Local gold stocks have enjoyed the added tailwind of a weak Australian dollar lately, and if we see a push toward our $US3,000 target, the move will likely be magnified in Australian Dollar terms. However, we stress that MM believes this leg of the advance is maturing, especially with the Fed’s rate-cutting cycle slowing fast. Our “best guess” is gold will trade between $A4,000 and $A5000 through 2025 – i.e. a range bound market rather than a continuation of the 3-year + bull market.
- We see gold testing $A5,000 this year, but the risk/reward is diminishing quickly.
MM remains bullish Gold for now, but we’re getting progressively more cautious
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