Miners’ correlation with gold
Among the miners we’re focusing on, Alamos has the lowest correlation with gold, while Royal Gold has the highest. A rise in correlation indicates that gold price fluctuations could cause mining stocks to trade in the same direction. The gold correlation of all stocks but Alamos is following a downward trend.
Royal Gold has a three-year correlation of ~0.75 with gold and a year-to-date correlation of ~0.72, which suggests that the stock has moved in the opposite direction as gold almost 72.0% of the time.