GOR was smacked over 18% on Monday after they lowered production guidance, not ideal news in a sector that has experienced the “wobbles” over recent weeks as investors pared back their bets for multiple rate cuts through 2024, e.g. year-to-date Newmont Corp (NEM) -13.6%, Bellevue Gold (BGL) -18.8%, Gold Road Resources (GOR) -19.6%, Evolution (EVN) -20.4%. MM is considering increasing our exposure to gold over the coming months/year, but as yesterday’s move illustrated, there is no hurry just yet.
- We like the risk/reward towards GOR around the $1 area; another drop like Monday, and we are almost there!
MM is neutral GOR around $1.40
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