Themes / Group
Inactive · established relationshipLatest completed snapshot · 04:10 ET

MARKET-DISCOVERED GROUP

Gold Mining

THE TRADER READBroad relative move, confirmed beyond the cohort—but not by flow

11 of 11 measured SPY-adjusted paths align to the upside across 8.7 effective names. NEM, CDE, IAUX are also moving with filing-linked members. Capital-flow agreement is 51%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth10 up · 1 down+2.6% median path versus SPY
Capital-flow alignment51%Price breadth is not yet confirmed by flow
Activity nowCalmActivity score 17/100 · lift 0.8×
Evidence depth4 episodesLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 10:15–15:55 ET
TIMING READNo verified timestamped headline was found within 24 hours of the first measured price move in the available common-bar window. The move currently reads as market-led or unexplained.
  1. 5-minute inferenceUSAS registered the first material upside path

    +2.55% session path at the threshold · USAS

  2. 5-minute inferenceMUX registered a material upside path

    +1.57% session path at the threshold · MUX

  3. 5-minute inferenceBVN registered a material upside path

    +1.70% session path at the threshold · BVN

  4. 5-minute inferenceASA registered a material upside path

    +1.34% session path at the threshold · ASA

Headline times and retained activity confirmations are point-in-time evidence. Price order is inferred from aligned 5-minute bars. Filing evidence has date precision only and is context, not an intraday catalyst claim.
THEME CONSTRUCTION

Broad move or one-stock disguise?

SPY-adjusted 5m paths

Observed movement is broad across 8.7 effective names. USAS represents 22.0% of absolute path energy; 11 of 11 members align with the up relative path.

ConstructionBroad22.0% from the largest path
Effective names8.7 / 11Movement diversity after concentration
Direction breadth11/11 alignedupside relative path · 0 counter-moving
Largest moverUSAS 22.0%34.2% from the top two paths
USAS22.0%Aligned contributor · path +6.60% · basket +0.60pp
MUX12.2%Aligned contributor · path +3.66% · basket +0.33pp
BVN10.7%Aligned contributor · path +3.20% · basket +0.29pp
ASA9.1%Aligned contributor · path +2.73% · basket +0.25pp
DRD8.7%Aligned contributor · path +2.60% · basket +0.24pp
IAG8.5%Aligned contributor · path +2.56% · basket +0.23pp
SKE7.6%Aligned contributor · path +2.28% · basket +0.21pp
SVM6.3%Aligned contributor · path +1.89% · basket +0.17pp
RGLD6.2%Aligned contributor · path +1.87% · basket +0.17pp
B5.7%Aligned contributor · path +1.71% · basket +0.16pp
PHYS3.0%Aligned contributor · path +0.91% · basket +0.08pp
Top six names by movement share are shown. Movement share measures absolute 5-minute path energy; signed basket contribution is equal-weight. Neither is a portfolio weight or causal attribution.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations
HOW THE PRICE MOVE SPREAD

Observed session sequence

5-minute bars · inferred
  1. USAS moved higher firstFirst member to clear the material path threshold · path +2.55%
  2. MUX registered a material higher path0m after the first price move · path +1.57%
  3. BVN registered a material higher path0m after the first price move · path +1.70%
  4. ASA registered a material higher path0m after the first price move · path +1.34%
  5. DRD registered a material higher path0m after the first price move · path +0.88%
  6. IAG registered a material higher path0m after the first price move · path +1.16%

Sequence inferred from aligned 5-minute price paths; it is not a causal ordering.

RELATIVE CO-MOVEMENT

How the members are behaving together

SPY-adjusted
Aug 25 · 10:15 ETMove visible 11:15 ETAug 25 · 15:55 ET
Group median +2.56%Strongest relative path USASWeakest relative path PHYS

Observed member paths adjusted against SPY. The dashed marker shows when the median move first cleared a material threshold; shading marks the latest 20% of the observed window.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast
WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

No high-confidence shared filing driver is available. The market relationship is observed, but the cause remains unexplained.

CONFIRMATION NETWORK

Outsiders and cross-asset links

4 outsiders confirming

No qualified cross-asset lead/lag link is available for this group.

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

NEMMoving with group

RGLD · text peer

CDEMoving with group

RGLD · text peer

IAUXMoving with group

RGLD · text peer

NGMoving with group

RGLD · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
SKEBVNSVMDRDRGLDIAGBUSASMUXASAPHYS

5/11 active10 rising · 1 falling

MemberUnusual activityToday's moveRead now
SKESkeena Resources Limited
Most unusual · 100/100
+0.1%
Aligned path contributorActive in 0% of observed group sessions
BVNBuenaventura Mining Company Inc
Elevated · 62/100
+2.0%
Aligned path contributorActive in 80% of observed group sessions
SVMSilvercorp Metals Inc.
Elevated · 58/100
+1.7%
Aligned price + flowActive in 0% of observed group sessions
DRDDRDGOLD Limited
Elevated · 44/100
+1.3%
Aligned price + flowActive in 40% of observed group sessions
RGLDRoyal Gold, Inc.
Elevated · 42/100
+1.5%
Aligned price + flowActive in 0% of observed group sessions
IAGIamgold Corporation
Quiet · 28/100
+1.7%
Watch / laggardActive in 0% of observed group sessions
BBarrick Mining Corporation
Quiet · 24/100
+1.5%
Watch / laggardActive in 40% of observed group sessions
USASAmericas Gold and Silver Corpor
Quiet · 0/100
+4.3%
Watch / laggardActive in 0% of observed group sessions
MUXMcEwen Inc.
Quiet · 0/100
+2.1%
Watch / laggardActive in 0% of observed group sessions
ASAASA Gold and Precious Metals L
Quiet · 0/100
-1.2%
Watch / laggardActive in 0% of observed group sessions
PHYS"Sprott Physical Gold Trust"
Quiet · 0/100
+0.4%
Watch / laggardActive in 0% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
SKESkeena Resources LimitedMost unusual+0.1%0% of 5 sessionsMost unusual activity in this snapshot; performance direction may differ.
BVNBuenaventura Mining Company IncParticipating+2.0%80% of 5 sessionsPrice participation is not yet confirmed by per-name flow.
SVMSilvercorp Metals Inc.Participating+1.7%0% of 5 sessionsPrice participation with accumulating signed flow.
DRDDRDGOLD LimitedParticipating+1.3%40% of 5 sessionsPrice participation with accumulating signed flow.
RGLDRoyal Gold, Inc.Participating+1.5%0% of 5 sessionsPrice participation with distributing signed flow.
IAGIamgold CorporationQuiet / lagging+1.7%0% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
BBarrick Mining CorporationQuiet / lagging+1.5%40% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
USASAmericas Gold and Silver CorporQuiet / lagging+4.3%0% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
MUXMcEwen Inc.Quiet / lagging+2.1%0% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
ASAASA Gold and Precious Metals LQuiet / lagging-1.2%0% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
PHYS"Sprott Physical Gold Trust"Quiet / lagging+0.4%0% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome
POINT-IN-TIME LIVE OUTCOMES

Early observed follow-through

2/2 events completed
30 minutes-0.07%50% continuation · n=2Median MFE +1.72% · MAE -0.87%
60 minutes+0.17%50% continuation · n=2Median MFE +1.72% · MAE -0.87%
Session close+0.04%50% continuation · n=2Median MFE +1.72% · MAE -0.87%
Next-session close+1.36%100% continuation · n=2Median MFE +1.72% · MAE -0.87%
Only point-in-time live watcher observations and conservative same-day EOD observations are included. Later backfills and replay runs are excluded.
Low structural sample

Only 4 completed episodes across 5 active sessions; treat history as context, not a validated playbook. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support37 daysHow often the cohort identity was observed
Completed episodes4Separate periods of broad group activity
Active sessions5Completed session observations, not trades
2026-08-19 → 2026-08-202 active sessions100% composition consistency through the episode
2026-08-061 active session100% composition consistency through the episode
2026-07-291 active session100% composition consistency through the episode
2026-07-011 active session100% composition consistency through the episode
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
BVN80% · 3 episodes
B40% · 1 episode
DRD40% · 2 episodes
ASA0% · 0 episodes
IAG0% · 0 episodes
MUX0% · 0 episodes
PHYS0% · 0 episodes
RGLD0% · 0 episodes
SKE0% · 0 episodes
SVM0% · 0 episodes
USAS0% · 0 episodes