atv and pog, page-4

After further analysis it turns out that the correlation increases with MC purely because producers tend to have large MC's and explorers/developers smaller MC's.

Another plot of the correlation vs MC for a larger set of companies is shown below. This is done for 21 asx listed producers and 23 asx listed non-producers, GOLD producers obviuosly for 12 month data.

I found all the goldies I could find, the ones I missed had no trades on too many days.

Note the large no. of producers above the line of best fit (as indicated with a -P)and the Large number of non-producers below the line of best fit.

The 4 indicated producers are the only producers substantially below the line of best fit. The 2 indicated explorers are the only explorers substantially above the line of best fit

The plot below shows that generally producers are more correlated with gold than non-producers

There is no indication for producers separately or non producers separately that the correlation increases with MC.
(i.e.CTO-MC-$72, IAU-MC-$422, 2 lowest producer correlations)

Goldies included (not all strictly goldies)

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