The ASX’s main gold play is ~$20bn Newcrest Mining (NCM) which has been a serial disappointment in many local investors’ portfolios over the years, even after its recent bounce MM is still well behind on our investment in this particular miner. This has undoubtedly been a frustrating holding for us but we can still see a test of the $28-29 area over the coming 12-18 months.
- We like NCM back around $20 while our initial sell target is another 30% higher.
MM remains long and bullish NCM
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