Gold… GOLD… GOLD!
Yep, that pretty much sums it up for a summary. And we’ll see you here this time next week.
Okay, a few more words, then…
Gold bullion hits record price highs again this week/today in US and Aussie dollar denoms
Sprott analysis suggests gold stocks are undervalued compared with the surging gold prices
ASX gold stocks faring particularly well this week include: NewPeak and Krakatoa
It seems there’s no stopping gold right now. Not US inflation, not cautious Federal Reserve governors. Not even the All Blacks. And that’d be because they’re not playing the Wallabies until September. Good times.
Gold investors have more times of goodness to look forward to in coming months, too – and this is according to analysts at Sprott – a prominent global assests management firm specialising in precious metals. We’ll get to that in a tick, but first…
The price of gold right today has been doing this:
That’s right – ingesting a cocktail of booze and amphetamines, letting loose on the set of what looks like a kids’ television show and probably setting its beard on fire with a sparkler.
But still, it’s having a bonza time, and has actually been hitting all-time highs again. A very happy habit of late, and it’s now up more than 15% YTD.
The current price in US dollars as we close out another working week: US$2,392. Which looks even more impressive in the Aussie variety: about a stonking AUD $3,665.
Gold prices have hit a RECORD high for an eighth consecutive session.
The gold juniors are still asleep.
The market is slowly waking up.
— Gold Telegraph (@GoldTelegraph_) April 9, 2024
But hang on, didn’t Fed wowsers cause it to dip the other day?
Yeah, they did. On the back of hotter-than-expected US inflation-related data. But that’s yesterday’s news. This commodity du jour is robust as hell right now, and it has some banker analysts reaching for the red pen to make adjustments to prior forecasts.
For instance, Francisco Blanch, head of Commodities and Derivatives Research at Bank of America Securities, told Yahoo Finance this:
“In the case of gold, I think there’s a really big structural trend towards more gold purchases driven by the major geopolitical fracture that we have in the world today between the US and Europe on one side, and Russia China on the other. It’s really been central banks not trusting central banks that has been behind the buy-the-dip mentality in the gold market.”
He added that although the Bank of America still expects three rate cuts in 2024, gold prices could tumble if the Fed doesn’t deliver that outcome.
“We are still calling for a rate cut in June, and two more in the second half of the year, so based on that, we think prices continue to go higher, but there is definitely a challenge for the gold market if the Fed doesn’t cut rates this year, or as some people have claimed, if the Fed hikes rates.”
If that happens, it’ll be a “challenge” for most markets, one would’ve thought.
Other Bank of America bods also said this, this week:
“Gold remains one of our favorite metals and we expect prices to average US$2,500/oz by the fourth quarter, potentially hitting US$3,000/oz by 2025. Notably, demand from central banks and China’s retail buyers has been strong. If Western investors join the party on rate cuts, the yellow metal will move a leg higher; this may also be necessary, if sentiment in China improves, and less investment flows into gold.”
Here’s another take…
Junior gold stocks are waking up with gold price: Sprott
John Hathaway, managing partner with Sprott Asset Managment in the USA, has put together some analysis this week amid the surging gold prices.
Gold mining and exploration stock folks, particularly juniors, will probably be nodding heads sagely, as one of Hathaway’s chief takeaways pertains to them.
“Gold mining stocks, which have been lackluster, are beginning to respond but they remain historically inexpensive to the gold price,” wrote the Sprott man, referring to this Bloomberg chart among others, bearing in mind it has an American lens:
Source: Bloomberg
“In our view, gold mining stocks offer upside potential disproportionate to that of bullion,” added Hathaway.
“To be sure, persistent inflation might short-circuit consensus expectations for a 2024 rate cut,” he noted. “However, we believe it is only a matter of time before investors discover that the Federal Reserve is trapped between a weakening economy and its inflation-fighting mandate.
“While attention is focused on interest rate cuts, at Fed Chairman Powell’s last press conference, he stated that it could be ‘appropriate to slow the pace of asset runoff fairly soon…if there were a significant weakening of the labor market,’ a clear tilt toward QE (quantitative easing).”
In other words: Money. Printer. Goes. Brrrrrrrrr.
But wait, he said more. (It’s a good piece, btw – read it in full > here).
Gold’s price is ‘no fluke’
The Sprott exec also suggested that, regarding gold’s continued surge, there has been more “widespread recognition that gold bullion’s strength is not a fluke and that the current level is either sustainable at current levels or that significant upside potential remains.”
Searching for a reason for that, or indeed another catalyst for continued up/right price action, he speculated that there’s a growing loss of trust in the US dollar as a store of value, and indeed US Treasury bonds as a safe place to park money.
Like the Bank of America analysis further above, he cites the record bank-hoarding from global central banks, which continue to gobble up the precious metal (1,037 tonnes in 2023 – an unprecedented level).
All the while, the US government debt just continues to spiral and spiral into a further abyss of dollar decay.
“Loss of trust in the US dollar as a safe and useful asset is no longer a hypothetical concern,” writes Hathaway. “Abandonment of the US dollar is a reality, and the pace is picking up steam. Repercussions for the financial markets and real economy are unlikely to be negligible. There are numerous potential catalysts for the general rush into gold by the investment mainstream.”
In short, those catalysts consist of: geopolitical tension (wars/conflict), inflation and rising oil prices, potential recession, “an impotent and mistake-prone” Federal Reserve, and more.
“The investment public remains asleep to the risks. Yet the breakout in gold bullion could signal the possibility of a significant reset of world financial markets.”
ASX Winners & Losers
Here’s how ASX-listed precious metals stocks are performing, circa 3pm April 12:
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.
Stocks missing from this list? Please email [email protected]Notable weekly gainers
Code Company Price % Week % Month % Year Market Cap MRR Minrex Resources Ltd 0.014 8% 8% -13% $14,103,278 NPM Newpeak Metals 0.025 127% 127% -75% $1,099,469 ASO Aston Minerals Ltd 0.012 -14% -25% -90% $15,540,771 MTC Metalstech Ltd 0.185 9% 6% -47% $34,956,599 FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315 GED Golden Deeps 0.044 -2% 7% -45% $5,082,983 G88 Golden Mile Res Ltd 0.013 8% 8% -54% $5,345,897 DCX Discovex Res Ltd 0.002 0% 0% -50% $6,605,136 NMR Native Mineral Res 0.028 40% 12% -18% $5,875,814 AQX Alice Queen Ltd 0.007 40% 40% -59% $4,836,930 SLZ Sultan Resources Ltd 0.011 -15% -59% -73% $2,173,451 MKG Mako Gold 0.0145 -3% 4% -63% $14,640,123 KSN Kingston Resources 0.072 -10% -7% -35% $44,992,293 AMI Aurelia Metals Ltd 0.1925 20% 33% 35% $321,055,807 PNX PNX Metals Limited 0.005 11% -9% 67% $26,903,124 GIB Gibb River Diamonds 0.032 14% 14% -32% $6,768,302 KCN Kingsgate Consolid. 1.52 3% 11% -5% $371,162,436 TMX Terrain Minerals 0.0035 -13% -30% -36% $5,726,683 BNR Bulletin Res Ltd 0.05 -23% -30% -44% $14,387,053 NXM Nexus Minerals Ltd 0.072 20% 100% -56% $28,401,389 SKY SKY Metals Ltd 0.04 29% -5% -11% $22,716,037 LM8 Lunnonmetalslimited 0.265 2% 15% -76% $54,459,059 CST Castile Resources 0.089 24% 24% -4% $21,045,511 YRL Yandal Resources 0.17 55% 55% 85% $40,171,142 FAU First Au Ltd 0.002 0% -33% -67% $3,323,987 ARL Ardea Resources Ltd 0.715 7% 29% 64% $137,911,841 GWR GWR Group Ltd 0.1 0% 6% 41% $30,515,582 IVR Investigator Res Ltd 0.055 10% 31% -4% $90,281,136 GTR Gti Energy Ltd 0.0065 -7% -19% -28% $14,349,630 IPT Impact Minerals 0.016 7% 10% 45% $45,835,262 BNZ Benzmining 0.15 15% 20% -63% $16,691,696 MOH Moho Resources 0.006 0% 0% -60% $3,235,069 BCM Brazilian Critical 0.021 -5% -9% -78% $15,539,093 PUA Peak Minerals Ltd 0.0035 17% 17% -13% $3,124,130 MRZ Mont Royal Resources 0.067 18% -1% -36% $6,547,294 SMS Starmineralslimited 0.04 14% 18% -44% $3,036,912 MVL Marvel Gold Limited 0.009 -10% -10% -47% $7,774,116 PRX Prodigy Gold NL 0.003 20% -40% -75% $6,041,322 AAU Antilles Gold Ltd 0.02 0% -5% -43% $17,990,700 CWX Carawine Resources 0.11 0% 5% 18% $25,973,799 RND Rand Mining Ltd 1.57 6% 20% 18% $88,442,119 CAZ Cazaly Resources 0.023 15% 0% -12% $10,001,999 BMR Ballymore Resources 0.13 0% 4% -19% $23,416,803 DRE Dreadnought Resources Ltd 0.018 0% 0% -74% $63,235,313 ZNC Zenith Minerals Ltd 0.098 9% 0% -32% $34,533,327 REZ Resourc & En Grp Ltd 0.013 18% 44% 0% $6,497,475 LEX Lefroy Exploration 0.15 43% 36% -39% $28,064,187 ERM Emmerson Resources 0.049 0% -6% -35% $26,690,780 AM7 Arcadia Minerals 0.099 16% 41% -46% $10,468,810 ADT Adriatic Metals 4.24 6% 20% 18% $1,058,716,091 AS1 Asara Resources Ltd 0.009 0% 0% -74% $7,939,578 CYL Catalyst Metals 0.82 19% 16% -18% $166,218,946 CHN Chalice Mining Ltd 1.5225 30% 24% -80% $540,658,993 KAL Kalgoorliegoldmining 0.035 25% 52% -30% $5,072,023 MLS Metals Australia 0.021 -13% -18% -48% $16,269,499 ADN Andromeda Metals Ltd 0.019 -5% -32% -61% $59,095,148 MEI Meteoric Resources 0.2525 10% 20% 120% $497,529,961 SRN Surefire Rescs NL 0.01 0% -17% -60% $19,863,078 SIH Sihayo Gold Limited 0.0015 50% 50% -25% $18,306,384 WA8 Warriedarresourltd 0.047 7% -2% -68% $29,508,727 HMX Hammer Metals Ltd 0.046 -4% 28% -54% $42,547,553 WCN White Cliff Min Ltd 0.019 19% 27% 171% $29,238,973 AVM Advance Metals Ltd 0.027 -29% -25% -83% $1,082,294 WRM White Rock Min Ltd 0 -100% -100% -100% $17,508,200 ASR Asra Minerals Ltd 0.007 17% 40% -42% $11,647,970 MCT Metalicity Limited 0.002 0% 0% -20% $8,970,108 AME Alto Metals Limited 0.043 8% 39% -39% $30,303,973 CTO Citigold Corp Ltd 0.005 0% 25% -17% $12,000,000 TIE Tietto Minerals 0.655 7% 8% -13% $723,129,889 SMI Santana Minerals Ltd 1.35 2% 1% 70% $231,465,597 M2R Miramar 0.012 -14% -20% -71% $2,233,043 MHC Manhattan Corp Ltd 0.002 -33% -20% -60% $8,810,939 GRL Godolphin Resources 0.033 -8% 6% -49% $5,584,987 SVG Savannah Goldfields 0.03 7% -9% -81% $7,027,123 EMC Everest Metals Corp 0.105 17% 33% 50% $18,892,558 GUL Gullewa Limited 0.056 2% 2% 2% $11,467,294 CY5 Cygnus Metals Ltd 0.074 35% 35% -70% $18,659,785 G50 Gold50Limited 0.175 17% 75% -17% $19,125,750 ADV Ardiden Ltd 0.165 10% 10% -52% $9,690,213 AAR Astral Resources NL 0.069 10% 17% -17% $60,651,340 VMC Venus Metals Cor Ltd 0.1 3% 10% -14% $18,972,868 NAE New Age Exploration 0.0045 0% 13% -25% $7,175,596 VKA Viking Mines Ltd 0.009 -10% -18% -18% $9,227,326 LCL LCL Resources Ltd 0.011 0% -8% -63% $10,507,481 MTH Mithril Resources 0.002 0% 0% 0% $6,737,609 ADG Adelong Gold Limited 0.004 0% 0% -69% $3,521,956 RMX Red Mount Min Ltd 0.001 -43% -43% -67% $2,673,576 PRS Prospech Limited 0.039 -3% 22% -26% $10,805,949 TTM Titan Minerals 0.033 10% 10% -42% $54,280,410 NML Navarre Minerals Ltd 0.019 0% 0% -44% $28,555,654 MZZ Matador Mining Ltd 0.063 19% 47% -19% $30,955,004 KZR Kalamazoo Resources 0.105 5% 6% -36% $17,130,747 BCN Beacon Minerals 0.03 7% 30% -9% $108,946,277 MAU Magnetic Resources 0.995 3% -5% 46% $252,840,581 BC8 Black Cat Syndicate 0.265 -2% 18% -44% $78,443,975 EM2 Eagle Mountain 0.066 14% -11% -56% $23,602,012 EMR Emerald Res NL 3.555 9% 17% 106% $2,254,074,790 BYH Bryah Resources Ltd 0.01 0% 25% -56% $4,354,535 HCH Hot Chili Ltd 1.21 -6% 22% 16% $145,723,151 WAF West African Res Ltd 1.415 7% 42% 39% $1,402,010,179 MEU Marmota Limited 0.045 0% -8% 18% $45,528,425 NVA Nova Minerals Ltd 0.275 10% 0% -15% $55,885,866 SVL Silver Mines Limited 0.195 3% 30% -19% $301,607,251 PGD Peregrine Gold 0.215 -9% -9% -44% $14,933,253 ICL Iceni Gold 0.024 4% 4% -66% $5,917,465 FG1 Flynngold 0.041 -8% 12% -51% $7,386,341 WWI West Wits Mining Ltd 0.019 12% 27% 12% $46,177,441 RML Resolution Minerals 0.003 20% 0% -50% $4,829,990 AAJ Aruma Resources Ltd 0.021 11% 17% -70% $4,134,722 AL8 Alderan Resource Ltd 0.006 20% 20% -25% $6,641,168 GMN Gold Mountain Ltd 0.0045 13% 13% 29% $11,902,023 MEG Megado Minerals Ltd 0.01 -9% -9% -77% $2,799,011 HMG Hamelingoldlimited 0.08 7% 4% -16% $12,600,000 TBA Tombola Gold Ltd 0.026 0% 0% 0% $33,129,243 BM8 Battery Age Minerals 0.12 24% -14% -68% $10,093,635 TBR Tribune Res Ltd 4.41 5% 36% 13% $215,119,116 FML Focus Minerals Ltd 0.18 -3% 0% -3% $51,580,556 GSR Greenstone Resources 0.0095 19% 36% -57% $12,359,315 VRC Volt Resources Ltd 0.0055 10% -8% -54% $24,780,640 ARV Artemis Resources 0.017 -6% -6% 21% $27,059,138 HRN Horizon Gold Ltd 0.3 7% 11% -11% $43,451,977 CLA Celsius Resource Ltd 0.014 -7% 8% -7% $29,198,672 QML Qmines Limited 0.076 6% 27% -49% $16,472,469 RDN Raiden Resources Ltd 0.037 48% 54% 874% $82,354,138 TCG Turaco Gold Limited 0.18 3% 16% 161% $111,228,056 KCC Kincora Copper 0.035 -10% 17% -49% $7,993,810 GBZ GBM Rsources Ltd 0.013 18% 30% -54% $12,446,681 DTM Dart Mining NL 0.04 -13% 186% -44% $9,103,185 MKR Manuka Resources. 0.09 27% 0% 5% $58,463,960 AUC Ausgold Limited 0.034 -3% 3% -33% $82,661,083 ANX Anax Metals Ltd 0.029 12% 53% -60% $14,103,647 EMU EMU NL 0.001 0% 0% -50% $2,024,771 SFM Santa Fe Minerals 0.047 0% 4% -23% $3,422,483 SSR SSR Mining Inc. 8.19 14% 24% -65% $38,137,264 PNR Pantoro Limited 0.0835 11% 64% 14% $421,526,472 CMM Capricorn Metals 5.33 -3% 7% 12% $1,985,271,443 X64 Ten Sixty Four Ltd 0.57 0% 0% 0% $130,184,182 SI6 SI6 Metals Limited 0.003 0% -25% -40% $7,106,578 HAW Hawthorn Resources 0.074 -8% -4% -4% $23,786,109 BGD Bartongoldholdings 0.285 10% 10% 25% $57,497,543 SVY Stavely Minerals Ltd 0.03 0% -14% -83% $11,840,143 AGC AGC Ltd 0.079 7% 3% 44% $16,888,889 RGL Riversgold 0.007 -13% -13% -59% $6,773,630 TSO Tesoro Gold Ltd 0.03 7% -3% 11% $39,346,583 GUE Global Uranium 0.105 -5% 5% -22% $27,668,899 CPM Coopermetalslimited 0.105 -5% -64% -68% $8,227,343 MM8 Medallion Metals. 0.066 3% 18% -50% $19,997,357 FFM Firefly Metals Ltd 0.8125 7% 53% 13% $367,184,281 CBY Canterbury Resources 0.025 -32% -11% -29% $4,465,263 LYN Lycaonresources 0.17 10% 0% 0% $7,930,125 SFR Sandfire Resources 9.04 0% 19% 35% $4,076,372,244 TMZ Thomson Res Ltd 0.005 0% 0% 0% $4,881,018 TAM Tanami Gold NL 0.04 3% 38% 5% $45,828,785 WMC Wiluna Mining Corp 0.205 0% 0% 0% $74,238,031 NWM Norwest Minerals 0.045 50% 55% 5% $20,570,334 ALK Alkane Resources Ltd 0.695 8% 17% -17% $392,234,256 BMO Bastion Minerals 0.0085 6% -6% -67% $3,659,963 IDA Indiana Resources 0.08 7% -2% 74% $50,004,302 GSM Golden State Mining 0.011 0% 10% -67% $3,073,077 NSM Northstaw 0.04 -11% 18% -67% $5,595,031 GSN Great Southern 0.021 -5% 0% 5% $15,847,339 RED Red 5 Limited 0.4275 11% 24% 144% $1,402,839,222 DEG De Grey Mining 1.37 5% 8% -13% $2,471,439,476 THR Thor Energy PLC 0.022 0% -12% -45% $4,038,185 CDR Codrus Minerals Ltd 0.042 2% -5% -51% $3,880,275 MDI Middle Island Res 0.017 6% 13% -50% $3,917,772 WTM Waratah Minerals Ltd 0.12 50% 69% -20% $16,430,095 POL Polymetals Resources 0.27 2% 0% 50% $40,980,630 RDS Redstone Resources 0.004 0% -20% -56% $3,701,514 NAG Nagambie Resources 0.012 -14% -25% -74% $9,559,628 BGL Bellevue Gold Ltd 2.01 5% 38% 41% $2,319,363,446 GBR Greatbould Resources 0.064 7% 7% -32% $38,434,678 KAI Kairos Minerals Ltd 0.013 8% 0% -29% $34,071,858 KAU Kaiser Reef 0.15 0% 11% -17% $25,656,584 HRZ Horizon 0.036 -5% 6% -39% $25,936,396 CAI Calidus Resources 0.1275 -12% -18% -48% $98,924,051 CDT Castle Minerals 0.006 -8% 0% -68% $7,346,958 RSG Resolute Mining 0.49 8% 29% 7% $1,011,298,756 MXR Maximus Resources 0.039 22% 26% -7% $10,912,156 EVN Evolution Mining Ltd 3.97 4% 23% 13% $7,864,075,922 CXU Cauldron Energy Ltd 0.048 12% 26% 596% $60,749,201 DLI Delta Lithium 0.28 -3% -14% -28% $214,022,143 ALY Alchemy Resource Ltd 0.008 0% 14% -43% $8,246,534 HXG Hexagon Energy 0.019 -17% 19% 58% $10,258,318 OBM Ora Banda Mining Ltd 0.34 15% 24% 152% $593,442,097 SLR Silver Lake Resource 1.3675 8% 16% 10% $1,243,209,963 AVW Avira Resources Ltd 0.001 0% 0% -50% $2,133,790 LCY Legacy Iron Ore 0.014 -7% -7% -18% $107,989,676 PDI Predictive Disc Ltd 0.25 14% 11% 39% $487,917,361 MAT Matsa Resources 0.035 17% 21% -22% $17,716,489 ZAG Zuleika Gold Ltd 0.018 -5% 6% 38% $13,985,625 GML Gateway Mining 0.022 -4% -21% -63% $7,600,107 SBM St Barbara Limited 0.3 58% 82% 7% $233,121,558 SBR Sabre Resources 0.019 0% 6% -14% $7,110,977 STK Strickland Metals 0.12 0% 33% 200% $199,534,010 ION Iondrive Limited 0.01 11% 0% -57% $4,862,853 CEL Challenger Gold Ltd 0.093 1% 13% -44% $121,142,478 LRL Labyrinth Resources 0.006 20% 50% -59% $7,125,262 NST Northern Star 15.29 3% 10% 14% $17,656,124,052 OZM Ozaurum Resources 0.042 0% -42% -21% $6,508,750 TG1 Techgen Metals Ltd 0.042 45% 20% -32% $4,703,905 XAM Xanadu Mines Ltd 0.078 10% 95% 86% $132,132,463 AQI Alicanto Min Ltd 0.027 -4% -21% -36% $15,998,757 KTA Krakatoa Resources 0.015 88% 36% -48% $8,497,930 ARN Aldoro Resources 0.081 14% 4% -55% $10,096,781 WGX Westgold Resources. 2.135 -13% -14% 41% $994,607,733 MBK Metal Bank Ltd 0.021 0% -5% -36% $7,809,186 A8G Australasian Metals 0.064 0% -10% -63% $3,283,591 TAR Taruga Minerals 0.006 -14% -14% -63% $4,236,161 DTR Dateline Resources 0.014 8% 17% -22% $18,886,206 GOR Gold Road Res Ltd 1.82 11% 17% 3% $1,928,353,322 S2R S2 Resources 0.1375 -5% -8% -5% $65,664,409 NES Nelson Resources. 0.004 33% 0% -11% $2,454,377 TLM Talisman Mining 0.26 -2% 44% 73% $47,080,087 BEZ Besragoldinc 0.105 -5% -25% -43% $48,081,604 PRU Perseus Mining Ltd 2.35 5% 18% -2% $3,132,243,970 SPQ Superior Resources 0.011 10% -15% -79% $24,014,645 PUR Pursuit Minerals 0.0045 -10% -10% -75% $13,247,871 RMS Ramelius Resources 1.9875 1% 33% 37% $2,216,152,171 PKO Peako Limited 0.005 25% 25% -44% $2,635,424 ICG Inca Minerals Ltd 0.005 0% -17% -71% $4,023,694 A1G African Gold Ltd. 0.04 14% 8% -52% $6,433,826 OAU Ora Gold Limited 0.005 -29% -17% 100% $34,836,005 GNM Great Northern 0.013 -4% -24% -71% $2,010,178 KRM Kingsrose Mining Ltd 0.038 9% 15% -42% $26,338,428 BTR Brightstar Resources 0.0195 3% 18% 30% $55,215,770 RRL Regis Resources 2.19 10% 14% 0% $1,563,551,333 M24 Mamba Exploration 0.028 12% 12% -78% $4,970,221 TRM Truscott Mining Corp 0.066 20% 35% 40% $10,402,024 TNC True North Copper 0.105 0% 30% 98% $41,770,955 MOM Moab Minerals Ltd 0.006 0% -14% -14% $4,271,778 KNB Koonenberrygold 0.023 35% 5% -49% $3,167,363 AWJ Auric Mining 0.22 10% 22% 267% $29,670,674 AZS Azure Minerals 3.475 -4% -4% 672% $1,573,270,942 ENR Encounter Resources 0.31 19% 19% 114% $121,494,075 SNG Siren Gold 0.065 20% 20% -35% $12,267,492 STN Saturn Metals 0.2 3% 29% 0% $43,636,608 USL Unico Silver Limited 0.175 3% 75% 0% $50,328,770 PNM Pacific Nickel Mines 0.037 -3% -10% -56% $15,475,365 AYM Australia United Min 0.003 -25% 0% -25% $5,527,732 ANL Amani Gold Ltd 0.001 0% 0% 0% $25,143,441 HAV Havilah Resources 0.23 24% 53% -25% $74,410,214 SPR Spartan Resources 0.61 -10% -3% 388% $579,702,634 PNT Panthermetalsltd 0.033 10% -13% -69% $2,876,483 MEK Meeka Metals Limited 0.036 0% -8% -28% $45,684,230 GMD Genesis Minerals 1.9775 4% 6% 80% $2,148,502,338 PGO Pacgold 0.19 23% 23% -55% $15,566,906 FEG Far East Gold 0.135 -10% -13% -53% $41,213,894 MI6 Minerals260Limited 0.15 -6% 0% -66% $33,930,000 IGO IGO Limited 7.49 3% -1% -40% $5,694,653,954 GAL Galileo Mining Ltd 0.25 -4% 2% -68% $50,394,356 RXL Rox Resources 0.235 24% 47% -42% $73,870,852 KIN KIN Min NL 0.085 15% 27% 89% $100,142,797 CLZ Classic Min Ltd 0.01 -9% -80% -80% $2,578,122 TGM Theta Gold Mines Ltd 0.18 13% 50% 165% $128,077,171 FAL Falconmetalsltd 0.14 12% 0% -60% $23,010,000 SXG Southern Cross Gold 2.34 25% 37% 212% $205,084,596 SPD Southernpalladium 0.455 38% 32% -13% $19,600,639 ORN Orion Minerals Ltd 0.014 0% 8% -13% $81,847,986 TMB Tambourahmetals 0.072 0% -11% -15% $5,805,825 TMS Tennant Minerals Ltd 0.028 0% 0% -18% $20,641,858 AZY Antipa Minerals Ltd 0.012 -8% -8% -40% $49,617,695 PXX Polarx Limited 0.014 8% 17% 31% $28,693,289 TRE Toubani Res Ltd 0.125 -7% 9% -32% $16,063,880 AUN Aurumin 0.048 9% 26% 60% $19,236,276 GPR Geopacific Resources 0.028 17% 65% 27% $23,829,804 FXG Felix Gold Limited 0.047 -15% 34% -51% $10,360,756 ILT Iltani Resources Lim 0.155 3% 11% 0% $5,781,786 ARD Argent Minerals 0.018 13% 80% 20% $21,959,903
Notable weekly gainers
NewPeak Metals (ASX:NPM) +127%
Krakatoa Resources (ASX:KTA) +88%
St Barbara (ASX:SBM) +58%
Norwest Minerals (ASX:NWM) +50%
Raiden Resources (ASX:RDN) +48%
Native Mineral Resources (ASX:NMR) +40%
Meanwhile, larger gold stocks surged alongside a new record high spot price, led by RED 5 (ASX:RED), Regis (ASX:RRL), Resolute (ASX:RSG), and Bellevue (ASX:BGL).
In Case You Missed It
This, re big-box retail chain Costco, which has (per Eddy’s Market Highlights this morning) started selling gold bars to its members last October.
Wells Fargo analysts believe that the product is now bringing in US$200 million a month for the retailer.
Costco doesn’t reveal the price of the 1-ounce bullion to non-members online, but it’s estimated to be ~2% above the prevailing spot price.
And that price has since soared since Costco got into the gold game.
Reddit threads have cropped up where people give one another advice on how to purchase the bars before they sell out.
Costco has also been selling silver coins, advertised as 99.9% pure silver, since January this year.
So how much is Costco profiting from this?
“Given its pricing and shipping costs, it’s likely a very low-profit business at best,” said Wells Fargo analysts.
The Costco stock price, listed on Nasdaq, has risen by 12% in 2024.
One final thing to note…
Copper and gold stocks are flying in China.
There is a gold rush in the country as well…
“When China sneezes, the world catches a cold.”
In this case…
The world is slowly waking up to gold. pic.twitter.com/vt4crRkiTi
— Gold Telegraph (@GoldTelegraph_) April 11, 2024
The post Gold Digger: Gold shrugs off hot US inflation data as price soars and juniors wake up appeared first on Stockhead.