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Gold Digger: Gold could breeze through US$2600/oz on interest rate pivot, expert says

Gold’s long-term upside potential is close to US$2640, representing 161.8% of the rally from the 2018 lows, says FxPro. … Read More
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  • FxPro predicts US$2600/oz gold price, sparked by changes in monetary policy
  • 6 of the top 8 gold stocks by market cap have made double digit gains so far in 2023, led by Newcrest (ASX:NCM) with 29%

Our Gold Digger column wraps all the news driving ASX stocks with exposure to precious metals.

 

Gold stormed US$2000 twice last week, but both attempts failed. This doesn’t mean gold is in trouble, according to FxPro senior market analyst Alex Kuptsikevich.

In fact, gold’s long-term upside potential is close to US$2640, representing 161.8% of the rally from the 2018 lows.

“Such an ambitious rally requires an impressive run-up, and we are likely witnessing one right now,” he says.

“The problems in the US and Europe caused gold and silver rallies as investors tried to park their capital quickly for fear of leaving their money in the banks.

“Such momentum is unlikely to be the basis for growth in the medium to long term, but changes in monetary policy could.”

That’s what gold bugs should be watching for.

Last week, the Fed raised interest rates with one hand while handing out liquidity to banks with the other. These are incompatible policy moves, says Kuptsikevich.

“Now the balance of power is such that the Fed would prefer to stop raising rates so that it does not have to act repeatedly as a lender of last resort,” he says.

“We saw a similar shift in Fed monetary policy in the past at the end of 2018, when the two-year gold rally began.”

A change in the central bank’s rhetoric promises a fresh impetus for buying, says Kuptsikevich.

“At the last meeting, the FOMC raised rates, but Powell said in a press conference that banking problems were cooling the economy as much as policy tightening.

“Although we have not received formal confirmation, this has cleared the way for a rate change.”

USD (dark) and AUD (light) gold prices over the past six months. Sources: FastMarkets, ICE Benchmark Administration, Thomson Reuters, World Gold Council

 

What happened to ASX gold stocks yesterday?

An unremarkable but positive day for the gold majors, with only one of 14 +$1bn capped stocks posting a loss. That was IGO (ASX:IGO), which is predominantly exposed to nickel and lithium.

The rest either stayed flat or eked out gains of 1-2%.

Six of the top eight gold stocks by market cap have made double digit gains so far in 2023, led by major Newcrest (ASX:NCM) with 29%.

 

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]

CODE COMPANY YESTERDAY RETURN % (intra day) YEAR TO DATE RETURN % PRICE MARKET CAP
M24 Mamba Exploration 87% -3% 0.14 $4,573,750
HMX Hammer Metals Ltd 18% -3% 0.066 $45,998,812
GSM Golden State Mining 16% -14% 0.037 $3,744,455
ALY Alchemy Resource Ltd 15% -35% 0.015 $15,314,991
MOM Moab Minerals Ltd 14% -11% 0.008 $4,773,744
MKR Manuka Resources. 14% -2% 0.083 $36,704,512
A8G Australasian Metals 13% -5% 0.18 $6,587,279
RDT Red Dirt Metals Ltd 12% -22% 0.37 $146,819,472
MVL Marvel Gold Limited 12% -27% 0.019 $11,986,604
PRX Prodigy Gold NL 11% -17% 0.01 $15,730,945
PUR Pursuit Minerals 11% 25% 0.02 $21,370,516
PKO Peako Limited 11% -31% 0.01 $3,412,938
VRC Volt Resources Ltd 10% -27% 0.011 $39,394,239
GML Gateway Mining 9% -22% 0.047 $11,452,342
ASR Asra Minerals Ltd 9% -40% 0.012 $16,138,305
ZAG Zuleika Gold Ltd 8% -38% 0.013 $6,276,608
AME Alto Metals Limited 8% 4% 0.07 $39,833,006
KAL Kalgoorliegoldmining 7% -47% 0.044 $3,174,819
GIB Gibb River Diamonds 7% -25% 0.045 $8,883,397
MEI Meteoric Resources 7% 192% 0.155 $221,514,300
BCN Beacon Minerals 7% 11% 0.031 $108,946,277
CAI Calidus Resources 7% -11% 0.24 $98,898,939
LCY Legacy Iron Ore 7% -16% 0.016 $96,102,393
DRE Dreadnought Resources Ltd 7% -38% 0.065 $200,917,421
NXM Nexus Minerals Ltd 6% -15% 0.17 $52,072,529
MTC Metalstech Ltd 6% -27% 0.38 $63,883,652
TAM Tanami Gold NL 6% -3% 0.038 $42,303,494
PNR Pantoro Limited 5% -39% 0.059 $114,556,045
MGV Musgrave Minerals 5% -5% 0.2 $112,329,510
AUT Auteco Minerals 5% -22% 0.04 $87,887,779
BEZ Besragoldinc 5% 92% 0.1 $33,616,879
PGD Peregrine Gold 5% 5% 0.405 $15,091,815
SLR Silver Lake Resource 5% -3% 1.15 $1,018,070,045
SLZ Sultan Resources Ltd 5% -51% 0.042 $3,331,376
SRN Surefire Rescs NL 5% 75% 0.021 $31,627,270
GSR Greenstone Resources 5% -31% 0.022 $25,361,258
WGX Westgold Resources. 5% 43% 1.255 $568,347,276
YRL Yandal Resources 5% -6% 0.092 $13,886,671
CY5 Cygnus Metals Ltd 4% -38% 0.235 $41,371,698
SNG Siren Gold 4% -48% 0.095 $12,217,552
ALK Alkane Resources Ltd 4% 37% 0.735 $422,148,777
WA8 Warriedarresourltd 4% -21% 0.135 $56,037,646
CEL Challenger Exp Ltd 4% -23% 0.135 $135,955,955
BC8 Black Cat Syndicate 4% 15% 0.41 $105,130,021
TIE Tietto Minerals 4% -11% 0.6275 $657,954,131
NML Navarre Minerals Ltd 4% -32% 0.028 $40,577,737
S2R S2 Resources 4% -18% 0.14 $55,362,355
RXL Rox Resources 4% 63% 0.285 $61,697,422
TTM Titan Minerals 4% -13% 0.058 $79,031,298
KTA Krakatoa Resources 3% -32% 0.03 $9,996,588
FEG Far East Gold 3% -36% 0.305 $45,149,222
GOR Gold Road Res Ltd 3% -1% 1.68 $1,752,434,760
USL Unico Silver Limited 3% -9% 0.155 $37,403,575
KAU Kaiser Reef 3% 3% 0.17 $23,380,118
AZS Azure Minerals 3% 51% 0.34 $128,777,904
STN Saturn Metals 3% -6% 0.17 $25,005,506
SSR SSR Mining Inc. 3% -2% 22.6 $411,400,004
HCH Hot Chili Ltd 3% 5% 0.915 $106,306,233
AAU Antilles Gold Ltd 3% 27% 0.038 $18,030,494
MEU Marmota Limited 3% -19% 0.039 $40,234,422
PRU Perseus Mining Ltd 3% 11% 2.35 $3,131,490,529
BNZ Benzmining 3% -2% 0.4 $28,649,641
AM7 Arcadia Minerals 3% -2% 0.2 $9,106,089
BRB Breaker Res NL 3% 28% 0.41 $130,736,330
SFR Sandfire Resources 2% 15% 6.24 $2,782,471,842
SBM St Barbara Limited 2% -15% 0.66 $526,669,361
NST Northern Star 2% 10% 12.01 $13,500,359,700
MEG Megado Minerals Ltd 2% 0% 0.045 $6,294,445
CHN Chalice Mining Ltd 2% 11% 6.99 $2,574,898,807
GBR Greatbould Resources 2% 4% 0.094 $41,304,777
KSN Kingston Resources 2% 20% 0.097 $39,487,097
TUL Tulla Resources 2% -24% 0.255 $80,451,001
SPQ Superior Resources 2% -7% 0.052 $86,762,241
CMM Capricorn Metals 2% 3% 4.75 $1,751,033,096
DTM Dart Mining NL 2% 4% 0.057 $8,714,751
RED Red 5 Limited 2% -28% 0.1475 $465,702,187
SPD Southernpalladium 2% -25% 0.605 $25,631,605
AGG AngloGold Ashanti 2% 13% 6.66 $584,310,861
MBK Metal Bank Ltd 2% -10% 0.0305 $8,294,566
CYL Catalyst Metals 2% -19% 0.955 $164,203,734
KCC Kincora Copper 1% -7% 0.068 $7,990,438
MI6 Minerals260Limited 1% 1% 0.345 $77,180,000
BGL Bellevue Gold Ltd 1% 7% 1.2125 $1,349,320,006
SVL Silver Mines Limited 1% -9% 0.1825 $252,723,536
EVN Evolution Mining Ltd 1% 0% 2.97 $5,376,597,815
NCM Newcrest Mining 1% 29% 26.72 $23,567,101,636
MZZ Matador Mining Ltd 1% -30% 0.081 $25,217,507
GWR GWR Group Ltd 1% 47% 0.087 $27,624,632
RRL Regis Resources 1% -8% 1.9 $1,419,448,739
ADT Adriatic Metals 1% 19% 3.75 $821,825,805
WAF West African Res Ltd 1% -17% 0.97 $987,752,526
RMS Ramelius Resources 0% 28% 1.19 $1,034,799,675
KCN Kingsgate Consolid. 0% -13% 1.505 $331,980,680
MRR Minrex Resources Ltd 0% -31% 0.022 $23,867,085
NPM Newpeak Metals 0% 0% 0.001 $9,145,132
ASO Aston Minerals Ltd 0% 38% 0.11 $122,620,403
FFX Firefinch Ltd 0% 0% 0.2 $236,569,315
GED Golden Deeps 0% -11% 0.008 $9,241,814
G88 Golden Mile Res Ltd 0% -26% 0.015 $3,068,846
DCX Discovex Res Ltd 0% 0% 0.003 $9,907,704
NMR Native Mineral Res 0% -59% 0.045 $5,406,243
AQX Alice Queen Ltd 0% -50% 0.001 $2,530,288
PNX PNX Metals Limited 0% -29% 0.003 $16,141,874
TMX Terrain Minerals 0% -17% 0.005 $5,415,997
CST Castile Resources 0% 4% 0.099 $23,948,340
FAU First Au Ltd 0% 25% 0.005 $5,473,916
MOH Moho Resources 0% -10% 0.019 $3,945,582
BBX BBX Minerals Ltd 0% 0% 0.105 $51,525,755
PUA Peak Minerals Ltd 0% -33% 0.004 $4,165,506
SMS Starmineralslimited 0% 0% 0.072 $2,170,209
CAZ Cazaly Resources 0% -24% 0.026 $9,667,367
REZ Resourc & En Grp Ltd 0% -13% 0.014 $6,997,281
LEX Lefroy Exploration 0% -17% 0.215 $34,498,470
ERM Emmerson Resources 0% -4% 0.072 $39,219,105
GMR Golden Rim Resources 0% 0% 0.031 $18,339,239
MLS Metals Australia 0% -15% 0.038 $23,067,375
SIH Sihayo Gold Limited 0% -50% 0.001 $6,102,128
AVM Advance Metals Ltd 0% -20% 0.008 $4,656,353
WRM White Rock Min Ltd 0% -5% 0.063 $17,373,121
MCT Metalicity Limited 0% -33% 0.002 $7,009,079
CTO Citigold Corp Ltd 0% -17% 0.005 $14,168,295
SMI Santana Minerals Ltd 0% 15% 0.75 $111,583,199
TRY Troy Resources Ltd 0% 0% 0.0295 $62,920,961
CGN Crater Gold Min Ltd 0% 0% 0.014499 $17,965,037
EMC Everest Metals Corp 0% -5% 0.075 $7,982,483
GUL Gullewa Limited 0% -7% 0.056 $10,963,294
G50 Gold50Limited 0% -20% 0.2 $11,388,600
ADV Ardiden Ltd 0% 0% 0.007 $18,818,347
AAR Astral Resources NL 0% 8% 0.0775 $51,569,273
LCL Los Cerros Limited 0% -46% 0.031 $23,433,038
MTH Mithril Resources 0% -43% 0.002 $6,526,180
RMX Red Mount Min Ltd 0% -20% 0.004 $9,087,404
XTC Xantippe Res Ltd 0% -20% 0.004 $42,320,399
BYH Bryah Resources Ltd 0% -15% 0.022 $6,187,576
NVA Nova Minerals Ltd 0% -35% 0.44 $92,791,501
FG1 Flynngold 0% -21% 0.079 $8,127,009
RML Resolution Minerals 0% -38% 0.005 $5,398,731
AAJ Aruma Resources Ltd 0% 13% 0.06 $9,417,690
AL8 Alderan Resource Ltd 0% 14% 0.008 $4,626,129
GMN Gold Mountain Ltd 0% -43% 0.004 $7,879,730
HMG Hamelingoldlimited 0% -37% 0.091 $10,010,000
TBA Tombola Gold Ltd 0% 0% 0.026 $33,129,243
TBR Tribune Res Ltd 0% -8% 3.7 $194,131,885
ARV Artemis Resources 0% -48% 0.013 $20,298,439
HRN Horizon Gold Ltd 0% 13% 0.35 $43,813,574
CLA Celsius Resource Ltd 0% -6% 0.015 $27,984,793
QML Qmines Limited 0% 0% 0.165 $14,884,490
RDN Raiden Resources Ltd 0% -20% 0.004 $6,618,330
TCG Turaco Gold Limited 0% 17% 0.068 $29,084,733
ANX Anax Metals Ltd 0% 26% 0.067 $27,429,453
EMU EMU NL 0% -49% 0.0025 $3,625,053
SFM Santa Fe Minerals 0% -28% 0.058 $4,223,490
X64 Ten Sixty Four Ltd 0% -11% 0.57 $130,184,182
HAW Hawthorn Resources 0% -30% 0.081 $27,136,265
RVR Red River Resources 0% 0% 0.073 $37,847,908
CBY Canterbury Resources 0% -7% 0.038 $5,491,894
LYN Lycaonresources 0% -38% 0.17 $5,596,188
TMZ Thomson Res Ltd 0% -74% 0.005 $4,349,755
WMC Wiluna Mining Corp 0% 0% 0.205 $74,238,031
NWM Norwest Minerals 0% -46% 0.029 $7,173,765
BMO Bastion Minerals 0% -21% 0.027 $4,304,113
IDA Indiana Resources 0% -9% 0.05 $25,060,241
GSN Great Southern 0% -31% 0.02 $13,270,140
DEG De Grey Mining 0% 18% 1.52 $2,372,973,711
THR Thor Energy PLC 0% -25% 0.0045 $6,651,508
CDR Codrus Minerals Ltd 0% -35% 0.085 $3,436,550
MDI Middle Island Res 0% -16% 0.032 $3,917,383
BAT Battery Minerals Ltd 0% -13% 0.0035 $10,273,348
POL Polymetals Resources 0% -20% 0.195 $8,810,625
RDS Redstone Resources 0% 13% 0.009 $6,631,492
NAG Nagambie Resources 0% -29% 0.047 $25,177,608
HRZ Horizon 0% -23% 0.047 $29,273,772
CDT Castle Minerals 0% -10% 0.019 $21,365,367
RSG Resolute Mining 0% 93% 0.385 $819,667,529
HXG Hexagon Energy 0% -35% 0.011 $5,642,075
OBM Ora Banda Mining Ltd 0% 43% 0.12 $171,095,068
AVW Avira Resources Ltd 0% 0% 0.003 $6,401,370
LRL Labyrinth Resources 0% -15% 0.0145 $13,912,566
TG1 Techgen Metals Ltd 0% -26% 0.061 $3,374,328
XAM Xanadu Mines Ltd 0% 28% 0.037 $60,599,495
TAR Taruga Minerals 0% -42% 0.014 $9,884,375
DTR Dateline Resources 0% -49% 0.019 $12,112,158
NES Nelson Resources. 0% -14% 0.006 $3,531,566
TLM Talisman Mining 0% -4% 0.135 $25,344,832
ICG Inca Minerals Ltd 0% -17% 0.019 $9,174,214
OAU Ora Gold Limited 0% -50% 0.0025 $9,842,313
GNM Great Northern 0% -13% 0.0035 $5,981,678
KRM Kingsrose Mining Ltd 0% -8% 0.06 $45,151,591
TRM Truscott Mining Corp 0% 15% 0.047 $7,856,382
DEX Duke Exploration 0% 0% 0.053 $5,587,240
KNB Koonenberrygold 0% -3% 0.06 $4,545,387
AWJ Auric Mining 0% -30% 0.0445 $5,823,252
PNM Pacific Nickel Mines 0% -10% 0.075 $28,500,318
AYM Australia United Min 0% 0% 0.003 $5,527,732
ANL Amani Gold Ltd 0% 0% 0.001 $24,693,441
PNT Panthermetalsltd 0% -40% 0.113328 $3,484,836
MEK Meeka Metals Limited 0% -35% 0.044 $46,974,793
PGO Pacgold 0% 1% 0.365 $20,061,062
TGM Theta Gold Mines Ltd 0% -19% 0.055 $34,045,499
ORN Orion Minerals Ltd 0% -13% 0.014 $68,211,651
TMB Tambourahmetals 0% -18% 0.086 $3,542,563
EMR Emerald Res NL 0% 23% 1.455 $866,949,435
AXE Archer Materials -1% -30% 0.4325 $110,858,451
SXG Southern Cross Gold -1% -14% 0.69 $62,429,046
GMD Genesis Minerals -1% -16% 1.055 $442,088,997
GCY Gascoyne Res Ltd -1% -41% 0.098 $60,289,449
IGO IGO Limited -1% -6% 12.65 $9,685,455,328
BM8 Battery Age Minerals -1% -21% 0.395 $29,687,265
LM8 Lunnonmetalslimited -1% 17% 1.05 $117,018,075
A1G African Gold Ltd. -1% -20% 0.066 $11,343,851
HAV Havilah Resources -2% -5% 0.315 $101,324,547
NSM Northstaw -2% -3% 0.15 $18,319,368
OKR Okapi Resources -2% -2% 0.1475 $24,772,872
AGC AGC Ltd -2% -10% 0.054 $5,500,000
CPM Coopermetalslimited -2% 15% 0.27 $11,301,125
BGD Bartongoldholdings -2% 13% 0.225 $19,856,612
BNR Bulletin Res Ltd -2% -10% 0.084 $25,248,835
MKG Mako Gold -2% 3% 0.041 $19,809,357
IVR Investigator Res Ltd -2% -5% 0.04 $58,923,807
MAT Matsa Resources -2% 8% 0.04 $16,892,189
STK Strickland Metals -3% -13% 0.035 $55,977,435
MAU Magnetic Resources -3% -21% 0.68 $160,658,667
PDI Predictive Disc Ltd -3% -6% 0.17 $312,485,606
EM2 Eagle Mountain -3% -3% 0.165 $51,844,367
KWR Kingwest Resources -3% -6% 0.033 $9,578,712
FML Focus Minerals Ltd -3% -37% 0.16 $47,282,176
CWX Carawine Resources -3% -12% 0.088 $17,910,390
TSO Tesoro Gold Ltd -3% -22% 0.028 $30,551,865
MM8 Medallion Metals. -4% -13% 0.135 $32,257,053
BMR Ballymore Resources -4% -13% 0.13 $13,002,857
KZR Kalamazoo Resources -4% -38% 0.13 $20,225,615
WWI West Wits Mining Ltd -4% -22% 0.0125 $28,069,347
FAL Falconmetalsltd -4% 30% 0.365 $67,260,000
MRZ Mont Royal Resources -4% -31% 0.12 $8,560,334
AUC Ausgold Limited -4% 2% 0.048 $101,473,727
GAL Galileo Mining Ltd -4% -21% 0.695 $143,278,072
ADN Andromeda Metals Ltd -4% 5% 0.046 $149,280,405
VKA Viking Mines Ltd -4% 15% 0.0115 $12,303,101
SAU Southern Gold -4% -12% 0.022 $6,906,561
CHZ Chesser Resources -4% 0% 0.085 $52,385,520
AMI Aurelia Metals Ltd -5% -20% 0.1 $129,930,908
MXR Maximus Resources -5% 0% 0.04 $13,400,342
OZM Ozaurum Resources -5% -39% 0.04 $5,334,000
DCN Dacian Gold Ltd -5% -26% 0.074 $94,910,473
AQI Alicanto Min Ltd -5% -14% 0.037 $17,402,331
IPT Impact Minerals -5% 29% 0.009 $23,573,020
ARL Ardea Resources Ltd -5% -31% 0.4925 $89,181,441
SVY Stavely Minerals Ltd -5% -29% 0.175 $60,337,513
ARN Aldoro Resources -6% 6% 0.17 $20,324,217
SVG Savannah Goldfields -6% -18% 0.155 $31,159,992
RGL Riversgold -6% -50% 0.015 $15,127,483
BTR Brightstar Resources -6% -12% 0.015 $13,266,061
VMC Venus Metals Cor Ltd -6% 7% 0.145 $27,602,196
M2R Miramar -7% -48% 0.042 $3,515,478
RND Rand Mining Ltd -8% -6% 1.285 $79,057,586
ZNC Zenith Minerals Ltd -8% -32% 0.18 $68,582,679
KAI Kairos Minerals Ltd -8% -22% 0.018 $38,299,823
CXU Cauldron Energy Ltd -8% -14% 0.006 $6,055,192
ENR Encounter Resources -8% -36% 0.115 $44,440,723
SKY SKY Metals Ltd -8% -6% 0.045 $18,462,390
GBZ GBM Rsources Ltd -8% -49% 0.022 $13,506,374
ICL Iceni Gold -8% -5% 0.076 $10,640,304
MHC Manhattan Corp Ltd -9% -9% 0.005 $13,399,533
ADG Adelong Gold Limited -9% 43% 0.01 $5,872,045
KIN KIN Min NL -9% -38% 0.04 $51,838,624
GTR Gti Energy Ltd -11% -26% 0.008 $16,132,352
WCN White Cliff Min Ltd -11% -43% 0.008 $7,056,490
SBR Sabre Resources -11% -37% 0.024 $7,870,127
NAE New Age Exploration -17% -29% 0.005 $8,615,393
SI6 SI6 Metals Limited -17% -17% 0.005 $8,972,368
PRS Prospech Limited -17% -29% 0.019 $2,335,498
GRL Godolphin Resources -19% -17% 0.069 $10,061,403
CLZ Classic Min Ltd -25% -84% 0.0015 $3,735,444


The post Gold Digger: Gold could breeze through US$2600/oz on interest rate pivot, expert says appeared first on Stockhead.






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