) gold stocks by market capitalization that trade on Canadian and/or American stock exchanges and the performances of its constituents are highlighted below  – and other precious metals sectors as an addendum – for the month of November, in descending order, along with their market capitalizations, price/earning ratios, and company profile to help you determine which equities to consider investing in.

1. Freeport-McMoRan (FCX): DOWN  1.7% in November 
   • ​​​​​​​Profile: engages in the exploration and mining of copper, gold, molybdenum, silver, and other metals in the USA, Indonesia, Peru and Chile North America, South America, and Indonesia.
   • Mkt. Cap: $63.5B
   • Forward P/E Ratio: 27.9​
2. Agnico Eagle Mines (AEM): DOWN  2.0% in November
   • ​​​​​​​Profile: explores, develops, and produces gold with mines in Canada, Australia, Finland and Mexico and exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.
   • Mkt. Cap: $42.2B
   • Forward P/E Ratio: 20.3
3. ​​​​​​​Kinross Gold (KGC): DOWN  2.9% in November​​​​​​​
   • ​​​​​​​Profile: engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania.
   • Mkt. Cap: $12.0B
   • Forward P/E Ratio: 13.5
4. Barrick Gold (GOLD): DOWN  9.3% in November
   • ​​​​​​​Profile: engages in the exploration, mine development, and production of gold and copper properties with producing gold mines located in Argentina, Canada, the United States, the Dominican Republic and a number of counties in Africa
   • Mkt. Cap: $30.6B
   • Forward P/E Ratio: 14.0
5. AngloGold Ashanti (AU): DOWN  10.3% in November
   • ​​​​​​​Profile: primarily explores for gold in Africa, Australia, and the Americas (as well as produces silver and sulphuric acid as by-products).
   • Mkt. Cap: $10.5B
   • Forward P/E Ratio: 9.7
6. Gold Fields (GFI): DOWN  12.2% in November
   • ​​​​​​​​​​​​​​Profile: operates as a gold producer in Chile, South Africa, Ghana, Canada, Australia, and Peru and also explores for copper and silver deposits.
   • Mkt. Cap: $12.7B
   • Forward P/E Ratio: 12.3

The factors below combined to create a bearish market for gold and silver equities, leading to its decline in November:

• Market Conditions: The broader market experienced volatility, which impacted investor sentiment and led to a sell-off in various sectors, including gold/silver mining.
• Gold Prices: A drop in gold and silver prices lead to reduced revenue and profit margins for the companies.
• Economic Indicators: Changes in economic indicators have influenced investor decisions and impacted stock prices in general.

Summary

The Portfolio, with an average market cap of $28.6B, went DOWN 4.6% in November. The Van Eck Gold Miners ETF (GDX), in comparison, which consists of 60 constituents with $14.0B in assets under management and an expense ratio of 0.51%, went DOWN 6.7% during the month.

Addendums:

There are thousands more smaller market cap gold and silver stocks than the 6 highlighted above and the best way to invest in those stocks is with an ETF. To that end, I put forth 5 for your evaluation, namely:

1. Sprott Junior Gold Miners ETF (SGDJ): DOWN 5.3% in November
   • AUM: $130M
   • # Holdings: 41
2. Global X Silver Miners ETF: (SIL): DOWN 6.0% in November
   • AUM: $1,260M
   • # Holdings: 39
3. VanEck Junior Gold Miners ETF (GDXJ): DOWN 7.6% in November
   • AUM: $5,040M
   • # Holdings: 91 
4. iShares MSCI Global Silver ETF (SLVP): DOWN 9.2% in November
   • Assets Under Management (AUM): $231M
   • # Holdings: 40
5. Amplify Junior Silver Miners ETF (SILJ): DOWN 14.1% in November
   • AUM: $991M
   • # Holdings: 54

In comparison to the above performances,

1. the SPDR Gold Shares ETF (GLD) went DOWN 3.4% in November and
2. the iShares Silver Trust ETF  (SLV) went DOWN 6.3% in November for
3. an average decline of 3.7%.

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