Gold’s record-setting surge has done little to bolster the standing of companies that produce the precious metal. The FTSE Gold Mines Index was 16% cheaper than the benchmark FTSE All-World Index as of Wednesday based on projected profit in the next 12 months, according to data compiled by Bloomberg. Gold miners’ forward price-earnings ratio has trailed the FTSE All-World’s valuation since May 25, a period in which the metal’s price for immediate delivery rose as much as 20% and exceeded $2,000 an ounce for the first time. The stocks’ discount peaked in June at 19%, the biggest since July 2013.
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