Themes / Group
Inactive · established relationshipLatest completed snapshot · Sep 9 · 16:27 ET

MARKET-DISCOVERED GROUP

Gold

THE TRADER READBroad price confirmation, weak flow alignment

7 of 9 measured session-normalized paths align to the downside across 6.1 effective names. Capital-flow agreement is 2%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth9 of 9 rising-1.1% session-normalized median path
Capital-flow alignment2%Price breadth is not yet confirmed by flow
Activity nowCalmActivity score 2/100 · lift 0.8×
Evidence depth8 support daysLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 09:30–15:55 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 inferenceTFPM registered the first material downside path

    -2.56% session path at the threshold · TFPM

  2. 5-minute inferenceSKE registered a material downside path

    -2.50% session path at the threshold · SKE

  3. 5-minute inferenceFNV registered a material downside path

    -1.64% session path at the threshold · FNV

  4. 5-minute inferenceOR registered a material downside path

    -1.50% session path at the threshold · OR

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?

Session-normalized 5m paths

Observed movement is broad across 6.1 effective names. TFPM represents 23.6% of absolute path energy; 7 of 9 members align with the down relative path.

ConstructionBroad23.6% from the largest path
Effective names6.1 / 9Movement diversity after concentration
Direction breadth7/9 aligneddownside relative path · 2 counter-moving
Largest moverTFPM 23.6%42.7% from the top two paths
TFPM23.6%Aligned contributor · path -2.56% · basket -0.28pp
SKE19.1%Aligned contributor · path -2.07% · basket -0.23pp
FNV18.1%Aligned contributor · path -1.96% · basket -0.22pp
OR14.6%Aligned contributor · path -1.58% · basket -0.17pp
RGLD10.3%Aligned contributor · path -1.11% · basket -0.12pp
CGAU6.9%Aligned contributor · path -0.74% · basket -0.08pp
SA3.7%Aligned contributor · path -0.40% · basket -0.04pp
BVN2.4%Counter-move · path +0.26% · basket +0.03pp
IAG1.4%Counter-move · path +0.15% · basket +0.02pp
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. TFPM moved lower firstFirst member to clear the material path threshold · path -2.56%
  2. SKE registered a material lower path0m after the first price move · path -2.50%
  3. FNV registered a material lower path0m after the first price move · path -1.64%
  4. OR registered a material lower path0m after the first price move · path -1.50%
  5. RGLD registered a material lower path0m after the first price move · path -1.02%
  6. CGAU registered a material lower path0m after the first price move · path -1.53%

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

RELATIVE CO-MOVEMENT

How the members are behaving together

Session-normalized
Sep 9 · 09:30 ETMove visible 14:55 ETSep 9 · 15:55 ET
Group median -1.11%Strongest relative path BVNWeakest relative path TFPM

Observed member paths normalized to the session. 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
TFPMORFNVBVNSKEIAGCGAURGLDSA

5/9 active9 rising · 0 falling

MemberUnusual activityToday's moveRead now
TFPMTriple Flag Precious Metals Corp.
Elevated · 100/100
+0.5%
Aligned path contributorActive in 0% of observed group sessions
OROR Royalties Inc.
Most unusual · 99/100
+0.8%
Aligned price + flowActive in 0% of observed group sessions
FNVFranco-Nevada Corporation
Elevated · 83/100
+0.6%
Aligned price + flowActive in 0% of observed group sessions
BVNCompañía de Minas Buenaventura S.A.A.
Elevated · 81/100
+3.5%
Counter-move / dispersionActive in 0% of observed group sessions
SKESkeena Resources Limited
Elevated · 74/100
+0.7%
Aligned path contributorActive in 0% of observed group sessions
IAGIAMGOLD Corporation
Elevated · 74/100
+2.1%
Counter-move / dispersionActive in 0% of observed group sessions
CGAUCenterra Gold Inc.
Quiet · 56/100
+2.0%
Watch / laggardActive in 0% of observed group sessions
RGLDRoyal Gold, Inc.
Quiet · 49/100
+0.5%
Watch / laggardActive in 0% of observed group sessions
SASeabridge Gold Inc.
Quiet · 24/100
+1.9%
Watch / laggardActive in 0% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
TFPMTriple Flag Precious Metals Corp.Participating+0.5%0% of 0 sessionsPrice participation is not yet confirmed by per-name flow.
OROR Royalties Inc.Most unusual+0.8%0% of 0 sessionsMost unusual activity in this snapshot; performance direction may differ.
FNVFranco-Nevada CorporationParticipating+0.6%0% of 0 sessionsPrice participation with distributing signed flow.
BVNCompañía de Minas Buenaventura S.A.A.Participating+3.5%0% of 0 sessionsPrice participation with accumulating signed flow.
SKESkeena Resources LimitedParticipating+0.7%0% of 0 sessionsPrice participation is not yet confirmed by per-name flow.
IAGIAMGOLD CorporationParticipating+2.1%0% of 0 sessionsPrice participation with distributing signed flow.
CGAUCenterra Gold Inc.Quiet / lagging+2.0%0% of 0 sessionsNot participating yet; a breadth test or a genuine divergence.
RGLDRoyal Gold, Inc.Quiet / lagging+0.5%0% of 0 sessionsNot participating yet; a breadth test or a genuine divergence.
SASeabridge Gold Inc.Quiet / lagging+1.9%0% of 0 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

Live outcome ledger collecting

0/0 events completed

No completed point-in-time outcome is available yet. New live confirmations are now retained with their exact observation timestamp; statistics appear only after the corresponding candles complete.

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 0 completed episodes across 0 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 support8 daysHow often the cohort identity was observed
Completed episodes0Separate periods of broad group activity
Active sessions0Completed session observations, not trades
2026-09-089 names in the durable cohort
2026-09-0411 names in the durable cohort
2026-09-025 names in the durable cohort
2026-09-017 names in the durable cohort
2026-08-316 names in the durable cohort
2026-08-279 names in the durable cohort
2026-08-267 names in the durable cohort
2026-08-255 names in the durable cohort
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
BVN0% · 0 episodes
CGAU0% · 0 episodes
FNV0% · 0 episodes
IAG0% · 0 episodes
OR0% · 0 episodes
RGLD0% · 0 episodes
SA0% · 0 episodes
SKE0% · 0 episodes
TFPM0% · 0 episodes