VAU has struggled since May after guiding to higher production costs, but fortunately gold has surged to new all-time highs. VAU was the markets 3rd best major yesterday, advancing +3.7%, a laggard outperforming on the sector and index level. Unlike heavyweights Evolution (EVN) and Northern Star (NST) its trading well below its last 2-years high but with the gold sector rife with M&A anything is possible.
- We like VAU looking for a retest of 50c in the short term ~20% higher; MM holds VAU in its Emerging Companies Portfolio.
MM is long and bullish VAU
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