OPEN-SOURCE SCRIPT
Gold Mining Margin MACRO
Gold Mining Margin Macro Indicator — Description
This indicator measures the structural profitability of gold mining by comparing the gold price with estimated production costs. It is designed as a macro-context tool, not a short-term trading signal.
The script tracks three core components:
Gold − AISC (All-In Sustaining Cost) → proxy for mining profitability
Energy-adjusted mining margin → incorporates oil as a major production cost input
Gold / Oil ratio → intermarket relationship between gold and energy costs
Together, these metrics help visualize the economic pressure or expansion phase of the gold mining sector.
What the indicator measures
The indicator estimates whether gold is trading:
near production-cost pressure levels
in a neutral profitability zone
in a strong mining-profit environment
or in a boom phase
A weekly regime classification is used to reduce noise and focus on macro-cycle conditions rather than short-term price fluctuations.
Primary use case
This indicator is intended to help identify:
potential gold price floor zones
mining-sector stress conditions
cyclical turning points in gold
confirmation context for cycle-based analysis
It works best when combined with:
cycle analysis
intermarket analysis
positioning data
macroeconomic context
Important note
The AISC value is user-defined and represents an approximate global industry cost level, not the cost of a specific mining company.
The indicator is meant to reflect sector-level economics, not individual equities.
This indicator measures the structural profitability of gold mining by comparing the gold price with estimated production costs. It is designed as a macro-context tool, not a short-term trading signal.
The script tracks three core components:
Gold − AISC (All-In Sustaining Cost) → proxy for mining profitability
Energy-adjusted mining margin → incorporates oil as a major production cost input
Gold / Oil ratio → intermarket relationship between gold and energy costs
Together, these metrics help visualize the economic pressure or expansion phase of the gold mining sector.
What the indicator measures
The indicator estimates whether gold is trading:
near production-cost pressure levels
in a neutral profitability zone
in a strong mining-profit environment
or in a boom phase
A weekly regime classification is used to reduce noise and focus on macro-cycle conditions rather than short-term price fluctuations.
Primary use case
This indicator is intended to help identify:
potential gold price floor zones
mining-sector stress conditions
cyclical turning points in gold
confirmation context for cycle-based analysis
It works best when combined with:
cycle analysis
intermarket analysis
positioning data
macroeconomic context
Important note
The AISC value is user-defined and represents an approximate global industry cost level, not the cost of a specific mining company.
The indicator is meant to reflect sector-level economics, not individual equities.
开源脚本
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这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。
开源脚本
秉承TradingView的精神，该脚本的作者将其开源，以便交易者可以查看和验证其功能。向作者致敬！您可以免费使用该脚本，但请记住，重新发布代码须遵守我们的网站规则。
免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。