Date of Submission
Campus Only Senior Thesis
Bachelor of Arts
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.
Barclay, Jared Scott, "Golden Years: Gold Mining Equity Returns After Introduction of the All-In Sustaining Cost Metrics" (2019). CMC Senior Theses. 2239.
This thesis is restricted to the Claremont Colleges current faculty, students, and staff.