Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Matthew Magilke

Rights Information

2019 Jared S Barclay


Previous empirical studies show that returns on gold mining equities are positive and statistically significantly related to changes in the price of gold. However, these studies fail to examine operational factors that may provide further explanatory power to gold mining equity returns. Examining quarterly gold mining equity returns, All-In Sustaining Cost and gold production results between 2013 and 2018, I find that there exists a positive and statistically significant relationship between changes in gold mining equity returns and the price of gold and a negative and statistically significant relationship between lagged changes in All-In Sustaining Cost and gold mining equity returns. My findings suggest that investors must be cognizant of cost metrics when seeking gold exposure through gold mining equities.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.