| Should You Worry about Intermediate Gold Miners’ Liquidity? | |
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Intermediate Gold Miners Fell in 2015, What Lies Ahead? (Continued from Prior Part) Liquidity position
While financial leverage is important to gauge a company’s long-term solvency, short-term liquidity profiles are also important. In a weaker commodity price environment, short-term liquidity might come under more pressure. A company could be forced to take drastic measures.
Current ratio
The current ratio is one way to estimate a company’s liquidity. The above graph shows gold miners’ current ratio. It shows a company’s ability to pay its short-term obligations using its short-term assets. The higher the ratio, the better the company can service its short-term liabilities and vice versa.
Other measurements of financial liquidity ratios include the quick ratio, inventory days, payable days, and receivable days. But the current ratio is considered the most comprehensive measure for analyzing the liquidity profile of a company.
Companies’ positions
New Gold (NGD) and Eldorado Gold (EGO) appear to be the best-placed mining companies in terms of short-term liquidity, whereas Sibanye Gold’s current ratio is the poorest placed, as it’s very low. Gold Fields (GFI) and AngloGold Ashanti (AU) have current ratios of 1.3x and 1.6x, respectively.
The SPDR Gold Shares (GLD) and the Market Vectors Gold Miners ETF (GDX) are two notable ETFs in the gold industry. Investors can consider these ETFs to get exposure to gold. AngloGold forms 4.5% of the GDX’s portfolio holdings.
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New Gold Inc.
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PRODUCTEUR |
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CODE : NGD |
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ISIN : CA6445351068 |
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CUSIP : 644535106 |
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New Gold est une société de production minière d'or basée au Canada. New Gold est productrice d'or, d'argent, de cuivre, de plomb et de zinc au Mexique et en Australie, en développement de projets d'argent, de cuivre et d'or au Bresil, au Canada et au Chili, et détient divers projets d'exploration au Canada. Ses principaux projets en production sont PEAK MINES en Australie et CERRO SAN PEDRO, MESQUITE et CERRO SAN PEDRO au Mexique, ses principaux projets en développement sont AMAPARI au Bresil, NEW AFTON au Canada et EL MORRO au Chili et ses principaux projets en exploration sont AJAX - PYTHON, BUCK CLAIMS, 3TS, SIZZLER, CC PROPERTY, VO PROPERTY, TAK PROPERTY, MOUSE MOUNTAIN, G-SOUTH, CHUBBY BEAR, LIBERTY BELL, BOULEVARD, BOUVETTE, WIT YUKON, RAM, SLATE FALLS, PROSPECTOR MOUNTAIN, MAYO, DAVIDSON, BLACKWATER, BOULDER CREEK, CAPOOSE, NATIONAL, CORRAL CANYON et RUDE CREEK au Canada et RIO FIGUEROA au Chili. New Gold est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 610,0 millions US$ (534,3 millions €). La valeur de son action a atteint son plus haut niveau récent le 07 janvier 2011 à 9,99 US$, et son plus bas niveau récent le 20 mars 2020 à 0,39 US$. New Gold possède 575 460 032 actions en circulation. |