Themes / Group
Inactive · established relationshipLatest completed snapshot · Sep 24 · 18:29 ET

MARKET-DISCOVERED GROUP

Gold Mining

THE TRADER READRecurring relationship, inactive in the latest snapshot

5 of 8 measured SPY-adjusted paths align to the upside across 5.3 effective names. Capital-flow agreement is 34%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth4 up · 4 down+0.2% median path versus SPY
Capital-flow alignment34%Price breadth is not yet confirmed by flow
Activity nowCalmActivity score 2/100 · lift 0.8×
Evidence depth4 episodesLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 09:40–15:55 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 inferenceSKE registered the first material upside path

    +1.28% session path at the threshold · SKE

  2. 5-minute inferencePSLV registered a material upside path

    +0.60% session path at the threshold · PSLV

  3. 5-minute inferenceUSAS registered a material upside path

    +0.43% session path at the threshold · USAS

  4. 5-minute inferenceSVM registered a material upside path

    +0.66% session path at the threshold · SVM

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 5.3 effective names. SKE represents 29.6% of absolute path energy; 5 of 8 members align with the up relative path.

ConstructionBroad29.6% from the largest path
Effective names5.3 / 8Movement diversity after concentration
Direction breadth5/8 alignedupside relative path · 2 counter-moving
Largest moverSKE 29.6%52.8% from the top two paths
SKE29.6%Dominant mover · path +1.11% · basket +0.14pp
BVN23.2%Aligned contributor · path +0.87% · basket +0.11pp
PAAS13.3%Counter-move · path -0.50% · basket -0.06pp
PSLV12.6%Aligned contributor · path +0.47% · basket +0.06pp
PHYS9.4%Aligned contributor · path +0.35% · basket +0.04pp
RGLD6.9%Counter-move · path -0.26% · basket -0.03pp
USAS3.6%Aligned contributor · path +0.14% · basket +0.02pp
SVM1.3%Flat / inactive path · path +0.05% · basket +0.01pp
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. SKE moved higher firstFirst member to clear the material path threshold · path +1.28%
  2. PSLV registered a material higher path0m after the first price move · path +0.60%
  3. USAS registered a material higher path0m after the first price move · path +0.43%
  4. SVM registered a material higher path0m after the first price move · path +0.66%
  5. PHYS registered a material higher path5m after the first price move · path +0.50%
  6. BVN registered a material higher path35m after the first price move · path +0.58%

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
Oct 1 · 09:40 ETMove visible 09:55 ETOct 1 · 15:55 ET
Group median +0.25%Strongest relative path SKEWeakest relative path PAAS

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

0 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.

NEMNot confirming

RGLD · text peer

CDENot confirming

RGLD · text peer

IAUXNot confirming

RGLD · text peer

DCNot confirming

RGLD · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
SKEPHYSRGLDUSASBVNPSLVSVMPAAS

5/8 active4 rising · 4 falling

MemberUnusual activityToday's moveRead now
SKESkeena Resources Limited
Most unusual · 100/100
+0.2%
Dominant path moverActive in 16.7% of observed group sessions
PHYSSprott Physical Gold Trust
Elevated · 57/100
+0.8%
Aligned price + flowActive in 0% of observed group sessions
RGLDRoyal Gold, Inc.
Elevated · 44/100
-1.7%
Counter-move / dispersionActive in 0% of observed group sessions
USASAmericas Gold and Silver Corporation
Elevated · 41/100
+0.1%
Aligned path contributorActive in 0% of observed group sessions
BVNCompañía de Minas Buenaventura S.A.A.
Elevated · 33/100
-0.3%
Aligned path contributorActive in 83.3% of observed group sessions
PSLVSprott Physical Silver Trust
Quiet · 30/100
+1.4%
Watch / laggardActive in 0% of observed group sessions
SVMSilvercorp Metals Inc.
Quiet · 23/100
-0.5%
Watch / laggardActive in 16.7% of observed group sessions
PAASPan American Silver Corp.
Quiet · 18/100
-1.2%
Watch / laggardActive in 0% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
SKESkeena Resources LimitedMost unusual+0.2%16.7% of 6 sessionsMost unusual activity in this snapshot; performance direction may differ.
PHYSSprott Physical Gold TrustParticipating+0.8%0% of 6 sessionsPrice participation with distributing signed flow.
RGLDRoyal Gold, Inc.Participating-1.7%0% of 6 sessionsPrice participation with distributing signed flow.
USASAmericas Gold and Silver CorporationParticipating+0.1%0% of 6 sessionsPrice participation is not yet confirmed by per-name flow.
BVNCompañía de Minas Buenaventura S.A.A.Participating-0.3%83.3% of 6 sessionsPrice participation is not yet confirmed by per-name flow.
PSLVSprott Physical Silver TrustQuiet / lagging+1.4%0% of 6 sessionsNot participating yet; a breadth test or a genuine divergence.
SVMSilvercorp Metals Inc.Quiet / lagging-0.5%16.7% of 6 sessionsNot participating yet; a breadth test or a genuine divergence.
PAASPan American Silver Corp.Quiet / lagging-1.2%0% of 6 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 6 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 support48 daysHow often the cohort identity was observed
Completed episodes4Separate periods of broad group activity
Active sessions6Completed session observations, not trades
2026-08-19 → 2026-08-243 active sessions12.5% 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
BVN83.3% · 3 episodes
SKE16.7% · 1 episode
SVM16.7% · 1 episode
PAAS0% · 0 episodes
PHYS0% · 0 episodes
PSLV0% · 0 episodes
RGLD0% · 0 episodes
USAS0% · 0 episodes