Gold Digger: AI tech boom will supercharge precious metals demand, claims new report

New report from Metals Focus predicts AI adoption could play a big role in tech sector’s need for gold and other precious metals
Gold price momentum slows but still looks technically strong, says analyst
The week’s top ASX goldie gainers: Bulletin, Calidus, Besra

Last week’s flight-to-safety momentum for gold amid world chaos may have slowed just a tad, but prices are still moving in the right direction for the precious metal as we round out the week.

At the time of writing, spot gold is changing hands for roughly US$1,990 (good year, that – especially for the Canberra Raiders) and about $3,143 of our Aussie dollars. This is higher than this time last week and still very close to the all-time high for bullion Down Under, which is about $3,163, posted yesterday.

We made a big deal about the Aussie gold ATH last week amid raging global conflicts and still-uncertain macroeconomic times.

It was, and still is, a big deal, but we have a feeling we haven’t seen the last of fresh weekly highs on spot gold in the short term. We’ll see how that statement holds up this time next week.

“Technically, December gold futures bulls have the overall near-term technical advantage,” wrote Kitco’s analytical gold charts watcher Jim Wyckoff, adding:

“Prices are in an uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the October high of US$2,009.20.”

Zooming out a tad, though, here’s how gold’s travelled over the past few years. You probably don’t need a reminder of how and why the stock markets crashed in early 2020, and how gold performed correspondingly. It’s a cruel mistress that rides high on crisis, but gotta respect the consistency, and the hedge.

Aussie gold price over the past few years. Source: abcbullion.com.au

Gold up, futures reach $2,000. Dollar up too. Interesting times ahead… pic.twitter.com/0bMCbVeQL4

— Jan Nieuwenhuijs (@JanGold_) October 26, 2023

AI will drive demand for gold: Metals Focus report

Wars, pandemic, inflation, chaos in general and the strength/weakness of the US dollar – yep these things are all factors in the flight to the safety (and steady increase over time) of gold.

And obviously factors of supply and demand greatly affect the precious metal’s price, too. Supply, that is, from mining companies. And demand, certainly lately, significantly coming from global central bank hoarders and other investors.

But what else can drive the demand for the precious commodity? The jewellery trade and industrial usage.

Interestingly, according to a new report from independent global precious metals research group Metals Focus, the tech boom surrounding artificial intelligence (AI) “should” help support industrial demand for gold and other precious metals in 2024.

Read this week’s Precious Metals Weekly which focuses on how supportive AI will be of higher industrial demand. If you would like to subscribe to our weekly newsletter and learn more about the industry, subscribe here: https://t.co/6sBAHAh3Tk

— Metals Focus (@MetalsFocus) October 25, 2023

Meanwhile the World Gold Council’s website notes that jewellery still represents the largest source of annual demand for gold per sector – near 50% of total gold demand, with China and India by far the biggest markets (albeit waning somewhat this year). Rappers such as Kanye and Jay Z make a fair crack as a competing market, too. Joking, sort of…

And industry/tech only represents about 7% of global gold demand at the moment according to Statista research, with investments and central banks making up the rest.

But the tech demand looks like it’s set to increase in coming years with the increase of generative AI and conversational AI applications, such as Chat GPT, for instance. How so?

AI boom takes precious metals along for the ride

“Expected upside from several applications that are gradually maturing should help support the recovery in industrial offtake [of precious metals] next year,”Metals Focus notes.

The thesis there is that a boom in demand for AI applications creates a boom in demand for the chips and components that help power the tech – a boon for manufacturers such as Nvidia, but also for precious metals producers.

“At present, among the various emerging applications there is little that is capturing more spotlight than artificial intelligence (AI)… Generative AI is expected to make inroads in a growing number of fields, particularly in 2024, wrote the precious metals consultancy.

Since most components used in conjunction with AI devices are high-specification, “we expect to see widespread support for a range of precious metals bearing components”.

Also:

“To cope with the evolution of AI algorithms, shipping growth for AI servers and switches will rise by double digits over the next few years and stimulate precious metals demand.

“Demand will rise for platinum alloys used in chip manufacturing, silver-palladium Ag-Pd multi-layer ceramic capacitors (MLCCs) in high power components, gold bonding wire in chip and memory packages, gold plating in printed circuit boards and palladium plating on lead frames.”

And here’s an example of the incredible power of AI technology…

Peter Schiff finally admits he’s seen the light and he’s selling all his gold for #Bitcoin pic.twitter.com/18rNfXCp4D

— The ₿itcoin Therapist (@TheBTCTherapist) October 24, 2023

Next stop, AI is definitely plotting in the background, secretly planning to take over our jobs at Stockhead when we’re down the pub on a Friday and not looking…

(It bangs on a bit here, so we’d best not go into it any further.)

Winners & Losers

Here’s how ASX-listed precious metals stocks are performing:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.

Stocks missing from this list? Email [email protected] and/or [email protected]

Code Company Price % Week % Month % Year Market Cap MRR Minrex Resources Ltd 0.014 -10% -3% -67% $16,273,013 NPM Newpeak Metals 0.001 0% 0% 0% $9,995,579 ASO Aston Minerals Ltd 0.032 -11% -6% -58% $42,737,121 MTC Metalstech Ltd 0.145 -15% -3% -64% $27,347,666 FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315 GED Golden Deeps 0.05 -2% -9% -62% $5,776,117 G88 Golden Mile Res Ltd 0.022 0% -27% -13% $7,246,569 DCX Discovex Res Ltd 0.002 0% 0% -43% $6,605,136 NMR Native Mineral Res 0.038 -32% -10% -73% $7,658,354 AQX Alice Queen Ltd 0.014 0% 8% -72% $1,771,208 SLZ Sultan Resources Ltd 0.018 0% -14% -81% $2,667,421 MKG Mako Gold 0.016 -16% 23% -62% $9,216,131 KSN Kingston Resources 0.084 -2% 4% 4% $43,322,680 AMI Aurelia Metals Ltd 0.091 -2% 0% -5% $155,042,375 PNX PNX Metals Limited 0.004 0% 60% 7% $21,522,499 GIB Gibb River Diamonds 0.038 0% 41% -31% $8,037,359 KCN Kingsgate Consolid. 1.065 -7% -10% -35% $278,371,827 TMX Terrain Minerals 0.005 25% 0% -17% $5,030,575 BNR Bulletin Res Ltd 0.16 63% 122% 14% $36,698,888 NXM Nexus Minerals Ltd 0.039 -5% -24% -75% $14,784,285 SKY SKY Metals Ltd 0.04 -5% -13% -20% $18,455,924 LM8 Lunnonmetalslimited 0.735 4% -5% -5% $156,515,631 CST Castile Resources 0.059 23% 18% -49% $13,788,438 YRL Yandal Resources 0.055 4% 8% -50% $8,836,972 FAU First Au Ltd 0.0025 0% 0% -50% $3,629,983 ARL Ardea Resources Ltd 0.505 3% -17% -42% $93,437,719 GWR GWR Group Ltd 0.07 -1% -17% 9% $22,485,166 IVR Investigator Res Ltd 0.042 14% 2% -11% $56,049,631 GTR Gti Energy Ltd 0.007 -18% -30% -56% $16,359,577 IPT Impact Minerals 0.0095 -5% -21% 36% $28,647,039 BNZ Benzmining 0.36 -5% -18% -22% $37,995,501 MOH Moho Resources 0.007 0% -22% -73% $2,720,355 BBX BBX Minerals Ltd 0.028 8% 4% -56% $18,277,303 PUA Peak Minerals Ltd 0.004 33% 33% -33% $3,644,818 MRZ Mont Royal Resources 0.155 -9% -21% -16% $13,578,664 SMS Starmineralslimited 0.035 -22% -13% -60% $1,558,870 MVL Marvel Gold Limited 0.012 9% 20% -50% $9,501,698 PRX Prodigy Gold NL 0.008 0% 0% -27% $14,008,863 AAU Antilles Gold Ltd 0.021 -5% -16% -56% $17,047,501 CWX Carawine Resources 0.118176 9% -14% 40% $23,259,101 RND Rand Mining Ltd 1.3 2% 0% -13% $74,223,129 CAZ Cazaly Resources 0.031 -11% -16% -6% $12,245,093 BMR Ballymore Resources 0.13 0% 30% -32% $19,005,644 DRE Dreadnought Resources Ltd 0.03 -32% -42% -74% $110,194,673 ZNC Zenith Minerals Ltd 0.09 -3% -1% -68% $32,066,660 REZ Resourc & En Grp Ltd 0.015 0% -6% -29% $7,497,087 LEX Lefroy Exploration 0.175 3% -3% -40% $34,352,807 ERM Emmerson Resources 0.06 -2% -6% -24% $32,682,587 AM7 Arcadia Minerals 0.09 -5% -14% -71% $9,814,509 ADT Adriatic Metals 3.48 -1% -1% 44% $812,764,349 GMR Golden Rim Resources 0.021 5% -5% -46% $12,423,356 CYL Catalyst Metals 0.6 -6% 22% -48% $132,052,526 CHN Chalice Mining Ltd 1.88 0% -18% -56% $696,244,314 KAL Kalgoorliegoldmining 0.028 -7% -7% -73% $4,304,587 MLS Metals Australia 0.034 3% 3% -13% $21,217,230 ADN Andromeda Metals Ltd 0.021 5% 0% -48% $65,310,177 MEI Meteoric Resources 0.24 14% 2% 1746% $456,054,425 SRN Surefire Rescs NL 0.014 0% -7% 8% $23,169,089 SIH Sihayo Gold Limited 0.002 0% 0% -20% $24,408,512 WA8 Warriedarresourltd 0.058 -3% -21% -59% $28,246,926 HMX Hammer Metals Ltd 0.042 2% -7% -34% $38,115,516 WCN White Cliff Min Ltd 0.012 4% -8% -37% $15,084,223 AVM Advance Metals Ltd 0.003 0% -45% -75% $1,765,676 WRM White Rock Min Ltd 0.063 0% 0% -19% $17,508,200 ASR Asra Minerals Ltd 0.007 -13% -18% -71% $10,126,460 MCT Metalicity Limited 0.002 -20% 33% -50% $7,472,172 AME Alto Metals Limited 0.045 0% -2% -41% $32,853,204 CTO Citigold Corp Ltd 0.005 25% 11% -17% $11,494,636 TIE Tietto Minerals 0.4125 -1% 18% -43% $467,991,537 SMI Santana Minerals Ltd 0.595 13% 8% -14% $102,253,117 M2R Miramar 0.027 -33% -48% -69% $4,019,478 MHC Manhattan Corp Ltd 0.005 -17% -29% -17% $14,684,899 GRL Godolphin Resources 0.038 6% 6% -55% $6,431,197 TRY Troy Resources Ltd 0 -100% -100% -100% $62,920,961 SVG Savannah Goldfields 0.058 -8% -11% -72% $11,625,533 EMC Everest Metals Corp 0.1 -9% -9% 0% $12,795,178 GUL Gullewa Limited 0.055 0% 0% -11% $10,767,521 CY5 Cygnus Metals Ltd 0.17 13% -6% -69% $42,056,183 G50 Gold50Limited 0.125 -14% 0% 4% $13,464,375 ADV Ardiden Ltd 0.0055 -8% 10% -21% $16,130,012 AAR Astral Resources NL 0.08 -4% -1% 27% $62,402,946 MGV Musgrave Minerals 0 -100% -100% -100% $230,571,100 VMC Venus Metals Cor Ltd 0.1 0% -20% 15% $18,972,868 NAE New Age Exploration 0.0055 0% -21% -27% $9,866,444 VKA Viking Mines Ltd 0.009 -10% -10% 13% $8,202,067 LCL LCL Resources Ltd 0.026 -7% -4% 10% $23,034,829 MTH Mithril Resources 0.001 -33% -50% -80% $3,368,804 ADG Adelong Gold Limited 0.0065 -7% -7% -19% $4,174,256 RMX Red Mount Min Ltd 0.004 0% 0% 0% $10,694,304 PRS Prospech Limited 0.02 -13% -26% -36% $4,395,200 XTC Xantippe Res Ltd 0.001 0% 0% -76% $17,528,005 TTM Titan Minerals 0.035 -3% 0% -54% $53,373,364 NML Navarre Minerals Ltd 0.019 0% 0% -59% $28,555,654 MZZ Matador Mining Ltd 0.046 -4% -15% -58% $14,828,220 KZR Kalamazoo Resources 0.095 -2% -5% -47% $16,110,457 BCN Beacon Minerals 0.026 -4% 8% 8% $97,675,972 MAU Magnetic Resources 1.02 4% 21% 19% $244,096,889 BC8 Black Cat Syndicate 0.21 14% -11% -28% $64,659,771 EM2 Eagle Mountain 0.071 -7% -10% -62% $21,652,647 EMR Emerald Res NL 2.595 -8% 1% 131% $1,628,162,477 BYH Bryah Resources Ltd 0.014 0% -7% -41% $5,020,474 HCH Hot Chili Ltd 1.11 6% -6% 14% $124,223,014 WAF West African Res Ltd 0.73 -4% -7% -30% $733,670,850 MEU Marmota Limited 0.036 13% 3% -23% $39,175,621 NVA Nova Minerals Ltd 0.255 -9% 6% -64% $57,994,739 DCN Dacian Gold Ltd 0.28 -5% 133% 100% $340,704,263 SVL Silver Mines Limited 0.165 -6% -6% -8% $231,714,804 PGD Peregrine Gold 0.29 18% -2% -51% $16,291,507 ICL Iceni Gold 0.059 -13% -28% -16% $14,151,571 FG1 Flynngold 0.065 7% 25% -41% $8,864,868 WWI West Wits Mining Ltd 0.014 0% 0% -26% $34,819,511 RML Resolution Minerals 0.006 20% 0% -45% $6,286,459 AAJ Aruma Resources Ltd 0.032 -3% 3% -54% $6,300,528 AL8 Alderan Resource Ltd 0.012 0% 9% 33% $6,783,641 GMN Gold Mountain Ltd 0.006 20% 0% 0% $13,614,472 MEG Megado Minerals Ltd 0.035 6% -13% -51% $8,905,945 HMG Hamelingoldlimited 0.083 -1% -1% -45% $13,072,500 TBA Tombola Gold Ltd 0.026 0% 0% -19% $33,129,243 BM8 Battery Age Minerals 0.235 9% -10% -53% $20,947,169 TBR Tribune Res Ltd 3.04 0% -5% -15% $165,799,123 FML Focus Minerals Ltd 0.155 7% -16% 3% $47,282,176 GSR Greenstone Resources 0.008 -6% -11% -68% $10,923,331 VRC Volt Resources Ltd 0.0075 -6% -17% -72% $29,545,679 ARV Artemis Resources 0.022 16% -24% -31% $34,648,204 HRN Horizon Gold Ltd 0.305 2% -7% -7% $38,180,401 CLA Celsius Resource Ltd 0.011 0% 0% -15% $22,460,517 QML Qmines Limited 0.081 -10% -15% -56% $18,226,965 RDN Raiden Resources Ltd 0.037 54% 16% 333% $77,083,551 TCG Turaco Gold Limited 0.05 0% -2% 19% $25,135,833 KCC Kincora Copper 0.029 -6% -26% -52% $4,967,039 GBZ GBM Rsources Ltd 0.018 13% 20% -64% $11,165,793 DTM Dart Mining NL 0.019 -12% -20% -74% $3,489,220 MKR Manuka Resources. 0.044 5% -4% -66% $24,750,883 AUC Ausgold Limited 0.031 3% -6% -30% $64,291,954 ANX Anax Metals Ltd 0.035 -3% -13% -42% $15,046,637 EMU EMU NL 0.0015 -25% -50% -64% $2,501,282 SFM Santa Fe Minerals 0.043 0% 0% -51% $3,131,208 SSR SSR Mining Inc. 21.97 0% -1% 0% $494,341,033 PNR Pantoro Limited 0.041 0% 8% -71% $208,161,221 CMM Capricorn Metals 4.68 -2% 13% 43% $1,725,648,023 X64 Ten Sixty Four Ltd 0.57 0% 0% -7% $130,184,182 SI6 SI6 Metals Limited 0.005 -9% -29% -9% $9,969,297 HAW Hawthorn Resources 0.095 4% -5% 13% $31,826,483 BGD Bartongoldholdings 0.235 0% 21% 68% $45,945,742 SVY Stavely Minerals Ltd 0.074 7% 1% -41% $27,554,786 AGC AGC Ltd 0.0645 3% -1% -5% $6,500,000 RVR Red River Resources 0 -100% -100% -100% $37,847,908 RGL Riversgold 0.01 -17% -17% -77% $9,512,615 TSO Tesoro Gold Ltd 0.02 18% -5% -39% $20,018,639 OKR Okapi Resources 0.125 9% -31% -46% $28,361,612 CPM Coopermetalslimited 0.12 4% -8% -62% $6,386,118 MM8 Medallion Metals. 0.06 -17% -8% -66% $17,836,639 AUT Auteco Minerals 0.03 0% 0% -35% $162,041,718 CBY Canterbury Resources 0.027 0% 0% -39% $3,902,135 LYN Lycaonresources 0.205 -5% -31% -15% $8,013,750 SFR Sandfire Resources 6.115 3% 1% 80% $2,719,104,804 NCM Newcrest Mining 23.35 -7% -5% 44% $20,880,287,592 TMZ Thomson Res Ltd 0.005 0% 0% -74% $4,881,018 TAM Tanami Gold NL 0.035 -10% -5% -13% $41,128,397 WMC Wiluna Mining Corp 0.205 0% 0% 0% $74,238,031 NWM Norwest Minerals 0.036 9% 24% 9% $10,352,502 ALK Alkane Resources Ltd 0.5725 -9% 0% -18% $352,770,510 BMO Bastion Minerals 0.017 6% -15% -74% $3,555,640 IDA Indiana Resources 0.05 -9% -11% -17% $29,396,979 GSM Golden State Mining 0.02 -44% -41% -43% $3,630,677 NSM Northstaw 0.035 0% 3% -71% $4,324,572 GSN Great Southern 0.021 -19% -9% -56% $17,356,609 RED Red 5 Limited 0.32 -2% 14% 106% $1,090,589,614 DEG De Grey Mining 1.1575 -11% -1% 6% $2,086,950,633 THR Thor Energy PLC 0.027 0% -36% -66% $4,761,086 CDR Codrus Minerals Ltd 0.061 2% -22% -6% $5,322,250 MDI Middle Island Res 0.021 -5% -5% -66% $2,953,823 BAT Battery Minerals Ltd 0.047 34% 42% -65% $5,980,225 POL Polymetals Resources 0.3 5% -9% 50% $44,944,867 RDS Redstone Resources 0.007 0% 0% 0% $6,099,649 NAG Nagambie Resources 0.023 21% 10% -69% $12,797,979 BGL Bellevue Gold Ltd 1.445 -3% 2% 93% $1,613,952,204 GBR Greatbould Resources 0.066 2% 16% -24% $33,508,974 KAI Kairos Minerals Ltd 0.019 -5% -10% -25% $52,418,244 KAU Kaiser Reef 0.17 -13% -3% -8% $25,139,129 HRZ Horizon 0.035 25% -8% -39% $24,534,429 CAI Calidus Resources 0.19 46% 19% -44% $97,260,778 CDT Castle Minerals 0.011 16% 16% -54% $12,933,173 RSG Resolute Mining 0.355 -3% 4% 103% $734,522,254 MXR Maximus Resources 0.04 14% 25% -2% $12,503,625 EVN Evolution Mining Ltd 3.54 -2% 3% 77% $6,558,746,409 CXU Cauldron Energy Ltd 0.009 0% -17% -6% $8,762,118 DLI Delta Lithium 0.6075 -9% -21% 11% $309,583,481 ALY Alchemy Resource Ltd 0.01 -9% -23% -71% $11,780,763 HXG Hexagon Energy 0.008 0% -11% -47% $4,103,327 OBM Ora Banda Mining Ltd 0.125 14% 19% 56% $221,383,794 SLR Silver Lake Resource 1.03 4% 16% -12% $911,375,725 AVW Avira Resources Ltd 0.002 33% 0% -33% $3,200,685 LCY Legacy Iron Ore 0.016 -11% 7% -11% $108,916,045 PDI Predictive Disc Ltd 0.23 0% 15% 39% $444,672,479 MAT Matsa Resources 0.036 33% 33% -5% $16,172,917 ZAG Zuleika Gold Ltd 0.015 -6% 25% -21% $7,322,709 GML Gateway Mining 0.024 -4% -17% -67% $6,392,005 SBM St Barbara Limited 0.2225 11% 20% 4% $175,863,632 SBR Sabre Resources 0.048 45% 20% -4% $13,991,337 STK Strickland Metals 0.1 12% 89% 75% $158,513,464 SAU Southern Gold 0.013 0% -13% -61% $6,321,709 CEL Challenger Gold Ltd 0.08 3% -5% -47% $95,722,556 LRL Labyrinth Resources 0.005 -29% -29% -73% $5,937,719 NST Northern Star 11.895 -1% 11% 39% $13,790,653,392 OZM Ozaurum Resources 0.089 3% -1% 11% $14,128,750 TG1 Techgen Metals Ltd 0.03 3% 3% -76% $2,315,048 XAM Xanadu Mines Ltd 0.065 -10% -20% 132% $108,096,397 CHZ Chesser Resources 0 -100% -100% -100% $65,818,414 AQI Alicanto Min Ltd 0.048 12% 14% 50% $30,029,003 KTA Krakatoa Resources 0.022 22% 5% -65% $9,567,754 ARN Aldoro Resources 0.099 10% 11% -65% $13,327,751 WGX Westgold Resources. 1.9725 1% 12% 144% $930,668,664 MBK Metal Bank Ltd 0.032 -16% -20% -7% $11,497,718 A8G Australasian Metals 0.18 -8% 20% -25% $9,381,689 TAR Taruga Minerals 0.01 11% 11% -69% $6,354,241 DTR Dateline Resources 0.01 0% -33% -85% $8,854,428 GOR Gold Road Res Ltd 1.915 2% 15% 41% $1,981,107,688 S2R S2 Resources 0.185 -5% 3% 37% $77,917,389 NES Nelson Resources. 0.004 0% -33% -50% $2,454,377 TLM Talisman Mining 0.135 -4% -4% -4% $27,306,451 BEZ Besragoldinc 0.165 38% 6% 280% $66,896,145 PRU Perseus Mining Ltd 1.735 5% 5% -3% $2,354,739,386 SPQ Superior Resources 0.023 15% -4% -50% $42,194,736 PUR Pursuit Minerals 0.01 11% 0% -9% $26,495,743 RMS Ramelius Resources 1.71 -1% 16% 161% $1,898,682,060 PKO Peako Limited 0.005 -29% -17% -64% $2,635,424 ICG Inca Minerals Ltd 0.02 11% 18% -29% $9,847,995 A1G African Gold Ltd. 0.04 0% -2% -49% $6,772,448 OAU Ora Gold Limited 0.0075 0% -17% 71% $33,519,665 GNM Great Northern 0.02 0% -26% -67% $3,092,582 KRM Kingsrose Mining Ltd 0.05 4% -2% -6% $37,626,326 BTR Brightstar Resources 0.011 0% 0% -39% $20,116,251 RRL Regis Resources 1.695 3% 13% 16% $1,287,852,668 M24 Mamba Exploration 0.03 -14% -47% -76% $2,134,417 TRM Truscott Mining Corp 0.063 0% 24% 85% $10,922,125 TNC True North Copper 0.145 -3% -19% 174% $37,677,010 MOM Moab Minerals Ltd 0.007 8% -42% -36% $4,983,744 KNB Koonenberrygold 0.044 7% -2% -44% $5,149,211 AWJ Auric Mining 0.048 -4% 14% -33% $6,150,401 AZS Azure Minerals 3.505 45% 33% 1130% $1,555,717,697 ENR Encounter Resources 0.27 13% -5% 93% $106,791,961 SNG Siren Gold 0.068 10% -4% -66% $10,808,723 STN Saturn Metals 0.13 0% -10% -49% $24,709,185 USL Unico Silver Limited 0.1 16% 6% -33% $29,309,108 PNM Pacific Nickel Mines 0.095 14% 8% 32% $37,642,779 AYM Australia United Min 0.003 0% 0% -25% $5,527,732 ANL Amani Gold Ltd 0.001 0% 0% -33% $25,143,441 HAV Havilah Resources 0.23 -4% -4% -27% $72,827,018 SPR Spartan Resources 0.4025 -7% 7% 104% $351,153,334 PNT Panthermetalsltd 0.075 6% 1% -58% $4,586,250 MEK Meeka Metals Limited 0.042 11% -14% -32% $49,810,275 GMD Genesis Minerals 1.445 -4% 2% 26% $1,551,182,509 PGO Pacgold 0.24 7% 26% -42% $19,681,416 FEG Far East Gold 0.17 3% 3% -74% $28,896,994 MI6 Minerals260Limited 0.36 -11% -24% 13% $86,580,000 IGO IGO Limited 10.88 -5% -9% -34% $8,140,628,990 GAL Galileo Mining Ltd 0.31 -2% 2% -74% $63,239,977 RXL Rox Resources 0.225 2% -12% 29% $81,007,214 KIN KIN Min NL 0.054 15% 35% -33% $61,263,828 CLZ Classic Min Ltd 0.001 0% 0% -94% $12,357,082 TGM Theta Gold Mines Ltd 0.125 -11% -11% 58% $88,134,376 FAL Falconmetalsltd 0.14 -3% 8% -32% $23,895,000 SXG Southern Cross Gold 0.985 26% 23% 170% $81,950,617 SPD Southernpalladium 0.385 -8% -13% -62% $16,585,156 ORN Orion Minerals Ltd 0.017 -6% -11% 13% $96,673,923 TMB Tambourahmetals 0.13 13% -32% 0% $9,952,842 TMS Tennant Minerals Ltd 0.028 0% 0% -10% $19,745,269 AZY Antipa Minerals Ltd 0.012 -14% -8% -53% $44,367,391 PXX Polarx Limited 0.009 0% 0% 13% $14,036,551 TRE Toubaniresourcesinc 0.12 9% 9% 0% $14,103,462 AUN Aurumin 0.03 0% 3% -63% $9,553,292 GPR Geopacific Resources 0.015 0% 7% -76% $13,960,249 FXG Felix Gold Limited 0.058 -11% -24% -59% $6,706,911

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Best-performing goldies over the past week

The week’s biggest gains

Bulletin Resources (ASX:BNR) : +63%

Calidus Resources (ASX:CAI) : +46%

Besra Gold (ASX:BEZ): +38%

The Japanese yen has dropped to its lowest level against the dollar in a year.

Gold is right around record highs measured against the yen.

Here we go.

— Gold Telegraph (@GoldTelegraph_) October 26, 2023

Who else is turning heads?

Plenty. In no particular preferential order, let’s start with…

Strickland Metals (ASX:STK)

Strickland Metals is days away from commencing diamond drilling to test what could be a concealed gold deposit – called Marwari – at its Yandal project in WA.

The company discovered Marwari last month as part of an extensive aircore drilling blitz designed to systematically explore for gold in new areas – including the poorly understood Horse Well project – that it had acquired in July 2021 to consolidate the entire NE flank of the prolific Yandal Greenstone belt.

Further to this…

Aircore drilling at Marwari previously returned 31m at 5.6g/t
Diamond rig will now test the prospect, with an RC rig to follow

Our special report has more.

West Wits Mining (ASX:WWI)

West Wits is pursuing gold opportunities in South Africa’s Witwatersrand Basin, where development on its eponymous 4.28Moz gold camp continues apace.

Most recently, the ASX-lister attracted a $15.7m investment from a cornerstone US backer — capital that will help the company fine-tune its 924,000oz Qala Shallows gold hub.

The news comes soon after WWI released a DFS update, highlighting a 105% jump in free cashflow and forecasting an increase in gold production from 43,000ozpa to 51,000ozpa over 17.7 years, with steady-state production holding strong at 70,000ozpa for 9 years.

Tune into the Explorers Podcast for more on this, in which Stockhead’s ‘Garimpeiro’ columnist Barry FitzGerald chats with Michael Quinert, chairman of WWI.

Spartan Resources (ASX:SPR)

Barry also recently chatted with Simon Lawson, managing director and CEO at Spartan Resources.

Spartan is pursuing high-grade gold opportunities in the heart of the Murchison Region, where it’s leveraging nearby infrastructure to build a sustainable operations plan.

Right now, all eyes are on visible gold intersected 130 metres below the deepest assays at the company’s Never Never discovery, part of its flagship Dalgaranga gold camp in WA.

But these fresh results are just a small part of a much bigger drilling picture; an ongoing 32,000-metre campaign is looking to add ounces to Never Never’s left, right and centre, building to an upgrade for its 721,200oz gold resource.

Listen in, here.

Ora Banda (ASX:OBM)

Ora Banda’s strategy to focus on higher-grade underground ore is just beginning with an increase in reserve grade by 50% at the Davyhurst gold project, 100km NW of Kalgoorlie, WA.

The 1,200km2 Davyhurst tenements boast a current resource base of 1.8Moz at an average grade of 2.6 g/t gold.

The tenement package is centred on five key, highly prospective project hubs (Mulline, Riverina, Davyhurst, Callion, and Siberia) where historical production is estimated at 1.4Moz gold since 1897.

Underground drilling has commenced at Riverina to focus on extensions to the higher-grade resource.

More, here.

More gilt-edged news

Explore Stockhead’s gold coverage further, and read about the latest happenings with:

Bellevue Gold (ASX:BGL) , Gold Road Resources (ASX:GOR) and Regis Resources (ASX:RRL) > here

Antilles Gold (ASX:AAU) > here

Peregrine Gold (ASX:PGD) > here

Golden State Mining (ASX:GSM) > here

Southern Cross Gold (ASX:SXG) > here

And…

Bishop Resources > here

BREAKING NEWS

THE CEO OF HSBC IS WARNING THAT THE WORLD IS AT A TIPPING POINT ON DEBT THAT THREATENS TO SPARK A GLOBAL RECKONING AFTER YEARS OF GOVERNMENT BORROWING BINGES

This is a massive bank.

People are officially waking up.

— Gold Telegraph (@GoldTelegraph_) October 25, 2023

At Stockhead we tell it like it is. While Strickland Metals, Ora Banda, Antilles Gold, Peregrine Gold, Southern Cross Gold and Golden State Mining are Stockhead advertisers, they did not sponsor this article.

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